EuroDry Ltd. (NASDAQ:EDRY) reported Q1 2026 net income of $0.26 million, or $0.09 per share, a turnaround from a loss last year. Analysts forecast full-year EPS of $3.02.
Total net revenues reached $12.8 million, a 38.9% increase year-over-year. Average time charter equivalent rate rose to $14,416 per day from $7,167.
The company ordered two 82,000 DWT Kamsarmax bulk carriers from Hengli Shipbuilding, scheduled for delivery in Q1 and Q2 2028. The total cost is about $74 million, financed with debt and equity.
Vessel operating expenses fell to $5.5 million. Outstanding debt stood at $100.9 million against $24.9 million in cash.
EuroDry operates 11 vessels with 766,420 dwt capacity. After deliveries in 2027 and 2028, the fleet will grow to 15 vessels.
