EuroDry Ltd. (NASDAQ:EDRY) Q3 2023 Earnings Conference Call November 8, 2023 11:00 AM ET

Company Participants

Aristides Pittas – Chairman and Chief Executive Officer

Tasos Aslidis – Chief Financial Officer

Conference Call Participants

Kristoffer Skeie – Arctic Securities

Brian Yu – Maxim Group

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Limited Conference Call on the Third Quarter 2023 Financial Results. We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session [Operator Instructions] I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed.

Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to Slide number 2 of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it.

And now I would like to pass the floor to Mr. Pittas. Please go ahead, sir.

Aristides Pittas

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Mr. Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three and nine month period ended September 30th. Please turn to Slide 3 of the presentation. Our financial highlights are shown there. For the third quarter of 2023, we reported total net revenues of $10 million and a loss of $0.5 million, or $0.19 loss per basic and diluted share. Adjusted net loss for the quarter was $0.7 million, or $0.24 adjusted loss per basic and diluted share. Adjusted EBITDA for the quarter was $3.1 million. Please refer to the press release for the reconciliation between the adjusted net loss and adjusted EBITDA. Tasos will go over our financial highlights in more detail later on in the presentation.