United Maritime (USEA) Q2 2025 earnings summary

Executive summary

• Net revenues for Q2 2025 were $12.5 million, nearly flat year-over-year; H1 2025 net revenues totaled $20.2 million, down from $23.0 million.

• Q2 2025 net income was $1 million, up from $0.7 million in Q2 2024; H1 2025 saw a net loss of $3.5 million versus a $0.7 million loss in H1 2024.

• Adjusted EBITDA for Q2 2025 was $5.1 million; EBITDA was $5.9 million.

• Declared 11th consecutive quarterly dividend of $0.03 per share, totaling $1.65 per share since November 2022.

• Increased equity stake in offshore energy construction vessel project to 32%, resulting in full consolidation and a $1.3 million accounting profit.

Financial highlights

• Q2 2025 TCE rate was $15,421/day, down from $17,143/day in Q2 2024; H1 2025 TCE was $12,744/day, down from $16,187/day.

• Daily vessel operating expenses decreased to $6,173 in Q2 2025; H1 2025 average was $6,332.

• Cash and cash equivalents at June 30, 2025, were $3.4 million; shareholders' equity was $60.3 million; long-term debt and related liabilities were $83.8 million.

• Net cash provided by operating activities in H1 2025 was $400,000, with $14.9 million used in investing and $7.6 million used in financing.

• Q2 2025 basic EPS was $0.11, up from $0.08 in Q2 2024; H1 2025 basic EPS was $(0.40), down from $(0.08) in H1 2024.

Outlook and guidance

• For Q3 2025, 68% of operating days fixed at $15,495/day; overall Q3 TCE guidance is $14,707/day.

• 100% of Q4 2025 operating days remain open on index-linked rates, maximizing market exposure.

• Management expects continued dry bulk market strength into 2026, citing tight supply and robust cargo flows.

• Significant cash inflow expected in Q3 from vessel sale proceeds.