Financial Data and Key Metrics Changes - For Q2 2025, total net revenues were reported at $11.3 million, a 35.3% decrease from $17.4 million in Q2 2024 [27] - The net loss attributable to controlling shareholders was $3.1 million, compared to a net loss of $0.3 million in the same period last year [28] - Adjusted EBITDA for Q2 2025 was $1.9 million, down from $5 million in Q2 2024 [29] - For the first half of 2025, total net revenues were $20.5 million, a 35.7% decrease from $31.9 million in the first half of 2024 [30] Business Line Data and Key Metrics Changes - The fleet consisted of 12 vessels with a total carrying capacity of approximately 843,000 deadweight tons [10] - Fixed rate covers for the remainder of the year stood at approximately 25% based on existing time charter agreements [11] - The average time charter equivalent rate for Q2 2025 was $10,420 per vessel per day, down from $14,427 in Q2 2024 [33] Market Data and Key Metrics Changes - Panamax spot rates increased from an average of $10,300 per day to $11,900 per day, a 15% gain [12] - The Baltic Dry Index and the Baltic Panamax Index declined by approximately 21% and 28% year over year, respectively [13] - Global GDP growth is projected at 3% for 2025, with trade growth in the dry bulk sector expected to be slightly positive at 0.2% [14][18] Company Strategy and Development Direction - The company is prioritizing operational flexibility by not committing vessels to longer-term contracts until market conditions improve [8] - Plans to continue executing share repurchases under a $10 million program, with an extension approved for an additional year [6] - The company aims to monitor market developments closely and may sell older vessels while seeking opportunities to renew the fleet with more modern vessels [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent spike in rates was influenced by stockpiling due to anticipated tariffs and geopolitical events [42] - The outlook for the remainder of the year remains uncertain, with expectations for a seasonal improvement in September and October [46] - The company is addressing liquidity needs and plans to refinance some vessels to improve cash flow [48] Other Important Information - The company has repurchased $3.3 million worth of shares under its repurchase plan [6] - The average margin of debt as of June 30, 2025, was approximately 2.07% over SOFR, with an estimated cost of senior debt around 6.4% [36] - The net asset value per share is estimated at $36, indicating potential for stock appreciation [38] Q&A Session Summary Question: Can you discuss the improvement in the Baltic Dry Index and expectations for the remainder of the year? - Management explained that the spike was due to stockpiling and geopolitical events, but future predictions are difficult due to various influencing factors [42] Question: Are you willing to lock in rates as of August 1, or do you expect rates to go higher? - Management indicated they are close to levels where they would lock in rates, aiming for around $15,000 for significant profit [45] Question: Can you discuss liquidity and plans for debt repayment? - Management acknowledged tight liquidity but mentioned options for raising liquidity, including refinancing vessels [48] Question: What accounted for the decline in voyage expenses from Q1 to Q2? - Management noted that variability in voyage expenses is influenced by the type of charters and contracts in place [50]

Financial Performance - EuroDry reported net revenues of $1128 million for Q2 2025, a decrease of 353% compared to $1744 million in Q2 2024[10, 42] - The company experienced a net loss attributable to controlling shareholders of $307 million, or ($112) per share, in Q2 2025[10, 42] - Adjusted EBITDA for Q2 2025 was $187 million, a decrease of 628% from $502 million in Q2 2024[10, 42] - For the first half of 2025, net revenues were $2049 million, a decrease of 357% compared to $3186 million in the first half of 2024[42] - The adjusted net loss for the first half of 2025 was $868 million, compared to a loss of $367 million in the first half of 2024[42] Fleet and Operations - EuroDry's current fleet consists of 12 vessels with a total carrying capacity of 843k DWT and an average age of approximately 136 years[15] - The company has two Ultramax vessels under construction, scheduled for delivery in the second and third quarters of 2027, which will increase the total carrying capacity to 970k DWT[15] - Fixed rate coverage for the remaining of 2025 is about 255% through charters, excluding ships on index charters[17] - The company repurchased 334,674 shares of its common stock for $53 million since the initiation of the repurchase plan in August 2022[10] Market Outlook - The orderbook is at approximately 1094% of the fleet, which is low by historical standards[29, 34] - Dry bulk trade is projected to grow by 02% in 2025 and 06% in 2026[25]

Core Viewpoint - EuroDry Ltd. reported a net loss for the second quarter of 2025, indicating that while the drybulk market showed some recovery, it was insufficient to return the company to profitability. The outlook for the third quarter is cautiously optimistic if market rates improve as expected [5][10][29]. Financial Performance - Total net revenues for Q2 2025 were $11.3 million, a decrease of 35.3% from $17.4 million in Q2 2024 [10][21]. - The net loss attributable to controlling shareholders for Q2 2025 was $3.1 million, or $1.12 loss per share, compared to a net loss of $0.3 million, or $0.15 loss per share, in Q2 2024 [6][19]. - Adjusted EBITDA for Q2 2025 was $1.9 million, down from $5.0 million in Q2 2024 [10][19]. Operational Metrics - An average of 12.0 vessels were owned and operated during Q2 2025, earning an average time charter equivalent rate of $10,428 per day, compared to 13.0 vessels at $14,427 per day in Q2 2024, reflecting a 27.7% decrease in rates [10][36]. - Daily vessel operating expenses averaged $6,785 per vessel per day in Q2 2025, up from $6,396 in Q2 2024, primarily due to inflation adjustments and unfavorable currency exchange rates [9][36]. Market Conditions - The drybulk market showed signs of recovery in Q2 2025, but geopolitical and macroeconomic uncertainties, including US tariffs and recent attacks on bulk carriers, continue to pose risks to demand [7][5]. - The company has maintained its vessels on short-term charters during low-rate periods but is considering longer-term charters if market conditions improve [8]. Fleet Profile - EuroDry's fleet consists of 12 dry bulk vessels with a total deadweight tonnage of 842,886. The average time charter equivalent rate for the first half of 2025 was $8,761 per day [32][21]. - The company has two vessels under construction, expected to be delivered in Q2 and Q3 of 2027 [32]. Cash Flow and Debt - As of June 30, 2025, the company had outstanding debt of $102.1 million and cash reserves of $11.4 million [10][29]. - Scheduled debt repayments over the next 12 months amount to approximately $12.7 million [10].

Core Viewpoint - EuroDry Ltd. is set to release its financial results for the second quarter ended June 30, 2025, on August 11, 2025, before the market opens in New York [1]. Company Overview - EuroDry Ltd. was established 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 public company [7]. - The company was spun-off from Euroseas Ltd on May 30, 2018, and trades on the NASDAQ Capital Market under the ticker EDRY [7]. - EuroDry operates in the dry cargo and drybulk shipping market, managing a fleet of 12 vessels with a total cargo capacity of 843,402 deadweight tons (dwt) [7]. - The fleet includes 4 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers, and 1 Supramax drybulk carrier [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]. Financial Results Announcement - The financial results for the second quarter will be discussed in a conference call and webcast scheduled for August 11, 2025, at 10:00 a.m. Eastern Time [2]. - Participants are encouraged to dial in 10 minutes before the scheduled time using specific numbers provided for US and international calls [3]. - An audio webcast of the conference call will be available live and archived on the company's website, along with a slide presentation in PDF format [5][6].

Core Points - EuroDry Ltd. announced the results of its Annual General Meeting of Shareholders held on July 23, 2025, where key proposals were approved [1] Company Overview - EuroDry Ltd. was established on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd into a separate public company, trading on NASDAQ under the ticker EDRY [2] - 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, which will increase to 14 vessels and 970,402 dwt after the delivery of two Ultramax vessels in 2027 [2] Shareholder Proposals - Mr. George Taniskidis and Mr. Apostolos Tamvakakis were re-elected as Class B Directors for a term of three years until the 2028 Annual Meeting of Shareholders [3] - Deloitte Certified Public Accountants, S.A. was approved as the independent auditors for the fiscal year ending December 31, 2025 [3]

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]