Revenue growth remains highly erratic, evidenced by a 38.9% surge in 2026Q1 following a period of significant contraction, while operating margins remain pressured by fixed costs that fluctuated between 46.0% and -25.6% over the last nine quarters.
| Sales/Revenue | 55.84M | 52.26M | 61.08M | 47.59M | 70.18M | 64.44M | 22.29M | 27.24M | 24.52M | 19.16M | 7.88M |
| Revenue Growth % | -0.04% | -14.44% | 28.35% | -32.19% | 8.91% | 189.12% | -18.18% | 11.09% | 28% | 143.15% | - |
| Cost of Goods Sold | 43.07M | 45.85M | 40.27M | 39.12M | 32.88M | 20.47M | 20.72M | 20.02M | 15.02M | 14.07M | 8.22M |
| COGS % of Revenue | - | 87.73% | 65.93% | 82.2% | 46.85% | 31.76% | 92.96% | 73.48% | 61.23% | 73.47% | 104.32% |
| Gross Profit | 12.77M | 6.41M | 20.81M | 8.47M | 37.3M | 43.98M | 1.57M | 7.22M | 9.51M | 5.08M | -340.73K |
| Gross Margin % | 22.87% | 12.27% | 34.07% | 17.8% | 53.15% | 68.24% | 7.04% | 26.52% | 38.77% | 26.53% | -4.32% |
| Gross Profit Growth % | - | -69.18% | 145.7% | -77.29% | -15.18% | 2702.99% | -78.28% | -24% | 87.03% | 1591.83% | - |
| Operating Expenses | 7.64M | 7.58M | 24.15M | 6.88M | 3.18M | 5.09M | 4.31M | 4.22M | 5.51M | 2.45M | 1.58M |
| OpEx % of Revenue | - | 14.51% | 39.54% | 14.45% | 4.54% | 7.89% | 19.34% | 15.48% | 22.48% | 12.81% | 20.04% |
| Selling, General & Admin | 5.46M | 7.58M | 7.48M | 6.88M | 3.07M | 5.09M | 2.29M | 2.25M | 5.51M | 2.45M | 1.58M |
| SG&A % of Revenue | - | 14.51% | 12.25% | 14.45% | 4.38% | 7.89% | 10.28% | 8.27% | 22.48% | 12.81% | 20.04% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 16.67M | 0 | 111.55K | 0 | 2.02M | 1.96M | 0 | 0 | 0 |
| Operating Income | 5.13M | -1.17M | -3.35M | 1.59M | 34.12M | 38.89M | -2.74M | 3.01M | 3.99M | 2.63M | -8.97M |
| Operating Margin % | 9.19% | -2.24% | -5.48% | 3.35% | 48.61% | 60.35% | -12.3% | 11.04% | 16.29% | 13.72% | -113.85% |
| Operating Income Growth % | - | 65.01% | -309.96% | -95.33% | -12.27% | 1518.74% | -191.14% | -24.69% | 51.94% | 129.31% | - |
| EBITDA | 17.3M | 11.57M | 10.53M | 12.56M | 44.87M | 46.84M | 3.82M | 9.47M | 9.81M | 7.62M | -4.67M |
| EBITDA Margin % | 30.98% | 22.14% | 17.24% | 26.39% | 63.94% | 72.69% | 17.12% | 34.75% | 40.02% | 39.8% | -59.27% |
| EBITDA Growth % | 100.37% | 9.88% | -16.15% | -72.01% | -4.21% | 1127.87% | -59.7% | -3.54% | 28.71% | 263.27% | - |
| D&A (Non-Cash Add-back) | 12.17M | 12.74M | 13.88M | 10.97M | 10.76M | 7.95M | 6.56M | 6.46M | 5.82M | 5M | 4.3M |
| EBIT | 7.38M | -1.17M | -549.44K | 3.2M | 37.4M | 33.49M | -3.55M | 3.53M | 4.03M | 2.67M | -8.98M |
| Net Interest Income | -6.38M | -6.67M | -7.85M | -5.59M | -3.81M | -2.33M | -2.33M | -3.49M | -2.9M | -1.82M | -1.16M |
| Interest Income | 216.83K | 206.7K | 103.52K | 897.62K | 46.3K | 10.48K | 4.09K | 22.22K | 14.08K | 0 | 53 |
| Interest Expense | 6.59M | 6.88M | 7.96M | 6.49M | 3.85M | 2.34M | 2.33M | 3.51M | 2.91M | 1.82M | 1.16M |
| Other Income/Expense | -4.5M | -2.62M | -7.22M | -4.88M | -574.05K | -7.74M | -3.14M | -2.99M | -2.87M | -1.78M | -1.17M |
| Pretax Income | 635.62K | -3.79M | -10.57M | -3.28M | 33.54M | 31.15M | -5.88M | 16.5K | 1.12M | 849.7K | -10.14M |
| Pretax Margin % | 1.14% | -7.25% | -17.3% | -6.9% | 47.79% | 48.34% | -26.37% | 0.06% | 4.57% | 4.44% | -128.71% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -304.76K | -4.26M | -9.66M | -2.91M | 33.54M | 31.15M | -5.88M | 16.5K | 1.12M | 849.7K | -10.14M |
| Net Margin % | -0.55% | -8.16% | -15.81% | -6.11% | 47.79% | 48.34% | -26.37% | 0.06% | 4.57% | 4.44% | -128.71% |
| Net Income Growth % | 97.37% | 55.84% | -231.94% | -108.67% | 7.67% | 630.02% | -35729.88% | -98.53% | 31.78% | 108.38% | - |
| Net Income (Continuing) | 635.62K | -3.79M | -10.57M | -3.28M | 33.54M | 31.15M | -5.88M | 16.5K | 1.12M | 849.7K | -10.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.39M | 9.23M | 8.85M | 9.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | -1.55 | -3.54 | -1.05 | 11.61 | 11.54 | -3.61 | -1.55 | 0.50 | 0.38 | -4.50 |
| EPS Growth % | 96.97% | 56.21% | -237.14% | -109.04% | 0.61% | 419.67% | -132.9% | -410% | 31.58% | 108.44% | - |
| EPS (Basic) | - | -1.55 | -3.54 | -1.05 | 11.66 | 11.63 | -3.61 | -1.55 | 0.50 | 0.38 | -4.50 |
| Diluted Shares Outstanding | 2.8M | 2.76M | 2.73M | 2.76M | 2.89M | 2.55M | 2.28M | 2.25M | 2.23M | 2.25M | 2.25M |
| Basic Shares Outstanding | 2.8M | 2.76M | 2.73M | 2.76M | 2.88M | 2.53M | 2.28M | 2.25M | 2.23M | 2.21M | 2.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Charter Rate Volatility
As reported in recent financial statements, EuroDry's revenue trajectory remains highly erratic, characterized by a 38.9% growth spike in 2026Q1 following a period of significant contraction, reflecting the inherent sensitivity of the company's spot-market-exposed fleet to shifting global dry bulk demand and seasonal charter rate fluctuations.
The top-line performance appears heavily dependent on the timing of vessel employment rather than consistent organic growth. Investors should monitor whether the recent revenue recovery is sustainable or merely a temporary byproduct of vessel positioning, as the lack of long-term contract coverage leaves the company vulnerable to sudden market downturns.
Based on the company's reported figures, gross margins have fluctuated wildly between a high of 46.0% and a low of -25.6%, indicating that EuroDry's profitability is structurally compromised by high fixed vessel operating expenses that fail to scale efficiently during periods of depressed freight rates.
The persistent inability to maintain positive operating margins suggests that the current fleet size may be insufficient to absorb the fixed costs of public company operations. This margin compression warrants further investigation into whether the company's reliance on third-party management provides enough cost flexibility to survive prolonged cyclical troughs.
According to recent SEC filings, EuroDry's net income is frequently distorted by significant non-cash charges, including vessel depreciation and dry-docking amortization, which often result in a disconnect between reported net income and the actual cash-generating capacity of the underlying shipping assets during volatile periods.
The presence of stock-based compensation, while relatively modest, adds another layer of complexity to evaluating true economic earnings. Analysts should focus on cash-flow-based metrics rather than headline EPS, as the latter appears to be a poor proxy for the company's ability to fund future fleet renewals.
While the company's low debt-to-equity ratio provides a theoretical floor, the persistent negative net margins suggest that EuroDry may be trapped in a value-destructive cycle where the cost of maintaining the fleet exceeds the cash flow generated by current charter market conditions.
Short-sellers might argue that the company's reliance on asset-heavy operations without sufficient scale makes it a perpetual candidate for equity dilution. Investors should monitor whether management will eventually be forced to monetize the fleet to preserve capital if the current operating losses continue to erode the cash position.
Quick answers to the most common questions about buying EDRY stock.
For fiscal year 2025, EuroDry Ltd. (EDRY) reported total revenue of $52.3M. This represents a 563.3% increase compared to $7.9M in 2016.
EuroDry Ltd. (EDRY) reported a net loss of $4.3M for the fiscal year ending 2025.
EuroDry Ltd. (EDRY) reported an operating income of $-1.2M, resulting in an operating profit margin of -2.2%. This margin reflects the operational efficiency of the business before interest and taxes.
EuroDry Ltd. (EDRY) generated $6.4M in gross profit for the year, representing a gross profit margin of 12.3%. This demonstrates the company's core pricing power and production efficiency.