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USEA

United Maritime Corporation

USEA

United Maritime Corporation • NASDAQ
$1.72 ▲ 2.38% (+0.04)
Market Cap $15.83 M
52w High $2.05
52w Low $1.00
Dividend Yield 0.13%
P/E -2.42
Volume 51.80K
Outstanding Shares 9.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.966M ▼ $2.122M ▲ $1.066M ▲ 9.721% ▲ $0.12 ▲ $2.997M ▲
Q2-2025 $12.473M ▲ $1.521M ▲ $962K ▲ 7.713% ▲ $0.11 ▲ $2.789M ▲
Q1-2025 $7.754M ▼ $1.241M ▼ $-4.485M ▼ -57.841% ▼ $-0.52 ▼ $-560.5K ▼
Q4-2024 $10.832M ▼ $2.145M ▲ $-1.821M ▼ -16.811% ▼ $-0.21 ▼ $-507K ▼
Q3-2024 $11.566M $860K $-894K -7.73% $-0.1 $4.571M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $20.122M ▲ $144.196M ▼ $83.122M ▼ $61.074M ▲
Q2-2025 $3.048M ▼ $161.081M ▼ $100.808M ▼ $56.725M ▲
Q1-2025 $3.392M ▼ $169.377M ▼ $113.754M ▲ $55.623M ▼
Q4-2024 $6.412M ▼ $172.073M ▼ $111.985M ▼ $60.088M ▼
Q3-2024 $11.411M $179.527M $117.062M $62.465M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.066M ▲ $0 $0 $0 $0 $0
Q2-2025 $978K ▲ $0 $0 $0 $0 $0
Q1-2025 $-4.485M ▼ $0 $0 $0 $0 $0
Q4-2024 $-1.821M ▼ $0 $0 $0 $0 $0
Q3-2024 $-894K $0 $0 $0 $0 $0

Revenue by Products

Product Q2-2023
Time Charter
Time Charter
 $10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been inching up from a very low base, but the business is still quite small in scale. Profitability has been volatile: there was a standout profitable year shortly after listing, followed by results that hover around break‑even with a recent move back into loss territory per share. This pattern suggests a company still very sensitive to freight rates, vessel deployment, and one‑off items such as asset sales, rather than one with steady, repeatable earnings. Margins look thin and inconsistent, which is common in shipping but still a sign that results can swing quickly with market conditions.

Balance Sheet

Balance Sheet The balance sheet shows a modest asset base, largely tied up in vessels, with debt playing a meaningful role in funding that fleet. Equity has grown but remains limited, so the financial cushion against prolonged downturns is not especially thick. Cash on hand is relatively low compared with total assets and debt, which means liquidity management is important. The structure looks typical for a small shipping company: asset‑heavy, reliant on borrowing, and exposed if charter rates weaken for a long period.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has hovered around break‑even, without a clear, sustained trend of strong positive inflows. In the earlier growth phase, the company spent heavily on its fleet, which pushed free cash flow into negative territory for several years. More recently, investment spending appears to have slowed, and free cash flow looks closer to neutral. This shift hints that the company is moving from a heavy build‑out phase toward a period where it needs its existing fleet to pay for itself and support debt, rather than relying on continual outside funding.

Competitive Edge

Competitive Edge United Maritime operates in a very cyclical, highly competitive dry bulk shipping market, where many players offer broadly similar services and freight rates can move sharply with global trade and commodity demand. As a relatively small player, it does not appear to have a strong pricing advantage or a dominant market share. Its main competitive angle is a focus on operational efficiency and a younger, more fuel‑efficient fleet. This can help lower running costs and appeal to charterers that care about emissions and reliability. Still, these advantages are incremental rather than decisive, and competitors can potentially adopt similar strategies over time.

Innovation and R&D

Innovation and R&D The company is not a heavy researcher in the traditional sense, but it is leaning into applied technology. Its investment in an AI‑driven maritime software platform and the integration of at least one vessel into an AI performance‑monitoring system show a practical, partnership‑based approach to innovation. The real test will be whether these tools are rolled out across more ships and whether they deliver visible savings in fuel, maintenance, and downtime. Fleet renewal—selling older vessels and buying newer, more efficient ones—is another form of “innovation” here, aimed at keeping operating costs down and meeting stricter environmental rules rather than inventing new products.

Summary

Overall, United Maritime looks like a small, asset‑heavy shipping company that is still in the early stages of its public life and refining its strategy. Financial results have been uneven, with one very strong profit year surrounded by periods of marginal or negative earnings, reflecting the swings of the shipping market and the impact of fleet transactions. The balance sheet and cash flows are typical for the sector: meaningful debt, modest equity, and a strong dependence on how well the fleet is employed and at what rates. The company’s push into AI‑assisted operations and fleet modernization is a clear effort to carve out an efficiency edge, but it is still early, and the durability of any advantage remains to be proven. Key aspects to watch include the stability of earnings through shipping cycles, the company’s ability to keep debt manageable, the actual benefits realized from AI and fleet renewal, and how effectively it can convert a modern, tech‑enabled fleet into steadier, more predictable cash flows over time.