EuroDry (EDRY) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenues were $14.4 million, with a net loss attributable to controlling shareholders of $0.7 million ($0.24 per share); adjusted net loss was $0.6 million ($0.23 per share); adjusted EBITDA was $4.1 million, up from $0.47 million in Q3 2024.

• For the first nine months of 2025, net revenues were $34.9 million, down 25% year-over-year, with an adjusted net loss per share of $3.39.

• Average fleet size was 12.0 vessels in Q3 2025, with average TCE rates of $13,232/day.

• Share repurchases totaled $5.3 million for 334,674 shares, with the program extended for another year.

Financial highlights

• Q3 2025 net revenues decreased 2.2% year-over-year to $14.39 million; 9M 2025 net revenues fell 25.1% to $34.88 million.

• Q3 2025 adjusted EBITDA rose to $4.1 million from $0.5 million in Q3 2024; 9M 2025 adjusted EBITDA was $5.0 million, down 34% year-over-year.

• Cash and other assets as of September 30, 2025, totaled $18.8 million; book value of vessels was $176 million; total assets at $202.1 million.

• Bank debt as of September 30, 2025, was $97.9 million, about 48.4% of asset book value.

• Net asset value per share estimated above $44, while shares trade around $13.

Outlook and guidance

• Fixed rate coverage for the remainder of 2025 is about 45% based on existing time charters.

• Management expects improved market conditions in Q4 2025, with Ultramax charter rates above $17,000/day.

• Market conditions for 2026 remain uncertain, with potential for trade growth and infrastructure spending to support demand.

• Orderbook-to-fleet ratio remains low, supporting potential rate recovery if demand strengthens.

• Positive cash flow generation is anticipated, supporting fleet renewal and expansion plans for 2026.