EuroDry Ltd. (NASDAQ: EDRY) reported net income attributable to controlling shareholders of $0.26 million, or $0.09 per share, for the first quarter of 2026, compared to a net loss of $3.7 million, or $1.35 per share, in the same period of 2025.

The Athens-based drybulk vessel operator generated total net revenues of $12.8 million in the first quarter, representing a 38.9% increase from $9.2 million in the prior year period. The company operated an average of 11.0 vessels during the quarter, earning an average time charter equivalent rate of $14,416 per day, compared to 12.8 vessels earning $7,167 per day in the first quarter of 2025.

Adjusted EBITDA for the quarter was $4.9 million, compared to negative $1.0 million in the first quarter of 2025. Vessel operating expenses decreased to $5.5 million from $6.6 million in the corresponding period of 2025, primarily due to fewer vessels in the fleet.

The company announced it has signed contracts with Hengli Shipbuilding (Dalian) for two 82,000 DWT Kamsarmax bulk carriers. The vessels are scheduled for delivery during the first and second quarters of 2028, with total consideration of approximately $74.0 million. The contracts are conditional upon receiving a refund guarantee from an acceptable bank.

EuroDry continued its share repurchase program, having used approximately $5.6 million to buy back 349,330 shares under its $10 million authorization announced in August 2022. As of March 31, 2026, the company had outstanding debt of $100.9 million and cash and restricted cash of approximately $24.9 million.

The company currently operates 11 drybulk vessels with a total cargo capacity of 766,420 deadweight tons. After delivery of four newbuilding vessels between 2027 and 2028, the fleet will consist of 15 vessels with total carrying capacity of 1,050,420 deadweight tons.