Breakwave Dry Bulk Shipping ETF Financials

BDRY

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE June

This page shows Breakwave Dry Bulk Shipping ETF (BDRY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BDRY FY2025 2026-05-15

Portfolio-value swings, not operating sales, dominate results while a near-debt-free balance sheet keeps financing pressure low.

The striking pattern is balance-sheet insulation: after losses in FY2023 and FY2025, equity still finished FY2025 at $67.1M because liabilities were only $1.4M. That means this vehicle’s yearly gains and losses behave more like net asset value resets than like an operating business being squeezed by lenders or fixed costs.

FY2024 showed unusually strong earnings quality for an investment vehicle, with operating cash flow of $65.4M versus net income of $46.5M. So that profitable year was backed by realized cash, not only by accounting marks.

Yet assets fell to $42.5M in FY2024 from $79.2M a year earlier even as profit surged, which points to capital moving out of the fund rather than profits simply compounding inside it. The rebound in assets to $68.6M by FY2025 despite a loss reinforces that investor flows and market value changes can matter more than retained earnings.

Financial Health Signals

Financial Profile 22/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Breakwave Dry Bulk Shipping ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Breakwave Dry Bulk Shipping ETF carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Breakwave Dry Bulk Shipping ETF's ROE of -26.1% shows moderate profitability relative to equity, earning a score of 33/100. This is down from 112.7% the prior year.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$17.5M

YoY-137.7%

Breakwave Dry Bulk Shipping ETF reported -$17.5M in net income in fiscal year 2025. This represents a decrease of 137.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-26.1%

YoY-138.8pp

5Y CAGR-37.5pp

Breakwave Dry Bulk Shipping ETF's ROE was -26.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 138.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BDRY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	$2K-97.8%	$72K+19495.1%	$366+53.8%	$238
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$17.5M-137.7%	$46.5M+231.4%	-$35.4M-5.9%	-$33.4M-156.3%	$59.3M+952.3%	$5.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$30.4M+382.4%	$6.3M-71.9%	$22.5M	N/A	$5.9M+148.1%	-$12.3M-169.2%	-$4.6M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BDRY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$68.6M+61.3%	$42.5M-46.4%	$79.2M+41.3%	$56.1M	N/A	$49.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	$33.0M-13.7%	$38.2M	N/A	$50.0M+77.3%	$28.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.4M+9.4%	$1.3M-90.6%	$13.9M+44.4%	$9.6M	N/A	$327K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$67.1M+63.0%	$41.2M-37.0%	$65.4M+40.6%	$46.5M-59.2%	$114.1M+131.2%	$49.3M
Retained Earnings	$24.8M-41.4%	$42.3M	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$102.7M+181.6%	$36.5M-17.1%	$44.0M-35.9%	$68.6M+6.8%	$64.2M+81.3%	$35.4M+25.9%	$28.1M-33.9%	$42.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$31.7M	N/A	N/A	N/A	$26.1M+74.9%	$14.9M-36.6%	$23.5M-28.6%	$33.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.6M+102.7%	$1.3M-64.9%	$3.7M+159.2%	$1.4M+24.5%	$1.1M-62.4%	$3.1M+296.0%	$772K-40.9%	$1.3M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$100.0M+184.6%	$35.2M-12.7%	$40.3M-40.0%	$67.1M+6.5%	$63.1M+94.9%	$32.4M+18.3%	$27.3M-33.6%	$41.2M
Retained Earnings	$83.9M+56.8%	$53.5M+13.3%	$47.2M+90.7%	$24.8M-21.0%	$31.3M+23.2%	$25.4M-32.5%	$37.7M-10.8%	$42.3M

BDRY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	N/A	$65.4M	N/A	N/A	$16.4M+770.2%	-$2.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	-$70.6M	N/A	N/A	$5.4M-80.4%	$27.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$122.6M	N/A	N/A	$90.4M+613.1%	$12.7M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	-$39.1M	N/A	N/A	N/A	-$13.6M+47.3%	-$25.9M-18702.6%	-$138K+90.1%	-$1.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$32.5M	N/A	N/A	N/A	$24.8M+43.7%	$17.3M+285.7%	-$9.3M+42.5%	-$16.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$16.4M	N/A	N/A	N/A	$2.4M-50.2%	$4.8M-54.6%	$10.5M-58.0%	$25.1M

BDRY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-26.1%-138.8pp	112.7%+166.8pp	-54.1%+17.8pp	-71.9%-123.9pp	52.0%+40.6pp	11.4%
Return on Assets	-25.5%-134.8pp	109.3%+153.9pp	-44.6%+14.9pp	-59.5%	N/A	11.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.02-0.0	0.03-0.2	0.210.0	0.21	N/A	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	30.4%+12.5pp	17.9%-37.8pp	55.7%	N/A	9.3%+47.2pp	-37.9%-21.2pp	-16.7%	N/A
Return on Assets	29.6%+12.3pp	17.3%-33.8pp	51.0%	N/A	9.2%+43.8pp	-34.6%-18.4pp	-16.2%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.03-0.0	0.04-0.1	0.09+0.1	0.020.0	0.02-0.1	0.09+0.1	0.030.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Breakwave Dry Bulk Shipping ETF profitable?

No, Breakwave Dry Bulk Shipping ETF (BDRY) reported a net income of -$17.5M in fiscal year 2025.

What is Breakwave Dry Bulk Shipping ETF's return on equity (ROE)?

Breakwave Dry Bulk Shipping ETF (BDRY) has a return on equity of -26.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What are Breakwave Dry Bulk Shipping ETF's total assets?

Breakwave Dry Bulk Shipping ETF (BDRY) had $68.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Breakwave Dry Bulk Shipping ETF's debt-to-equity ratio?

Breakwave Dry Bulk Shipping ETF (BDRY) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Breakwave Dry Bulk Shipping ETF's return on assets (ROA)?

Breakwave Dry Bulk Shipping ETF (BDRY) had a return on assets of -25.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How financially healthy is Breakwave Dry Bulk Shipping ETF?

Breakwave Dry Bulk Shipping ETF (BDRY) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.