EuroDry Ltd. (EDRY) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 24, 2025 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by, ladies and gentlemen. Welcome to the EuroDry Ltd. Conference Call on the Fourth Quarter 2024 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 listen-only mode. [Operator Instructions] I must advise you that this conference call 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'd 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'd kind of draw your attention to Slide number 2 of the webcast presentation, which has the full forward-looking statement, and the same statement which also included in the press release. Please take a moment to go through the whole statement and read it.

And now, I'd like to pass the floor over 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 12-month period ended December 31, 2024.

Please turn to Slide 3 of the presentation. Our financial highlights are shown here. For the fourth quarter of 2024, we reported total net revenues of $14.5 million and a net loss attributable to controlling shareholders of $3.3 million or $1.20 loss per basic and diluted share. Adjusted net loss attributable to controlling shareholders for the quarter was $0.7 million or $0.25 per basic and diluted share. Adjusted EBITDA for the period was $4.8 million.

The single biggest loss for the quarter was the $2.8 million [paper loss] (ph) which we incurred by recognizing an impairment on one elder vessel which we had purchased at a relatively high price. Please refer to the press release for the detailed reconciliation of adjusted net loss and adjusted EBITDA. Our CFO, Tasos Aslidis, will go over the financial highlights in more detail later on in the presentation.