Revenue contracted by 39.1% year-over-year in 2025Q4, while operating margins plummeted to a negative 9.9% due to sticky SG&A expenses.
| Sales/Revenue | 37.78M | 45.44M | 36.07M | 22.78M | 7.4M | 4.12M |
| Revenue Growth % | -16.84% | 25.99% | 58.3% | 208.09% | 79.32% | - |
| Cost of Goods Sold | 31.54M | 21.52M | 32.81M | 12.33M | 3.52M | 3.18M |
| COGS % of Revenue | 83.46% | 47.35% | 90.96% | 54.1% | 47.66% | 77.17% |
| Gross Profit | 6.25M | 23.92M | 3.26M | 10.46M | 3.87M | 941.43K |
| Gross Margin % | 16.54% | 52.65% | 9.04% | 45.9% | 52.34% | 22.83% |
| Gross Profit Growth % | -73.88% | 634.06% | -68.83% | 170.15% | 311.16% | - |
| Operating Expenses | 6.33M | 19.11M | -3.82M | -30.05M | 955.65K | 640.46K |
| OpEx % of Revenue | 16.76% | 42.05% | -10.59% | -131.87% | 12.92% | 15.53% |
| Selling, General & Admin | 6.33M | 6.27M | 7.98M | 5.52M | 613.4K | 300.7K |
| SG&A % of Revenue | 16.76% | 13.81% | 22.14% | 24.25% | 8.29% | 7.29% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 12.83M | -11.8M | -35.57M | 342.25K | 339.75K |
| Operating Income | -86K | 4.82M | 7.08M | 40.5M | 2.92M | 300.97K |
| Operating Margin % | -0.23% | 10.6% | 19.63% | 177.77% | 39.42% | 7.3% |
| Operating Income Growth % | -101.78% | -31.94% | -82.52% | 1289.36% | 868.58% | - |
| EBITDA | 10.73M | 13.9M | 14.18M | 42.41M | 3.67M | 1.06M |
| EBITDA Margin % | 28.4% | 30.58% | 39.32% | 186.12% | 49.65% | 25.7% |
| EBITDA Growth % | -22.78% | -2% | -66.56% | 1054.84% | 246.47% | - |
| D&A (Non-Cash Add-back) | 10.82M | 9.08M | 7.1M | 1.9M | 756.76K | 758.84K |
| EBIT | 207K | 4.22M | -4.72M | 39.53M | 2.79M | 1.68M |
| Net Interest Income | -6.2M | -8.1M | -6.64M | -2.44M | -743.69K | -708.45K |
| Interest Income | 218K | 314K | 542K | 13K | 0 | 0 |
| Interest Expense | 6.42M | 8.42M | 7.18M | 2.45M | 743.69K | 708.45K |
| Other Income/Expense | -6.13M | -8.2M | -6.86M | -3.01M | -744.9K | 790.24K |
| Pretax Income | -6.21M | -3.38M | 221K | 37.49M | 2.17M | 1.09M |
| Pretax Margin % | -16.45% | -7.45% | 0.61% | 164.55% | 29.35% | 26.46% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.19M | -3.38M | 221K | 37.49M | 2.17M | 1.09M |
| Net Margin % | -16.38% | -7.45% | 0.61% | 164.55% | 29.35% | 26.46% |
| Net Income Growth % | -82.91% | -1630.77% | -99.41% | 1627.44% | 98.88% | - |
| Net Income (Continuing) | -6.21M | -3.38M | 221K | 37.49M | 2.17M | 1.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.55M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.70 | -0.39 | 0.02 | 4.92 | 1.44 | 0.09 |
| EPS Growth % | -79.49% | -2682.78% | -99.69% | 241.67% | 1523.45% | - |
| EPS (Basic) | -0.70 | -0.39 | 0.02 | 7.79 | 1.44 | 0.09 |
| Diluted Shares Outstanding | 8.87M | 8.71M | 8.36M | 7.3M | 12.31M | 12.31M |
| Basic Shares Outstanding | 8.87M | 8.71M | 8.36M | 9.11M | 12.31M | 12.31M |
| Dividend Payout Ratio | - | - | 4237.1% | - | - | - |
Spot market rate volatility
As indicated by the most recent quarterly data, United Maritime Corporation experienced a significant 39.1% year-over-year revenue decline in 2025Q4, reflecting the inherent instability of its spot-market-oriented business model and the company's inability to maintain consistent top-line growth in a challenging dry bulk environment.
The sharp revenue drop suggests that the company's limited fleet size leaves it highly exposed to fluctuations in the Baltic Capesize Index. Investors should monitor whether this trend represents a structural decline in earning capacity or merely the impact of opportunistic vessel sales that temporarily reduce operational scale.
Based on reported financial statements, the company's gross margin fluctuated wildly from a peak of 46.1% in 2025Q3 to a negative 16.0% in 2025Q1, highlighting the extreme sensitivity of its cost structure to daily charter rate variations and voyage-related expenses.
The inability to maintain consistent gross margins suggests a lack of pricing power, typical of a small-scale operator in a commoditized shipping market. The volatility in these figures implies that the company is frequently operating near or below its cash break-even point, leaving little room for error.
According to the income statement, SG&A expenses have remained relatively sticky despite the significant revenue volatility, resulting in an operating margin that swung to a negative 9.9% in 2025Q4, demonstrating a lack of effective operating leverage during periods of top-line contraction.
The company's fixed cost base appears to be a significant burden when charter rates soften, as evidenced by the inability to scale SG&A down in proportion to revenue declines. This suggests that the current corporate structure may be too heavy for the size of the active fleet.
Financial filings reveal that net income is frequently impacted by non-operational items, such as the 2023Q3 period where net income reached $8.9 million, a figure that appears disconnected from core shipping operations and likely reflects one-time gains from vessel divestments.
Investors should exercise caution when evaluating net income, as these non-recurring gains often mask the underlying operational losses. The frequent divergence between operating income and net income warrants further investigation into the company's asset-recycling strategy and its impact on long-term shareholder value.
While the company maintains a healthy balance sheet with low debt, the persistent negative net margins reported in recent quarters suggest that the business model may be failing to generate sustainable returns from its core shipping operations, relying instead on opportunistic asset sales.
Short-term observers might focus on the company's cash position, but the fundamental concern remains whether the fleet can ever achieve consistent profitability. The reliance on vessel sales to bolster the bottom line may be an unsustainable strategy if second-hand market values begin to soften.
Quick answers to the most common questions about buying USEA stock.
For fiscal year 2025, United Maritime Corporation (USEA) reported total revenue of $37.8M. This represents a 816.2% increase compared to $4.1M in 2020.
United Maritime Corporation (USEA) reported a net loss of $6.2M for the fiscal year ending 2025.
United Maritime Corporation (USEA) reported an operating income of $-0.1M, resulting in an operating profit margin of -0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
United Maritime Corporation (USEA) generated $6.2M in gross profit for the year, representing a gross profit margin of 16.5%. This demonstrates the company's core pricing power and production efficiency.