$USEA

United Maritime Corp

CIK:0001912847|SEC Filings

Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statement of Operations [Abstract]
Vessel revenue, net	$ 37,785	$ 45,439	$ 36,067
Expenses:
Voyage expenses	(5,066)	(1,771)	(3,107)
Vessel operating expenses	(15,655)	(19,745)	(20,338)
Management fees	(367)	(522)	(545)
Management fees - related party	(1,661)	(1,741)	(1,421)
General and administration expenses	(4,306)	(4,010)	(6,018)
Depreciation and amortization	(7,821)	(9,713)	(9,078)
Amortization of deferred dry-docking costs	(2,995)	(3,717)	(285)
Impairment loss	(2,142)	(828)	0
Gain on sale of vessels, net	1,773	1,426	11,804
Operating (loss) / income	(455)	4,818	7,079
Other income / (expenses), net:
Interest and finance costs	(6,373)	(8,416)	(7,183)
Interest and finance costs-related party	(48)	0	0
Loss on extinguishment of debt	(640)	(397)	(85)
Interest income	218	314	430
Loss on equity method investment	(86)	(142)	0
Other income	151	311	112
Gain on acquisition of RGI	1,268	0	0
Foreign currency exchange (losses) / gain, net	(249)	129	(132)
Total other expenses, net	(5,759)	(8,201)	(6,858)
Net (loss) / income	(6,214)	(3,383)	221
Less: Net (loss) / income attributable to non-controlling interest	(26)	0	0
Net (loss) / income attributable to common stockholders of United Maritime Corporation	(6,188)	(3,383)	221
Dividends to non-vested participating securities	0	0	(95)
Net (loss) / income attributable to common stockholders	$ (6,188)	$ (3,383)	$ 126
Net (loss) / income per common share, basic (in dollars per share)	$ (0.7)	$ (0.39)	$ 0.02
Net (loss) / income per common share, diluted (in dollars per share)	$ (0.7)	$ (0.39)	$ 0.02
Weighted average number of common shares outstanding, basic (in shares)	8,866,523	8,711,951	8,359,487
Weighted average number of common shares outstanding, diluted (in shares)	8,866,523	8,711,951	8,359,487

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) / income	$ (6,214)	$ (3,383)	$ 221
Adjustments to reconcile net (loss) / income to net cash from operating activities:
Depreciation and amortization	7,821	9,713	9,078
Amortization of deferred dry-docking costs	2,995	3,717	285
Amortization of deferred finance costs and debt discounts	563	727	781
Stock based compensation	483	779	2,522
Loss on equity method investment	86	142	0
Loss on extinguishment of debt	312	151	68
Impairment loss	2,142	828	0
Adjustments related to EUAs	139	0	0
Gain on sale of vessels, net	(1,773)	(1,426)	(11,804)
Gain on acquisition of RGI	(1,268)	0	0
Changes in operating assets and liabilities:
Accounts receivable trade	16	(1,185)	527
Inventories	313	(82)	(531)
Prepaid expenses	188	(55)	443
Other current assets	(518)	3,182	(478)
Due from related parties	0	142	(142)
Deferred charges, non-current	(1,941)	(6,580)	(5,519)
Trade accounts and other payables	(1,687)	(1,762)	(1,566)
Accrued liabilities	(50)	(4,979)	1,142
Due to related parties	1,407	2,467	(755)
Deferred revenue	(802)	868	(500)
Net cash provided by / (used in) operating activities	2,212	3,264	(6,228)
Cash flows from investing activities:
Vessels acquisitions and improvements	(668)	(249)	(81,748)
Acquisition of a subsidiary, net of cash acquired	(4,151)	0	0
Leasehold improvements	(89)	0	0
Investment in equity securities	(290)	0	0
Lease prepayments and other initial direct costs	0	(8,288)	(14,890)
Equity method investments	(4,871)	(3,734)	0
Gross proceeds from sale of vessels	50,500	20,220	37,500
Net cash provided by / (used in) investing activities	40,431	7,949	(59,138)
Cash flows from financing activities:
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions	0	0	1,883
Due to related parties	219	4,411	0
Proceeds from related party loan	2,000	0	0
Payment of related party loan	(2,000)	0	0
Payments for repurchase of common stock	(204)	(469)	(673)
Proceeds from non-controlling interest	22	0	0
Proceeds from long-term debt and other financial liabilities	0	47,145	54,500
Payments of financing and stock issuance costs	(20)	(1,617)	(1,801)
Dividends paid	(1,119)	(2,643)	(9,364)
Payments of finance lease liabilities	(2,032)	(32,102)	(2,752)
Repayments of long-term debt and other financial liabilities	(31,707)	(33,677)	(31,858)
Net cash (used in) / provided by financing activities	(34,841)	(18,952)	9,935
Net increase / (decrease) in cash and cash equivalents and restricted cash	7,802	(7,739)	(55,431)
Cash and cash equivalents and restricted cash at beginning of period	6,762	14,501	69,932
Cash and cash equivalents and restricted cash at end of period	14,564	6,762	14,501
Cash paid during the period for:
Interest	5,946	7,599	6,335
Deposit	0	1,155	0
Noncash investing activities:
Vessels' improvements	(20)	(62)	(232)
Leasehold improvements	(21)	0	0
Right-of use assets and initial direct costs	0	(20,221)	(34,792)
Noncash financing activities:
Dividends on common stock and participating non vested restricted stock awards declared but not paid (Note 12)	(818)	(663)	(652)
Payments of financing and stock issuance stocks	$ 0	$ 0	$ (194)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 14,164	$ 6,412
Restricted cash	400	0
Accounts receivable trade	1,421	1,437
Due from related parties	$ 386	$ 0
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Inventories	$ 363	$ 650
Prepaid expenses	413	601
Vessel held for sale	14,744	14,880
Other current assets	1,200	503
Total current assets	33,091	24,483
Fixed assets:
Vessels, net	58,827	110,589
Right-of-use assets	26,314	27,560
Total fixed assets	85,141	138,149
Other non-current assets:
Restricted cash, non-current	0	350
Other non-current assets	1,445	1,155
Equity method investment	17,407	3,588
Deferred charges and other investments, non-current	1,597	4,348
TOTAL ASSETS	138,681	172,073
Current liabilities:
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $339 and $723, respectively	14,327	17,650
Finance lease liabilities, current	16,938	2,032
Due to related parties	$ 9,486	$ 7,271
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Trade accounts and other payables	$ 2,404	$ 1,823
Accrued liabilities	4,075	2,682
Deferred revenue	593	1,395
Dividends payable	818	663
Total current liabilities	48,641	33,516
Non-current liabilities:
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $518 and $989, respectively	33,574	61,103
Finance lease liabilities, non-current	0	16,938
Other liabilities, non-current	0	428
Total liabilities	82,215	111,985
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; 40,000 Series B preferred shares issued and outstanding as at December 31, 2025 and 2024, respectively	0	0
Common stock, $0.0001 par value; 2,000,000,000 authorized shares as at December 31, 2025 and 2024; 9,083,645 and 8,844,267 shares issued and outstanding as at December 31, 2025 and 2024, respectively	1	1
Additional paid-in capital	39,455	39,176
Accumulated other comprehensive income / (loss)	7	(4)
Retained earnings	13,453	20,915
Total United Maritime Corporation stockholders' equity	52,916	60,088
Non-controlling interest	3,550	0
Total stockholder's equity	56,466	60,088
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 138,681	$ 172,073