United Maritime (NASDAQ: USEA) narrows Q1 2026 loss, lifts TCE and maintains $0.10 dividend

Rhea-AI Filing Summary

United Maritime Corporation reported sharply improved first quarter 2026 results and maintained its quarterly dividend. Net revenues were $7.9 million, broadly flat year over year, but net loss narrowed to $0.1 million from $4.5 million. Adjusted net income reached $0.2 million versus an adjusted net loss of $4.4 million a year earlier.

Adjusted EBITDA rose to $3.2 million from $0.9 million, helped by a higher Time Charter Equivalent rate of $15,591 per day, up from $9,953. The company declared a cash dividend of $0.10 per share for the quarter, its 14th consecutive distribution. Management highlighted ongoing fleet repositioning, including the sale of the Kamsarmax M/V Cretansea for about $14.7 million and the agreed $29.5 million acquisition of the Capesize M/V Squireship, supported by a Huarong sale-and-leaseback facility.

Positive

• Significant profitability improvement: Net loss shrank to approximately $0.1 million from $4.5 million, while adjusted net income turned positive at about $0.2 million and adjusted EBITDA rose to $3.2 million from $0.9 million.
• Robust TCE and constructive guidance: Q1 2026 TCE increased to $15,591 per day from $9,953, and management guides to an estimated Q2 2026 TCE of about $17,957 per day with roughly 92% of days already fixed.
• Ongoing shareholder returns: The company declared another quarterly cash dividend of $0.10 per share for Q1 2026, its 14th consecutive distribution, bringing total dividends since November 2022 to approximately $1.94 per share.
• Strategic fleet repositioning with supportive financing: The firm sold the Kamsarmax M/V Cretansea for about $14.7 million, agreed to acquire the Capesize M/V Squireship for $29.5 million, and secured Huarong sale-and-leaseback funding with roughly $16.1 million outstanding principal and no financial covenants.

Negative

• None.

Insights

Shipping equity analyst

Results swung toward breakeven, with stronger TCEs, steady dividends, and a larger Capesize footprint.

United Maritime moved from a sizeable loss toward near-breakeven in Q1 2026. Net loss was just $0.1 million versus $4.5 million a year earlier, while adjusted net income reached $0.2 million. Adjusted EBITDA increased to $3.2 million from $0.9 million as the fleet’s Time Charter Equivalent rate rose to $15,591 per day from $9,953.

The company is reshaping its fleet toward larger ships. It sold the 2009-built Kamsarmax M/V Cretansea for about $14.7 million, generating net cash proceeds of roughly $5.9 million, and agreed to buy the 2010-built Capesize M/V Squireship for $29.5 million. A Huarong sale-and-leaseback, with outstanding charterhire principal of about $16.1 million amortizing over 15 quarterly installments plus an $8.5 million final purchase obligation, supports this deal.

The board declared a $0.10 per-share dividend for Q1 2026, continuing a 14-quarter track record and totaling about $1.94 per share distributed since November 2022. Management’s Q2 2026 guidance assumes about 92% of operating days already fixed and implies an estimated fleet TCE of roughly $17,957 per day, based on current charter coverage and FFA assumptions.

Key Figures

Net revenues Q1 2026: $7.9 million Net loss Q1 2026: $0.1 million Adjusted EBITDA Q1 2026: $3.2 million +5 more

8 metrics

Net revenues Q1 2026 $7.9 million Net revenues for the quarter ended March 31, 2026

Net loss Q1 2026 $0.1 million Net loss for Q1 2026 vs $4.5 million in Q1 2025

Adjusted EBITDA Q1 2026 $3.2 million Adjusted EBITDA for Q1 2026 vs $0.9 million a year earlier

Quarterly dividend $0.10 per share Cash dividend for the first quarter of 2026

Q1 2026 TCE rate $15,591 per day Fleet Time Charter Equivalent rate vs $9,953 in Q1 2025

M/V Cretansea sale price $14.7 million Aggregate net sale price, generating about $5.9 million net cash

M/V Squireship purchase price $29.5 million Agreed price for 2010-built Capesize bulk carrier

Huarong lease principal $16.1 million Outstanding charterhire principal amortizing over 15 quarterly installments

Key Terms

Time Charter Equivalent, Adjusted EBITDA, Forward Freight Agreement, sale and leaseback, +2 more

6 terms

Time Charter Equivalent financial

"The Time Charter Equivalent (“TCE”) rate of the fleet for the first quarter of 2026 was $15,591 per day"

Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.

Adjusted EBITDA financial

"Adjusted EBITDA increased substantially to $3.2 million from $0.9 million for the same period of 2025"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Forward Freight Agreement financial

"the respective vessels’ TCE rate will be equal to Forward Freight Agreement (“FFA”) rate of $21,103 per day"

A forward freight agreement is a financial contract that lets two parties lock in the price for shipping goods by sea at a future date, without moving any cargo today. Investors and companies use FFAs to hedge against or speculate on changes in ocean freight costs; shifts in these contracts signal expected shipping demand and can affect shipping firms, commodity prices, and any business with significant transport costs—like prepaying fuel for a long road trip.

sale and leaseback financial

"assume the existing sale and leaseback arrangement, including all related rights and obligations"

A sale and leaseback is a financing arrangement where a company sells an asset—often property or equipment—to a buyer and immediately rents it back under a long-term lease. Think of selling your house to free up cash but staying as a tenant; the company gets immediate funds while continuing to use the asset. Investors watch these deals because they change a firm’s cash position, debt or lease obligations, and ongoing costs, which can affect profitability and financial risk.

bareboat charter financial

"a purchase obligation of $8.5 million at the expiry of the bareboat charter"

A bareboat charter is a leasing arrangement where one person or company rents a vessel without crew, equipment, or supplies, essentially taking full control of it as if they own it. It matters to investors because it can be used to generate income from the vessel’s use or to reduce ownership costs, influencing a company's revenue and asset management strategies.

non-GAAP measures financial

"Adjusted earnings / (loss) per share, Adjusted net income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures"

Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR

15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-41413

UNITED MARITIME CORPORATION

(Translation of registrant’s name into English)

154 Vouliagmenis Avenue

166 74 Glyfada

Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F     ☒          Form 40-F     ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of United Maritime Corporation (the “Company”) dated May 21, 2026, titled “United Maritime Reports Improved First Quarter 2026 Financial Results and Declares Quarterly Cash Dividend of $0.10 Per Share.”

This report on Form 6-K and the exhibit hereto, excluding the statements attributed to the Company’s Chairman & Chief Executive Officer, are hereby incorporated by reference into the Company’s Registration Statements on Form F-3 (File Nos. 333-273116 and 333-266099).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	UNITED MARITIME CORPORATION
	(Registrant)
	By:	/s/ Stamatios Tsantanis
	Name:	Stamatios Tsantanis
	Title:	Chief Executive Officer
Date: May 22, 2026

Exhibit 99.1

United Maritime Reports Improved First Quarter 2026 Financial Results and Declares Quarterly Cash Dividend of $0.10 Per Share

	Highlights
	(in million USD, except LPS)	Q1 2026	Q1 2025
	Net Revenues	$7.9	$7.8
	Net Loss	($0.1)	($4.5)
	Adjusted Net Income / (Loss)1	$0.2	($4.4)
	EBITDA1	$2.9	$0.7
	Adjusted EBITDA1	$3.2	$0.9
	Net loss per share Basic and Diluted	($0.01)	($0.52)
	Adjusted earnings / (loss) per share Basic1 and Diluted1	$0.02	($0.50)

Other Highlights and Developments:

■ $62.2 million Expansion in Capesizes Enhances Earnings Visibility and Free Cash Flow

o Took delivery of the 2010-built Capesize M/V Dukeship, employed at a fixed rate of approximately $29,300 through year-end 2026.

o Acquired the 2010-built, scrubber-fitted Capesize M/V Squireship, with expected delivery in June 2026, meaningfully strengthening fleet earnings capacity.

■ $21.0 Million Released through Portfolio Optimization and Capital Recycling

o Sold the 2009-built Kamsarmax M/V Cretansea for $14.7 million, generating approximately $5.9 million in net cash proceeds after debt repayment.

o Exited Offshore Energy Construction Vessel investment for approximately €13.0 million, realizing a profit of approximately €1.7 million.

■ Declared 14th consecutive quarterly cash dividend of $0.10 per share, reaching $1.94 per share in cumulative distributions since November 2022

¹ Adjusted earnings / (loss) per share, Adjusted net income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net income / (loss), EBITDA and Adjusted EBITDA to net loss, the most directly comparable U.S. GAAP measure.

1

May 21, 2026 - Glyfada, Greece – United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the first quarter ended March 31, 2026. The Company also declared a quarterly dividend of $0.10 per common share for the first quarter of 2026.

For the quarter ended March 31, 2026, the Company generated Net Revenues of $7.9 million, broadly in line with the same period of 2025. Net Loss and Adjusted Net Income for the quarter were $0.1 million and $0.2 million, respectively, improving significantly from Net Loss and Adjusted Net Loss of $4.5 million and $4.4 million, respectively in the first quarter of 2025. Adjusted EBITDA increased substantially to $3.2 million from $0.9 million for the same period of 2025. The Time Charter Equivalent (“TCE”) rate of the fleet for the first quarter of 2026 was $15,591 per day, compared to $9,953 in the same period of 2025.

Cash and cash-equivalents and restricted cash as of March 31, 2026, stood at $10.1 million. Shareholders’ equity at the end of the first quarter was $55.5 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $89.7 million as of March 31, 2026. The book value of our fleet as of March 31, 2026, stood at $130.2 million, including one chartered-in Capesize vessel and one Kamsarmax vessel held for sale.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution.

“Our Board declared another cash dividend of $0.10 per share, representing a running yield of 17% on our last closing share price². This is our 14th consecutive quarterly distribution, and since November 2022, we have distributed approximately $1.94 per share. The Company is now on a strong path to profitability, and we remain confident in our ability to sustain meaningful cash distributions, supported by favorable market conditions and the progressive earnings contribution from our ongoing fleet repositioning.

“The decisive repositioning of our fleet, acquiring two Capesize vessels while divesting the Kamsarmax M/V Cretansea, represents a deliberate reallocation of capital toward larger, higher-earning assets at an attractive point in the Capesize cycle. The imminent delivery of M/V Squireship and the near completion of our profitable exit from the Offshore newbuilding project mark the final steps of this process. The financial benefits of this repositioning have already begun to materialize and we expect the full earnings and cash flow contribution to build progressively through the year.

“On guidance, we have secured approximately 92% of Q2 available days at an average of $17,807/day. Based on current FFA levels, we expect Q2 TCE of approximately $17,957/day. Looking beyond Q2, approximately half of our operating days are already fixed, providing a balanced combination of earnings visibility and continued market upside exposure. Needless to say, the addition of the second Capesize will further boost TCE and earnings for the second half of the year.

“Moving on to discuss market conditions, dry bulk has delivered a very strong start of the year, despite this period typically representing the seasonally weaker part of the year. Year to date, the Capesize-180 and Kamsarmax Baltic indexes have averaged daily rates of $27,103 and $16,459 respectively year-to-date, compared to $13,840 and $10,230 in the same period of 2025. While geopolitical uncertainty stemming from the conflict in Iran has complicated the broader outlook, dry bulk market performance over the past month leaves no doubt that we are currently operating in a very constructive environment. Iron ore, bauxite and grain exports have been particularly robust, while seaborne coal trade has recovered meaningfully on the back of China's import demand. Looking ahead, we expect the coal restocking season to be stronger than usual, underpinned by natural gas substitution trends and energy security priorities. Fleet supply growth remains constrained, especially in the Capesize segment, and accelerating fleet aging combined with tightening environmental regulations should continue to support effective supply discipline. United is well positioned to convert this favorable environment into tangible cash generation and shareholder value.”

² The closing share price on May 20, 2026.

2

Current Company Fleet:

	Vessel Name	Sector	Capacity (DWT)	Year Built	Yard	Employment Type	Minimum T/C expiration	Maximum T/C expiration(1)
	Dukeship(2)	Dry Bulk / Capesize	181,453	2010	Sasebo	T/C Index Linked(3)	Jan-27	Mar-27
	Nisea	Dry Bulk / Kamsarmax	82,235	2016	Oshima	T/C Index Linked(3)	Aug-26	Oct-26
	Chrisea	Dry Bulk / Panamax	78,173	2013	Shin Kurushima	T/C Index Linked(3)	Mar-27	Jul-27
	Synthesea	Dry Bulk / Panamax	78,020	2015	Sasebo	T/C Index Linked(3)	Jul-26	Oct-26
	Exelixsea	Dry Bulk / Panamax	76,361	2011	Oshima	T/C Index Linked(3)	Jun-26	Sep-26
	Total/Average age		496,242	13.1 years

(1) The latest redelivery dates do not include any additional optional periods.

(2) The vessel is technically and commercially operated by the Company on the basis of an 18-month bareboat charter-in contract with the owners of the vessel, including a purchase obligation at the end of the bareboat charter.

(3) “T/C” refers to a time charter agreement. Under these index-linked T/Cs, the Company has the option to convert the index-linked rate to fixed for a period of minimum two months, based on the prevailing FFA Rates for the selected period, and has done so for certain vessels as part of its freight hedging strategy, as described below under “Second Quarter 2026 TCE Rate Guidance”.

Fleet Data:

		Q1 2026		Q1 2025
	Ownership days (1)	497		720
	Operating days (2)	474		678
	Fleet utilization (3)	95.4%		94.2%
	TCE rate (4)	$15,591		$9,953
	Daily Vessel Operating Expenses (5)	$6,254		$6,489

(1) Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.

(2) Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are on ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies.

(3) Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.

(4) TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.

3

(In thousands of U.S. Dollars, except operating days and TCE rate)

		Q1 2026		Q1 2025
	Vessel revenue, net	7,945		7,754
	Less: Voyage expenses	555		1,006
	Time charter equivalent revenues	7,390		6,748
	Operating days	474		678
	TCE rate	$15,591		$9,953

(5) Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre-delivery costs of acquired vessels, if applicable, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.

(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

		Q1 2026		Q1 2025
	Vessel operating expenses	3,108		4,672
	Ownership days	497		720
	Daily Vessel Operating Expenses	$6,254		$6,489

Net Loss to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

		Q1 2026		Q1 2025
	Net loss	(139)		(4,485)
	Interest and finance costs, net	1,150		1,911
	Depreciation and amortization	1,867		3,315
	EBITDA	2,878		741
	Stock based compensation	348		104
	(Gain) / loss on equity method investment	(11)		16
	Adjusted EBITDA	3,215		861

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation and loss on equity method investment, which the Company believes are not indicative of the ongoing performance of its core operations.

EBITDA and Adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and Adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP.

4

Net Loss and Adjusted Net Income / (Loss) Reconciliation and calculation of Adjusted Earnings / (Loss) Per Share

(In thousands of U.S. Dollars)

		Q1 2026		Q1 2025
	Net loss	(139)		(4,485)
	Stock based compensation	348		104
	(Gain) / loss on equity method investment	(11)		16
	Adjusted net income / (loss)	199		(4,365)
	Adjusted net income / (loss) – common stockholders	223		(4,365)
	Adjusted earnings / (loss) per common share, basic and diluted	0.02		(0.50)
	Weighted average number of common shares outstanding, basic and diluted	8,941,203		8,686,073

To derive Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) Per Share, both non-GAAP measures, from Net loss, we exclude certain non-cash items, as provided in the table above. We believe that Adjusted Net Income / (Loss) and Earnings / (Loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as stock-based compensation, loss on equity method investment and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measures provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.

Second Quarter 2026 TCE Rate Guidance:

As of the date hereof, approximately 92% of the Company fleet’s expected operating days in the second quarter of 2026 have been fixed at an estimated TCE rate of approximately $17,807. Assuming that for the remaining operating days of our index-linked T/Cs, the respective vessels’ TCE rate will be equal to Forward Freight Agreement (“FFA”) rate of $21,103 per day for Kamsarmax (based on the FFA curve of May 18, 2026), our estimated TCE for the second quarter of 2026 is approximately 17,957³. Our TCE rate guidance for the second quarter of 2026 includes the already performed conversions of index-linked charters to fixed for the period.

The following table provides the breakdown of index-linked charters and fixed-rate charters in the second quarter of 2026:

		Operating Days	TCE Rate
	TCE - fixed rate (index-linked conversions)	364	$18,320
	TCE – index-linked	140	$16,462
	Total / Average	504	$17,957

³ This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the TCE rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to FFA rate of $21,103 per day for Kamsarmax (based on the FFA curve of May 18, 2026). Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.

5

First Quarter and Recent Developments:

Dividend Distribution for Q4 2025 and Declaration of Q1 2026 Dividend

On April 10, 2026, the Company paid the previously announced quarterly dividend of $0.10 per common share, for the fourth quarter of 2025, to all shareholders of record as of March 27, 2026.

The Company also declared a cash dividend of $0.10 per common share for the first quarter of 2026 payable on or about July 10, 2026, to all shareholders of record as of June 29, 2026.

Vessel transactions and commercial updates

Sale of M/V Cretansea

In May 2026, the Company delivered to her new owners the 81,508 dwt M/V Cretansea, built in 2009. The aggregate net sale price was approximately $14.7 million, generating net cash proceeds of approximately $5.9 million after repayment of the associated debt.

Acquisition of M/V Squireship

In March 2026, the Company agreed main terms with Seanergy Maritime Holdings Corp. (“Seanergy”), for the acquisition of the 2010-built Capesize bulk carrier M/V Squireship, constructed in South Korea, for a purchase price of $29.5 million. A special committee of disinterested members of our board of directors negotiated the terms and approved the agreement. The vessel is expected to be delivered to the Company in June 2026. The acquisition will be financed through a combination of debt financing and proceeds generated from recent asset monetization initiatives.

Financing Updates

Huarong Sale and Leaseback agreement

In May 2026, in connection with the M/V Squireship acquisition, the Company has received a credit committee approval from China Huarong Shipping Financial Leasing Company Co., Ltd. to enter into a novation agreement, pursuant to which the Company’s subsidiary shall assume the existing sale and leaseback arrangement, including all related rights and obligations. The obligations of the prior charterer and guarantor (Seanergy) shall be released and novated to the Company’s subsidiary and the Company as new guarantor, respectively. The transaction will become effective upon the satisfaction of customary closing conditions. The outstanding charterhire principal is approximately $16.1 million and amortizes in 15 quarterly installments of $0.5 million along with a purchase obligation of $8.5 million at the expiry of the bareboat charter. The financing bears an interest rate of 3-month Term SOFR plus 2.15% per annum. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The Company will have continuous options to purchase the vessel at any time at predetermined prices as set forth in the agreement.

6

United Maritime Corporation

Unaudited Condensed Consolidated Balance Sheets

(In thousands of U.S. Dollars)

		March 31, 2026				December 31, 2025*
ASSETS
Cash and cash equivalents and restricted cash			10,130				14,564
Vessels, net, Right-of-use assets and Vessel held for sale			130,221				99,885
Other assets			25,125				24,232
TOTAL ASSETS			165,476				138,681
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs			89,717				64,839
Other liabilities			20,211				17,376
Stockholders’ equity			55,548				56,466
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			165,476				138,681

* Derived from the audited consolidated financial statements as of the period as of that date

United Maritime Corporation

Unaudited Condensed Consolidated Statements of Operations

 (In thousands of U.S. Dollars, except for share

and per share data)

		Three months ended March 31,
		2026				2025
Vessel Revenue, net			7,945				7,754
Expenses:
Voyage expenses			(555	)			(1,006	)
Vessel operating expenses			(3,108	)			(4,672	)
Management fees			(415	)			(601	)
General and administrative expenses			(1,034	)			(640	)
Depreciation and amortization			(1,867	)			(3,315	)
Operating income / (loss)			966				(2,480	)
Other income / (expenses):
Interest and finance costs			(1,212	)			(1,929	)
Interest income			62				18
Gain / (loss) on equity method investment			11				(16	)
Other income			49				-
Other, net			(15	)			(78	)
Total other expenses, net:			(1,105	)			(2,005	)
Net loss			(139	)			(4,485	)
Net loss attributable to common stockholders			(114	)			(4,485	)
Net loss per common share, basic and diluted			(0.01	)			(0.52	)
Weighted average number of common shares outstanding, basic and diluted			8,941,203				8,686,073

7

United Maritime Corporation

Unaudited Condensed Consolidated Cash Flow Data

 (In thousands of U.S. Dollars)

		Three months ended March 31,
		2026				2025
Net cash provided by operating activities			2,104				1,147
Net cash used in investing activities			(4,481	)			(359	)
Net cash used in financing activities			(2,071	)			(4,158	)

8

About United Maritime Corporation

United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. The Company operates a fleet of five dry bulk vessels, comprising one Capesize, one Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 496,242 dwt. Upon completion of the aforementioned acquisition of the M/V Squireship, the Company’s operating fleet will consist of six vessels (two Capesize, one Kamsarmax and three Panamax), with an aggregate cargo carrying capacity of 666,260 dwt.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “USEA”.

Please visit the Company’s website at: www.unitedmaritime.gr.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to the share repurchases, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Israel and Iran, the U.S. and Venezuela, China and Taiwan, and Russia and Ukraine; risks associated with the length and severity of pandemics; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

United Investor Relations

Tel: +30 213 0181 522

E-mail: ir@usea.gr

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1540

New York, NY 10169

Tel: (212) 661-7566

E-mail: usea@capitallink.com

9

FAQ

How did United Maritime (USEA) perform financially in Q1 2026?

United Maritime nearly broke even in Q1 2026, posting a net loss of only $0.1 million versus $4.5 million a year earlier. Adjusted net income was $0.2 million, and adjusted EBITDA increased to $3.2 million from $0.9 million, reflecting stronger vessel earnings.

What dividend did United Maritime (USEA) declare for the first quarter of 2026?

The company declared a quarterly cash dividend of $0.10 per common share for Q1 2026. It expects payment on or about July 10, 2026 to shareholders of record as of June 29, 2026, continuing a streak of 14 consecutive quarterly distributions.

How did United Maritime’s TCE rate and fleet utilization change in Q1 2026?

The Time Charter Equivalent rate rose to $15,591 per day in Q1 2026 from $9,953 in Q1 2025. Fleet utilization also improved slightly to 95.4% from 94.2%, indicating more profitable employment of the company’s dry bulk vessels.

What guidance did United Maritime (USEA) give for its Q2 2026 TCE rate?

The company indicated that about 92% of expected Q2 2026 operating days are fixed at an estimated TCE of $17,807. Based on FFA assumptions, it estimates an overall Q2 TCE of roughly $17,957 per day, including fixed and index-linked charters.

What major vessel transactions did United Maritime complete or agree in early 2026?

United Maritime delivered the 81,508 dwt M/V Cretansea to new owners for about $14.7 million, generating net cash proceeds of roughly $5.9 million. It also agreed to acquire the 2010-built Capesize M/V Squireship for $29.5 million, with delivery expected in June 2026.

How is the M/V Squireship acquisition being financed by United Maritime?

Financing includes a novated sale-and-leaseback with China Huarong Shipping Financial Leasing. The outstanding charterhire principal is about $16.1 million, amortizing over 15 quarterly installments of $0.5 million, plus an $8.5 million purchase obligation, bearing interest at 3‑month Term SOFR plus 2.15%.

What does United Maritime’s balance sheet look like after Q1 2026?

As of March 31, 2026, cash and restricted cash totaled $10.1 million, while vessels and related assets were $130.2 million. Long-term debt and similar liabilities were $89.7 million, and stockholders’ equity stood at $55.5 million, supporting ongoing operations and fleet growth.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 161.7 KB