United Maritime Corp
For the period ended May 23, 2025. Filed May 23, 2025.
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May 23, 2025 · Filed May 23, 2025
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EX-99.1 · Other Highlights and Developments:
Other Highlights and Developments:
| ◾ | Consistent Shareholder Returns: Declared a quarterly cash dividend of $0.01 per share for Q1 2025, marking the tenth consecutive quarterly distribution. Since initiating its capital return program in November 2022, United has declared total cash dividends of $1.62 per share, or $12.9 million in aggregate distributions. |
| ◾ | Strategic Diversification Through Offshore Investment: Increased our equity stake in the newbuilding Energy Construction Vessel (“ECV”) joint venture, advancing our broader strategy to diversify earnings and risk exposure. This investment enhances our positioning in a sector supported by rising asset values and favorable market dynamics. |
May 22, 2025 - Glyfada, Greece– United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the first quarter ended March 31, 2025. The Company also declared a quarterly dividend of $0.01 per common share for the first quarter of 2025.
1 Adjusted loss per share, Adjusted Net loss, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted loss per share, Adjusted Net loss, EBITDA and Adjusted EBITDA to net loss, the most directly comparable U.S. GAAP measure.
For the quarter ended March 31, 2025, the Company generated Net Revenues of $7.8 million compared to $10.6 million in the first quarter of 2024. Adjusted EBITDA for the quarter was $0.9 million, compared to $3.7 million for the same period of 2024. Net Loss and Adjusted Net Loss for the quarter were $4.5 million and $4.4 million, respectively, compared to Net Loss and Adjusted Net Loss of $1.3 million and $1.1 million in the first quarter of 2024. The Time Charter Equivalent (“TCE”) rate of the fleet for the first quarter of 2025 was $9,953 per day, compared to $15,165 in the same period of 2024.
Cash and cash-equivalents and restricted cash as of March 31, 2025, stood at $3.4 million. Shareholders’ equity at the end of the first quarter was $55.6 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $94.5 million as of March 31, 2025. The book value of our fleet as of March 31, 2025, stood at $151.3 million, including one chartered-in Kamsarmax vessel and one Capesize vessel held for sale.
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