EuroDry .(US:EDRY)2025-08-11 14:00Financial 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]