Eurodry Ltd. (NASDAQ:EDRY) Q1 2025 Earnings Conference Call June 5, 2025 10:00 AM ET Company Participants Anastasios Aslidis - CFO, Treasurer & Director Aristides J. Pittas - Chairman, President & CEO Conference Call Participants Mark La France Reichman - NOBLE Capital Markets, Inc., Research Division Tate H. Sullivan - Maxim Group LLC, Research Division Operator Thank you for standing by. Ladies and gentlemen, and welcome to the EuroDry Limited Conference Call on the First Quarter 2025 Financial Results. W ...

EuroDry (EDRY) Q1 2025 Earnings Call June 05, 2025 10:00 AM ET Speaker0 Thank you for standing by, ladies and gentlemen, and welcome to the Eurodrive Limited Conference Call on the First Quarter twenty twenty five Financial Results. We have with us today, Mr. Aristides Petas, Chairman and Chief Executive Officer and Mr. Tassos Aslidis, Chief Financial Officer of the company. At this time, all participants are in a listen only mode. There will be a presentation followed by a question and answer I must advise ...

Earnings Presentation Quarter Ended March 31, 2025 1 June 5, 2025 Forward/Looking Statements Statements in this presentation may be "forward/looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward/looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forwa ...

Core Viewpoint - EuroDry Ltd. reported a challenging first quarter of 2025, with significant declines in revenues and profitability due to low charter rates and market volatility, particularly influenced by external economic factors and geopolitical tensions [4][6][9]. Financial Performance - Total net revenues for Q1 2025 were $9.2 million, a decrease of 36.2% compared to $14.4 million in Q1 2024 [6][9]. - The average time charter equivalent rate dropped by 42.5% to $7,167 per day in Q1 2025 from $12,455 per day in Q1 2024 [6][9]. - Adjusted EBITDA for Q1 2025 was $(1.0) million, down from $2.1 million in Q1 2024 [8][17]. - The net loss attributable to controlling shareholders was $3.7 million, or $1.35 loss per share, compared to a net loss of $1.8 million, or $0.65 loss per share, in the same period of 2024 [16][18]. Operational Insights - The company operated an average of 12.8 vessels in Q1 2025, compared to 13.0 vessels in Q1 2024 [9][23]. - Vessel operating expenses increased to $6.6 million in Q1 2025 from $6.2 million in Q1 2024, primarily due to higher costs for spare parts and maintenance [7][10]. - The fleet utilization rate was 97.4% in Q1 2025, slightly down from 98.1% in Q1 2024 [24]. Strategic Decisions - The company opted not to lock vessels into longer duration charters at unprofitable levels, instead pursuing short-term trip charters to capitalize on potential market recoveries [5]. - EuroDry sold the M/V Tasos for approximately $5 million, resulting in a gain on sale of $2.1 million [13]. Market Conditions - The charter market was described as the lowest since the early COVID pandemic, with a slight rebound in April and May that was insufficient to restore profitability [4]. - The demand side of the supply/demand equation remains volatile, influenced by the steel industry's weakness and economic growth uncertainties in China, as well as ongoing geopolitical conflicts [4]. Fleet Profile - EuroDry's fleet consists of 12 vessels with a total cargo capacity of 843,402 dwt, including 4 Panamax, 5 Ultramax, and 2 Kamsarmax drybulk carriers [57]. - Two Ultramax vessels are under construction, expected to be delivered in 2027, which will increase the fleet to 14 vessels with a total capacity of 970,402 dwt [21][57].

Core Viewpoint - EuroDry Ltd. is set to release its financial results for the first quarter ended March 31, 2025, on June 5, 2025, before the market opens in New York [1]. Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and webcast scheduled for June 5, 2025, at 10:00 a.m. Eastern Time [2]. - Participants can join the call by dialing in 10 minutes prior to the scheduled time using specific numbers provided [3]. - An audio webcast of the conference call will be available live and archived on the company's website [5]. Group 2: Company Overview - EuroDry Ltd. was established on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd. into a separate public company and trades on NASDAQ under the ticker EDRY [7]. - The company operates in the dry cargo and drybulk shipping market, managing a fleet of 12 vessels with a total cargo capacity of 843,402 dwt [7]. - After the delivery of two Ultramax vessels in 2027, the fleet will expand to 14 vessels with a total carrying capacity of 970,402 dwt [7].

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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

EuroDry Ltd. (NASDAQ:EDRY) Q4 2024 Earnings Conference Call February 24, 2025 9:00 AM ET Company Participants Aristides Pittas - Chairman and CEO Tasos Aslidis - CFO Conference Call Participants Tate Sullivan - Maxim Group Mark Reichman - Noble Capital Markets Poe Fratt - Alliance Global Partners Operator Thank you for standing by, ladies and gentlemen. Welcome to the EuroDry Ltd. conference call on the fourth quarter 2024 financial results. We have both today, Mr. . Aristides Pittas, Chairman and Chief Exe ...

Earnings Presentation Quarter Ended December 31, 2024 February 24, 2025 This presentation also contains historical data about the dry bulk trade, the dry bulk and the dry bulk. These figures have been compiled by the Company based on available data from a variety of sources like broker reports and various industry publications or represent Company's own estimates. The Company exercised reasonable care and judgment in preparing these estimates, however, the estimates provided herein may not match information ...

EuroDry (EDRY) came out with a quarterly loss of $0.25 per share versus the Zacks Consensus Estimate of a loss of $0.07. This compares to earnings of $0.70 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -257.14%. A quarter ago, it was expected that this company would post a loss of $0.70 per share when it actually produced a loss of $1.42, delivering a surprise of -102.86%.Over the last four quarters, the company has not been ...

Core Viewpoint - EuroDry Ltd. reported a significant decline in drybulk market rates, reaching decade-long lows, primarily due to low demand from China and low trade volumes, but anticipates a recovery driven by Chinese government stimuli and seasonal market trends [5][6]. Fourth Quarter 2024 Highlights - Total net revenues for Q4 2024 were $14.5 million, an 8.8% decrease from $15.9 million in Q4 2023 [10]. - The company experienced a net loss attributable to controlling shareholders of $3.3 million, or $1.20 loss per share, compared to a net income of $0.3 million in the same period last year [21][22]. - Average time charter equivalent rate for vessels was $12,201 per day, down 16.3% from $14,570 per day in Q4 2023 [10][8]. - Adjusted EBITDA for Q4 2024 was $4.8 million, down from $6.6 million in Q4 2023 [9][22]. Full Year 2024 Highlights - Total net revenues for the full year 2024 were $61.1 million, a 28.3% increase from $47.6 million in 2023 [24]. - The net loss attributable to controlling shareholders for 2024 was $9.7 million, or $3.54 loss per share, compared to a net loss of $2.9 million in 2023 [34][36]. - Average time charter equivalent rate for the year was $13,039 per day, compared to $12,528 per day in 2023 [24]. Recent Developments - The company signed contracts for the construction of two ultramax bulk carriers, scheduled for delivery in 2027, with a total consideration of approximately $71.8 million [7]. - The company agreed to sell its oldest vessel, M/V Tasos, for approximately $5 million, expecting to record a gain of about $2.1 million from the sale [7][6]. Financial Performance - Vessel operating expenses for Q4 2024 were $6.6 million, an increase from $6.1 million in Q4 2023, attributed to a higher number of vessels operating [12]. - General and administrative expenses decreased to $0.8 million in Q4 2024 from $1.2 million in Q4 2023, due to reduced costs related to a partnership formation [14]. - The company recorded an impairment charge of $2.8 million in Q4 2024, reflecting a reduction in the carrying amount of a vessel to its estimated market value [17]. Fleet Profile - The company operated an average of 13.0 vessels in Q4 2024, compared to 12.2 vessels in the same period last year [8]. - The fleet's average daily results showed a time charter equivalent rate of $12,201 per day in Q4 2024, down from $14,570 per day in Q4 2023 [41].