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EDRY

EuroDry Ltd.

EDRY

EuroDry Ltd. • NASDAQ
$12.48 ▼ -5.74% (-0.76)
Market Cap $35.28 M
52w High $16.14
52w Low $7.60
Dividend Yield 0%
P/E -2.5
Volume 6.10K
Outstanding Shares 2.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.391M ▲ $1.849M ▼ $-673.477K ▲ -4.68% ▲ $-0.24 ▲ $4.369M ▲
Q2-2025 $11.278M ▲ $1.953M ▲ $-3.071M ▲ -27.232% ▲ $-1.12 ▲ $1.849M ▲
Q1-2025 $9.209M ▼ $-205.733K ▼ $-3.703M ▼ -40.211% ▼ $-1.35 ▼ $996.669K ▼
Q4-2024 $14.507M ▼ $8.197M ▲ $-3.284M ▲ -22.636% ▲ $-1.2 ▲ $4.782M ▲
Q3-2024 $14.714M $1.91M $-4.179M -28.404% $-1.53 $242.041K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.679M ▲ $202.106M ▼ $103.127M ▼ $89.901M ▼
Q2-2025 $6.207M ▲ $206.631M ▼ $107.267M ▼ $90.458M ▼
Q1-2025 $6.182M ▼ $210.977M ▼ $109.145M ▼ $93.281M ▼
Q4-2024 $6.711M ▲ $219.735M ▲ $114.143M ▲ $96.738M ▼
Q3-2024 $2.649M $214.715M $102.977M $103.022M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-673.477K ▲ $4.908M ▲ $-55.426K ▼ $-4.33M ▼ $856.982K ▲ $4.873M ▲
Q2-2025 $-3.107M ▲ $2.708M ▲ $-34.148K ▼ $-2.632M ▲ $41.167K ▲ $2.674M ▲
Q1-2025 $-4.006M ▼ $-2.32M ▼ $4.765M ▲ $-3.022M ▼ $-578.009K ▼ $-2.375M ▲
Q4-2024 $-3.284M ▲ $-942.327K ▼ $-7.627M ▼ $12.899M ▲ $4.329M ▲ $-8.569M ▼
Q3-2024 $-5.179M $1.999M $-429.414K $-3.447M $-1.878M $1.57M

Revenue by Products

Product Q2-2020Q2-2021
Time Charters
Time Charters
 $0 ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement EuroDry’s income statement shows just how cyclical dry bulk shipping can be. After very strong profits a few years ago, earnings have softened sharply and recently slipped into a small loss. Revenue has held up reasonably well, but profit margins have narrowed as costs and weaker freight rates have eaten into operating income. The big swings in earnings per share highlight that this is not a smooth, predictable earner – results depend heavily on the freight rate environment and vessel employment strategy. Overall, the business has moved from a period of exceptional profitability back toward more normal, sometimes loss-making, conditions.

Balance Sheet

Balance Sheet The balance sheet looks fairly balanced but not especially conservative. Total assets and shareholder equity have grown over time, reflecting investment in the fleet, but debt also makes up a meaningful share of the capital structure. Cash on hand appears modest relative to the size of the business and its borrowings, which is typical in shipping but does leave the company reliant on consistent cash inflows and supportive lenders. The picture is of a capital-intensive company with a reasonable equity cushion but ongoing exposure to leverage and refinancing risk if markets turn against it.

Cash Flow

Cash Flow Cash flow has generally been positive from day‑to‑day operations, especially in the stronger market years, which has helped support the business. However, free cash flow has been pressured at times by heavy spending on new vessels and fleet upgrades. That reinvestment supports modernization but also means cash is frequently recycled back into the ships rather than building a large cash buffer. In weaker freight markets, this combination of modest cash balances, ongoing capex needs, and debt service can tighten financial flexibility, so cash generation is quite sensitive to shipping conditions.

Competitive Edge

Competitive Edge EuroDry competes in a fragmented, global market where no single player has overwhelming power. Its main advantages are a more modern, fuel‑efficient fleet, a focus on mid‑sized vessels that offer operating flexibility, and a management team with long experience across shipping cycles. Its cost‑efficient operations and strong chartering relationships can help keep vessels employed and costs under control. On the other hand, the dry bulk sector is highly competitive, rates can be volatile, and barriers to entry are not very high, so its edge is more about execution, discipline, and timing than about a deep, unassailable moat.

Innovation and R&D

Innovation and R&D This is not a traditional R&D‑heavy business, but EuroDry is innovating through its fleet choices and operating practices. The company is steadily shifting toward “eco” vessels that are more fuel‑efficient and compliant with tougher environmental standards, which can lower operating costs and appeal to environmentally conscious charterers. Management is also engaged in environmental certifications and exploring digital tools for optimizing routes and maintenance, though details remain limited. The main opportunity lies in staying ahead of regulatory and efficiency trends, while the risk is that competitors can often access similar vessel designs and technologies over time.

Summary

EuroDry is a small, cycle‑exposed dry bulk shipping company that has ridden a wave of strong earnings in recent years but is now facing more muted profitability and even small losses as the market cools. Its balance sheet reflects meaningful investment in a modernizing fleet, backed by a mix of equity and debt, with modest cash reserves and typical shipping‑sector leverage. Cash flow is serviceable in good markets but can be tight when rates weaken and capex remains high. Competitively, EuroDry benefits from experienced leadership, a focused mid‑size fleet, and improving fuel efficiency, but it operates in a volatile, highly competitive industry with limited structural barriers. The business case relies heavily on effective cycle management, disciplined capital allocation, and continued execution of its fleet renewal and efficiency strategy amid uncertain market and regulatory conditions.

NEWS

November 10, 2025 · 1:30 PM UTC

EuroDry Ltd. Sets Date for the Release of Third Quarter 2025 Results, Conference Call and Webcast

Read more