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Visual22 Oct 2025
Epiroc's cash spent on M&A
United Maritime (USEA) investor relations material
United Maritime Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2025
Executive summary
Net revenues for Q2 2025 reached $12.5M, nearly flat year-over-year; H1 2025 net revenues were $20.2M, down from $23.0M.
Q2 2025 net income was $1M, up from $0.7M in Q2 2024; H1 2025 saw a net loss of $3.5M versus a $0.7M loss in H1 2024.
Adjusted EBITDA for Q2 2025 was $5.1M; EBITDA was $5.9M.
Board declared 11th consecutive quarterly dividend of $0.03 per share, totaling $1.65 per share since November 2022.
Increased equity stake in offshore ECV project to 32%, resulting in full consolidation and a $1.3M accounting profit.
Financial highlights
Q2 2025 TCE rate was $15,421/day, down from $17,143/day in Q2 2024; Q2 net revenue was $12.5M, nearly unchanged year-over-year.
Daily vessel operating expenses decreased to $6,173 in Q2 2025 from $6,538 in Q2 2024.
Cash and cash equivalents at June 30, 2025, were $3.4M; shareholders' equity was $60.3M; long-term debt was $83.8M.
Net cash from operations in H1 2025 was $400K; $14.9M used in investing and $7.6M in financing.
Net book value of fleet at June 30, 2025, was $134.6M.
Outlook and guidance
68% of Q3 2025 operating days fixed at a TCE of $15,495/day; projected Q3 TCE is $14,707/day.
All vessels expected to be on index-linked charters in Q4 2025, providing full market exposure.
Significant cash inflow expected in Q3 from vessel sale, with net proceeds of ~$17.9M.
Management expects continued dry bulk market strength into 2026, citing tight supply and robust cargo flows.
ECV debt financing terms and expected advance?
What type of vessels for fleet replacement?
Impact of China/India coal policy on H2 Panamax?
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Next United Maritime earnings date
Q3 202525 Nov, 2025
Next United Maritime earnings date
Q3 202525 Nov, 2025
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Frequently asked questions
United Maritime Corporation is an international shipping company that specializes in the seaborne transportation of dry bulk commodities. The company operates a fleet consisting of multiple types of vessels, including Capesize, Panamax, and Kamsarmax ships, which are primarily used to transport large quantities of dry bulk goods such as iron ore, coal, and grains. The company is headquartered in Glyfada, Greece, and its shares are listed on the NASDAQ.
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