EuroDry Ltd. Reports Q1 2024 Results

TL;DR

EDRY Q1 2024 results are out, filed May 21st. Check the press release for details.

AI Summary

EuroDry Ltd. reported its financial results for the quarter ended March 31, 2024. The company's press release, filed on May 21, 2024, details these results. The filing incorporates by reference the press release into the company's registration statement.

Why It Matters

This filing provides investors with the latest financial performance data for EuroDry Ltd., crucial for understanding the company's operational health and future prospects in the drybulk shipping market.

Risk Assessment

Risk Level: low — This is a routine financial results filing (6-K) and does not introduce new material risks.

Key Players & Entities

• EuroDry Ltd. (company) — Filer of the report
• May 21, 2024 (date) — Date of the press release and filing
• March 31, 2024 (date) — End of the reporting quarter

FAQ

Key Financial Figures

• $14.4 million — 024 Highlights: Total net revenues of $14.4 million. Net loss attributable to controlling
• $1.8 million — butable to controlling shareholders, of $1.8 million or $0.65 loss per share basic and dilut
• $0.65 — olling shareholders, of $1.8 million or $0.65 loss per share basic and diluted, respe
• $3.2 million — rolling shareholders for the quarter of $3.2 million or $1.18 loss per share basic and dilut
• $1.18 — ders for the quarter of $3.2 million or $1.18 loss per share basic and diluted, respe
• $2.1 million — on derivatives. Adjusted EBITDA 1 was $2.1 million. An average of 13.0 vessels were owned
• $12,455 — average time charter equivalent rate of $12,455 per day. Refer to a subsequent section
• $4.7 m — our common stock in the open market for $4.7 million, since the initiation of our repu
• $10 m — tiation of our repurchase plan of up to $10 million, announced in August 2022. 1 Ad
• $16,000 — e months with trip charter rates around $16,000/day and time charter rates a couple of
• $6.2 million — 2023. Vessel operating expenses were $6.2 million for the first quarter of 2024 as compar
• $4.7 million — he first quarter of 2024 as compared to $4.7 million for the same period of 2023. The increa
• $2.4 million — er of 2024 was $2.1 million compared to $2.4 million achieved for the first quarter of last
• $101.5 million — xcluding the unamortized loan fees) was $101.5 million versus restricted and unrestricted cash
• $12.7 million — and unrestricted cash of approximately $12.7 million. First Quarter 2024 Results: For th

Filing Documents

• f52124edry6k.htm (6-K) — 132KB
• f52124edry6k001.jpg (GRAPHIC) — 33KB
• 0001317861-24-000025.txt ( ) — 179KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EURODRY LTD. Dated: May 21, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President 3 Exhibit 1 EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2024 Maroussi, Athens, Greece May 21, 2024 EuroDry Ltd. (NASDAQ: EDRY, the Company or EuroDry), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2024. First Quarter 2024 Highlights: Total net revenues of $14.4 million. Net loss attributable to controlling shareholders, of $1.8 million or $0.65 loss per share basic and diluted, respectively. Adjusted net loss 1 attributable to controlling shareholders for the quarter of $3.2 million or $1.18 loss per share basic and diluted, respectively, before unrealized gain on derivatives. Adjusted EBITDA 1 was $2.1 million. An average of 13.0 vessels were owned and operated during the first quarter of 2024 earning an average time charter equivalent rate of $12,455 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of time charter equivalent rate. As of May 21, 2024, we had repurchased 299,646 shares of our common stock in the open market for $4.7 million, since the initiation of our repurchase plan of up to $10 million, announced in August 2022. 1 Adjusted EBITDA, Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDrys financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements t

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View this 6-K filing on SEC EDGAR