The Q4 profitability is a positive signal, but the full-year revenue decline and lower TCE rates confirm a weak drybulk market. With 26% of 2026 capacity under contract and all charters expiring within 10 months, EDRY faces significant re-chartering risk at potentially lower rates. The $71.8M newbuilding commitment adds execution and financing risk for a $57M market cap company. Monitor Q1 2026 charter rates and any further vessel sales for liquidity.
Price Chart
Executive Summary
EuroDry's FY2025 20-F shows a net loss attributable to controlling shareholders of $4.3M ($1.55/share) on $52.3M net revenue, compared to a $12.6M loss in FY2024. The full-year loss narrowed sharply due to a $2.8M gain on vessel sales, a $1.3M insurance reimbursement for a prior legal settlement, and the absence of a $2.8M impairment charge recorded in 2024. However, core operating trends remain weak: average TCE rates fell 10.7% YoY to $11,642/day, and total net revenue declined 14.4% as the fleet shrank from 13.0 to 12.0 average vessels. The Q4 2025 was profitable ($3.2M net income), but the full-year loss and declining charter rates make this a bearish filing for a $57M market cap company.
Key Facts
- FY2025 net loss attributable to controlling shareholders: $4.3M vs $12.6M in FY2024
- FY2025 total net revenues: $52.3M, down 14.4% from $61.1M in FY2024
- Average TCE rate fell 10.7% YoY to $11,642/day in FY2025 from $13,039/day in FY2024
- Average fleet size decreased to 12.0 vessels in FY2025 from 13.0 in FY2024
- Net gain on sale of two vessels (M/V Tasos and M/V Eirini P) totaled $2.8M
- No impairment charge recorded in FY2025 vs $2.8M in FY2024
- Other operating income of $1.35M reflects insurance reimbursement for M/V Good Heart legal settlement
- Total debt outstanding: $103.7M as of Dec 31, 2025; $12.3M due in 2026
- Two newbuilding Ultramax vessels on order for ~$71.8M total, deliveries in Q2/Q3 2027
- Share repurchase program: $5.3M used of $10M authorization; no shares repurchased in FY2025
- Q4 2025 was profitable: net income of $3.2M ($1.14 EPS) on $17.4M net revenue
Financial Impact
Full-year net loss of $4.3M on $52.3M revenue; Q4 profitable at $3.2M net income. Revenue decline of 14.4% YoY driven by 10.7% lower TCE rates and smaller fleet.
Risk Factors
- Drybulk market weakness: BDI averaged 1,681 in 2025, down from 1,755 in 2024; continued volatility could pressure TCE rates further
- Re-chartering risk: all 11 vessels on short-term charters expiring within 10 months; only 26% of 2026 capacity contracted
- Newbuilding capex: $71.8M commitment for two vessels (2027 deliveries) vs $57M market cap; financing not yet fully arranged
- Debt service: $103.7M total debt with $12.3M due in 2026; interest costs of $6.9M in FY2025
- Geopolitical/trade risks: US-China tariffs, Red Sea disruptions, and Iran conflict could impact trade flows and operating costs
- Aging fleet: average vessel age 13.6 years; three vessels over 18 years face chartering discrimination
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001171843-26-002768 |
| Exhibit: ex_943094.htm | 0001171843-26-002768 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 144 | $44.97 | awaiting T+20 | — | $45.53 (+1.25%) |
Oct 14, 2026 13d ago | 6-K | $47.44 | awaiting T+20 | — | $45.53 (−4.03%) |
Oct 5, 2026 22d ago | Insider Cluster | $58.47 | awaiting T+20 | — | $45.53 (−22.13%) |
Oct 5, 2026 22d ago | 6-K | $58.47 | awaiting T+20 | — | $45.53 (−22.13%) |
Sep 11, 2026 6w ago | 6-K | $65.00 $50.80 | ▲ +21.85% | ▲ +24.11% | $45.53 (+29.95%) |
Sep 11, 2026 6w ago | 424B5 | $65.00 $50.80 | ▲ +21.85% | ▲ +24.11% | $45.53 (+29.95%) |
Sep 4, 2026 7w ago | EFFECT | $57.43 $58.47 | ▲ +1.81% | ▲ +1.21% | $45.53 (−20.72%) |
Aug 27, 2026 8w ago | Insider Cluster | $49.34 $50.90 | ▼ −3.16% | ▼ −3.67% | $45.53 (+7.72%) |
Aug 26, 2026 8w ago | Insider Cluster | $48.60 $67.97 | ▲ +39.86% | ▲ +38.65% | $45.53 (−6.32%) |
Aug 25, 2026 9w ago | Insider Cluster | $53.69 $51.34 | ▼ −4.38% | ▼ −5.35% | $45.53 (−15.20%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers