EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2026 and Announces the order for two Modern 82,000 DWT Kamsarmax Bulk Carriers

ATHENS, Greece, May 20, 2026 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY , the "Company" or "EuroDry")), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2026. First Quarter 2026 Highlights: Total net revenues of $12.8 million. Net income attributable to controlling shareholders, of $0.26 million or $0.09 earnings per share attributable to controlling shareholders basic and diluted. Adjusted net income 1 attributable to controlling shareholders for the quarter of $0.33 million or $0.12 earnings per share attributable to controlling shareholders basic and diluted, which represents the net income attributable to controlling shareholders excluding the unrealized loss on derivatives. Adjusted EBITDA 1 was $4.9 million. An average of 11.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $14,416 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate. To date, about $5.6 million has been used to repurchase 349,330 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022. The Board approved the continuation of the share repurchase plan for a further year in August 2025 and will review it again after a period of twelve months. ____________________________ 1 Adjusted EBITDA, Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry's financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the