EuroDry .(US:EDRY) Globenewswire·2026-02-19 21:05Core Insights - EuroDry Ltd. reported a profitable fourth quarter of 2025, with net income attributable to controlling shareholders of $3.2 million, contrasting with a net loss of $6.2 million in the same period of 2024 [6][21][24] - The company experienced a 19.9% increase in total net revenues for Q4 2025, reaching $17.4 million, driven by higher time charter rates despite a decrease in the average number of vessels operated [10][24] - For the full year 2025, total net revenues decreased by 14.4% to $52.3 million, attributed to a lower number of vessels operated and reduced time charter equivalent rates [24][36] Fourth Quarter 2025 Highlights - Average time charter equivalent rate for Q4 2025 was $16,262 per day, a 33.3% increase compared to Q4 2024 [10][22] - Adjusted EBITDA for Q4 2025 was $7.5 million, significantly up from $1.8 million in Q4 2024 [9][22] - The company operated an average of 11.2 vessels in Q4 2025, down from 13.0 vessels in Q4 2024 [8][10] Full Year 2025 Highlights - Average time charter equivalent rate for the full year 2025 was $11,642 per day, down from $13,039 per day in 2024 [24] - Adjusted EBITDA for the full year 2025 was $12.5 million, compared to $9.4 million in 2024 [37] - The company reported a net loss attributable to controlling shareholders of $4.3 million for the full year 2025, an improvement from a net loss of $12.6 million in 2024 [36][38] Operational Insights - Total vessel operating expenses for Q4 2025 were $6.2 million, a decrease from $6.6 million in Q4 2024, primarily due to a lower number of vessels operated [12][26] - The company has initiated a strategy shift to secure longer-term charters as market rates strengthen, with a recent one-year time charter for an Ultramax vessel at $15,500 per day [7][8] - As of December 31, 2025, the company had outstanding debt of $103.7 million and cash reserves of $25.7 million [9][65] Fleet Profile - EuroDry's fleet consists of 11 dry bulk vessels with a total deadweight tonnage of 766,420 [40] - The company has two Ultramax vessels under construction, expected to be delivered in 2027 [42][43] - The average daily results indicate a fleet utilization rate of 99.6% for Q4 2025, reflecting efficient deployment of vessels [44][49]