EuroDry Ltd. (EDRY): Financial results for 9M 2026
EuroDry Ltd. (EDRY) furnished an SEC Form 6-K — earnings release. INFORMATION CONTAINED IN THIS FORM 6-K REPORT Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by EuroDry Ltd. (the “Company”) on November 11, 2026: EuroDry Ltd. Reports Results for the Quarter and Nine-Month Period Ended September 30, 2026.
How this was made
The 30-second read
Why it matters
The earnings release provides fresh financial metrics and a capital raise, offering traders actionable insight into the company's near‑term valuation.
Market read
Strong earnings and charter rates may drive short‑term buying interest in EDRY and influence related shipping stocks.
What to watch
The new Kamsarmax build relies on bank guarantee financing, introducing execution risk.
EuroDry's Q3 2026 net revenues rose 34.9% to $19,412,804 and 9M 2026 net income attributable to controlling shareholders reached $13,705,548, against losses in the prior-year periods
Q3 and 9M 2026 GAAP net income attributable to controlling shareholders and Adjusted EBITDA both swung from losses or low levels in 2025 to strong positive figures, with TCE rates up 55.3% in Q3 year over year. Cash rose to $50,701,238 at September 30, 2026. The company states that the market softened during October 2026, and no guidance was provided.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, Q3 2026GAAP | $19,412,804 | – | 34.9% |
| Time charter revenue, Q3 2026GAAP | $20,665,518 | – | – |
| Commissions, Q3 2026GAAP | $(1,252,714) | – | – |
| Voyage expenses, net, Q3 2026GAAP | $(78,688) | – | – |
| Vessel operating expenses, Q3 2026GAAP | $5,974,387 | – | – |
| Drydocking expenses, Q3 2026GAAP | $133,328 | – | – |
| Vessel depreciation, Q3 2026GAAP | $2,899,470 | – | – |
| Related party management fees, Q3 2026GAAP | $1,025,998 | – | – |
| General and administrative expenses, Q3 2026GAAP | $778,885 | – | – |
| Total operating expenses, Q3 2026GAAP | $(10,733,380) | – | – |
| Operating income, Q3 2026GAAP | $8,679,424 | – | – |
| Interest and other financing costs, Q3 2026GAAP | $(1,402,468) | – | – |
| Net income, Q3 2026GAAP | $7,327,986 | – | – |
| Net income attributable to controlling shareholders, Q3 2026GAAP | $6,861,878 | – | – |
| Earnings per share attributable to controlling shareholders, basic, Q3 2026GAAP | $2.43 | – | – |
| Earnings per share attributable to controlling shareholders, diluted, Q3 2026GAAP | $2.39 | – | – |
| Adjusted net income attributable to controlling shareholders, Q3 2026non-GAAP | $6,672,905 | – | – |
| Adjusted earnings per share attributable to controlling shareholders, basic, Q3 2026non-GAAP | $2.36 | – | – |
| Adjusted earnings per share attributable to controlling shareholders, diluted, Q3 2026non-GAAP | $2.32 | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $11,337,287 | – | – |
| Average time charter equivalent rate, Q3 2026other | $20,551 per day | – | 55.3% |
| Average number of vessels, Q3 2026other | 11.0 | – | – |
| Vessel operating expenses excluding drydocking per vessel per day, Q3 2026other | $6,917 | – | – |
| General and administrative expenses per vessel per day, Q3 2026other | $770 | – | – |
| Fleet utilization, operational, Q3 2026other | 99.7% | – | – |
| Net revenues, 9M 2026GAAP | $49,904,198 | – | 43.1% |
| Time charter revenue, 9M 2026GAAP | $53,268,749 | – | – |
| Commissions, 9M 2026GAAP | $(3,364,551) | – | – |
| Voyage expenses, net, 9M 2026GAAP | $(1,889,222) | – | – |
| Vessel operating expenses, 9M 2026GAAP | $17,030,715 | – | – |
| Drydocking expenses, 9M 2026GAAP | $900,782 | – | – |
| Vessel depreciation, 9M 2026GAAP | $8,698,410 | – | – |
| Related party management fees, 9M 2026GAAP | $3,108,403 | – | – |
| General and administrative expenses, 9M 2026GAAP | $2,496,195 | – | – |
| Net gain on sale of vessel, 9M 2026GAAP | - | – | – |
| Total operating expenses, 9M 2026GAAP | $(30,345,283) | – | – |
| Operating income (loss), 9M 2026GAAP | $19,558,915 | – | – |
| Interest and other financing costs, 9M 2026GAAP | $(4,438,450) | – | – |
| Net income (loss), 9M 2026GAAP | $14,683,403 | – | – |
| Net income (loss) attributable to controlling shareholders, 9M 2026GAAP | $13,705,548 | – | – |
| Earnings per share attributable to controlling shareholders, basic, 9M 2026GAAP | $4.89 | – | – |
| Earnings per share attributable to controlling shareholders, diluted, 9M 2026GAAP | $4.80 | – | – |
| Adjusted net income attributable to controlling shareholders, 9M 2026non-GAAP | $13,953,146 | – | – |
| Adjusted earnings per share attributable to controlling shareholders, basic, 9M 2026non-GAAP | $4.98 | – | – |
| Adjusted earnings per share attributable to controlling shareholders, diluted, 9M 2026non-GAAP | $4.88 | – | – |
| Adjusted EBITDA, 9M 2026non-GAAP | $27,917,797 | – | – |
| Average time charter equivalent rate, 9M 2026other | $18,501 per day | – | – |
| Average number of vessels, 9M 2026other | 11.0 | – | – |
| Net cash provided by operating activities, 9M 2026GAAP | $22,789,970 | – | – |
Capital returns
- Share repurchase plan of up to $10 million, announced in August 2022: to date about $5.8 million has been used to repurchase 358,130 shares, per the Q3 2026 highlights.
- The Board approved the continuation of the share repurchase plan for a further year in August 2026 and will review it again after twelve months.
- Cash paid for share repurchases in the nine months ended September 30, 2026 was $(501,142) per the cash flow statement.
- At-The-Market program re-established in September and October 2026: $10.7 million raised by issuing 163,753 common shares (approximately 5.4% of outstanding shares) at an average price of $67.54, per the company.
- Proceeds from issuance of common stock, net of commissions paid, in the nine months ended September 30, 2026 were $9,918,949 per the cash flow statement.
- No dividend is mentioned in the filing.
What drove it
- Company explanation for Q3 2026 net revenue growth: increased time charter equivalent rates earned by the vessels, partly offset by a lower average number of vessels owned and operated (11.0 versus 12.0).
- Company explanation for 9M 2026 net revenue growth: increased time charter equivalent rates, partly offset by fewer vessels operated (11.0 versus 12.3).
- Company explanation for higher Q3 2026 vessel operating expenses per day: depreciation of the US dollar and increased cost of vessel supplies because of the war in the Middle East region.
- Company explanation for higher Q3 2026 general and administrative expenses per day: increased cost for the stock incentive plan.
- Company explanation for Q3 2026 voyage expenses turning into a gain: a gain on bunkers, compared with costs related to vessel repositioning and off-hire periods in Q3 2025.
- Company explanation for lower Q3 2026 interest expense: decreased benchmark rates on loans, partly offset by higher average debt.
- Company explanation for the Q3 2026 derivative result: a $0.24 million realized loss and a $0.19 million unrealized gain on forward freight agreement contracts, per the release.
- Net income attributable to the non-controlling interest was $(466,108) in Q3 2026, which the company says represents the income attributable to the 39% ownership of the entities owning M/V Christos K and M/V Maria held by NRP investors.
Concerns
- The company states that the market for its segments softened during October 2026, more so for Panamax/Kamsarmax vessels than for Ultramax ones.
- Vessel operating expenses per vessel per day rose to $6,917 in Q3 2026 from $6,328, which the company attributes to currency movement and the cost of vessel supplies.
- Net revenues in Q3 2026 depend on time charter equivalent rates, which are reported at $20,551 per day in Q3 2026 and $18,501 per day for 9M 2026.
- Fleet size is smaller: 11.0 average vessels in Q3 2026 versus 12.0 in Q3 2025, and 11.0 in 9M 2026 versus 12.3.
- Vessel depreciation and related party management fees declined year over year, mainly because of fewer vessels operated, per the company.
- The fleet profile shows several vessels with time charters ending in November and December 2026, and the Kamsarmax EKATERINI charter runs until January 2027. The filing does not state the rates for the renewals.
- The company's share price exceeded its net asset value per share for a period, per the CEO, and the company raised capital through its ATM program at prices it describes as accretive to NAV.
What to watch
- Time charter equivalent rates for Panamax/Kamsarmax and Ultramax vessels in Q4 2026, given the company's comment on October softening.
- Re-employment terms for the vessels whose time charters end in November and December 2026.
- Vessel operating expenses per day, including the cost of vessel supplies linked to the Middle East war and the US dollar movement.
- Progress of the newbuilding program: 5 vessels under construction, with deliveries from Q2 2027 to Q3 2029 and the refund guarantee for the third Kamsarmax contract.
- Use of ATM proceeds and the remaining share repurchase capacity under the $10 million plan.
- Refinancing and debt repayments of about $11.1 million over the next 12 months, and covenant compliance.
Balance sheet and cash flow
- Cash and cash equivalents: $50,701,238 at September 30, 2026 versus $20,315,532 at December 31, 2025.
- Restricted cash: current $1,193,542 and long term $3,200,000 at September 30, 2026; current $2,156,922 and long term $3,200,000 at December 31, 2025.
- Total assets: $239,058,026 at September 30, 2026 versus $212,100,098 at December 31, 2025.
- Total liabilities: $112,175,741 at September 30, 2026 versus $109,592,766 at December 31, 2025.
- Total shareholders' equity: $126,882,285 at September 30, 2026 versus $102,507,332 at December 31, 2025.
- Vessels, net: $157,351,816 at September 30, 2026 versus $165,890,705 at December 31, 2025. Advances for vessels under construction: $18,306,135 versus $14,386,560.
- CFO commentary: outstanding debt (excluding unamortized loan fees) was $105.7 million at September 30, 2026, and unrestricted and restricted cash was $55.1 million. Scheduled debt repayments including balloon payments over the next 12 months were about $11.1 million (excluding unamortized loan fees). The company states that all loan covenants are satisfied.
- Net cash provided by operating activities: $22,789,970 in 9M 2026 versus $5,171,719 in 9M 2025.
- Net cash used in investing activities: $(4,241,309) in 9M 2026, including $(3,876,407) cash paid for vessels under construction, versus net cash provided of $4,695,921 in 9M 2025.
- Net cash provided by financing activities: $10,873,665 in 9M 2026, including proceeds from long-term bank loans of $22,591,591 and repayment of long-term bank loans of $(20,565,000).
- Net increase in cash, cash equivalents and restricted cash: $29,422,326 in 9M 2026. Cash, cash equivalents and restricted cash at end of period: $55,094,780.
- Newbuilding: a third 82,000 DWT Kamsarmax contract with Hengli Shipbuilding (Dalian) at approximately $37.0 million, scheduled for delivery in Q3 2029, expected to be financed with debt and equity and conditional on a refund guarantee from an acceptable bank. The company states its newbuilding program now consists of five vessels.
Analysis
EuroDry reported Q3 2026 net revenues of $19,412,804, up 34.9% from $14,390,917 in Q3 2025, and 9M 2026 net revenues of $49,904,198, up 43.1% from $34,877,941. The company attributes the growth mainly to higher time charter equivalent rates, which averaged $20,551 per day in Q3 2026 against $13,232 a year earlier (a 55.3% increase as printed), partly offset by a smaller fleet of 11.0 average vessels against 12.0. Time charter revenue for the quarter was $20,665,518 against $15,343,668, and commissions were $(1,252,714) against $(952,751).
Profitability moved sharply. Operating income for Q3 2026 was $8,679,424 against $1,069,179, and net income attributable to controlling shareholders was $6,861,878 against a loss of $(673,477). Basic EPS was $2.43 and diluted EPS was $2.39 in Q3 2026, against $(0.24) in the prior-year quarter. Non-GAAP adjusted EPS was $2.36 basic and $2.32 diluted. Adjusted EBITDA was $11,337,287 against $4,143,359. For 9M 2026, GAAP net income attributable to controlling shareholders was $13,705,548 against a loss of $(7,447,670), and adjusted EBITDA was $27,917,797 against $4,997,290. The 9M 2025 figures include a net gain on sale of vessel of $2,083,596 that does not recur in 2026.
Cost lines were mixed. Vessel operating expenses rose slightly in Q3 to $5,974,387 from $5,893,652, while on a per-day basis they rose to $6,917 from $6,328, which the company links to currency movement and Middle East war-related supply costs. Vessel depreciation fell to $2,899,470 from $3,087,215 and drydocking expenses fell to $133,328 from $1,307,379. Voyage expenses turned into a net gain of $(78,688) in Q3 2026, which the company attributes to a bunker gain. General and administrative expenses per day rose to $770 from $685, which the company attributes to the stock incentive plan. Interest and other financing costs fell to $1,402,468 from $1,707,695, which the company attributes to lower benchmark rates.
The balance sheet strengthened. Cash and cash equivalents rose to $50,701,238 from $20,315,532 at December 31, 2025, and net cash from operations for 9M 2026 was $22,789,970 against $5,171,719. The company raised $10.7 million through its ATM program in September and October 2026 at an average price of $67.54, and reports debt of $105.7 million (excluding unamortized loan fees). Total equity rose to $126,882,285. The company also signed a third Kamsarmax newbuilding contract at approximately $37.0 million with delivery in Q3 2029, and states that its newbuilding program now consists of five vessels.
The filing gives no forward guidance. The CEO describes the market as softer in October, with Panamax/Kamsarmax more affected than Ultramax, while stating that current levels would still generate significant earnings if maintained. The fleet profile shows several time charters ending in November and December 2026, and the filing does not give renewal rates, so the Q4 outlook depends on re-employment rates the company has not disclosed.
Management, verbatim
While the market for our segments has softened a bit during the month of October, more so for Panamax/Kamsarmax vessels than for Ultramax ones, it is still at levels that, if maintained, will generate significant earnings for our fleet.
Aristides Pittas, Chairman and CEO of EuroDry
Our share price reacted to the strength of the shipping rates reaching new highs and exceeding for a certain period our Net Asset Value per share (“NAV”). We took advantage of this development and raised about $10.7m at price levels accretive to NAV.
Aristides Pittas, Chairman and CEO of EuroDry
Adjusted EBITDA during the third quarter of 2026 was $11.3 million compared to $4.1 million achieved for the third quarter of last year.
Tasos Aslidis, Chief Financial Officer of EuroDry
Not in the filing
stated, not guessed- No forward guidance for revenue, operating expenses, tax rate or any other metric is printed in the filing.
- No revenue or segment breakdown by business line or geography is printed beyond the vessel-level fleet profile.
- Prior-quarter (Q2 2026) figures are not printed, so sequential changes cannot be stated.
- Year-over-year percentage changes are not printed for most line items, including operating income, net income, EPS and adjusted EBITDA.
- Prior-year figures are not printed for the balance sheet at September 30, 2025. The prior-year balance sheet column is December 31, 2025.
- Share price reaction, analyst estimates and consensus are not in the document.
- The net asset value per share figure is not printed.
- Debt and cash figures on the balance sheet are not given as a single total. The CFO's $105.7 million debt figure and $55.1 million cash figure are quoted as printed.
- Renewal rates for vessels whose time charters end in November and December 2026 are not printed.
- Dividend information is not printed.
- Period-end for the 9M 2025 comparison of net gain on sale of vessel shows a dash for 2026, which is printed as '-' and is not a numeric value.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
EuroDry Ltd. (NASDAQ: EDRY) is a dry‑bulk vessel owner/operator reporting its Q3 2026 earnings via a Form 6‑K filing.
Ticker impact
EuroDry reported Q3 and nine‑month 2026 results with net revenue of $19.4M, net income $6.9M and a $10.7M ATM equity raise.
likely upward pressure as market prices in higher earnings and cash balance
Revenue and earnings exceeded prior period, charter rates up 55%, and the company raised capital at accretive prices, supporting a bullish bias.
Market effects
Dry‑bulk shipping sector may see broader optimism if charter rates remain elevated.
Greek‑registered shipping firms could benefit from similar rate environments.
Limited to shipping and maritime investors; no immediate macro spillover.
Counterpoint
Higher operating costs and a modest fleet size could cap upside; watch for potential rate softening.
Key entities
- companyEuroDry Ltd.
Dry‑bulk shipping operator listed on NASDAQ.
- companyHengli Shipbuilding
Shipbuilder contracted for a new Kamsarmax vessel.
