EuroDry Ltd. Reports Results for the Year and Quarter Ended December 31, 2024
Rhea-AI Summary
EuroDry (NASDAQ: EDRY) reported its Q4 and full-year 2024 results. Q4 highlights include total net revenues of $14.5 million and a net loss of $3.3 million ($1.20 loss per share). The company operated an average of 13.0 vessels earning $12,201 per day.
Key developments include orders for two new 63,500 DWT ultramax bulk carriers for $71.8 million, scheduled for delivery in Q2-Q3 2027, and an agreement to sell M/V Tasos for $5 million with an expected gain of $2.1 million.
Full-year 2024 results showed total net revenues of $61.1 million and a net loss of $9.7 million ($3.54 loss per share). The company's adjusted EBITDA was $12.4 million. As of December 31, 2024, outstanding debt was $108.2 million against $11.9 million in cash.
The drybulk market experienced significant challenges in late 2024 and early 2025, with rates dropping to decade-long lows. However, management expects recovery in March and Q2 2025 due to Chinese stimulus packages and seasonal improvements.
Positive
- Ordered two new eco-friendly ultramax bulk carriers worth $71.8 million
- Expected gain of $2.1 million from M/V Tasos sale
- Reduced daily vessel operating expenses to $6,967 in 2024 from $7,131 in 2023
- $5.3 million used in share repurchase program
Negative
- Q4 2024 net loss of $3.3 million vs $0.3 million profit in Q4 2023
- Full-year 2024 net loss increased to $9.7 million from $2.9 million in 2023
- Q4 revenue decreased 8.8% to $14.5 million year-over-year
- Time charter rates dropped 16.3% in Q4 2024 compared to Q4 2023
- $2.8 million vessel impairment charge in Q4 2024
News Market Reaction
On the day this news was published, EDRY gained 1.24%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ATHENS, Greece, Feb. 24, 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 twelve-month periods ended December 31, 2024.
Fourth Quarter 2024 Highlights:
- Total net revenues of
$14.5 million . - Net loss attributable to controlling shareholders, of
$3.3 million or$1.20 loss per share basic and diluted. - Adjusted net loss1 attributable to controlling shareholders, for the quarter of
$0.7 million , or,$0.25 per share basic and diluted which excludes among other items an impairment charge of$2.8 million on one of our vessels. - Adjusted EBITDA1 was
$4.8 million . - An average of 13.0 vessels were owned and operated during the fourth quarter of 2024 earning an average time charter equivalent rate of
$12,201 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.
Recent developments:
- In November 2024, the Company signed two contracts with Nantong Xiangyu Shipbuilding for the construction of two 63,500 DWT ultramax bulk carriers. Both vessels are geared, eco, and are built to EEDI phase 3 design standard. The two newbuildings are scheduled to be delivered during the second and third quarters of 2027. The total consideration for the two newbuilding contracts is approximately
$71.8 million and will be financed with a combination of debt and equity. - The Company on January 29, 2025, signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately
$5 million . The vessel is expected to be delivered to its buyers, an unaffiliated third party, until early-March 2025, upon completion of her present charter. As a result of the vessel sale, we expect to record a gain of approximately$2.1million .
Full Year 2024 Highlights:
- Total net revenues of
$61.1 million .
- Net loss attributable to controlling shareholders, of
$9.7 million , or$3.54 loss per share basic and diluted. - Adjusted net loss1 attributable to controlling shareholders, for the period was
$8.2 million or$3.02 adjusted loss per share basic and diluted. - Adjusted EBITDA1 was
$12.4 million . - An average of 13.0 vessels were owned and operated during the twelve months of 2024 earning an average time charter equivalent rate of
$13,039 per day.
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the last couple of months of 2024 and during January and February of 2025, the drybulk market dropped to rates not seen since the early days of the COVID pandemic and touched decade-long lows last seen in 2016. It appears that a combination of low trade volumes due to low demand from China combined with a record low percentage of the fleet tied up in ports more than counterbalanced the low fleet growth during the period. There is some expectation, though, that the various stimuli packages released by the Chinese government during the fourth quarter of 2024 would start showing results in the near future; such stimuli combined with the typical seasonal recovery of the drybulk markets during the second quarter could lead to a noticeable recovery of the charter rates as already indicated by the forward (“FFA”) market.
“The low market of the fourth quarter was reflected in our results for the period although our vessels achieved better charters than market averages indicate. And while the low market of January and February 2025 will affect our first quarter results, we expect a recovery of the market in March and during the second quarter of 2025 to return us to profitability as our fleet is positioned to take full advantage of it having passed most drydockings in 2024. At the same time, as prices for vessels have also weakened, we are diligent in searching for potential investment opportunities; and to help finance such opportunities should they arise, we have committed to sell our eldest vessel M/V Tasos, as we recently announced.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “In the fourth quarter of 2024 the Company operated an average of 13.0 vessels, versus 12.2 vessels during the same period last year. Our net revenues decreased to
“Adjusted EBITDA during the fourth quarter of 2024 was
Fourth Quarter 2024 Results:
For the fourth quarter of 2024, the Company reported total net revenues of
For the fourth quarter of 2024, voyage expenses, net amounted to
Vessel operating expenses were
Depreciation expense for the fourth quarter of 2024 amounted to
General and administrative expenses for the fourth quarter of 2024 were
Related party management fees for the fourth quarter of 2024 increased to
During the fourth quarter of 2024 and 2023, none of our vessels underwent drydocking. The total cost for the fourth quarter of 2024 and 2023 of
In the fourth quarter of 2024 the Company recorded an impairment charge of
Interest and other financing costs for the fourth quarter of 2024 decreased to
For the three months ended December 31, 2024, the Company recognized a gain on an interest rate swap of
Interest income for the fourth quarter of 2024 amounted to
The Company reported a net loss for the period of
Adjusted EBITDA for the fourth quarter of 2024 was
Basic and diluted loss per share attributable to controlling shareholders for the fourth quarter of 2024 was
Excluding the effect on the net loss attributable to controlling shareholders for the quarter of the unrealized loss / (gain) on derivatives and the impairment loss on a vessel, the adjusted loss per share attributable to controlling shareholders for the quarter ended December 31, 2024 would have been
Full Year 2024 Results:
For the full year of 2024, the Company reported total net revenues of
For the twelve months of 2024, voyage expenses, net, were
Vessel operating expenses were
Depreciation expense for the year 2024 was
Related party management fees for the year of 2024 were increased to
General and administrative expenses during the twelve months of 2024 were
During the twelve months of 2023, we recorded a provision of
In 2023, we wrote-off certain trade receivables by recording a bad debt expense of
In the twelve months of 2024, seven of our vessels completed their special survey with drydocking for a total cost of
Interest and other financing costs for the twelve months of 2024 amounted to
For the twelve months ended December 31, 2024, the Company recognized a
Interest income for 2024 amounted to
The Company reported a net loss for the period of
Adjusted EBITDA for the twelve months of 2024 was
Basic and diluted loss per share attributable to controlling shareholders for the twelve months of 2024 was
Excluding the effect on the net loss attributable to controlling shareholders for the year of the unrealized loss / (gain) on derivatives and the impairment loss on a vessel, the adjusted loss per share attributable to controlling shareholders for the year ended December 31, 2024 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 | 82,000 | 2018 | TC until Mar-25 | Hire Kamsarmax P5TC(**) index | |
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Apr-25 | Hire Kamsarmax P5TC(**) index | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Mar-25 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Mar-25 | ||
| YANNIS PITTAS | Ultramax | 63,177 | 2014 | TC until Mar-25 | ||
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Feb-25 | ||
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Mar-25 | ||
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Mar-25 | ||
| EIRINI P | Panamax | 76,466 | 2004 | TC until Mar-25 | ||
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Apr-25 | ||
| STARLIGHT | Panamax | 75,845 | 2004 | TC until Apr-25 | ||
| TASOS ***** | Panamax | 75,100 | 2000 | TC until Mar-25 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Mar-25 | ||
| Total Dry Bulk Vessels | 13 | 918,502 | ||||
Note:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date.
(**) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
(***) The entity owning the vessel is
(****) Gross Ballast Bonus.
(*****) The vessel was agreed to be sold and is expected to be delivered to her new owners in early March 2025.
| 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 |
Summary Fleet Data:
| 3 months, ended December 31, 2023 | 3 months, ended December 31, 2024 | 12 months, ended December 31, 2023 | 12 months, ended December 31, 2024 | |||||
| FLEET DATA | ||||||||
| Average number of vessels (1) | 12.2 | 13.0 | 10.6 | 13.0 | ||||
| Calendar days for fleet (2) | 1,125.9 | 1,196.0 | 3,855.9 | 4,758.0 | ||||
| Scheduled off-hire days incl. laid-up (3) | - | - | 69.7 | 196.9 | ||||
| Available days for fleet (4) = (2) - (3) | 1,125.9 | 1,196.0 | 3,786.2 | 4,561.1 | ||||
| Commercial off-hire days (5) | - | - | 22.8 | 4.5 | ||||
| Operational off-hire days (6) | 5.9 | 7.5 | 56.4 | 52.4 | ||||
| Voyage days for fleet (7) = (4) - (5) - (6) | 1,120.0 | 1,188.5 | 3,707.0 | 4,504.2 | ||||
| Fleet utilization (8) = (7) / (4) | 99.5 | % | 99.4 | % | 97.9 | % | 98.8 | % |
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | 100.0 | % | 100.0 | % | 99.4 | % | 99.9 | % |
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | 99.5 | % | 99.4 | % | 98.5 | % | 98.9 | % |
| AVERAGE DAILY RESULTS | ||||||||
| Time charter equivalent rate (11) | 14,570 | 12,201 | 12,528 | 13,039 | ||||
| Vessel operating expenses excl. drydocking expenses (12) | 6,239 | 6,391 | 6,234 | 6,279 | ||||
| General and administrative expenses (13) | 1,101 | 696 | 897 | 688 | ||||
| Total vessel operating expenses (14) | 7,340 | 7,087 | 7,131 | 6,967 | ||||
| Drydocking expenses (15) | 413 | 297 | 883 | 1,797 | ||||
(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) Time charter equivalent rate, or TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue 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. TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, 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. 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 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 expenses are 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 are 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, February 24, 2025 at 9:00 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 13751962. 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 fourth quarter ended December 31, 2024, 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 December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | ||||||
| 2023 | 2024 | 2023 | 2024 | ||||||
| Revenues | |||||||||
| Time charter revenue | 16,869,755 | 15,393,660 | 47,824,857 | 64,786,884 | |||||
| Voyage charter revenue | - | - | 2,609,775 | - | |||||
| Commissions | (970,971 | ) | (887,154 | ) | (2,842,708 | ) | (3,703,657 | ) | |
Net revenues | 15,898,784 | 14,506,506 | 47,591,924 | 61,083,227 | |||||
| Operating expenses | |||||||||
| Voyage expenses, net | 550,931 | 893,087 | 3,993,031 | 6,057,692 | |||||
| Vessel operating expenses | 6,072,451 | 6,589,476 | 20,758,708 | 25,667,279 | |||||
| Drydocking expenses | 465,242 | 354,827 | 3,404,323 | 8,549,609 | |||||
| Vessel depreciation | 3,236,161 | 3,513,824 | 10,966,621 | 13,877,730 | |||||
| Related party management fees | 951,896 | 1,054,742 | 3,281,361 | 4,209,166 | |||||
| General and administrative expenses | 1,240,061 | 831,950 | 3,459,943 | 3,271,195 | |||||
| Impairment loss | - | 2,796,605 | - | 2,796,605 | |||||
| Other operating loss | - | - | 500,000 | - | |||||
| Bad debt expense | - | - | 134,294 | - | |||||
| Total Operating expenses | (12,516,742 | ) | (16,034,511 | ) | (46,498,281 | ) | (64,429,276 | ) | |
| Operating income / (loss) | 3,382,042 | (1,528,005 | ) | 1,093,643 | (3,346,049 | ) | |||
| Other income / (expenses) | |||||||||
| Interest and other financing costs | (2,038,584 | ) | (1,909,867 | ) | (6,486,814 | ) | (7,956,478 | ) | |
| (Loss) / gain on derivatives, net | (1,535,127 | ) | 252,368 | 1,218,375 | 637,697 | ||||
| Foreign exchange gain / (loss) | 1,271 | 14,173 | (5,794 | ) | (5,938 | ) | |||
| Interest income | 164,036 | 25,807 | 897,618 | 103,524 | |||||
| Other expenses, net | (3,408,404 | ) | (1,617,519 | ) | (4,376,615 | ) | (7,221,195 | ) | |
| Net loss | (26,362 | ) | (3,145,524 | ) | (3,282,972 | ) | (10,567,244 | ) | |
| Net loss / (income) attributable to the non-controlling interest | 374,068 | (138,112 | ) | 374,068 | 911,370 | ||||
| Net income / (loss) attributable to controlling shareholders | 347,706 | (3,283,636 | ) | (2,908,904 | ) | (9,655,874 | ) | ||
| Earnings / (loss) per share attributable to controlling shareholders, basic | 0.13 | (1.20 | ) | (1.05 | ) | (3.54 | ) | ||
| Weighted average number of shares outstanding, basic | 2,731,088 | 2,737,162 | 2,763,121 | 2,727,698 | |||||
| Earnings / (loss) per share attributable to controlling shareholders, diluted | 0.13 | (1.20 | ) | (1.05 | ) | (3.54 | ) | ||
| Weighted average number of shares outstanding, diluted | 2,760,685 | 2,737,162 | 2,763,121 | 2,727,698 | |||||
| EuroDry Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares) | |||
| December 31, 2023 | December 31, 2024 | ||
| ASSETS | |||
| Current Assets: | |||
| Cash and cash equivalents | 8,002,024 | 6,711,327 | |
| Trade accounts receivable, net | 6,740,606 | 8,433,076 | |
| Other receivables | 2,127,266 | 2,562,856 | |
| Inventories | 4,117,663 | 2,097,083 | |
| Restricted cash | 2,797,569 | 1,587,268 | |
| Prepaid expenses | 243,380 | 474,488 | |
| Derivatives | 196,627 | 120,675 | |
| Asset held for sale | - | 2,789,715 | |
| Total current assets | 24,225,135 | 24,776,488 | |
| Fixed assets: | |||
| Advances for vessels under construction | - | 7,188,614 | |
| Vessels, net | 203,528,116 | 185,465,570 | |
| Long-term assets: | |||
| Derivatives | - | 144,523 | |
| Restricted cash | 3,300,000 | 3,610,000 | |
| Total assets | 231,053,251 | 221,185,195 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Long term bank loans, current portion | 17,804,553 | 11,810,351 | |
| Trade accounts payable | 3,146,931 | 2,668,490 | |
| Accrued expenses | 2,320,606 | 2,354,066 | |
| Deferred revenue | 346,838 | 247,294 | |
| Derivatives | 1,287,720 | - | |
| Due to related companies | 577,542 | 181,014 | |
| Total current liabilities | 25,484,190 | 17,261,215 | |
| Long-term liabilities: | |||
| Long term bank loans, net of current portion | 86,123,063 | 95,381,535 | |
| Derivatives | 17,769 | - | |
| Total long-term liabilities | 86,140,832 | 95,381,535 | |
| Total liabilities | 111,625,022 | 112,642,750 | |
| Shareholders' equity: | |||
| Common stock (par value | 28,324 | 28,266 | |
| Additional paid-in capital | 68,069,724 | 67,751,242 | |
| Retained earnings | 41,564,249 | 31,908,375 | |
| Total shareholders’ equity attributable to EuroDry Ltd. shareholders | 109,662,297 | 99,687,883 | |
| Non-controlling interest | 9,765,932 | 8,854,562 | |
| Total shareholders' equity | 119,428,229 | 108,542,445 | |
| Total liabilities, shareholders' equity | 231,053,251 | 221,185,195 | |
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) | |||||
| Twelve Months Ended December 31, | Twelve Months Ended December 31, | ||||
| 2023 | 2024 | ||||
| Cash flows from operating activities: | |||||
| Net loss | (3,282,972 | ) | (10,567,244 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
| Vessel depreciation | 10,966,621 | 13,877,730 | |||
| Impairment loss | - | 2,796,605 | |||
| Amortization and write off of deferred charges | 209,110 | 264,270 | |||
| Share-based compensation | 797,984 | 954,087 | |||
| Unrealized loss / (gain) on derivatives | 3,252,230 | (1,374,060 | ) | ||
| Bad debt expense | 134,294 | - | |||
| Changes in operating assets and liabilities | (271,205 | ) | (1,140,491 | ) | |
| Net cash provided by operating activities | 11,806,062 | 4,810,897 | |||
| Cash flows from investing activities: | |||||
| Cash paid for vessel acquisitions and capitalized expenses | (65,286,558 | ) | (1,540,655 | ) | |
| Cash paid for vessels under construction | - | (7,188,613 | ) | ||
| Net proceeds from vessel sale | (15,274 | ) | - | ||
| Net cash used in investing activities | (65,301,832 | ) | (8,729,268 | ) | |
| Cash flows from financing activities: | |||||
| Cash paid for share repurchase | (2,030,570 | ) | (1,272,627 | ) | |
| Offering expenses paid | (137,330 | ) | - | ||
| Loan arrangement fees paid | (479,750 | ) | (355,000 | ) | |
| Contributions made by non-controlling shareholders | 10,140,000 | - | |||
| Proceeds from long term bank loans | 46,500,000 | 16,000,000 | |||
| Repayment of long term bank loans | (23,520,000 | ) | (12,645,000 | ) | |
| Net cash provided by financing activities | 30,472,350 | 1,727,373 | |||
| Net decrease in cash, cash equivalents and restricted cash | (23,023,420 | ) | (2,190,998 | ) | |
| Cash, cash equivalents and restricted cash at beginning of year | 37,123,013 | 14,099,593 | |||
| Cash, cash equivalents and restricted cash at end of year | 14,099,593 | 11,908,595 | |||
Cash breakdown
| Cash and cash equivalents | 8,002,024 | 6,711,327 | |||
| Restricted cash, current | 2,797,569 | 1,587,268 | |||
| Restricted cash, long term | 3,300,000 | 3,610,000 | |||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 14,099,593 | 11,908,595 |
| EuroDry Ltd. Reconciliation of Net loss to Adjusted EBITDA (All amounts expressed in U.S. Dollars) | ||||||||
| Three Months Ended December 31, 2023 | Three Months Ended December 31, 2024 | Twelve Months Ended December 31, 2023 | Twelve Months Ended December 31, 2024 | |||||
| Net loss | (26,362 | ) | (3,145,524 | ) | (3,282,972 | ) | (10,567,244 | ) |
| Interest and other financing costs, net (incl. interest income) | 1,874,548 | 1,884,060 | 5,589,196 | 7,852,954 | ||||
| Vessel depreciation | 3,236,161 | 3,513,824 | 10,966,621 | 13,877,730 | ||||
| Unrealized loss / (gain) on Forward Freight Agreement derivatives | 1,287,720 | - | 1,328,550 | (1,287,720 | ) | |||
| Loss / (gain) on interest rate swap derivatives | 247,407 | (252,368 | ) | (17,765 | ) | (304,794 | ) | |
| Impairment loss | - | 2,796,605 | - | 2,796,605 | ||||
| Adjusted EBITDA | 6,619,474 | 4,796,597 | 14,583,630 | 12,367,531 | ||||
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest and other financing costs, income taxes, depreciation, unrealized loss / (gain) on Forward Freight Agreement derivatives (“FFAs”), loss / (gain) on interest rate swap derivatives and impairment loss. 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 loss / (gain) on FFAs, loss / (gain) on interest rate swap derivatives, depreciation and impairment loss. 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 income / (loss) attributable to controlling shareholders to Adjusted net income / (loss) attributable to controlling shareholders (All amounts expressed in U.S. Dollars – except share data and number of shares) | |||||||
| Three Months Ended December 31, 2023 | Three Months Ended December 31, 2024 | Twelve Months Ended December 31, 2023 | Twelve Months Ended December 31, 2024 | ||||
| Net income / (loss) attributable to controlling shareholders | 347,706 | (3,283,636 | ) | (2,908,904 | ) | (9,655,874 | ) |
| Unrealized loss / (gain) on derivatives | 1,587,821 | (198,061 | ) | 3,252,230 | (1,374,060 | ) | |
| Impairment loss | - | 2,796,605 | - | 2,796,605 | |||
| Adjusted net income / (loss) attributable to controlling shareholders | 1,935,527 | (685,092 | ) | 343,326 | (8,233,329 | ) | |
| Adjusted earnings / (loss) per share attributable to controlling shareholders, basic | 0.71 | (0.25 | ) | 0.12 | (3.02 | ) | |
| Weighted average number of shares outstanding, basic | 2,731,088 | 2,737,162 | 2,763,121 | 2,727,698 | |||
| Adjusted earnings / (loss) per share attributable to controlling shareholders, diluted | 0.70 | (0.25 | ) | 0.12 | (3.02 | ) | |
| Weighted average number of shares outstanding, diluted | 2,760,685 | 2,737,162 | 2,763,121 | 2,727,698 | |||
Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share attributable to controlling shareholders Reconciliation:
EuroDry Ltd. considers Adjusted net income / (loss) attributable to controlling shareholders, to represent net income / (loss) before unrealized loss / (gain) on derivatives, which includes FFAs and interest rate swaps, and impairment loss. Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share attributable to common 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 the aforementioned items , which may significantly affect results of operations between periods. Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share attributable to common shareholders do not represent and should not be considered as an alternative to net income / (loss) attributable to controlling shareholders or earnings / (loss) per share attributable to common shareholders, as determined by GAAP. The Company's definition of Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share attributable to common shareholders may not be the same as that used by other companies in the shipping or other industries. Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share attributable to common 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 13 vessels, including 5 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 13 drybulk carriers have a total cargo capacity of 918,502 dwt. After the delivery of two Ultramax vessels in 2027 and the completion of the sale of one Panamax vessel, the Company’s fleet will consist of 14 vessels with a total carrying capacity of 970,402 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 |
__________________
1Adjusted EBITDA, Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (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.
FAQ
What were EuroDry's (EDRY) Q4 2024 financial results?
How much is EuroDry (EDRY) investing in new vessels?
What was EDRY's vessel performance in Q4 2024?
How much debt does EuroDry (EDRY) have as of December 31, 2024?
What is the status of EDRY's share repurchase program?
