Financial Data and Key Metrics Changes - For Q3 2025, total net revenues were reported at $40.4 million, with a net loss attributable to controlling shareholders of $0.7 million, equating to a loss of $0.24 per share. Adjusted net loss was $0.6 million or $0.23 per share. Adjusted EBITDA for the quarter was $4.1 million [3][4][21] - For the first nine months of 2025, total net revenues were $34.9 million, representing a 25% decrease from $46.6 million in the same period of 2024. Adjusted EBITDA for this period was $5 million, down from $7.6 million in 2024 [23][24] Business Line Data and Key Metrics Changes - The company operated an average of 12 vessels in Q3 2025, earning an average time charter equivalent rate of $13,232 per day, compared to 13 vessels earning $13,105 per day in Q3 2024. The commercial utilization rate was 100% [25][26] - Daily cash flow break-even level for Q3 2025 was $12,482 per vessel, down from $15,145 per vessel in Q3 2024 [26] Market Data and Key Metrics Changes - Panama export rates increased from approximately $14,500 per day to $14,950 per day by the end of Q3 2025, with spot rates for Panamax vessels rising to around $15,500 per day as of November 7 [7][8] - The Baltic Dry Index and Baltic Panamax Index recorded year-over-year increases of approximately 6% and 14%, respectively, indicating a better market compared to the previous year [8][11] Company Strategy and Development Direction - The company plans to continue executing share repurchases under its $10 million plan, which has been extended for an additional year, while also modernizing its fleet in preparation for future market conditions [4][18] - The company is focusing on securing longer-term coverage when rates reach between $15,000 and $17,000 per day [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall market remains uncertain due to geopolitical developments, but there are signs of recovery in the dry bulk sector, supported by strong demand for minor bulks and robust grain trade flows [15][16] - The IMF projects global growth to ease slightly, with persistent trade tensions and policy uncertainty impacting investment and trade activity [9][10] Other Important Information - The company has two Ultramax vessels under construction, scheduled for delivery in 2027, which will expand the fleet to 13 vessels with a total carrying capacity of just under 900,000 deadweight tons [6] - As of September 30, 2025, the company's debt stood at $97.9 million, with a repayment schedule indicating $13.1 million in repayments for 2025 [28][30] Q&A Session Summary Question: What is the threshold for shifting from short-term index-linked exposure to securing longer-term coverage? - Management indicated that they would consider longer-term coverage if rates reach around $15,000 to $17,000 [32] Question: What is the timeline for the extra RENI vessel? - The extra RENI was fixed for a trip via South America and back to the Far East, expected to take about 90-100 days at a rate of approximately $16,500 per day [33] Question: What are the plans for improving near-term liquidity? - Management highlighted improved liquidity due to the sale of the Irini vessel and financing arrangements for new buildings, projecting a liquidity increase of over $15 million by year-end [35] Question: Can you clarify the new build financing and incremental debt? - Management confirmed that approximately $53 million in debt would be drawn to finance the two new buildings by their delivery in 2027 [37] Question: What is the outlook for rates on specific vessels? - Management explained that rates can vary significantly based on the type of voyage, with higher rates expected for voyages from the Atlantic to the Far East [38]

Financial Performance - EuroDry reported net revenues of $14.4 million for Q3 2025[10] - The company experienced a net loss attributable to controlling shareholders of $0.7 million, or $0.24 per share, in Q3 2025[10] - Adjusted net loss for Q3 2025 was $0.6 million, or $0.23 per share[10] - Adjusted EBITDA for Q3 2025 was $4.1 million[10] - For the first nine months of 2025, net revenues were $34.88 million, a decrease of 25.1% compared to $46.58 million in the same period of 2024[47] - Adjusted EBITDA for the first nine months of 2025 was $5.0 million, a decrease of 34.0% compared to $7.57 million in the same period of 2024[47] Fleet and Operations - EuroDry's current fleet consists of 11 vessels with a total carrying capacity of 766k DWT and an average age of approximately 12.8 years[15] - The company has two Ultramax vessels under construction, scheduled for delivery in 2027, which will increase the total carrying capacity to 893k DWT[15] - Fixed rate coverage for the remainder of 2025 was about 44.6% as of September 30, 2025[17] - The company sold MV Eirini P for $8.5 million[13] Market Overview - The orderbook is at approximately 10.94% of the fleet[31] - As of November 7, 2025, the 1-year time charter rate for a 75k DWT Panamax vessel stands at $15,125 per day[41]

Core Insights - EuroDry Ltd. reported its financial results for the third quarter and the first nine months of 2025, highlighting a decrease in net revenues and an increase in adjusted EBITDA compared to the same periods in 2024 [1][2][3]. Third Quarter 2025 Highlights - Total net revenues for the third quarter were $14.4 million, a 2.2% decrease from $14.7 million in Q3 2024, primarily due to a reduced average number of vessels operating [12]. - The net loss attributable to controlling shareholders was $0.7 million, or a loss of $0.24 per share, compared to a net loss of $4.2 million, or $1.53 per share, in Q3 2024 [21][23]. - Adjusted EBITDA for the quarter was $4.1 million, significantly up from $0.5 million in the same quarter of the previous year [22]. - An average of 12.0 vessels were owned and operated during the quarter, earning an average time charter equivalent rate of $13,232 per day [12]. Nine Months 2025 Highlights - Total net revenues for the first nine months were $34.9 million, representing a 25.1% decrease from $46.6 million in the same period of 2024, attributed to fewer vessels operated and lower charter rates [25]. - The net loss attributable to controlling shareholders for the nine months was $7.4 million, or $2.71 per share, compared to a loss of $6.4 million, or $2.34 per share, in the first nine months of 2024 [35][36]. - Adjusted EBITDA for the nine-month period was $5.0 million, down from $7.6 million in the same period of 2024 [36]. Recent Developments and Financing Arrangements - The company signed an agreement to sell the M/V Eirini P. for approximately $8.5 million, with a gain of $0.7 million recorded upon delivery [5]. - EuroDry entered into a refinancing agreement with Eurobank S.A. for a total loan of up to $39.5 million to finance the construction of new vessels and refinance existing loans [5]. - A loan agreement was signed with Crediabank S.A. for up to $26.9 million to finance pre-delivery installments for another newbuilding [5]. Market Conditions and Future Outlook - The drybulk market has shown improvement, with average Ultramax spot earnings just below $15,000 per day during Q3 and exceeding $17,000 per day since early October [7]. - The company anticipates that the market improvement will be reflected in Q4 results, as many charters were finalized at lower rates prior to the market uptick [8]. - Steps taken to improve liquidity, including refinancing and vessel sales, are expected to increase liquidity by approximately $15 million by the end of 2025 [9].

Core Viewpoint - EuroDry Ltd. is set to release its financial results for the third quarter ended September 30, 2025, on November 13, 2025, before the market opens in New York [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and webcast scheduled for November 13, 2025, at 11:30 a.m. Eastern Time [2] - Participants can join the call by dialing in 10 minutes before the scheduled time using provided numbers [3] Group 2: Conference Call Details - A "call me" option is available for participants to join the conference call more quickly [4] - An audio webcast of the conference call will be available live and archived on the company's website [5] - A slide presentation for the financial results will be accessible in PDF format 10 minutes prior to the conference call [6] Group 3: Company Overview - EuroDry Ltd. was established on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd. into a separate public company [7] - The company operates in the dry cargo, drybulk shipping market, managed by Eurobulk Ltd. and Eurobulk (Far East) Ltd. Inc. [8] - EuroDry's fleet currently consists of 11 vessels with a total cargo capacity of 766,420 dwt, which will increase to 13 vessels with a capacity of about 893,420 dwt upon full delivery [9]

EuroDry Ltd. Conference Call Summary Company Overview - EuroDry Ltd. operates ocean-going vessels that transport dry bulk commodities, including major bulks like iron ore, coal, and grains, as well as minor bulks such as steel products and fertilizers [3][4] - The company focuses on mid-sized dry bulk carriers, specifically Supramax to Kamsarmax vessels, ranging from 50,000 to 85,000 deadweight tons [3] - Currently, EuroDry owns 12 vessels, with plans to reduce this to 11 due to the sale of one vessel [4] Fleet and Growth Strategy - The fleet consists of two clusters: a modern/new building cluster and an older Panamax cluster, with a focus on renewing the fleet by replacing older vessels with more fuel-efficient new builds [6][7] - Two new vessels are under construction, expected to be delivered in 2027, with a total cost of approximately $70 million [23] - The company aims to fund growth through a combination of operational cash flow, debt, and equity, while avoiding dilutive share issuances [8][9] Market Insights - The dry bulk market has experienced significant fluctuations, with historical rates exceeding $70,000 for Panamax vessels, followed by a decline post-financial crisis and a recent recovery [10][11] - The fleet under construction has remained low, hovering around 10%, indicating limited supply growth, which could lead to increased charter rates if demand rises [10][12] - China plays a crucial role in the dry bulk market, with its imports of iron ore and grains significantly impacting demand [13][14] Financial Performance and Outlook - EuroDry's current cash flow break-even level is approximately $12,000, with positive cash flow generated when market rates exceed $13,000 [18][21] - The company has about $98 million in debt, with a leverage ratio of roughly 50% [18] - The estimated net asset value (NAV) of the fleet is around $35 to $36 per share, while shares currently trade at $12.5, indicating a significant discount [19][20] Risks and Considerations - The outlook for 2026 is cautiously optimistic, with potential demand growth linked to global reconstruction efforts, particularly in China [29][30] - Risks include geopolitical tensions, environmental regulations, and the potential for increased vessel scrapping due to new regulations [30][31] - The company is actively monitoring market conditions and may consider selling older vessels to enhance liquidity if necessary [27][28] Conclusion - EuroDry Ltd. presents a potential investment opportunity given its current trading discount relative to NAV and the expected recovery in the dry bulk market [20][31]

Core Viewpoint - EuroDry (EDRY) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Company Performance and Investor Sentiment - The upgrade for EuroDry suggests an improvement in the company's underlying business, which should encourage investors to drive the stock price higher [5]. - Over the past three months, the Zacks Consensus Estimate for EuroDry has increased by 92.1%, reflecting a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - EuroDry's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Core Viewpoint - EuroDry Ltd. has signed an agreement to sell the M/V Eirini P., a 76,466 dwt drybulk vessel, for approximately $8.5 million as part of its fleet renewal program, which is expected to enhance the company's balance sheet and liquidity [1][2]. Company Overview - EuroDry Ltd. operates in the dry cargo and drybulk shipping market, managing its operations through affiliated companies Eurobulk Ltd. and Eurobulk (Far East) Ltd. Inc. [6] - The company was formed on January 8, 2018, and trades on the NASDAQ Capital Market under the ticker EDRY [5]. Fleet Details - After the sale of M/V Eirini P., EuroDry will have a fleet of 11 vessels, including 2 Kamsarmax, 3 Panamax, 5 Ultramax, and 1 Supramax drybulk carriers, with a total cargo capacity of 766,420 dwt [7]. - The company has 2 vessels under construction, both Ultramax type, with a total capacity of 127,000 dwt, expected to be delivered in Q2 and Q3 of 2027 [3]. Financial Impact - The sale of M/V Eirini P. is expected to generate a gain of approximately $0.6 million, or about $0.21 per share, which will strengthen the company's balance sheet and increase near-term liquidity [2].

Group 1 - EuroDry (EDRY) has reached a key level of support and is showing potential for a bullish breakout as its 50-day simple moving average has crossed above its 200-day simple moving average, indicating a "golden cross" [1] - A golden cross is characterized by a short-term moving average crossing above a long-term moving average, typically the 50-day and 200-day, which often leads to stronger breakouts [2] - The golden cross pattern consists of three stages: a downtrend that bottoms out, a crossover of moving averages indicating a trend reversal, and continued upward momentum towards higher prices [3] Group 2 - EDRY has moved 7.8% higher over the last four weeks, suggesting it may be on the verge of a breakout [4] - The company currently holds a 3 (Hold) rating on the Zacks Rank, with a positive earnings outlook as no earnings estimates have been cut and one revision has been made higher in the past 60 days [4] - The Zacks Consensus Estimate for EDRY has also increased, reinforcing the bullish case for the company [4][5]

[SEC Filing Information](index=1&type=section&id=SEC%20Filing%20Information) This section outlines the filing of Form 6-K by EuroDry Ltd. with the SEC, detailing its purpose and incorporation by reference [Form 6-K Details](index=1&type=section&id=Form%206-K%20Details) EuroDry Ltd. filed Form 6-K with the SEC, reporting Q2 and H1 2025 results, incorporated by reference into registration statements - Filing Type: **Form 6-K**, Report of Foreign Private Issuer[1](index=1&type=chunk)[2](index=2&type=chunk) - Reports results for the quarter and six-month period ended June 30, 2025[3](index=3&type=chunk) - Incorporated by reference into the Company's Registration Statements on Form F-3 (File No. 333-273254 and 333-273258)[4](index=4&type=chunk) [Signatures](index=3&type=section&id=Signatures) The Form 6-K report was officially signed by EuroDry Ltd.'s President, Aristides J. Pittas, on August 12, 2025 - Signatory: **Aristides J. Pittas**, President[8](index=8&type=chunk) - Date: **August 12, 2025**[8](index=8&type=chunk) [Earnings Release Overview](index=4&type=section&id=Earnings%20Release%20Overview) This section provides a high-level summary of EuroDry Ltd.'s financial performance for Q2 and H1 2025, along with management's market commentary [Second Quarter 2025 Highlights](index=4&type=section&id=Second%20Quarter%202025%20Highlights) EuroDry Ltd. reported Q2 2025 net revenues of **$11.3 million** and a net loss of **$3.1 million**, operating 12.0 vessels at a **$10,428 per day** TCE rate | Metric | Q2 2025 | | :------------------------------------- | :-------------- | | Total Net Revenues | $11.3 million | | Net Loss (attributable to controlling shareholders) | $3.1 million | | Loss Per Share (basic & diluted) | $1.12 | | Adjusted Net Loss (attributable to controlling shareholders) | $3.0 million | | Adjusted Loss Per Share (basic & diluted) | $1.10 | | Adjusted EBITDA | $1.9 million | | Average Vessels Operated | 12.0 | | Average TCE Rate | $10,428 per day | - Approximately **$5.3 million** has been used to repurchase **334,674 shares** under a **$10 million** plan, approved for continuation in August 2024 and 2025[13](index=13&type=chunk) - The Company will publish its **2024 Sustainability/ESG Report** on **August 12, 2025**[13](index=13&type=chunk) [First Half 2025 Highlights](index=4&type=section&id=First%20Half%202025%20Highlights) EuroDry Ltd. reported H1 2025 net revenues of **$20.5 million** and a net loss of **$6.8 million**, operating 12.4 vessels at a **$8,761 per day** TCE rate | Metric | H1 2025 | | :------------------------------------- | :-------------- | | Total Net Revenues | $20.5 million | | Net Loss (attributable to controlling shareholders) | $6.8 million | | Loss Per Share (basic & diluted) | $2.47 | | Adjusted Net Loss (attributable to controlling shareholders) | $8.7 million | | Adjusted Loss Per Share (basic & diluted) | $3.17 | | Adjusted EBITDA | $0.9 million | | Average Vessels Operated | 12.4 | | Average TCE Rate | $8,761 per day | [Management Commentary](index=5&type=section&id=Management%20Commentary) Management observed a slight Q2 2025 drybulk market recovery, but not to profitability, with strategic focus on short-term charters amid geopolitical and macroeconomic uncertainties, while noting increased operating expenses - The drybulk market recovered slightly in Q2 2025, with July rates approaching breakeven, but profitability remains elusive due to geopolitical and macroeconomic uncertainties impacting demand[15](index=15&type=chunk)[16](index=16&type=chunk) - The company maintains short-term charters during low rates, considering longer-term options for positive cash flow if markets improve, while exploring fleet expansion and renewal opportunities[17](index=17&type=chunk) - Q2 2025 net revenues declined due to a **27.7% decrease** in average time charter equivalent rates and fewer vessels operated year-over-year[17](index=17&type=chunk) - Daily vessel operating expenses increased to **$6,785** from **$6,396** in Q2 2025, driven by inflation adjustments in management fees and unfavorable exchange rates, with general and administrative expenses also rising[18](index=18&type=chunk) - As of June 30, 2025, outstanding debt was **$102.1 million**, total cash was **$11.4 million**, and scheduled debt repayments for the next 12 months totaled approximately **$12.7 million**[19](index=19&type=chunk) [Detailed Financial Results](index=5&type=section&id=Detailed%20Financial%20Results) This section provides a comprehensive breakdown of EuroDry Ltd.'s financial performance for Q2 and H1 2025, highlighting key revenue and expense changes [Second Quarter 2025 Financial Performance](index=5&type=section&id=Second%20Quarter%202025%20Financial%20Performance) EuroDry Ltd. reported a **35.3% decline** in Q2 2025 net revenues to **$11.3 million** and a widened net loss of **$3.07 million**, primarily due to lower time charter rates and fewer vessels | Metric | Q2 2024 | Q2 2025 | Change (YoY) | | :------------------------------------- | :-------------- | :-------------- | :---------------- | | Total Net Revenues | $17.4 million | $11.3 million | -35.3% | | Average Vessels Operated | 13.0 | 12.0 | -1.0 | | Average TCE Rate | $14,427 per day | $10,428 per day | -27.7% | | Voyage Expenses, net | $2.2 million | $0.8 million | -63.6% | | Vessel Operating Expenses | $6.6 million | $6.3 million | -4.5% | | Depreciation Expense | $3.5 million | $3.2 million | -8.6% | | Related Party Management Fees | $1.0 million | $1.1 million | +10.0% | | General and Administrative Expenses | $0.8 million | $0.8 million | 0% | | Drydocking Costs | $1.9 million | $0.4 million | -78.9% | | Interest and Other Financing Costs | $2.0 million | $1.7 million | -15.0% | | Net Loss (attributable to controlling shareholders) | $0.4 million | $3.07 million | >+600% (worsened) | | Basic & Diluted Loss Per Share | $0.15 | $1.12 | >+600% (worsened) | | Adjusted EBITDA | $5.0 million | $1.9 million | -62.0% | - The **35.3% decrease** in total net revenues was primarily driven by lower time charter rates and a reduced average number of vessels operated[19](index=19&type=chunk) - Voyage expenses decreased due to less repositioning, vessel operating expenses decreased due to fewer vessels, while related party management fees increased due to inflation and unfavorable exchange rates, and interest costs decreased despite increased average debt[21](index=21&type=chunk)[23](index=23&type=chunk)[26](index=26&type=chunk) [First Half 2025 Financial Performance](index=7&type=section&id=First%20Half%202025%20Financial%20Performance) EuroDry Ltd. reported a **35.7% decrease** in H1 2025 net revenues to **$20.5 million** and a net loss of **$6.8 million**, including a gain from a vessel sale | Metric | H1 2024 | H1 2025 | Change (YoY) | | :------------------------------------- | :-------------- | :-------------- | :---------------- | | Total Net Revenues | $31.9 million | $20.5 million | -35.7% | | Average Vessels Operated | 13.0 | 12.4 | -0.6 | | Average TCE Rate | $13,452 per day | $8,761 per day | -34.8% | | Voyage Expenses, net | $3.7 million | $2.5 million | -32.4% | | Vessel Operating Expenses | $12.8 million | $12.8 million | 0% | | Depreciation Expense | $6.9 million | $6.4 million | -7.2% | | Related Party Management Fees | $2.1 million | $2.2 million | +4.8% | | General and Administrative Expenses | $1.6 million | $1.6 million | 0% | | Drydocking Costs | $3.7 million | $0.4 million | -89.2% | | Interest and Other Financing Costs | $4.1 million | $3.5 million | -14.6% | | Net Loss (attributable to controlling shareholders) | $2.2 million | $6.8 million | >+200% (worsened) | | Basic & Diluted Loss Per Share | $0.81 | $2.47 | >+200% (worsened) | | Adjusted EBITDA | $7.1 million | $0.9 million | -87.3% | - The sale of M/V Tasos, a **75,100 dwt** drybulk vessel, for approximately **$5 million** resulted in a **$2.1 million** gain on sale[37](index=37&type=chunk) - The **35.7% decrease** in total net revenues was attributed to lower time charter rates and a reduced average number of vessels operated[31](index=31&type=chunk) - Vessel operating expenses remained stable, related party management fees increased due to inflation and unfavorable exchange rates, and interest costs decreased despite increased average debt[32](index=32&type=chunk)[34](index=34&type=chunk)[37](index=37&type=chunk) [Fleet Information](index=9&type=section&id=Fleet%20Information) This section details EuroDry Ltd.'s current fleet composition, vessels under construction, and key operational metrics for Q2 and H1 2025 [Fleet Profile](index=9&type=section&id=Fleet%20Profile) EuroDry Ltd. operates a current fleet of **12 drybulk vessels** with **842,886 dwt** capacity, with two Ultramax vessels under construction for 2027 delivery, expanding the fleet to **14 vessels** and **969,886 dwt** - The current fleet consists of **12 drybulk vessels** (4 Panamax, 5 Ultramax, 2 Kamsarmax, 1 Supramax) with a total cargo capacity of **842,886 dwt**[75](index=75&type=chunk) | Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | | --- | --- | --- | --- | --- | --- | | EKATERINI | Kamsarmax | 82,006 | 2018 | TC until Oct-25 | $17,000 plus a GBB(****) of $700,000 | | XENIA | Kamsarmax | 82,019 | 2016 | TC until Sep-25 | $17,250 plus a GBB(****) of $725,000 | | ALEXANDROS P. | Ultramax | 63,127 | 2017 | TC until Aug-25 | $29,000 | | CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Aug-25 | $15,300 | | YANNIS PITTAS | Ultramax | 63,243 | 2014 | TC until Oct-25 | Hire 115% of the Average Baltic Supramax S10TC index(**) | | MARIA*** | Ultramax | 63,153 | 2015 | TC until Mar-26 | Hire 115% of the Average Baltic Supramax S10TC index(**) | | GOOD HEART | Ultramax | 62,996 | 2014 | TC until Mar-26 | Hire 115% of the Average Baltic Supramax S10TC index(**) | | MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until May-26 | Hire 101% of the Average Baltic Supramax S10TC index(**) | | EIRINI P | Panamax | 76,466 | 2004 | TC until Sep-25 | $14,650 | | SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Sep-25 | $12,000 | | STARLIGHT | Panamax | 75,611 | 2004 | TC until Aug-25 | $10,500 | | BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Aug-25 | $12,000 | | **Total Dry Bulk Vessels** | **12** | **842,886** | | | | | **Vessels under construction** | **Type** | **Dwt** | **To be delivered** | | | | SBC XY164 | Ultramax | 63,500 | Q2 2027 | | | | SBC XY166 | Ultramax | 63,500 | Q3 2027 | | | | **Total under construction** | **2** | **127,000** | | | | - Upon delivery of two Ultramax vessels in 2027, the fleet will expand to **14 vessels** with a total carrying capacity of **969,886 dwt**[75](index=75&type=chunk) [Fleet Operational Data and Daily Results](index=10&type=section&id=Fleet%20Operational%20Data%20and%20Daily%20Results) Fleet operational data for Q2 and H1 2025 indicates a decrease in average vessels and a significant decline in average TCE rates, alongside increased daily operating and general and administrative expenses | Metric | Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | | :------------------------------------- | :------ | :------ | :------ | :------ | | Average number of vessels | 13.0 | 12.0 | 13.0 | 12.4 | | Calendar days for fleet | 1,183.0 | 1,092.0 | 2,366.0 | 2,247.0 | | Available days for fleet | 1,144.5 | 1,083.9 | 2,275.0 | 2,238.9 | | Voyage days for fleet | 1,132.6 | 1,076.6 | 2,241.7 | 2,202.0 | | Fleet utilization | 99.0% | 99.3% | 98.5% | 98.4% | | Average TCE rate ($/day) | 14,427 | 10,428 | 13,452 | 8,761 | | Vessel operating expenses excl. drydocking expenses ($/day) | 6,396 | 6,785 | 6,289 | 6,685 | | General and administrative expenses ($/day) | 666 | 754 | 675 | 734 | | Total vessel operating expenses ($/day) | 7,062 | 7,539 | 6,964 | 7,419 | | Drydocking expenses ($/day) | 1,617 | 322 | 1,555 | 187 | - The average time charter equivalent rate declined by **27.7%** in Q2 2025 and **34.8%** in H1 2025 year-over-year[44](index=44&type=chunk) - Daily vessel operating expenses (excluding drydocking) increased by **6.1%** in Q2 2025 and **6.3%** in H1 2025 year-over-year, while daily general and administrative expenses rose by **13.2%** and **8.7%** respectively[44](index=44&type=chunk) [Financial Statements (Unaudited Consolidated Condensed)](index=12&type=section&id=Financial%20Statements%20(Unaudited%20Consolidated%20Condensed)) This section presents the unaudited consolidated condensed statements of operations, balance sheets, and cash flows for EuroDry Ltd [Statements of Operations](index=12&type=section&id=Statements%20of%20Operations) Statements of operations reveal a significant decline in net revenues and a widening net loss for Q2 and H1 2025, with net loss attributable to controlling shareholders increasing substantially | Metric | Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | | :------------------------------------- | :-------------- | :-------------- | :-------------- | :-------------- | | Time charter revenue | $18,497,005 | $12,014,917 | $33,818,790 | $21,801,044 | | Net revenues | $17,437,831 | $11,278,023 | $31,862,476 | $20,487,024 | | 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) | | Net loss | $(333,479) | $(3,106,597) | $(2,242,918) | $(7,112,768) | | 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) | - The statements reflect a net gain of **$2,083,596** from the sale of a vessel for the six months ended June 30, 2025[62](index=62&type=chunk) [Balance Sheets](index=14&type=section&id=Balance%20Sheets) As of June 30, 2025, EuroDry Ltd. reported decreased total assets and liabilities, with current assets significantly reduced due to lower receivables and a vessel sale | Metric | Dec 31, 2024 | Jun 30, 2025 | Change | | :------------------------------------- | :-------------- | :-------------- | :-------------- | | Total current assets | $23,326,488 | $16,767,066 | $(6,559,422) | | Vessels, net | $185,465,570 | $179,124,232 | $(6,341,338) | | Total assets | $219,735,195 | $206,631,415 | $(13,103,780) | | Total current liabilities | $18,761,215 | $18,378,183 | $(383,032) | | Long term bank loans, net of current portion | $95,381,535 | $88,878,196 | $(6,503,339) | | Total liabilities | $114,142,750 | $107,267,488 | $(6,875,262) | | Total shareholders' equity | $105,592,445 | $99,363,927 | $(6,228,518) | - The 'Asset held for sale' category decreased from **$2,789,715** to **$0**, reflecting the sale of a vessel by June 30, 2025[65](index=65&type=chunk) [Statements of Cash Flows](index=15&type=section&id=Statements%20of%20Cash%20Flows) H1 2025 saw a significant decrease in net cash from operating activities, with investing activities providing cash from vessel sales and financing activities using cash for loan repayments | Metric | H1 2024 | H1 2025 | Change | | :------------------------------------- | :-------------- | :-------------- | :-------------- | | Net cash provided by operating activities | $3,753,868 | $387,689 | $(3,366,179) | | Net cash (used in) / provided by investing activities | $(672,716) | $4,730,469 | $5,403,185 | | Net cash used in financing activities | $(7,724,070) | $(5,655,000) | $2,069,070 | | Net decrease in cash, cash equivalents and restricted cash | $(4,642,918) | $(536,842) | $4,106,076 | | Cash, cash equivalents and restricted cash at end of period | $9,456,675 | $11,371,753 | $1,915,078 | - Investing activities benefited from net proceeds of **$4,819,195** from a vessel sale in H1 2025[66](index=66&type=chunk) - Financing activities included **$6,045,000** in repayments of long-term bank loans[66](index=66&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=16&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides reconciliations for non-GAAP financial measures, including Adjusted EBITDA and Adjusted Net Loss, to their most directly comparable GAAP measures [Adjusted EBITDA Reconciliation](index=16&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA significantly decreased to **$1.9 million** in Q2 2025 and **$0.9 million** in H1 2025, with this non-GAAP measure excluding specific non-operating items for clearer operational insight | Metric | Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | | :------------------------------------- | :-------------- | :-------------- | :-------------- | :-------------- | | Net loss | $(333,479) | $(3,106,597) | $(2,242,918) | $(7,112,768) | | Adjusted EBITDA | $5,021,836 | $1,869,400 | $7,096,782 | $853,931 | - Adjusted EBITDA represents net loss before interest, income taxes, depreciation, unrealized gain on Forward Freight Agreement derivatives ("FFAs"), gain/(loss) on interest rate swap derivatives, and net gain on vessel sale[69](index=69&type=chunk) [Adjusted Net Loss and EPS Reconciliation](index=17&type=section&id=Adjusted%20Net%20Loss%20and%20EPS%20Reconciliation) Adjusted net loss attributable to controlling shareholders worsened to **$3.01 million** ($1.10 per share) in Q2 2025 and **$8.68 million** ($3.17 per share) in H1 2025, excluding unrealized derivative gains/losses and vessel sale gains | Metric | Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | | :------------------------------------- | :-------------- | :-------------- | :-------------- | :-------------- | | Net loss attributable to controlling shareholders | $(411,337) | $(3,071,176) | $(2,192,839) | $(6,774,193) | | 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) | - Adjusted net loss attributable to controlling shareholders excludes net gain on vessel sale and unrealized gains/losses on derivatives, including FFAs and interest rate swaps[71](index=71&type=chunk) [Company Information & Additional Disclosures](index=12&type=section&id=Company%20Information%20%26%20Additional%20Disclosures) This section provides background on EuroDry Ltd., details on its conference call, and important forward-looking statement disclaimers and contact information [About EuroDry Ltd.](index=17&type=section&id=About%20EuroDry%20Ltd.) EuroDry Ltd. is a NASDAQ-listed drybulk vessel owner and operator, spun off from Euroseas Ltd. in 2018, managing its fleet through affiliated companies on various charter agreements - Formed on **January 8, 2018**, in the Republic of the Marshall Islands, and spun-off from Euroseas Ltd. on **May 30, 2018**[73](index=73&type=chunk) - Trades on the **NASDAQ Capital Market** under the ticker **EDRY**[73](index=73&type=chunk) - Operates in the dry cargo, drybulk shipping market, with management by affiliated companies Eurobulk Ltd. and Eurobulk (Far East) Ltd. Inc., employing vessels on spot, period charters, and pool agreements[74](index=74&type=chunk) [Conference Call and Webcast](index=12&type=section&id=Conference%20Call%20and%20Webcast) EuroDry Ltd. hosted a conference call and webcast on **August 11, 2025**, to discuss Q2 and H1 2025 results, with access details for live and archived materials - Event Date: **August 11, 2025**, at **10:00 a.m. Eastern Time**[57](index=57&type=chunk) - Access was available via dial-in or 'call me' option, with a live and archived webcast including slides on the Company's website[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Forward-Looking Statements & Contact Information](index=19&type=section&id=Forward-Looking%20Statements%20%26%20Contact%20Information) This section includes a disclaimer for forward-looking statements, highlighting inherent risks and uncertainties, and provides contact information for investor relations - Forward-looking statements involve known and unknown risks, significant uncertainties, and contingencies, with actual results potentially differing materially from expectations, and the Company disclaims any obligation to release updates[76](index=76&type=chunk) - Contact information is provided for **Tasos Aslidis** (Chief Financial Officer) and **Nicolas Bornozis / Markella Kara** of Capital Link, Inc. for investor relations/financial media[77](index=77&type=chunk)

Financial Performance - EuroDry reported a quarterly loss of $1.1 per share, which was better than the Zacks Consensus Estimate of a loss of $1.23, but worse than a loss of $0.17 per share a year ago, indicating a significant decline [1] - The company posted revenues of $11.28 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1.09% and down from $17.44 million year-over-year [2] - Over the last four quarters, EuroDry has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - EuroDry shares have declined approximately 9.8% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current Zacks Rank for EuroDry is 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.90 on revenues of $12.89 million, and for the current fiscal year, it is -$5.12 on revenues of $46.03 million [7] - The trend of estimate revisions for EuroDry was unfavorable prior to the earnings release, which may impact future stock movements [5][6] Industry Context - The Transportation - Shipping industry, to which EuroDry belongs, is currently ranked in the bottom 38% of over 250 Zacks industries, suggesting a challenging environment for stock performance [8] - Empirical research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]