EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three and nine-month periods ended September 30, 2024. Total net revenues for the quarter of $14.
7 million. Net loss attributable to controlling shareholders, of $4.2 million or $1.
53 loss per share basic and diluted, respectively. Adjusted net loss attributable to controlling shareholders for the quarter of $3.9 million or $1.
42 loss per share basic and diluted, respectively. Adjusted EBITDA for the quarter was $0.5 million.
An average of 13.0 vessels were owned and operated during the third quarter of 2024 earning an average time charter equivalent rate of $13,105 per day. To-date, about $5.
0 million have been used to repurchase 314,337 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022. Recent developments : The Company refinanced two of its loans involving four of its vessels drawing approximately an incremental $16 million thus increasing its cash reserves, extending maturities to 2029 and 2030, respectively, and decreasing interest cost margin. Nine Months 2024 Highlights: Total net revenues of $46.
6 million. Net loss attributable to controlling shareholders was $6.4 million or $2.
34 loss per share basic and diluted. Adjusted net loss1 attributable to controlling shareholders for the period was $7.5 million or $2.
77 adjusted loss per share basic and diluted1, respectivel.
