EuroDry Ltd. Reports Results for the Quarter and Six-Month Period Ended June 30, 2025
EuroDry Ltd. (NASDAQ: EDRY), a drybulk vessel operator, reported financial results for Q2 and H1 2025, showing significant challenges in the market. The company posted a net loss of $3.1 million ($1.12 loss per share) in Q2 2025, with total net revenues of $11.3 million, down 35.3% from Q2 2024.
Key metrics include Adjusted EBITDA of $1.9 million for Q2 2025, operating an average of 12.0 vessels earning $10,428 per day, down 27.7% year-over-year. The company continued its share repurchase program, using $5.3 million to repurchase 334,674 shares. For H1 2025, total net revenues were $20.5 million with a net loss of $6.8 million.
The company sold M/V Tasos for demolition in March 2025 for approximately $5 million, resulting in a $2.1 million gain. Management noted some market recovery but indicated rates remained below fleet breakeven levels.
EuroDry Ltd. (NASDAQ: EDRY), operatore di navi drybulk, ha comunicato i risultati finanziari per il 2° trimestre e il 1° semestre 2025, evidenziando notevoli difficoltà di mercato. La società ha riportato una perdita netta di $3.1 milioni (perdita di $1.12 per azione) nel 2T 2025, con ricavi netti totali di $11.3 milioni, in calo del 35.3% rispetto al 2T 2024.
I principali indicatori includono un Adjusted EBITDA di $1.9 milioni per il 2T 2025, operando in media 12.0 navi con ricavi giornalieri di $10,428, in calo del 27.7% su base annua. La società ha proseguito il programma di riacquisto di azioni, impiegando $5.3 milioni per riacquistare 334,674 azioni. Nel 1S 2025, i ricavi netti totali sono stati $20.5 milioni con una perdita netta di $6.8 milioni.
La società ha venduto la M/V Tasos per demolizione a marzo 2025 per circa $5 milioni, realizzando un utile di $2.1 milioni. La direzione ha rilevato qualche segnale di ripresa del mercato, ma ha sottolineato che i noli restano al di sotto dei livelli necessari a coprire il break-even della flotta.
EuroDry Ltd. (NASDAQ: EDRY), operador de buques drybulk, informó sus resultados financieros del 2T y el 1S de 2025, mostrando retos significativos en el mercado. La compañía registró una Pérdida neta de $3.1 millones ($1.12 por acción) en el 2T de 2025, con ingresos netos totales de $11.3 millones, una caída del 35.3% respecto al 2T de 2024.
Entre las métricas clave figura un Adjusted EBITDA de $1.9 millones en el 2T de 2025; la compañía operó un promedio de 12.0 buques con ingresos diarios de $10,428, un descenso del 27.7% interanual. Continuó el programa de recompra de acciones, destinando $5.3 millones para recomprar 334,674 acciones. En el 1S de 2025, los ingresos netos totales fueron $20.5 millones y la pérdida neta ascendió a $6.8 millones.
La compañía vendió el M/V Tasos para desguace en marzo de 2025 por aproximadamente $5 millones, obteniendo una ganancia de $2.1 millones. La dirección señaló cierta recuperación del mercado, pero advirtió que las tarifas siguen por debajo del punto de equilibrio de la flota.
EuroDry Ltd. (NASDAQ: EDRY), 드라이벌크 선박 운항사,는 2025년 2분기 및 상반기 실적을 발표하며 시장에서 심각한 어려움이 있음을 밝혔다. 회사는 2025년 2분기 순손실 $3.1 million (주당 손실 $1.12)을 기록했으며, 총 순수익은 $11.3 million으로 2024년 2분기 대비 35.3% 감소했다.
주요 지표로는 2025년 2분기 조정 EBITDA $1.9 million이 있으며, 평균 12.0척을 운항해 일일 선복료가 $10,428로 전년 동기 대비 27.7% 하락했다. 회사는 자사주 매입 프로그램을 지속해 $5.3 million을 사용해 334,674주를 재매입했다. 2025년 상반기 총 순수익은 $20.5 million, 순손실은 $6.8 million이었다.
회사는 2025년 3월 M/V Tasos를 해체 목적으로 매각해 약 $5 million을 확보했고, 이로 인해 $2.1 million의 이익을 실현했다. 경영진은 시장의 일부 회복 신호를 언급했지만, 운임은 여전히 함대의 손익분기점을 밑도는 수준이라고 밝혔다.
EuroDry Ltd. (NASDAQ: EDRY), opérateur de navires drybulk, a publié ses résultats pour le 2e trimestre et le 1er semestre 2025, révélant d'importantes difficultés de marché. La société a enregistré une perte nette de $3.1 millions (perte de $1.12 par action) au 2T 2025, avec des revenus nets totaux de $11.3 millions, en baisse de 35.3% par rapport au 2T 2024.
Parmi les indicateurs clés figurent un Adjusted EBITDA de $1.9 millions pour le 2T 2025 ; la société a exploité en moyenne 12.0 navires générant $10,428 par jour, soit une baisse de 27.7% en glissement annuel. Elle a poursuivi son programme de rachat d'actions, utilisant $5.3 millions pour racheter 334,674 actions. Pour le 1S 2025, les revenus nets totaux s'élèvent à $20.5 millions et la perte nette à $6.8 millions.
La société a vendu le M/V Tasos pour démolition en mars 2025 pour environ $5 millions, réalisant un gain de $2.1 millions. La direction a noté quelques signes de reprise du marché, mais a indiqué que les taux restent inférieurs aux niveaux de seuil de rentabilité de la flotte.
EuroDry Ltd. (NASDAQ: EDRY), Betreiber von Trockenmassengutfrachtern, legte die Finanzergebnisse für das 2. Quartal und das 1. Halbjahr 2025 vor und berichtete von erheblichen Marktproblemen. Das Unternehmen verzeichnete im 2Q 2025 einen Nettverlust von $3.1 Millionen (Verlust von $1.12 je Aktie) bei einem Gesamt-Nettoerlös von $11.3 Millionen, ein Rückgang von 35.3% gegenüber dem 2Q 2024.
Wesentliche Kennzahlen sind ein Adjusted EBITDA von $1.9 Millionen für das 2Q 2025; im Durchschnitt wurden 12.0 Schiffe betrieben, die $10,428 pro Tag erwirtschafteten, was einem Rückgang von 27.7% gegenüber dem Vorjahr entspricht. Das Rückkaufprogramm für eigene Aktien wurde fortgesetzt; es wurden $5.3 Millionen eingesetzt, um 334,674 Aktien zurückzukaufen. Für das 1H 2025 beliefen sich die Nettoerlöse auf $20.5 Millionen bei einem Nettverlust von $6.8 Millionen.
Im März 2025 verkaufte das Unternehmen die M/V Tasos zur Verschrottung für rund $5 Millionen und erzielte daraus einen Gewinn von $2.1 Millionen. Das Management verzeichnete leichte Marktzeichen einer Erholung, wies jedoch darauf hin, dass die Raten weiterhin unterhalb der Break-even-Niveaus der Flotte liegen.
- Share repurchase program continued with $5.3 million used to buy back shares
- Gain of $2.1 million from vessel sale for demolition
- Slight market recovery in Q2 2025 compared to previous quarter
- Maintained short-term charter strategy to capitalize on potential market improvements
- Net loss of $3.1 million in Q2 2025, compared to $0.3 million loss in Q2 2024
- Total net revenues decreased 35.3% year-over-year to $11.3 million in Q2 2025
- Time charter equivalent rates declined 27.7% compared to Q2 2024
- Operating expenses increased to $6,785 per vessel per day in Q2 2025 from $6,396 in Q2 2024
- Outstanding debt of $102.1 million as of June 30, 2025
Insights
EuroDry reported significant Q2 2025 losses amid weak drybulk market conditions, with rates improving but still below breakeven levels.
EuroDry's Q2 2025 results reveal continued struggles in the drybulk shipping market, with the company reporting a net loss of $3.1 million ($1.12 per share) on total revenues of $11.3 million. This marks a substantial 35.3% revenue decline from the $17.4 million reported in Q2 2024, driven by both lower charter rates and a reduced fleet size.
The company's vessels earned an average time charter equivalent (TCE) rate of $10,428 per day during Q2 2025, representing a concerning 27.7% decrease from the $14,427 per day achieved in the same period last year. This rate compression is particularly problematic given the company's daily vessel operating expenses of $6,785 per vessel (up from $6,396 in Q2 2024) and additional costs including depreciation, interest, and administrative expenses.
EuroDry's Adjusted EBITDA plummeted to $1.9 million from $5.0 million in Q2 2024, reflecting the severe margin compression. The company's debt position stands at $102.1 million against just $11.4 million in cash, with $12.7 million in debt payments due within 12 months – creating significant financial pressure given the current negative cash flow situation.
Management noted a modest market recovery during Q2 but acknowledged it was insufficient to return to profitability. They indicated July 2025 showed further improvement approaching breakeven levels before weakening in early August. The company appears to be executing a tactical charter strategy – maintaining short-term charters during weak markets but indicating willingness to lock in longer-term charters if rates improve further.
The macro environment creates substantial uncertainty, with management specifically citing concerns about US tariffs, countermeasures by other nations, and recent security incidents in the Red Sea affecting vessel routing. While these disruptions could potentially benefit rates by reducing effective vessel supply, the company remains in a precarious financial position until a more substantial market recovery materializes.
ATHENS, Greece, Aug. 11, 2025 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three- and six-month periods ended June 30, 2025.
Second Quarter 2025 Highlights:
- Total net revenues for the quarter of
$11.3 million . - Net loss attributable to controlling shareholders, of
$3.1 million or$1.12 loss per share basic and diluted. - Adjusted net loss1 attributable to controlling shareholders for the quarter of
$3.0 million or$1.10 loss per share basic and diluted. - Adjusted EBITDA1 for the quarter was
$1.9 million . - An average of 12.0 vessels were owned and operated during the second quarter of 2025 earning an average time charter equivalent rate of
$10,428 per day. - To date, about
$5.3 million has been used to repurchase 334,674 shares of the Company, under our share repurchase plan of up to$10 million , announced in August 2022. The Board approved the continuation of the Program for a further year in August 2024 and 2025, respectively, and will review it again after a period of twelve months. - The Company also will publish its 2024 Sustainability/ESG Report tomorrow, August 12,2025, which will be available at its website:
(http://www.eurodry.gr/company/sustainability.html)
First Half 2025 Highlights:
- Total net revenues of
$20.5 million . - Net loss attributable to controlling shareholders was
$6.8 million or$2.47 loss per share basic and diluted. - Adjusted net loss1 attributable to controlling shareholders for the period was
$8.7 million or$3.17 adjusted loss per share basic and diluted1. - Adjusted EBITDA1 of
$0.9 million . - An average of 12.4 vessels were owned and operated during the first half of 2025 earning an average time charter equivalent rate of
$8,761 per day.
________________
1Adjusted EBITDA, Adjusted net loss attributable to controlling shareholders and Adjusted loss per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry’s financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the second quarter of 2025 the drybulk market recovered a bit but the rebound was not sufficient to return the company to profitability. In July 2025, the market remained strong approaching the breakeven rate level of our fleet before giving up some of the gains in early August, a month, though, which is traditionally seasonally weak. If the present level of rates is maintained during August and, more so, if it improves, as usually happens during September, we would expect to have a better third quarter in terms of financial results as all our vessels are employed in short term charters or linked to market index levels.
“The near term outlook is dependent on the geopolitical and overall macroeconomic developments with the effect of the US imposed tariffs and the countermeasures taken by other countries being at the forefront of the uncertainty on the demand side. In addition, the recent attacks on two bulk carriers in Red Sea only increase the uncertainty and, generally, help higher demand for vessels as even fewer owners and operators would be crossing the area following the attacks.
“As discussed in previous presentations of our chartering strategy, we have kept our vessels on short term charters when rates were low and at non-profitable levels. However, if the markets improve further we will consider entering into year-long charters (physical or through FFA’s) for a portion of our fleet to lock-in positive cash flow. At the same time, we are looking at renewal opportunities of our elder vessels and financing options that could allow us to expand our fleet in accretive ways.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “The net revenues of the second quarter of 2025 were weaker compared to the second quarter of 2024 as a result of the lower time charter equivalent rates our vessels earned, and the decreased average number of vessels operated during the second quarter of 2025 compared to the same period of 2024. The time charter equivalent rates for the second quarter of 2025 were lower by
“Daily vessel operating expenses, including management fees, but excluding dry-docking costs, averaged
“Adjusted EBITDA during the second quarter of 2025 was
“As of June 30, 2025, our outstanding debt (excluding the unamortized loan fees) was
Second Quarter 2025 Results:
For the second quarter of 2025, the Company reported total net revenues of
For the second quarter of 2025, voyage expenses, net amounted to
Depreciation expense for the second quarter of 2025 was
Related party management fees for the period were
General and administrative expenses for the second quarter of 2025 were
During the second quarter of 2025, one vessel completed its intermediate survey in water and another one commenced her special survey with dry-dock in order to complete it during the third quarter of 2025, for a total cost of
Interest and other financing costs for the second quarter of 2025 amounted to
For the three months ended June 30, 2025, the Company recognized a
The Company reported a net loss for the period of
Adjusted EBITDA for the second quarter of 2025 was
Basic and diluted loss per share attributable to controlling shareholders for the second quarter of 2025 was
Excluding the effect on the net loss attributable to controlling shareholders for the quarter of the unrealized (gain) / loss on derivatives, the adjusted loss attributable to controlling shareholders for the quarter ended June 30, 2025 would have been
First Half 2025 Results:
For the first half of 2025, the Company reported total net revenues of
For the first half of 2025, Voyage expenses, net, were
Vessel operating expenses were
Depreciation expense for the first half of 2025 was
Related party management fees for the first half of 2025 were slightly increased to
General and administrative expenses for the first half of 2025, remained at the same level of
During the first half of 2025 one vessel completed its intermediate survey in water and another one commenced her special survey with dry-dock in order to complete it during the third quarter of 2025, for a total cost of
On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately
Interest and other financing costs for the first half of 2025 amounted to
For the six months ended June 30, 2025, the Company recognized a
The Company reported a net loss for the period of
Adjusted EBITDA for the first half of 2025 was
Basic and diluted loss per share attributable to controlling shareholders for the first half of 2025 was
Excluding the effect on the net loss attributable to controlling shareholders for the first half of the year of the unrealized (gain) / loss on derivatives and the net gain on sale of a vessel, the adjusted loss attributable to controlling shareholders for the six-month period ended June 30, 2025, would have been
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
| Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | |
| Dry Bulk Vessels | ||||||
| EKATERINI | Kamsarmax | 82,006 | 2018 | TC until Oct-25 | ||
| XENIA | Kamsarmax | 82,019 | 2016 | TC until Sep-25 | ||
| ALEXANDROS P. | Ultramax | 63,127 | 2017 | TC until Aug-25 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Aug-25 | ||
| YANNIS PITTAS | Ultramax | 63,243 | 2014 | TC until Oct-25 | Hire | |
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Mar-26 | Hire | |
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Mar-26 | Hire | |
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until May-26 | Hire | |
| EIRINI P | Panamax | 76,466 | 2004 | TC until Sep-25 | ||
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Sep-25 | ||
| STARLIGHT | Panamax | 75,611 | 2004 | TC until Aug-25 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Aug-25 | ||
| Total Dry Bulk Vessels | 12 | 842,886 | ||||
| Vessels under construction | Type | Dwt | To be delivered |
| SBC XY164 | Ultramax | 63,500 | Q2 2027 |
| SBC XY166 | Ultramax | 63,500 | Q3 2027 |
| Total under construction | 2 | 127,000 |
| Note: | |
| (*) | TC denotes time charter. Charter duration indicates the earliest redelivery date |
| (**) | The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes. |
| (***) | The entity owning the vessel is |
| (****) | Gross Ballast Bonus. |
Summary Fleet Data:
| 3 months, ended June 30, 2024 | 3 months, ended June 30, 2025 | 6 months, ended June 30, 2024 | 6 months, ended June 30, 2025 | |
| FLEET DATA | ||||
| Average number of vessels (1) | 13.0 | 12.0 | 13.0 | 12.4 |
| Calendar days for fleet (2) | 1,183.0 | 1,092.0 | 2,366.0 | 2,247.0 |
| Scheduled off-hire days incl. laid-up (3) | 38.5 | 8.1 | 91.0 | 8.1 |
| Available days for fleet (4) = (2) - (3) | 1,144.5 | 1,083.9 | 2,275.0 | 2,238.9 |
| Commercial off-hire days (5) | 4.5 | - | 4.5 | 18.1 |
| Operational off-hire days (6) | 7.4 | 7.3 | 28.8 | 18.8 |
| Voyage days for fleet (7) = (4) - (5) - (6) | 1,132.6 | 1,076.6 | 2,241.7 | 2,202.0 |
| Fleet utilization (8) = (7) / (4) | ||||
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | ||||
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | ||||
| AVERAGE DAILY RESULTS | ||||
| Time charter equivalent rate (11) | 14,427 | 10,428 | 13,452 | 8,761 |
| Vessel operating expenses excl. drydocking expenses (12) | 6,396 | 6,785 | 6,289 | 6,685 |
| General and administrative expenses (13) | 666 | 754 | 675 | 734 |
| Total vessel operating expenses (14) | 7,062 | 7,539 | 6,964 | 7,419 |
| Drydocking expenses (15) | 1,617 | 322 | 1,555 | 187 |
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.
(4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Average time charter equivalent rate, or average TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. Average TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry.
(12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast:
Today, August 11, 2025 at 10:00 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.
Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13755322. Click here for additional participant International Toll -Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Audio Webcast - Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.eurodry.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the second quarter ended June 30, 2025, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in U.S. Dollars – except number of shares) | ||||||||
| Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | |||||
| 2024 | 2025 | 2024 | 2025 | |||||
| Revenues | ||||||||
| Time charter revenue | 18,497,005 | 12,014,917 | 33,818,790 | 21,801,044 | ||||
| Commissions | (1,059,174 | ) | (736,894 | ) | (1,956,314 | ) | (1,314,020 | ) |
| Net revenues | 17,437,831 | 11,278,023 | 31,862,476 | 20,487,024 | ||||
| Operating expenses | ||||||||
| Voyage expenses, net | 2,156,887 | 788,159 | 3,664,404 | 2,509,350 | ||||
| Vessel operating expenses | 6,560,345 | 6,280,377 | 12,793,704 | 12,838,729 | ||||
| Drydocking expenses | 1,913,278 | 351,316 | 3,678,908 | 419,473 | ||||
| Vessel depreciation | 3,456,863 | 3,215,286 | 6,898,931 | 6,430,572 | ||||
| Related party management fees | 1,005,688 | 1,129,148 | 2,086,682 | 2,182,187 | ||||
| General and administrative expenses | 788,300 | 823,767 | 1,597,248 | 1,648,591 | ||||
| Net gain on sale of vessel | - | - | - | (2,083,596 | ) | |||
| Total Operating expenses | 15,881,361 | 12,588,053 | 30,719,877 | 23,945,306 | ||||
| Operating income / (loss) | 1,556,470 | (1,310,030 | ) | 1,142,599 | (3,458,282 | ) | ||
| Other income / (expenses) | ||||||||
| Interest and other financing costs | (2,020,838 | ) | (1,740,066 | ) | (4,090,743 | ) | (3,527,620 | ) |
| Gain / (loss) on derivatives, net | 90,063 | (28,589 | ) | 633,606 | (114,962 | ) | ||
| Foreign exchange gain / (loss) | 8,503 | (35,856 | ) | 10,069 | (34,763 | ) | ||
| Interest income | 32,323 | 7,944 | 61,551 | 22,859 | ||||
| Other expenses, net | (1,889,949 | ) | (1,796,567 | ) | (3,385,517 | ) | (3,654,486 | ) |
| Net loss | (333,479 | ) | (3,106,597 | ) | (2,242,918 | ) | (7,112,768 | ) |
| Net (income) / loss attributable to non-controlling interest | (77,858 | ) | 35,421 | 50,079 | 338,575 | |||
| Net loss attributable to controlling shareholders | (411,337 | ) | (3,071,176 | ) | (2,192,839 | ) | (6,774,193 | ) |
| Loss per share attributable to controlling shareholders, basic and diluted | (0.15 | ) | (1.12 | ) | (0.81 | ) | (2.47 | ) |
| Weighted average number of shares, basic and diluted | 2,710,413 | 2,737,297 | 2,721,952 | 2,737,297 | ||||
| EuroDry Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares) | |||
| December 31, 2024 | June 30, 2025 | ||
| ASSETS | |||
| Current Assets: | |||
| Cash and cash equivalents | 6,711,327 | 6,206,706 | |
| Trade accounts receivable, net | 8,433,076 | 5,191,917 | |
| Other receivables | 1,112,856 | 1,218,685 | |
| Inventories | 2,097,083 | 1,804,218 | |
| Restricted cash | 1,587,268 | 1,615,047 | |
| Derivative | 120,675 | 93,682 | |
| Prepaid expenses | 474,488 | 636,811 | |
| Asset held for sale | 2,789,715 | - | |
| Total current assets | 23,326,488 | 16,767,066 | |
| Fixed assets: | |||
| Advances for vessels under construction | 7,188,614 | 7,190,117 | |
| Vessels, net | 185,465,570 | 179,124,232 | |
| Long-term assets: | |||
| Restricted cash | 3,610,000 | 3,550,000 | |
| Derivative | 144,523 | - | |
| Total assets | 219,735,195 | 206,631,415 | |
| LIABILITIES, AND SHAREHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Long term bank loans, current portion | 11,810,351 | 12,408,703 | |
| Trade accounts payable | 2,668,490 | 2,321,670 | |
| Accrued expenses | 3,854,066 | 2,296,632 | |
| Deferred revenue | 247,294 | 495,986 | |
| Due to related companies | 181,014 | 855,192 | |
| Total current liabilities | 18,761,215 | 18,378,183 | |
| Long-term liabilities: | |||
| Long term bank loans, net of current portion | 95,381,535 | 88,878,196 | |
| Derivative | - | 11,109 | |
| Total long-term liabilities | 95,381,535 | 88,889,305 | |
| Total liabilities | 114,142,750 | 107,267,488 | |
| Shareholders' equity: | |||
| Common stock (par value | 28,266 | 28,266 | |
| Additional paid-in capital | 67,751,242 | 68,245,492 | |
| Retained earnings | 28,958,375 | 22,184,182 | |
| Total EuroDry Ltd. common shareholders’ equity | 96,737,883 | 90,457,940 | |
| Non-controlling interest | 8,854,562 | 8,905,987 | |
| Total shareholders' equity | 105,592,445 | 99,363,927 | |
| Total liabilities and shareholders' equity | 219,735,195 | 206,631,415 | |
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) | ||||
| Six Months Ended June 30, | Six Months Ended June 30, | |||
| 2024 | 2025 | |||
| Cash flows from operating activities: | ||||
| Net loss | (2,242,918 | ) | (7,112,768 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
| Vessel depreciation | 6,898,931 | 6,430,572 | ||
| Net gain on sale of vessel | - | (2,083,596 | ) | |
| Amortization and write off of deferred charges | 130,042 | 140,013 | ||
| Share-based compensation | 469,056 | 494,250 | ||
| Unrealized (gain) / loss on derivatives | (1,479,016 | ) | 182,625 | |
| Changes in operating assets and liabilities | (22,227 | ) | 2,336,593 | |
| Net cash provided by operating activities | 3,753,868 | 387,689 | ||
| Cash flows from investing activities: | ||||
| Cash paid for vessel acquisitions and capitalized expenses | (672,716 | ) | (88,023 | ) |
| Net proceeds from sale of vessel | - | 4,819,195 | ||
| Cash paid for vessels under construction | - | (703 | ) | |
| Net cash (used in) / provided by investing activities | (672,716 | ) | 4,730,469 | |
| Cash flows from financing activities: | ||||
| Contributions made by non-controlling shareholders | - | 390,000 | ||
| Cash paid for share repurchases | (974,070 | ) | - | |
| Repayment of long-term bank loans | (6,750,000 | ) | (6,045,000 | ) |
| Net cash used in financing activities | (7,724,070 | ) | (5,655,000 | ) |
| Net decrease in cash, cash equivalents and restricted cash | (4,642,918 | ) | (536,842 | ) |
| Cash, cash equivalents and restricted cash at beginning of period | 14,099,593 | 11,908,595 | ||
| Cash, cash equivalents and restricted cash at end of period | 9,456,675 | 11,371,753 | ||
Cash breakdown
| Cash and cash equivalents | 4,408,348 | 6,206,706 | ||
| Restricted cash, current | 1,478,327 | 1,615,047 | ||
| Restricted cash, long term | 3,570,000 | 3,550,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 9,456,675 | 11,371,753 |
| EuroDry Ltd. Reconciliation of Net loss to Adjusted EBITDA (All amounts expressed in U.S. Dollars) | ||||||||
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | |||||
| Net loss | (333,479 | ) | (3,106,597 | ) | (2,242,918 | ) | (7,112,768 | ) |
| Interest and other financing costs, net (incl. interest income) | 1,988,515 | 1,732,122 | 4,029,192 | 3,504,761 | ||||
| Vessel depreciation | 3,456,863 | 3,215,286 | 6,898,931 | 6,430,572 | ||||
| Unrealized gain on Forward Freight Agreement derivatives | - | - | (1,287,720 | ) | - | |||
| (Gain) / loss on interest rate swap derivative | (90,063 | ) | 28,589 | (300,703 | ) | 114,962 | ||
| Net gain on sale of vessel | - | - | - | (2,083,596 | ) | |||
Adjusted EBITDA | 5,021,836 | 1,869,400 | 7,096,782 | 853,931 | ||||
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest, income taxes, depreciation, unrealized gain on Forward Freight Agreement derivatives (“FFAs”), gain / (loss) on interest rate swap derivative and net gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net loss, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized gain on FFAs, (gain) / loss on interest rate swap derivative, depreciation and net gain on sale of vessel. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
| EuroDry Ltd. Reconciliation of Net loss attributable to controlling shareholders to Adjusted net loss attributable to controlling shareholders (All amounts expressed in U.S. Dollars – except share data and number of shares) | ||||||||
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | |||||
| Net loss attributable to controlling shareholders | (411,337 | ) | (3,071,176 | ) | (2,192,839 | ) | (6,774,193 | ) |
| Unrealized (gain) / loss on derivatives | (36,024 | ) | 57,402 | (1,479,016 | ) | 182,625 | ||
| Net gain on sale of vessel | - | - | - | (2,083,596 | ) | |||
| Adjusted net loss attributable to controlling shareholders | (447,361 | ) | (3,013,774 | ) | (3,671,855 | ) | (8,675,164 | ) |
| Adjusted loss per share attributable to controlling shareholders, basic and diluted | (0.17 | ) | (1.10 | ) | (1.35 | ) | (3.17 | ) |
| Weighted average number of shares, basic and diluted | 2,710,413 | 2,737,297 | 2,721,952 | 2,737,297 | ||||
Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders Reconciliation:
EuroDry Ltd. considers Adjusted net loss attributable to controlling shareholders, to represent net loss before net gain on sale of vessel and unrealized (gain) / loss on derivatives, which includes FFAs and interest rate swaps. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized (gain) / loss on derivatives and net gain on sale of vessel, which may significantly affect results of operations between periods.
Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders do not represent and should not be considered as an alternative to net loss attributable to controlling shareholders or loss per share attributable to controlling shareholders, as determined by GAAP. The Company's definition of Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders may not be the same as that used by other companies in shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
About EuroDry Ltd.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.
EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.
The Company has a fleet of 12 vessels, including 4 Panamax drybulk carriers, 5 Ultramax drybulk carrier, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 12 drybulk carriers have a total cargo capacity of 842,886 dwt. After the delivery of two Ultramax vessels in 2027, the Company’s fleet will consist of 14 vessels with a total carrying capacity of 969,886 dwt.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Visit our website www.eurodry.gr
| Company Contact | Investor Relations / Financial Media |
| Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
FAQ
What were EuroDry's (EDRY) Q2 2025 earnings results?
How did EDRY's vessel performance compare to Q2 2024?
What is EuroDry's current debt position as of June 30, 2025?
How much has EDRY spent on share repurchases?
What was the outcome of EDRY's vessel sale in 2025?
