Quarterly ResultAug 6, 2026, 05:28 PM
EuroDry Q2 Net Income $6.6M; Adjusted EBITDA $11.7M
AI Summary
EuroDry Ltd. reported a highly profitable second quarter and first half of 2026, driven by a significantly strengthened drybulk market. Q2 2026 net revenues increased 57.0% to $17.7 million, with net income attributable to controlling shareholders reaching $6.6 million, or $2.36 per share. Adjusted EBITDA for the quarter was $11.7 million, a substantial increase from the prior year, and the average time charter equivalent rate nearly doubled. The company also announced a refinancing agreement for one of its vessels and continued its share repurchase program.
Key Highlights
- Q2 2026 net revenues increased 57.0% to $17.7 million.
- Q2 2026 net income attributable to controlling shareholders was $6.6 million, or $2.36 EPS.
- Q2 2026 Adjusted EBITDA rose to $11.7 million from $1.9 million in Q2 2025.
- Average time charter equivalent rate for Q2 2026 was $20,398 per day, up 95.6% YoY.
- H1 2026 net revenues increased 48.8% to $30.5 million.
- H1 2026 net income attributable to controlling shareholders was $6.8 million, or $2.45 EPS.
- Company signed a term sheet to refinance M/V "Ekaterini" with a loan of up to $19 million.
- Approximately $5.8 million has been used to repurchase 358,130 shares under the $10 million plan.
Price Impact
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