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United Maritime
United Maritime (USEA) investor relations material
United Maritime Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Mar, 2026
Executive summary
Net revenues for Q4 2025 were $6.6 million, with EBITDA of $1.5 million and a net loss of $3.8 million, reflecting a transitional year focused on fleet optimization and strategic asset reallocation.
Full-year 2025 net revenue totaled $37.8 million, adjusted EBITDA $12.9 million, and net loss $6.2 million, driven by lower TCE rates and reduced fleet size.
Thirteenth consecutive quarterly dividend declared, with cumulative cash dividends of $1.84 per share since November 2022 and $0.23 per share for 2025; 67,665 shares repurchased in Q4 2025.
Strategic divestments and acquisitions, including the sale of Kamsarmax Cretansea and Energy Construction Vessel, and investments in two Capesize vessels totaling $62 million, are expected to enhance earnings and cash flow.
Capital reallocation from asset sales and offshore project divestment supported fleet expansion and improved liquidity.
Financial highlights
Q4 2025 net revenue was $6.6 million, down year-over-year due to fleet reduction and softer Panamax market.
Adjusted EBITDA for Q4 was $1.5 million; net loss of $3.8 million due to market conditions and vessel impairment.
TCE rate for Q4 2025 was $14,129 per day, nearly flat year-over-year; full-year TCE was $13,565 per day, down from $15,719 in 2024.
Year-end cash position was $14.6 million; total assets $138 million; stockholders' equity $56 million; long-term debt $64.8 million.
Daily vessel operating expenses improved to $6,338 for 2025 from $6,616 in 2024.
Outlook and guidance
Q1 2026 TCE expected at $15,230 per day, with 92% of available days fixed, providing revenue certainty.
Addition of Capesize vessels with fixed rates through 2026 enhances earnings and cash flow visibility.
Panamax market fundamentals remain solid, and contracted employment provides near-term cash flow stability.
Market conditions have strengthened since end of 2025, with an encouraging outlook for coming quarters.
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Next United Maritime earnings date
Q1 202618 May, 2026
United Maritime
Next United Maritime earnings date
Q1 202618 May, 2026
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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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