Financial Performance - Total net revenues for Q3 2025 were $3.0 million, a 29.4% decrease from $4.2 million in Q3 2024 due to a reduced average number of vessels operating[19]. - Net income for Q3 2025 was $1.5 million, compared to $1.0 million in Q3 2024, with earnings per share of $0.55, up from $0.34 in the same period last year[23][24]. - Adjusted EBITDA for Q3 2025 was $1.4 million, an increase from $1.0 million in Q3 2024[19][23]. - For the first nine months of 2025, total net revenues were $8.7 million, a 27.4% decrease from $12.1 million in the same period of 2024[26]. - Net income for the first nine months of 2025 was $13.4 million, compared to $4.7 million in the first nine months of 2024, with earnings per share of $4.81, up from $1.70[34][35]. - Operating income for the three months ended September 30, 2025, increased to $1,427,422, compared to $952,371 for the same period in 2024, reflecting a growth of 49.8%[57]. - Net income for the nine months ended September 30, 2025, was $13,439,816, significantly higher than $4,721,170 for the same period in 2024, marking an increase of 184.5%[57]. - Adjusted net income for Q3 2025 was $1,535,476, compared to $950,989 in Q3 2024, reflecting a 61.3% increase[63]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $4,819,963, while it decreased to $3,105,175 for the same period in 2025[61]. Revenue and Expenses - Time charter revenue for the three months ended September 30, 2025, was $3,082,843, a decrease of 30.5% compared to $4,432,490 for the same period in 2024[57]. - Average daily vessel operating expenses for Q3 2025 were $7,902, up from $7,431 in Q3 2024, primarily due to increased general and administrative expenses[18]. - Average time charter equivalent rate for Q3 2025 was $16,580 per day, a 17.7% increase from $14,087 in Q3 2024[17]. - Average daily time charter equivalent rate for the three months ended September 30, 2025, was $16,580, compared to $14,087 for the same period in 2024, representing a 17.7% increase[57]. Assets and Liabilities - Cash and cash equivalents at the end of the period on September 30, 2025, were $15,973,097, a substantial increase from $405,311 at the end of the same period in 2024[59]. - Total assets as of September 30, 2025, reached $21,074,626, up from $8,613,427 as of December 31, 2024, reflecting a growth of 144.5%[58]. - Total current liabilities decreased to $1,898,614 as of September 30, 2025, from $2,374,659 at the end of 2024, a reduction of 20%[58]. Dividend and Shareholder Returns - The company declared a quarterly dividend of $0.14 per share for Q3 2025, maintaining the same dividend as previous quarters[13]. - Earnings per share for the three months ended September 30, 2025, were $0.55, compared to $0.34 for the same period in 2024, an increase of 61.8%[57]. Fleet and Operations - The company announced the acquisition of the M/T Hellas Avatar, a 49,997 DWT product tanker vessel, for $31.83 million, with delivery expected in mid-November 2025[12]. - The fleet profile post-acquisition will include three vessels, with a total deadweight tonnage of 90,879 DWT[37]. - Fleet utilization for the three months ended September 30, 2025, was 100.0%, indicating full operational efficiency during this period[57]. - Euroholdings operates a fleet of 2 Feeder container carriers with a total carrying capacity of 3,171 TEU[67]. - Euroholdings' operations are managed by Eurobulk Ltd., which is responsible for the day-to-day management of the vessels[67]. Company Background - The company was formed on March 20, 2024, and began trading on NASDAQ under the ticker EHLD on March 18, 2025[66]. Non-GAAP Measures - The company emphasizes that Adjusted EBITDA is a non-GAAP measure used to assess financial performance, excluding certain financial costs and gains[62]. Forward-Looking Statements - Forward-looking statements indicate potential risks including changes in demand for containerships and competitive market factors[68].
Euroholdings Ltd(EHLD) - 2025 Q3 - Quarterly Report