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United Maritime (USEA) investor relations material
United Maritime Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved net income of $1.1 million in Q3 2025, reversing a net loss of $0.9 million in Q3 2024; nine-month net loss widened to $2.4 million from $1.6 million year-over-year.
Declared a quarterly cash dividend of $0.09 per share, marking the 12th consecutive quarterly distribution and totaling $1.74 per share since November 2022.
Completed profitable sale of two older Capesize vessels, releasing $18.8 million in liquidity after debt repayment.
Made a $0.5 million pre-seed investment in an AI-driven maritime technology platform to enhance ship management efficiency.
Financial highlights
Q3 2025 net revenues were $11.0 million, down from $11.6 million in Q3 2024; nine-month net revenues were $31.2 million, down from $34.6 million year-over-year.
Adjusted net income for Q3 2025 was $1.6 million, compared to an adjusted net loss of $0.3 million in Q3 2024.
Adjusted EBITDA for Q3 2025 was $5.4 million, up from $5.2 million in Q3 2024; nine-month adjusted EBITDA was $11.4 million, down from $15.2 million year-over-year.
Q3 2025 EPS was $0.12 (basic and diluted), compared to a loss per share of $0.10 in Q3 2024.
Cash and cash equivalents as of September 30, 2025, stood at $20.1 million.
Outlook and guidance
Approximately 62% of Q4 2025 operating days fixed at a TCE rate of $14,881; overall Q4 TCE expected to be about $15,040 based on current FFA rates.
Management remains optimistic about dry bulk market prospects, especially for Panamax/Kamsarmax segments, citing strong coal and grain flows and moderate orderbook.
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Next United Maritime earnings date
Q4 202520 Feb, 2026
Next United Maritime earnings date
Q4 202520 Feb, 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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