NASDAQ$USEA
United Maritime Corp · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Q2 net income $1.0M on $12.5M revenue; TCE rebounds 55% to $15,421/day
United Maritime reported Q2 2025 net revenues of $12.5 million, roughly flat year over year, with net income of $1.0 million ($0.11 basic EPS) compared to $0.7 million ($0.08 EPS) in Q2 2024. Adjusted net income was $0.2 million and adjusted EBITDA $5.1 million. Fleet time-charter equivalent (TCE) rebounded sharply to $15,421 per day, up 55% from Q1 2025 and down modestly from $17,143 in Q2 2024. The company declared an 11th consecutive quarterly dividend of $0.03 per share. United completed the sale of its oldest Capesize (M/V Gloriuship) and agreed to sell M/V Tradership, expected to release ~$17.9M in liquidity after debt repayment. Six-month net loss was $3.5M reflecting Q1 weakness.
- Q2 net revenues $12.5M; net income $1.0M ($0.11 EPS); adjusted EBITDA $5.1M
- Fleet TCE $15,421/day (+55% vs Q1); average daily OPEX $6,332 vs $6,812 prior year
- Declared $0.03/share quarterly dividend — 11th consecutive distribution ($1.65/share since Nov 2022)
- Sold M/V Gloriuship; agreed to sell M/V Tradership for aggregate $32.8M gross (~$17.9M net liquidity)
- Increased ECV newbuilding stake to ~32%; Q3 TCE outlook ~$14,707 with 68% of days fixed at ~$15,495/day
Headline financials
Revenue & EPS history
United Maritime · Revenue · Quarterly
$12.5M
Forward guidance
Q3 2025 TCE expected ~$14,707 based on current FFA curve; ~68% of available operating days fixed at ~$15,495/day. Q4 2025 operating days 100% open on index-linked rates.
Tailwinds
- Dry bulk market rebound supporting higher TCE vs Q1
- Vessel sales releasing liquidity for fleet modernization and ECV investment
Headwinds
- Six-month net loss of $3.5M; cash only $3.4M at June 30
- Long-term debt and lease liabilities of $83.8M net of deferred costs
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q2 2025
-0.2%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+4.2%
Avg return
30 days after
64%
9 / 14 earnings
Positive
+8.4%
Q4 2022
Best reaction
-12.8%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | +3.0% | -2.5% | +3.4% | |
| Q3 2025 | +2.9% | +1.6% | +20.3% | |
| Q2 2025 | +0.8% | -1.3% | +5.7% | |
| Q1 2025 | +2.4% | -3.9% | +18.1% | |
| Q4 2024 | -12.8% | -20.2% | -36.7% | |
| Q3 2024 | -5.3% | -2.9% | -11.0% | |
| Q2 2024 | +0.8% | +0.8% | +5.6% | |
| Q1 2024 | +2.2% | -2.0% | -4.0% | |
| Q4 2023 | -9.5% | -4.9% | -1.1% | |
| Q3 2023 | +8.3% | +14.6% | +26.3% | |
| Q2 2023 | -3.1% | -1.2% | -7.2% | |
| Q1 2023 | -0.7% | +11.1% | +1.5% | |
| Q4 2022 | +8.4% | +12.1% | -1.7% | |
| Q3 2022 | +0.3% | +3.8% | +39.8% |
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