EuroDry (EDRY) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenues were $9.2 million, down 36.2% year-over-year, with a net loss attributable to controlling shareholders of $3.7 million ($1.35 per share) and adjusted net loss of $5.7 million ($2.07 per share).

• Adjusted EBITDA was negative $1.0 million, compared to $2.1 million in Q1 2024, reflecting weak charter markets and lower vessel rates.

• Share repurchase program ongoing, with $5.3 million spent on 334,000+ shares since August 2022 under a $10 million plan.

• Fleet consists of 12 vessels (average age 13.6 years), with two Ultramax newbuilds scheduled for delivery in 2027.

• Sale of M/V Tasos generated a $2.1 million net book profit.

Financial highlights

• Net revenues declined from $14.4 million in Q1 2024 to $9.2 million in Q1 2025.

• Net loss attributable to controlling shareholders increased from $1.8 million in Q1 2024 to $3.7 million in Q1 2025.

• Adjusted EBITDA fell from $2.1 million in Q1 2024 to negative $1.0 million in Q1 2025.

• Average time charter equivalent rate dropped to $7,167/day from $12,455/day year-over-year.

• Vessel operating expenses per day rose to $6,590–$7,304 from $6,183–$6,867 year-over-year.

Outlook and guidance

• Management remains cautious due to weak demand, trade tensions, macroeconomic uncertainty, and geopolitical instability.

• No strong recovery expected in 2026 unless demand and ton-mile growth exceed low supply growth.

• Regulatory changes (EEXI, CII, EU ETS, FuelEU Maritime) may tighten supply and support rates if demand stabilizes.

• Management is focusing on short-term charters to benefit from potential market reversals.

• Fleet modernization strategy includes selling older vessels and acquiring newer ones as market conditions allow.