EuroDry (EDRY) Q1 2026 earnings summary

Executive summary

• Q1 2026 net revenues rose 38.9% year-over-year to $12.8 million, driven by higher time charter rates despite a smaller fleet.

• Net income attributable to controlling shareholders was $0.26 million, reversing a $3.7 million loss in Q1 2025.

• Adjusted EBITDA reached $4.87 million, up from negative $1.02 million a year earlier.

• Share repurchase program remains active and extended through August 2026, with $5.6 million spent to date and 349,330 shares repurchased.

• Fleet renewal continues with two new 82,000 DWT Kamsarmax vessels ordered for $74 million, expanding the newbuilding program to four ships for delivery by 2028.

Financial highlights

• Adjusted net income per diluted share was $0.12 in Q1 2026, compared to an adjusted loss of $2.07 per share in Q1 2025.

• Average TCE rate more than doubled year-over-year to $14,416 per day.

• Vessel operating expenses per day remained stable at $6,590.

• Cash and other assets totaled $31.6 million as of March 31, 2026.

• Estimated net asset value per share exceeds $52.77, while shares recently traded around $21.

Outlook and guidance

• Fixed rate coverage for the remainder of 2026 is 23.5%, with significant market exposure retained.

• Annualized EBITDA for 2026 projected at $34 million at current FFA rates; $1,000/day TCE change impacts EBITDA by $2.2 million.

• Management expects a moderately softer market in 2027 but sees potential for balance depending on geopolitical and trade factors.

• Profitability expected to increase in Q2 2026 as market rates strengthen.

• Fleet modernization continues, with four eco vessels scheduled for delivery between Q2 2027 and Q2 2028.