Core Viewpoint - EuroDry Ltd. reported a significant decline in drybulk market rates, reaching decade-long lows, primarily due to reduced demand from China and low trade volumes. However, there are expectations for a recovery driven by Chinese government stimulus and seasonal market trends [5]. 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 loss of $0.03 million in Q4 2023 [21][22]. - Adjusted EBITDA for Q4 2024 was $4.8 million, down from $6.6 million in Q4 2023 [9][22]. - The average time charter equivalent rate for vessels was $12,201 per day, a 16.3% decrease from $14,570 per day in Q4 2023 [10][8]. Full Year 2024 Highlights - Total net revenues for the full year 2024 were $61.1 million, representing 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]. - Adjusted EBITDA for the full year 2024 was $12.4 million, down from $14.6 million in 2023 [35]. 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]. - EuroDry 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]. Financial Performance - The average number of vessels operated in Q4 2024 was 13.0, compared to 12.2 in Q4 2023 [8]. - Vessel operating expenses for Q4 2024 were $6.6 million, up from $6.1 million in Q4 2023, attributed to the increased number of vessels [12]. - The company recorded an impairment charge of $2.8 million in Q4 2024, which did not exist in Q4 2023 [17]. Fleet Profile - EuroDry's fleet consists of 13 dry bulk vessels with a total deadweight tonnage of 918,502 [38]. - The average time charter equivalent rate for the fleet in 2024 was $13,039 per day, compared to $12,528 per day in 2023 [42].

Core Viewpoint - EuroDry Ltd. is set to release its financial results for the fourth quarter ended December 31, 2024, on February 24, 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 February 24, 2025, at 9:00 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, which will increase to 14 vessels with a capacity of approximately 970,402 dwt upon full delivery [7].

Core Viewpoint - EuroDry Ltd. has announced the sale of its oldest Panamax-size bulker, M/V Tasos, for approximately $5 million, which is expected to enhance the company's liquidity and allow for future investment opportunities [1][2]. Company Overview - EuroDry Ltd. operates in the dry cargo and drybulk shipping market, managing a fleet of vessels for seaborne transportation of drybulk cargoes [7]. - The company was formed on January 8, 2018, and trades on the NASDAQ under the ticker EDRY [6]. Fleet Profile - After the sale of M/V Tasos, EuroDry's fleet consists of 12 vessels with a total cargo capacity of 843,402 dwt, including 2 Kamsarmax, 4 Panamax, 5 Ultramax, and 1 Supramax drybulk carriers [3][8]. - The company has two Ultramax vessels under construction, which will increase the fleet capacity to approximately 970,402 dwt upon delivery [8]. Financial Impact - The sale of M/V Tasos is expected to generate a gain of approximately $2.1 million, equating to about $0.75 per share, thereby improving the company's near-term liquidity [2].

Financial Data and Key Metrics Changes - For Q3 2024, EuroDry reported total net revenues of $14.7 million, a 47% increase from $10 million in Q3 2023, primarily due to an increased average number of vessels operated [30] - The net loss attributable to controlling shareholders was $4.2 million, or $1.53 loss per share, significantly impacted by dry docking costs of approximately $4.5 million [7][8] - Adjusted EBITDA for Q3 2024 was $0.5 million, down from $3.1 million in Q3 2023 [32] - For the first nine months of 2024, total net revenues were $46.6 million, also a 47% increase from $31.7 million in the same period of 2023 [34] Business Line Data and Key Metrics Changes - The fleet consists of 13 vessels, with 63% secured on fixed-rate charters for the remainder of 2024, with daily rates ranging from $17,750 to $18,500 [14] - Dry docking expenses for Q3 2024 were significantly higher at $4.5 million compared to $0.8 million in Q3 2023, contributing to the loss [33] Market Data and Key Metrics Changes - Panamax vessels experienced a decline in both 1-year time charter and spot rates, with the average 1-year time charter rate dropping from $14,923 per day to $14,100 by the end of September 2024 [15] - The average spot rate fell from $20,563 per day to $11,500 per day by the end of Q3 2024, with further declines noted in subsequent weeks [16] - The IMF projects stable yet underwhelming global economic growth, with emerging markets like India expected to drive growth, while China's growth is projected to slow [17][19] Company Strategy and Development Direction - The company plans to capitalize on potential market improvements by securing shorter-term charters rather than longer ones at current low rates [53][55] - EuroDry is evaluating opportunities for growth through investments that will enhance shareholder returns [28] Management's Comments on Operating Environment and Future Outlook - Management expressed a belief that Q4 2024 and calendar year 2025 would show improvement compared to Q3 2024, despite current market challenges [12] - The anticipated upswing in dry bulk rates has not materialized as expected, with supply beginning to exceed demand [23] - The company expects a cash flow breakeven level of around $11,766 per vessel per day for the next 12 months, significantly lower than previous levels due to reduced dry docking expenses [43] Other Important Information - As of September 30, 2024, the company's outstanding debt was $94.6 million, with a pro forma basis of $110.6 million after recent refinancings [41] - The market value of the vessels is estimated at $248 million, significantly higher than the book value, indicating potential appreciation for shareholders [47] Q&A Session Summary Question: Renewal strategy for expiring charters - Management indicated that they would likely secure shorter-term charters due to current low market rates, with expectations of higher rates in 2025 [53][55] Question: Expectations for voyage expenses - Voyage expenses are influenced by fuel purchase and delivery, making them difficult to predict; modeling based on previous results was suggested [58] Question: Update on joint venture with NRP Project Finance - The joint venture is progressing well, with potential for future projects; current operations are being consolidated into EuroDry's financials [68] Question: Current weakness in dry bulk trade routes - Management noted that the weakness is relatively uniform across regions, with China's slowdown significantly impacting the market [69] Question: Details on recent refinancings - The company refinanced loans for four ships, extending maturities and lowering margins, with further details on balloon payments to be provided later [74]

1 Earnings Presentation Quarter Ended September 30, 2024 November 19, 2024 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 s ...

Company Performance - EuroDry reported a quarterly loss of $1.42 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.70, and compared to a loss of $0.24 per share a year ago, indicating an earnings surprise of -102.86% [1] - The company posted revenues of $14.71 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 11.22%, while year-ago revenues were $10.01 million [2] - Over the last four quarters, EuroDry has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - EuroDry shares have declined approximately 20.7% since the beginning of the year, contrasting with the S&P 500's gain of 23.6% [4] - The current Zacks Rank for EuroDry is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [7] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.20 on revenues of $18.86 million, and for the current fiscal year, it is -$0.85 on revenues of $67.3 million [8] - The trend of estimate revisions for EuroDry is mixed, which could change following the recent earnings report [7] Industry Context - The Transportation - Shipping industry, to which EuroDry belongs, is currently ranked in the bottom 19% of over 250 Zacks industries, indicating potential challenges ahead [9]

Core Insights - EuroDry Ltd. reported a total net revenue of $14.7 million for Q3 2024, a 47% increase from $10.0 million in Q3 2023, primarily due to an increase in the average number of vessels and higher charter rates [2][13]. - The company experienced a net loss attributable to controlling shareholders of $4.2 million, or $1.53 loss per share, compared to a net loss of $0.5 million in the same period last year [2][22]. - Adjusted EBITDA for Q3 2024 was $0.5 million, down from $3.1 million in Q3 2023, reflecting the impact of market weakness and drydocking costs [3][12]. Financial Performance - For the first nine months of 2024, total net revenues reached $46.6 million, a 47% increase from $31.7 million in the same period of 2023 [5][25]. - The net loss attributable to controlling shareholders for the nine-month period was $6.4 million, or $2.34 loss per share, compared to a loss of $3.3 million in the first nine months of 2023 [5][35]. - Adjusted EBITDA for the first nine months of 2024 was $7.6 million, slightly down from $8.0 million in the same period of 2023 [6][36]. Operational Highlights - The average number of vessels owned and operated during Q3 2024 was 13.0, compared to 10.0 in Q3 2023, with an average time charter equivalent rate of $13,105 per day [3][41]. - Vessel operating expenses increased to $6.3 million in Q3 2024 from $4.7 million in Q3 2023, attributed to the higher number of vessels [15][27]. - The company completed drydocking for four vessels at a total cost of $4.5 million in Q3 2024, compared to $0.8 million for one vessel in Q3 2023 [19][31]. Market Conditions - The average earnings for Kamsarmax/Panamax and Ultramax vessels declined during Q3 2024, with continued weakness noted into October and November [8]. - Demand for vessels weakened in the second half of 2024, influenced by factors such as reduced throughput in the Panama Canal and decreased demand from China [8][9]. - The company is exploring investment opportunities in secondhand or newbuilding projects, leveraging recent market declines that have resulted in lower vessel values [11]. Recent Developments - EuroDry refinanced two loans involving four vessels, drawing approximately $16 million, which increased cash reserves and extended loan maturities to 2029 and 2030 [4]. - The company has repurchased approximately $5.0 million worth of shares under its $10 million share repurchase plan initiated in August 2022 [3].

Core Viewpoint - EuroDry (EDRY) is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ended September 2024, with actual results being a significant factor influencing its near-term stock price [1][3]. Earnings Expectations - The consensus estimate predicts a quarterly loss of $0.70 per share, reflecting a year-over-year change of -191.7%, while revenues are expected to reach $16.57 million, marking a 65.5% increase from the previous year [3]. - The consensus EPS estimate has been revised down by 4% over the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [10]. - The stock holds a Zacks Rank of 3, complicating predictions of an earnings beat [10]. Historical Performance - In the last reported quarter, EuroDry was expected to post earnings of $0.58 per share but instead reported a loss of $0.17, resulting in a surprise of -129.31% [11]. - Over the past four quarters, EuroDry has beaten consensus EPS estimates twice [12]. Industry Comparison - Danaos (DAC), another player in the Zacks Transportation - Shipping industry, is expected to report earnings of $6.86 per share for the same quarter, indicating a year-over-year decline of -5.5%, with revenues projected at $251.16 million, up 5% from the previous year [16]. - Danaos' consensus EPS estimate has been revised down by 2.3% over the last 30 days, resulting in an Earnings ESP of 0.00% and a Zacks Rank of 4, indicating challenges in beating consensus estimates [17].

Company Overview - EuroDry Ltd. is an owner and operator of drybulk vessels, providing seaborne transportation for drybulk cargoes [1][4] - The company was formed on January 8, 2018, and was spun-off from Euroseas Ltd. on May 30, 2018, trading on NASDAQ under the ticker EDRY [4] - EuroDry operates in the dry cargo, drybulk shipping market, with operations managed by Eurobulk Ltd. and Eurobulk (Far East) Ltd. Inc. [5] Fleet Information - EuroDry has a fleet of 13 vessels, which includes 5 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers, and 1 Supramax drybulk carrier [6] - The total cargo capacity of EuroDry's fleet is 918,502 deadweight tons (dwt) [6] Upcoming Events - The CFO, Dr. Tasos Aslidis, will present at Noble Capital Markets' Basic Industries Emerging Growth Virtual Equity Conference on September 25, 2024, at 3:30 PM Eastern Daylight Time [1] - The presentation will include a fireside style Q&A session, and one-on-one meetings with company executives will be available for registered investors [1] Additional Information - A video webcast of the presentation will be available on the company's website and on Channelchek for 90 days following the event [3] - Noble Capital Markets, the organizer of the conference, is a research-driven investment bank that supports small and microcap companies [7]

Financial Data and Key Metrics Changes - For Q2 2024, total net revenues were $17.4 million, a 68.7% increase from $10.3 million in Q2 2023, driven by higher time charter rates and an increased average number of vessels operated [20] - The net loss attributable to controlling shareholders was $0.41 million, improved from a loss of $1.2 million in Q2 2023 [20] - Adjusted EBITDA for Q2 2024 was $5 million, compared to $2.5 million in Q2 2023 [22] - For the first half of 2024, total net revenues were $31.9 million, a 47% increase from $21.7 million in the first half of 2023 [23] - The net loss attributable to controlling shareholders for the first half of 2024 was $2.2 million, improved from a loss of $2.7 million in the same period of 2023 [24] Business Line Data and Key Metrics Changes - The fleet utilization rate for Q2 2024 was 99.6% commercial and 99.4% operational, compared to 98.3% commercial and 95% operational in Q2 2023 [26] - Average time charter equivalent rate for Q2 2024 was $14,427 per day, up from $12,179 per day in Q2 2023 [26] - Daily operating expenses were $7,062 per vessel per day in Q2 2024, down from $7,656 per vessel per day in Q2 2023 [26] Market Data and Key Metrics Changes - Average spot market rate for Panamaxes was around $14,500 per day in Q2 2024, slightly rising to just below $15,000 by August [10] - One-year time charter rates for Panamaxes were approximately $16,000 per day during the quarter, a significant increase from around $10,500 during the same period last year, marking a nearly 50% increase [10] - The global economy is projected to grow modestly, with the IMF maintaining its 2024 growth forecast at 3.2% [11] Company Strategy and Development Direction - The company plans to continue trading under short-term charters until employment rates firm up, anticipating a strengthening market due to limited supply growth [6] - The fleet consists of 13 vessels, with a focus on maintaining exposure to the market to capitalize on potential demand increases [5] - The company is actively utilizing its share repurchase program to enhance long-term shareholder value [4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, citing robust demand growth and disruptions in key shipping routes as positive factors [16] - The outlook for the second half of 2024 is optimistic, with expectations of increased bulker demand due to seasonal factors and potential normalization of transit rates in the Panama Canal [16] - The company is monitoring the economic conditions in China and India closely, as these markets are crucial for future demand in dry bulk trade [12][13] Other Important Information - The company repurchased 313,318 shares for about $5 million under its share repurchase plan, which has been extended for another year [4] - The book value of vessels was approximately $197.2 million, with total assets around $220 million as of June 30, 2024 [31] - The estimated net asset value (NAV) per share is in excess of $63, indicating significant appreciation potential compared to the current trading price [32] Q&A Session Summary Question: Can you provide more color on voyage and dry docking expenses? - Management explained that dry docking expenses vary based on scheduling, with multiple vessels undergoing dry docking in the quarter leading to higher costs [33] Question: What will move EPS into the positive category? - Management indicated that achieving positive EPS will depend on market conditions and the number of vessels undergoing dry docking, with a focus on maintaining a favorable time charter equivalent rate [35] Question: How should off-hire days be considered for vessels with multiple charters? - Management noted that commercial off-hire days are typically around one to one and a half days per quarter, while technical off-hire days vary based on operational incidents [37] Question: What is the idle day number expected in Q3? - Management estimated around 85 to 100 off-hire days due to dry docking in Q3, depending on the specific schedules of vessels [39][42] Question: How sensitive is the stock buyback program to stock price? - Management clarified that the stock buyback program is subject to SEC regulations, which limit the volume and timing of repurchases [44]