Financial Data and Key Metrics Changes - For Q2 2022, total net revenues were $21 million, a 48.8% increase from $14.1 million in Q2 2021, primarily due to a larger fleet and higher charter rates [31] - Net income for Q2 2022 was $10.6 million compared to $2.2 million in Q2 2021, with adjusted EBITDA rising to $13.7 million from $9.2 million [32][34] - For the first half of 2022, total net revenues reached $39.3 million, a 73.1% increase from $22.7 million in the same period of 2021 [36] Business Line Data and Key Metrics Changes - The fleet size increased by approximately 45% in Q2 2022 compared to Q2 2021, contributing to higher revenues [31] - Average daily charter rates for the fleet were $23,409 per vessel per day in Q2 2022, compared to $22,613 in Q2 2021 [42] Market Data and Key Metrics Changes - The average spot market rate for Panamax vessels was approximately $25,400 per day in Q2 2022, dropping to around $17,000 per day by July 2022 [14] - The one-year bank charter rate for Panamax vessels decreased from about $26,000 per day to $16,750 per day during the same period [15] Company Strategy and Development Direction - The company has initiated a share repurchase program of up to $10 million to support its stock price, marking its first such program in its history [6][60] - Management is currently reluctant to make new acquisitions due to high asset prices, preferring to buy back shares instead [62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market remaining firm despite geopolitical tensions and macroeconomic headwinds [22] - The company anticipates a positive short-term market outlook due to traditional seasonal demand in the second half of the year [22] Other Important Information - The company reported a cash flow breakeven rate of $11,986 per vessel per day in Q2 2022, up from $10,614 in Q2 2021 [45] - As of June 30, 2022, the company had outstanding bank debt of approximately $71.8 million, with a projected cash flow breakeven rate of $13,100 per vessel per day for the next 12 months [53][54] Q&A Session Summary Question: How did the company decide on the size of the share repurchase plan? - The company based the initial size on current liquidity and the desire to support the stock price, with flexibility to adjust the amount as needed [59] Question: Is this the first repurchase plan in the company's history? - Yes, this is the first repurchase plan, initiated to support the stock price given its low valuation [60] Question: What is the refinancing plan for upcoming debt maturities? - The company plans to refinance a balloon payment due in late 2023 and has options to encumber additional vessels if needed [63] Question: What are the expectations for operating expenses in the next 12 months? - Operating expenses are expected to increase slightly, primarily due to higher fuel costs, but no dramatic shifts are anticipated [70] Question: What is the drydocking schedule for the upcoming quarters? - The company does not anticipate any drydocking in Q4 2022, with a typical expectation of one drydock per quarter [71]

EuroDry Ltd. (NASDAQ:EDRY) Q1 2022 Earnings Conference Call May 18, 2022 10:30 AM ET Company Participants Aristides Pittas - Chairman and CEO Tasos Aslidis - CFO Conference Call Participants Tate Sullivan - Maxim Group Poe Fratt - Alliance Global Partners Operator Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the First Quarter 2022 Financial Results. We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _________________ FORM 20-F _________________ (Mark One) ☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT ...

Financial Data and Key Metrics Changes - For Q4 2021, total net revenues were $22.3 million, a 248% increase from $6.4 million in Q4 2020 [29] - Net income for Q4 2021 was $16 million, compared to a net loss of $0.3 million in Q4 2020 [30] - Adjusted EBITDA for Q4 2021 was $16 million, up 773% from $1.8 million in Q4 2020 [31] - For the full year 2021, total net revenues were $64.4 million, a 189% increase from $22.3 million in 2020 [34] - Net income for 2021 was $31.2 million, compared to a net loss of $5.9 million in 2020 [34] - Adjusted EBITDA for 2021 was $42.3 million, an increase of 1,050% from $3.7 million in 2020 [36] Business Line Data and Key Metrics Changes - The fleet increased to 10 vessels with an average age of 12.9 years, enhancing operational efficiency [14] - Average time charter equivalent rate for Q4 2021 was $29,157 per day, compared to $10,761 per day in Q4 2020 [38] - Fleet utilization rates were 99.8% commercially and 99.5% operationally in Q4 2021, compared to 100% and 99.9% respectively in Q4 2020 [38] Market Data and Key Metrics Changes - Dry bulk spot earnings peaked in October 2021 but retreated by about 35% in November and December [16] - The dry bulk trade demand is expected to grow by 2.2% in 2022, down from 4.8% in 2021 [22] - The order book as a percentage of the total fleet stands at 6.8%, the lowest in over 25 years [23] Company Strategy and Development Direction - The company plans to finance the acquisition of the Molyvos Luck vessel with approximately $22.2 million, half through bank debt post-delivery [10] - The strategy includes cautious growth while maintaining a strong balance sheet and low leverage [55] - The company is considering replacing older vessels to modernize the fleet as part of its growth strategy [61] Management's Comments on Operating Environment and Future Outlook - Management noted that the market correction was expected seasonally, with a stronger market anticipated in Q2 2022 [61] - The company is prepared for a period of higher prices and earnings compared to the last decade, while remaining cautious [27] - The impact of new COVID-19 variants and rising energy prices may slow economic growth, but the overall outlook remains positive [24] Other Important Information - The company raised approximately $10 million through an at-the-market offering in 2021 [13] - The market value of the fleet is estimated at $182 million, significantly higher than the book value of $128.5 million [48] Q&A Session Summary Question: Changes in EBITDA calculator and drydocking costs - The CFO explained that drydocking costs were included due to minimal expenses in 2021, and operating expenses were adjusted for conservatism [50] Question: Inclusion of ballast bonus in Q1 EBITDA - The CFO confirmed that the ballast bonus for the Alexandros ship is included in the Q1 EBITDA [51] Question: Acquisition financing details - The CFO stated that half of the acquisition cost will be financed with bank debt after the acquisition [52] Question: Balancing acquisitions and share repurchases - The CEO noted the importance of cautious growth and maintaining liquidity over share buybacks, given the current low share price [55] Question: Fleet composition and S&P market outlook - The CEO discussed the dynamic nature of the S&P market and the potential for replacing older vessels as the fleet grows [61] Question: FFA activity and hedging strategy - The CEO clarified that FFAs are used only as a hedge and that the company is currently not hedged but may increase coverage in Q2 [65]

EuroDry Ltd. (NASDAQ:EDRY) Q3 2021 Earnings Conference Call November 11, 2021 10:00 AM ET Company Participants Aristides Pittas - Chairman and Chief Executive Officer Tasos Aslidis - Chief Financial Officer Conference Call Participants Tate Sullivan - Maxim Group Charles Fratt - NOBLE Capital Markets Operator Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the Third Quarter 2021 Financial Results. We have with us today Mr. Aristides Pittas, Chairman and Chief E ...

EuroDry Ltd (NASDAQ:EDRY) Q2 2021 Earnings Conference Call August 5, 2021 9:30 AM ET Company Participants Aristides Pittas - Chairman and CEO Anastasios Aslidis - CFO Conference Call Participants Tate Sullivan - Maxim Group Poe Fratt - Noble Capital Markets Operator Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the Second Quarter 2021 Financial Results. We have with us today, Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, C ...

EuroDry Ltd (NASDAQ:EDRY) Q1 2021 Earnings Conference Call May 20, 2021 9:30 AM ET Company Participants Aristides Pittas – Chairman and Chief Executive Officer Anastasios Aslidis – Chief Financial Officer Conference Call Participants Tate Sullivan – Maxim Group Poe Fratt – Noble Capital Markets Operator Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the First Quarter 2021 Financial Results. We have with us today, Mr. Pittas, Chairman and Chief Executive Office ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _________________ FORM 20-F _________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ________________________________________________________________ OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT O ...

EuroDry Ltd (NASDAQ:EDRY) Q4 2020 Earnings Conference Call February 17, 2021 10:00 AM ET Company Participants Aristides Pittas - Chairman, President & CEO Anastasios Aslidis - CFO, Treasurer & Director Conference Call Participants Tate Sullivan - Maxim Group Operator Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry conference call on the fourth quarter 2020 financial results. We have with us today, Mr. Pittas, Chairman and Chief Executive Officer; and Mr. Aslidis, Chief Financial ...

EuroDry Ltd (NASDAQ:EDRY) Q3 2020 Earnings Conference Call November 12, 2020 10:30 AM ET Company Participants Aristides Pittas - Chairman, President and CEO Anastasios Aslidis - CFO and Treasurer Conference Call Participants Tate Sullivan - Maxim Group Poe Fratt - Noble Capital Markets Operator Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry conference call on the thirdquarter 2020 financial results. We have with us today Mr. Pittas, Chairman and Chief Executive Officer; and Mr. ...