United MaritimeNASDAQ: USEA

Highlights     (in million USD except LPS)   Q1 2024 Q1 2023 Net Revenues   $10.6 $2.8 Net Loss   ($1.3) ($4.9) Adjusted Net Loss1   ($1.1) ($3.7) EBITDA1   $3.5 ($2.7) Adjusted EBITDA1   $3.7 ($1.5)         Loss per share Basic & Diluted   ($0.15) ($0.64) Adjusted Loss per share Basic1 & Diluted1   ($0.13) ($0.48) Other Highlights and Developments: Quarterly cash dividend of $0.075 per share declared for Q1 2024 Total cash dividends of $11.4 million, or $1.45 per share, declared since November 2022, representing approximately 46% of United's market capitalization 2 Agreement to acquire a 2016-built Japanese Kamsarmax 3 Agreement to sell a 2010-built Chinese Kamsarmax at a profit A new $18.0 million sale and leaseback arrangement – aggregate financings of $31.8 million year-to-date GLYFADA, Greece, May 24, 2024 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the first quarter ended March 31, 2024 and declared a quarterly dividend of $0.075 per share for the first quarter of 2024. For the quarter ended March 31, 2024, the Company generated Net Revenues of $10.6 million compared to $2.8 million in the first quarter of 2023.

United Maritime Corporation (USEA) Q4 2023 Earnings Call Transcript

Over the past twelve months, United Maritime has sold all of the tanker vessels acquired in July 2022 at an aggregate gain of $48 million. The company has shifted its focus back to the larger dry bulk vessel classes. Currently, the fleet consists of eight dry bulk carriers with an average age of 14.5 years. The recent rally in dry bulk charter rates should benefit United Maritime's Q4 results quite meaningfully thus providing support for the company's generous quarterly cash dividend of $0.075 per share.