The Q2 results confirm a powerful cyclical upswing in drybulk rates, fully flowing through to earnings. With spot and forward rates remaining elevated into Q3 and the share buyback program extended, look for continued strong cash generation. Monitor the $22M in scheduled debt repayments over the next 12 months and the pending newbuild deliveries.
Price Chart
Executive Summary
EuroDry reported a transformative Q2 2026: net income of $6.6M vs. a $3.07M loss a year ago, on a 57% revenue surge to $17.7M, driven by a near-doubling of average TCE rates to $20,398/day. The strong drybulk market boosted operating cash flow to $12.5M. A $19M refinancing term sheet was signed for M/V Ekaterini. The $77M market cap company swung sharply to profitability from the prior year's weakness.
Key Facts
- Q2 2026 net income attributable to controlling shareholders of $6.6M vs. net loss of $3.07M in Q2 2025
- Total net revenues of $17.7M, up 57.0% from $11.3M in Q2 2025
- Average TCE rate of $20,398/day, up 95.6% from $10,428/day in Q2 2025
- Adjusted EBITDA of $11.7M vs. $1.9M in Q2 2025
- Basic EPS of $2.36 vs. loss per share of $1.12 in Q2 2025
- Operating cash flow of $12.5M for H1 2026 vs. $0.4M in H1 2025
- Signed term sheet for $19M loan to refinance M/V Ekaterini on July 28, 2026
- Board continued $10M share repurchase plan for another year; $5.8M utilized to date on 358,130 shares
- Fleet of 11 vessels with four newbuilds on order for delivery 2027-2028
Financial Impact
Net income swing of ~$9.7M YoY in Q2; revenue increase of ~$6.4M; operating cash flow improvement of ~$12.1M in H1
Risk Factors
- Drybulk market rates are volatile and could decline from current elevated levels
- Debt maturities of ~$22M over next 12 months require refinancing or cash outflows
- Forward freight agreements show unrealized losses of $0.4M in H1 2026
- Fleet count decreased to 11 vessels from 12.4 average in H1 2025, limiting absolute revenue growth capacity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001317861-26-000038 |
| Document: 0001317861-26-000038-index-headers.html | 0001317861-26-000038 |
| Document: 0001317861-26-000038-index.html | 0001317861-26-000038 |
| Document: 0001317861-26-000038.txt | 0001317861-26-000038 |
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
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