EuroDry Ltd. announced its financial results for the second quarter ended June 30, 2025, on August 11, 2025, reporting total net revenues of $11.3 million. This represents a 35.3% decrease from the same period in 2024, primarily due to lower time charter rates and a reduced average number of vessels in operation. The company recorded a net loss attributable to controlling shareholders of $3.1 million, or $0.12 loss per basic and diluted share.
Adjusted EBITDA for the second quarter was $1.9 million, an improvement from the negative Adjusted EBITDA in Q1 2025, but still reflecting a challenging market. Daily operating expenses, excluding drydocking costs, increased to $7,539 per vessel per day from $7,062 in Q2 2024, partly due to exchange rate fluctuations. The company's liquidity position was described as "a bit tight," with approximately $6 million in unrestricted cash as of June 30, 2025.
Total outstanding debt was around $102 million, with expected loan repayments of $12 million in 2025, $13.3 million in 2026, and $20 million in 2027. EuroDry has also been executing a $10 million share repurchase program, having bought back 334,000 shares for $5.3 million. The projected cash flow breakeven level for the next 12 months is approximately $11,850 per vessel per day, requiring a gross TCE rate of about $13,000 to achieve cash flow and earnings breakeven.
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