EuroDry Q2 Earnings Call Highlights EuroDry logo MarketBeat Thu, August 6, 2026 at 7:04 PM GMT+2 6 min read EDRY Key Points Interested in EuroDry? Here are five stocks we like better. EuroDry returned to profitability in Q2 2026 as net revenue rose 57% year over year to $17.7 million and net income reached $6.59 million, compared with a $3.1 million loss a year earlier. Time-charter-equivalent rates more than doubled to $20,398 per vessel per day, while utilization remained 100%. The company plans to expand its fleet from 11 to 15 vessels through four newbuildings scheduled for delivery in 2027 and 2028. It also signed a term sheet for a $19 million refinancing of the M/V Ekaterini, which could provide nearly $8 million in additional liquidity. Management sees supportive but uncertain dry-bulk fundamentals, citing stronger trade conditions, a historically low order book and resilient commodity demand, while warning that geopolitical developments could disrupt routes and rates. EuroDry will continue disciplined share repurchases alongside fleet investment and debt management. EuroDry (NASDAQ:EDRY) reported higher second-quarter revenue and a return to profitability as time charter rates more than doubled from the prior-year period, while the dry bulk shipowner outlined plans to expand its fleet and refinance debt tied to one of its Kamsarmax vessels. For the three months ended June 30, 2026, EuroDry reported total net revenues of $17.7 million, up 57% from $11.3 million a year earlier. Net income attributable to controlling shareholders was $6.59 million, or $2.32 per diluted share, compared with a $3.1 million loss in the second quarter of 2025. Adjusted net income was $6.95 million, or $2.44 per diluted share, and adjusted EBITDA was $11.71 million. → 3 Drone Stocks That Should Soar After the Summer Slump "The company reported a net income attributable to controlling shareholders of $6.6 million as compared to a net loss attributable to controlling shareholders of $3.1 million for the same period of 2025," Finance Manager Athina Atalioti said during the company's earnings call. Charter Rates Drive Earnings Improvement EuroDry operated an average of 11 vessels in the second quarter, compared with 12 vessels in the year-earlier period. Its average time-charter-equivalent rate rose to $20,398 per vessel per day from $10,428 per day a year earlier. Both commercial and operational utilization reached 100% during the quarter. → Meta's Earnings Drop Shows Wall Street Wants More Than Ad Growth Operating expenses, including management fees and general and administrative costs but excluding dry-docking expenses, declined slightly to $7,444 per vessel per day from $7,539. The company's daily cash flow break-even rate was $11,858 per vessel per day, compared with $12,222 in the prior-year quarter. Story Continues For the first half of 2026, revenue increased 49% to $30.5 million. Net income attributable to controlling shareholders was $6.8 million, compared with a $6.8 million loss in the first half of 2025. First-half adjusted EBITDA rose to $16.6 million from $850,000 a year earlier. → Jersey Mike's Serves Fresh Gains After IPO Stumble Atalioti said second-quarter financing costs declined to $1.5 million from $1.7 million, reflecting lower benchmark rates on the company's loans and lower average debt. First-half financing costs declined to $3 million from $3.5 million. Fleet Employment, Newbuildings and Refinancing Chief Financial Officer and Treasurer Anastasios Aslidis said four of EuroDry's vessels are currently on index-linked charters tied to the Baltic Supramax S10TC index. The remaining vessels are largely employed on fixed-rate time charters of one to three months, except for the M/V Christos K, which is fixed through November 2026. Fixed-rate coverage for the remainder of 2026 stood at roughly 28%, including about 50% coverage in the third quarter and 6% in the fourth quarter, according to Atalioti. The company estimated that a $1,000-per-day change in rates earned on open days would alter 2026 EBITDA by approximately $1.4 million and earnings per share by $0.50. EuroDry currently operates 11 vessels with aggregate carrying capacity of approximately 766,000 deadweight tons and an average age of about 13.8 years. It also has four newbuildings on order: two Ultramax vessels scheduled for delivery in the second and third quarters of 2027 and two Kamsarmax vessels scheduled for delivery in the first and second quarters of 2028. Upon delivery, the fleet is expected to expand to 15 vessels with total carrying capacity of approximately 1.06 million deadweight tons. Aslidis said the company has chosen to invest in newbuildings rather than buy secondhand vessels at what he described as elevated asset values. On July 28, EuroDry signed a term sheet to refinance the M/V Ekaterini with a $19 million loan facility. Aslidis said the proposed financing is nearly $8 million higher than the vessel's existing loan balance and would boost liquidity, subject to customary closing documentation. The company's debt outstanding was $98.1 million as of June 30, with an average margin of about 1.99%. Aslidis told analysts that more recent bank quotes have been below 2% and closer to 1.5%, meaning the company's average margin could decline if financing changes are completed. Market Outlook and Capital Allocation Aslidis said Panamax rates averaged $17,969 per day during the second quarter and stood at $17,150 per day at the end of the prior week. One-year Panamax time-charter rates were approximately $17,175 per day as of July 31, according to Clarksons data cited by the company. The Baltic Dry Index and Baltic Panamax Index rose about 78% and 54%, respectively, year over year in the second quarter, reflecting improved dry bulk trade conditions, he said. EuroDry cited stable iron ore exports from Australia and Brazil, resilient Chinese imports, and durable grain and minor-bulk trades as demand supports. Management
