ATHENS, Greece, July 24, 2025 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today the official results of its Annual General Meeting of Shareholders held at the offices of Seward & Kissel LLP, 901 K Street NW, Suite 800, Washington, DC 20001, on Tuesday, July 23, 2025 at 11:30 a.m. The following proposals were approved by the Company’s shareholders: Mr. George Taniskidis and Mr. Apostolos Tamva ...

Core Points - EuroDry Ltd. has announced its annual meeting of shareholders to be held on July 23, 2025, at 11:30 a.m. in Washington, DC [1] - Shareholders of record as of June 25, 2025, are entitled to vote at the meeting [2] - The Company's Proxy Statement and annual report for the fiscal year ended December 31, 2024, are available on its website [2] Company Overview - EuroDry Ltd. was established on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd. into a separate public company [4] - The company operates in the dry cargo and drybulk shipping market and trades on NASDAQ under the ticker EDRY [4] - EuroDry manages a fleet of 12 vessels with a total cargo capacity of 843,402 dwt, which will increase to 14 vessels and 970,402 dwt after the delivery of two Ultramax vessels in 2027 [4]

Core Viewpoint - Eurodry Ltd. is conducting a conference call to discuss its financial results for the first quarter of 2025, highlighting the company's performance and future expectations [5]. Group 1: Company Overview - Eurodry Ltd. is represented by key executives including Aristides J. Pittas, Chairman and CEO, and Tasos Aslidis, CFO, during the earnings call [5]. - The conference call is part of the company's effort to communicate its financial results for the three-month period ending March 31, 2025 [5]. Group 2: Financial Results Discussion - The call aims to provide insights into the financial performance of Eurodry Ltd. for Q1 2025, with a focus on key metrics and operational highlights [5].

EuroDry Ltd. Q1 2025 Earnings Report [First Quarter 2025 Financial Highlights](index=4&type=section&id=First%20Quarter%202025%20Financial%20Highlights) The company reported a challenging quarter with a net loss of $3.7 million and negative Adjusted EBITDA, driven by lower charter rates Q1 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Total Net Revenues | $9.2 million | | Net Loss (attributable to controlling shareholders) | $3.7 million | | Loss per Share (basic and diluted) | $1.35 | | Adjusted Net Loss (attributable to controlling shareholders) | $5.7 million | | Adjusted Loss per Share (basic and diluted) | $2.07 | | Adjusted EBITDA | $(1.0) million | | Average Vessels Owned & Operated | 12.8 | | Average Time Charter Equivalent (TCE) Rate | $7,167 per day | - Under its share repurchase plan of up to $10 million, the company has repurchased 334,674 shares for approximately **$5.3 million** to date[14](index=14&type=chunk) [Management Commentary](index=5&type=section&id=Management%20Commentary) Management attributes poor results to low charter markets and maintains a cautious outlook while keeping vessels on short-term charters - CEO Aristides Pittas noted the company faced very low charter markets, resulting in a poor financial quarter amid ongoing geopolitical uncertainty[15](index=15&type=chunk) - The company's strategy is to employ vessels on short-term trip charters to capitalize on any potential market recovery[16](index=16&type=chunk) - Net revenues for Q1 2025 were down **36.2%** compared to Q1 2024, mainly due to a **42.5%** decrease in average TCE rates[17](index=17&type=chunk) - As of March 31, 2025, the company had outstanding debt of **$105.2 million** against approximately **$11.3 million** in cash[19](index=19&type=chunk) [First Quarter 2025 Financial Results](index=5&type=section&id=First%20Quarter%202025%20Financial%20Results) Net revenues fell 36.2% to $9.2 million, widening the net loss to $3.7 million despite a gain from a vessel sale Q1 2025 vs Q1 2024 Performance | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Net Revenues | $9.2M | $14.4M | -36.2% | | Average TCE Rate | $7,167/day | $12,455/day | -42.5% | | Vessel Operating Expenses | $6.6M | $6.2M | +6.5% | | Net Loss (Controlling Shareholders) | $(3.7)M | $(1.8)M | +105.6% | | Loss Per Share | $(1.35) | $(0.65) | +107.7% | | Adjusted Loss Per Share | $(2.07) | $(1.18) | +75.4% | - The company sold the M/V Tasos for demolition for approximately **$5 million**, resulting in a gain on sale of **$2.1 million** in Q1 2025[24](index=24&type=chunk) - Interest and other financing costs decreased to **$1.8 million** from $2.1 million in Q1 2024, primarily due to lower benchmark rates on loans[25](index=25&type=chunk) [Fleet Status](index=7&type=section&id=Fleet%20Status) The company's fleet of 12 vessels experienced lower utilization and significantly reduced TCE rates, with two newbuilds scheduled for 2027 [Fleet Profile](index=7&type=section&id=Fleet%20Profile) The fleet consists of 12 diverse drybulk carriers, with two Ultramax newbuilds set to expand capacity by 2027 - The current fleet comprises **12 vessels**: 4 Panamax, 5 Ultramax, 2 Kamsarmax, and 1 Supramax, with a total cargo capacity of **843,402 dwt**[31](index=31&type=chunk)[61](index=61&type=chunk) - **Two Ultramax vessels** (63,500 dwt each) are under construction and scheduled for delivery in **Q2 and Q3 2027**[31](index=31&type=chunk)[61](index=61&type=chunk) [Summary Fleet Data](index=8&type=section&id=Summary%20Fleet%20Data) Q1 2025 operational data shows a sharp decline in the average daily TCE rate alongside a slight increase in operating expenses Fleet Operational Data (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Average number of vessels | 12.8 | 13.0 | | Available days for fleet | 1,155.0 | 1,130.5 | | Voyage days for fleet | 1,125.3 | 1,109.1 | | Fleet utilization | 97.4% | 98.1% | | **Average Daily Results** | | | | Time charter equivalent rate (TCE) | $7,167 | $12,455 | | Vessel operating expenses (ex-drydock) | $6,590 | $6,183 | | Drydocking expenses | $59 | $1,493 | [Financial Statements](index=11&type=section&id=Financial%20Statements) The financial statements reflect a revenue decline, a wider net loss, and negative cash from operations for the quarter [Consolidated Condensed Statements of Operations](index=11&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) The statement of operations shows a net revenue of $9.2 million and a net loss of $4.0 million for Q1 2025 Q1 Statement of Operations Highlights (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Revenues | $9.21 | $14.42 | | Total Operating Expenses, net | $11.36 | $14.84 | | Operating Loss | $(2.15) | $(0.41) | | Net Loss | $(4.01) | $(1.91) | | Net Loss (Controlling Shareholders) | $(3.70) | $(1.78) | [Consolidated Condensed Balance Sheets](index=12&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) The balance sheet shows total assets of $211.0 million and total shareholders' equity of $101.8 million as of March 31, 2025 Balance Sheet Summary (in millions) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $17.8 | $23.3 | | Vessels, net | $182.3 | $185.5 | | **Total Assets** | **$211.0** | **$219.7** | | Total Current Liabilities | $17.5 | $18.8 | | Long-term Bank Loans | $91.6 | $95.4 | | **Total Liabilities** | **$109.1** | **$114.1** | | **Total Shareholders' Equity** | **$101.8** | **$105.6** | [Consolidated Condensed Statements of Cash Flows](index=13&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) The cash flow statement reveals a $2.3 million use of cash in operations, offset by proceeds from a vessel sale Q1 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $(2.32) | $2.97 | | Net Cash from Investing Activities | $4.76 | $(0.31) | | Net Cash from Financing Activities | $(3.02) | $(4.05) | | **Net Decrease in Cash** | **$(0.58)** | **$(1.39)** | | Cash at End of Period | $11.33 | $12.71 | [Reconciliation of Non-GAAP Financial Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) Reconciliations show a negative Adjusted EBITDA of $1.0 million and an adjusted net loss of $5.7 million for the quarter [Adjusted EBITDA Reconciliation](index=14&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA was $(1.0) million in Q1 2025, a significant decline from $2.1 million in the prior-year period Reconciliation to Adjusted EBITDA (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss | $(4.01) | $(1.91) | | (+) Interest & other financing costs, net | $1.77 | $2.04 | | (+) Vessel depreciation | $3.22 | $3.44 | | (+/-) Unrealized/Realized derivative (gains)/losses | $(0.09) | $1.49 | | (+/-) Net gain on sale of vessel | $(2.08) | - | | **Adjusted EBITDA** | **$(1.02)** | **$2.07** | [Adjusted Net Loss Reconciliation](index=15&type=section&id=Adjusted%20Net%20Loss%20Reconciliation) Adjusted net loss attributable to controlling shareholders widened to $5.7 million, or $2.07 per share, in Q1 2025 Reconciliation to Adjusted Net Loss (in millions, except per share data) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss attributable to controlling shareholders | $(3.70) | $(1.78) | | (+/-) Unrealized (gain)/loss on derivatives | $0.13 | $(1.44) | | (+/-) Net gain on sale of vessel | $(2.08) | - | | **Adjusted net loss attributable to controlling shareholders** | **$(5.66)** | **$(3.22)** | | **Adjusted loss per share** | **$(2.07)** | **$(1.18)** | [Company Overview](index=16&type=section&id=Company%20Overview) EuroDry operates a fleet of 12 drybulk vessels with plans for expansion and is managed by the affiliated Eurobulk Ltd - EuroDry was formed in January 2018 and spun-off from Euroseas Ltd in May 2018, trading on NASDAQ under the ticker **EDRY**[59](index=59&type=chunk) - The company's operations are managed by Eurobulk Ltd, an affiliated ship management company[60](index=60&type=chunk) - The current fleet consists of **12 vessels** with a total capacity of **843,402 dwt** and will expand to **14 vessels** with **970,402 dwt** capacity after newbuild deliveries in 2027[61](index=61&type=chunk)

Financial Data and Key Metrics Changes - In Q1 2025, the company reported total net revenues of $9.2 million, a 26.2% decrease from $14.4 million in Q1 2024, attributed to lower time charter rates and a reduced number of vessels operated [27] - The net loss attributable to controlling shareholders was $3.7 million, compared to a loss of $1.8 million in the same period last year [27] - Adjusted EBITDA for Q1 2025 was a negative $1 million, down from $2.1 million in Q1 2024 [28] - Basic and diluted loss per share attributable to controlling shareholders was $1.35, compared to $0.65 in Q1 2024 [28] Business Line Data and Key Metrics Changes - The fleet consists of 12 vessels with an average age of 13.6 years and a total capacity of approximately 843,000 deadweight tons [9] - Fixed rate coverage for the remainder of the year is approximately 22%, excluding five vessels operating under index-linked charters [10] Market Data and Key Metrics Changes - The dry bulk market has softened in Q1 2025, with average spot rates for Panamax vessels below $8,000 per day and one-year time charter rates around $12,000 per day [10] - By the end of March 2025, spot rates dropped by as much as 28% in the Panamax segment, while one-year time charter rates decreased by 12% [11] - The IMF revised its global GDP growth forecast for 2025 down to 2.8% from 3.3%, reflecting increased downside risks [12] Company Strategy and Development Direction - The company intends to modernize its fleet by selling older vessels and replacing them with younger ones, with plans to take delivery of two newbuilds in 2027 [43] - The company is cautious about the dry bulk sector outlook, monitoring market conditions closely to optimize fleet modernization [26] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the continued weakness in freight markets due to weaker demand and uncertain macroeconomic conditions [11] - The company remains cautious about the dry bulk sector, anticipating a softer market for the remainder of 2025 compared to 2024 [21] Other Important Information - The company has repurchased 334,000 shares totaling $5.3 million as part of a $10 million share repurchase program initiated in August 2022 [6] - The average daily operating expenses increased to $7,304 per vessel per day in Q1 2025, compared to $6,867 in Q1 2024 [30] Q&A Session Summary Question: Will vessel operating expenses continue at the current level? - Management indicated that it is premature to determine future operating expenses based on Q1 results, but they expect to meet their budget, which is 2% higher than last year [38][39] Question: What is the forecast for scheduled off-hire days? - Management expects one drydocking this year and anticipates about 1.5 days of off-hire per quarter [41][42] Question: How is the fleet being managed regarding acquisitions and sales? - The strategy involves selling older vessels and replacing them with younger ones, depending on market conditions [43] Question: Are there opportunities to scrap older vessels? - Currently, there are no immediate candidates for scrapping, but management noted a slight pickup in scrap activity in the market [47][48] Question: What is the status of newbuild payments? - There may be a 10% installment payment due towards the end of the year, with further payments scheduled for 2026 [60] Question: Why was there no stock buyback in Q1? - Limited liquidity and expectations of market improvement were cited as reasons for not executing buybacks in Q1 [61]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported total net revenues of $9.2 million, a 26.2% decrease from $14.4 million in Q1 2024, attributed to lower time charter rates and a reduced number of vessels operated [6][28] - The net loss attributable to controlling shareholders was $3.7 million, compared to a loss of $1.8 million in the same period last year, resulting in a loss per share of $1.35 [6][28] - Adjusted EBITDA for Q1 2025 was negative $1 million, down from $2.1 million in Q1 2024 [6][28] Business Line Data and Key Metrics Changes - The fleet currently consists of 12 vessels with an average age of 13.6 years and a total capacity of approximately 843,000 deadweight tons [9] - Fixed rate coverage for the remainder of the year is approximately 22%, excluding vessels under index-linked charters [11] Market Data and Key Metrics Changes - The dry bulk market has softened in Q1 2025, with average spot rates for Panamax vessels below $8,000 per day and one-year time charter rates around $12,000 per day [12] - The Baltic Panamax Index and Baltic Dry Index saw notable contractions, declining approximately 27% year-on-year [12] - The IMF revised global GDP growth forecasts for 2025 down to 2.8% from 3.3%, reflecting increased risks from tariffs and geopolitical tensions [13][14] Company Strategy and Development Direction - The company aims to modernize its fleet by selling older vessels and replacing them with younger ones, with plans to take delivery of two new vessels in 2027 [7][44] - The strategy includes opportunistic share repurchases to reflect confidence in long-term value [7] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the dry bulk sector outlook, citing geopolitical instability and a slowdown in key markets as contributing factors [18][22] - The company anticipates a softer market for the remainder of 2025, particularly in China, where dry bulk import volumes are not expected to replicate previous growth [22] Other Important Information - The company has repurchased 334,000 shares totaling $5.3 million as part of a $10 million share repurchase program initiated in August 2022 [7] - As of March 31, 2025, the company's outstanding debt was $105.2 million, with a projected cash flow breakeven level of approximately $11,935 per vessel per day [32][34] Q&A Session Summary Question: Will vessel operating expenses continue at the current level? - Management indicated that operating expenses were slightly over budget in Q1 but it is premature to predict future spending based on one quarter [39][40] Question: What is the forecast for scheduled off-hire days? - Management expects only one dry docking this year and anticipates minimal commercial off-hire days [41][43] Question: How is the fleet being managed regarding acquisitions and sales? - The company plans to sell older vessels and replace them with younger ones, depending on market conditions [44] Question: Are there opportunities to scrap older vessels? - Currently, there are no immediate candidates for scrapping, but management noted a slight increase in scrap activity in the market [48][49] Question: Have trade patterns changed due to tariffs? - Management noted no significant changes in trade patterns or loading/unloading times due to tariffs [52][55] Question: What is the status of the newbuild program? - The company expects to make a payment towards the end of the year for newbuilds, with further payments scheduled for 2026 [58][60] Question: Why was there no stock buyback in Q1? - Limited liquidity and expectations of market improvement were cited as reasons for not executing buybacks in Q1 [61]

Company Performance - EuroDry reported a quarterly loss of $2.07 per share, which was worse than the Zacks Consensus Estimate of a loss of $1.84, and compared to a loss of $1.18 per share a year ago, indicating a significant decline in performance [1] - The company posted revenues of $9.21 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.94%, but this was a decrease from year-ago revenues of $14.43 million [2] - EuroDry has not surpassed consensus EPS estimates over the last four quarters, indicating ongoing challenges in meeting market expectations [2] Stock Outlook - EuroDry shares have lost approximately 21.8% since the beginning of the year, contrasting with the S&P 500's gain of 1.5%, highlighting underperformance relative to the broader market [3] - The current consensus EPS estimate for the upcoming quarter is $0.31 on revenues of $14.4 million, while for the current fiscal year, the estimate is -$0.43 on revenues of $53.95 million [7] - The estimate revisions trend for EuroDry is mixed, resulting in a Zacks Rank 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6] Industry Context - The Transportation - Shipping industry, to which EuroDry belongs, is currently ranked in the bottom 31% of over 250 Zacks industries, indicating a challenging environment for companies in this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact EuroDry's stock performance [5]

Earnings Presentation Quarter Ended March 31, 2025 1 June 5, 2025 Forward/Looking Statements Statements in this presentation may be "forward/looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward/looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forwa ...

Core Viewpoint - EuroDry Ltd. reported a challenging first quarter of 2025, with significant declines in revenues and profitability due to low charter rates and market volatility, particularly influenced by external economic factors and geopolitical tensions [4][6][9]. Financial Performance - Total net revenues for Q1 2025 were $9.2 million, a decrease of 36.2% compared to $14.4 million in Q1 2024 [6][9]. - The average time charter equivalent rate dropped by 42.5% to $7,167 per day in Q1 2025 from $12,455 per day in Q1 2024 [6][9]. - Adjusted EBITDA for Q1 2025 was $(1.0) million, down from $2.1 million in Q1 2024 [8][17]. - The net loss attributable to controlling shareholders was $3.7 million, or $1.35 loss per share, compared to a net loss of $1.8 million, or $0.65 loss per share, in the same period of 2024 [16][18]. Operational Insights - The company operated an average of 12.8 vessels in Q1 2025, compared to 13.0 vessels in Q1 2024 [9][23]. - Vessel operating expenses increased to $6.6 million in Q1 2025 from $6.2 million in Q1 2024, primarily due to higher costs for spare parts and maintenance [7][10]. - The fleet utilization rate was 97.4% in Q1 2025, slightly down from 98.1% in Q1 2024 [24]. Strategic Decisions - The company opted not to lock vessels into longer duration charters at unprofitable levels, instead pursuing short-term trip charters to capitalize on potential market recoveries [5]. - EuroDry sold the M/V Tasos for approximately $5 million, resulting in a gain on sale of $2.1 million [13]. Market Conditions - The charter market was described as the lowest since the early COVID pandemic, with a slight rebound in April and May that was insufficient to restore profitability [4]. - The demand side of the supply/demand equation remains volatile, influenced by the steel industry's weakness and economic growth uncertainties in China, as well as ongoing geopolitical conflicts [4]. Fleet Profile - EuroDry's fleet consists of 12 vessels with a total cargo capacity of 843,402 dwt, including 4 Panamax, 5 Ultramax, and 2 Kamsarmax drybulk carriers [57]. - Two Ultramax vessels are under construction, expected to be delivered in 2027, which will increase the fleet to 14 vessels with a total capacity of 970,402 dwt [21][57].

Core Viewpoint - EuroDry Ltd. is set to release its financial results for the first quarter ended March 31, 2025, on June 5, 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 June 5, 2025, at 10:00 a.m. Eastern Time [2]. - Participants can join the call by dialing in 10 minutes prior to the scheduled time using specific numbers provided [3]. - An audio webcast of the conference call will be available live and archived on the company's website [5]. Group 2: Company Overview - EuroDry Ltd. was established on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd. into a separate public company and trades on NASDAQ under the ticker EDRY [7]. - The company operates in the dry cargo and drybulk shipping market, managing a fleet of 12 vessels with a total cargo capacity of 843,402 dwt [7]. - After the delivery of two Ultramax vessels in 2027, the fleet will expand to 14 vessels with a total carrying capacity of 970,402 dwt [7].