United Maritime Corp · Q1 2026 earnings

Briefing

United Maritime narrows Q1 net loss to $139K on stronger dry-bulk TCE and declares its 14th consecutive $0.10 dividend

United Maritime Corporation reported first-quarter 2026 net vessel revenue of $7.9 million, roughly flat versus $7.8 million a year earlier, while net loss improved sharply to $0.1 million from $4.5 million in Q1 2025. Fleet time-charter equivalent rose 57% to $15,591 per day from $9,953, driving adjusted EBITDA to $3.2 million from $0.9 million and adjusted net income of $0.2 million versus an adjusted loss of $4.4 million. Cash and restricted cash stood at $10.1 million at March 31, 2026, with shareholders' equity of $55.5 million against $89.7 million of long-term debt and finance leases. Management guided Q2 2026 TCE to approximately $17,957 per day with about 92% of available days already fixed near $17,807, and expects the pending Capesize Squireship delivery to lift second-half earnings.

• Net loss narrowed to $139K from $4.5M YoY; adjusted net income turned positive at $199K
• Fleet TCE rose 57% to $15,591/day; adjusted EBITDA reached $3.2M versus $0.9M prior year
• Declared $0.10/share quarterly dividend — 14th consecutive payout since November 2022
• Cash and restricted cash of $10.1M; fleet book value $130.2M after Capesize expansion
• Q2 TCE guidance ~$17,957/day with 92% of operating days fixed at ~$17,807

Headline financials

Revenue & EPS history

Management expects Q2 2026 fleet TCE of approximately $17,957 per day, with about 92% of expected operating days already fixed at an estimated $17,807 per day, and anticipates further earnings uplift from the second Capesize delivery in the second half.