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GlobeNewswire·

EuroDry Ltd. Reports Results for the Quarter and Nine-Month Period Ended September 30, 2026

EDRY
  • EuroDry Ltd. reported third quarter 2026 net revenues of $19.4 million, a 34.9% increase from the prior year period.
  • Net income attributable to controlling shareholders for the third quarter was $6.9 million, or $2.43 basic and $2.39 diluted per share.
  • Adjusted net income for the third quarter was $6.7 million, resulting in $2.36 basic and $2.32 diluted adjusted earnings per share.
  • Third quarter adjusted EBITDA reached $11.3 million, compared to $4.1 million in the same period of 2025.
  • The company operated an average of 11.0 vessels during the third quarter, earning a time charter equivalent rate of $20,551 per day.
  • For the nine months ended September 30, 2026, total net revenues were $49.9 million, representing a 43.1% increase year-over-year.
  • Net income attributable to controlling shareholders for the nine-month period was $13.7 million, or $4.89 basic and $4.80 diluted per share.
  • Nine-month adjusted net income was $14.0 million, with adjusted earnings per share of $4.98 basic and $4.88 diluted.
  • Adjusted EBITDA for the first nine months of 2026 was $27.9 million, up from $5.0 million in the same period last year.
  • The company signed a contract with Hengli Shipbuilding for a third 82,000 DWT Kamsarmax bulk carrier at a cost of approximately $37.0 million, scheduled for delivery in Q3 2029.
  • EuroDry raised $10.7 million through its At-The-Market program in September and October 2026 by issuing 163,753 common shares.
  • Approximately $5.8 million has been used to repurchase 358,130 shares under the company's $10 million share repurchase plan.
  • The company's cash balance at the end of the third quarter was over $50 million, net of restricted cash.
  • Outstanding debt excluding unamortized loan fees was $105.7 million as of September 30, 2026, with all loan covenants satisfied.
  • The fleet consists of 11 drybulk vessels with an average age that is projected to decrease significantly as five new vessels are delivered between 2027 and 2029.
  • Vessel operating expenses for the third quarter increased to $6.0 million due to higher supply costs linked to the war in the Middle East.
  • General and administrative expenses averaged $770 per vessel per day in the third quarter, an increase from $685 in the prior year period.
Company
EuroDry Ltd.
Keywords
Nasdaq:EDRY, EuroDry Ltd.