United Maritime (USEA) Q1 2026 earnings summary

Executive summary

• Net revenues for Q1 2026 were $7.9 million, nearly flat year-over-year, while net loss narrowed sharply to $0.1 million from $4.5 million in Q1 2025.

• Adjusted net income turned positive at $0.2 million versus an adjusted net loss of $4.4 million a year ago.

• Adjusted EBITDA rose to $3.2 million from $0.9 million year-over-year, reflecting improved operating performance.

• Declared a quarterly cash dividend of $0.10 per share, marking the 14th consecutive quarterly distribution.

Financial highlights

• Time Charter Equivalent (TCE) rate increased to $15,591 per day from $9,953 per day year-over-year.

• Cash and cash equivalents stood at $10.1 million as of March 31, 2026.

• Shareholders' equity was $55.5 million, and long-term debt and related liabilities totaled $89.7 million.

• Daily vessel operating expenses decreased to $6,254 from $6,489 year-over-year.

Outlook and guidance

• Approximately 92% of Q2 2026 available days are fixed at an average TCE of $17,807 per day; full Q2 TCE guidance is $17,957 per day.

• About half of operating days for the remainder of the year are already fixed, providing earnings visibility.

• Addition of a second Capesize vessel expected to further boost TCE and earnings in H2 2026.