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United Maritime Corp. (USEA)
NASDAQ:USEA
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United Maritime Corp.
(NASDAQ:USEA)
Rating:49Neutral
Price Target:
$1.50
▼(-3.23%Downside)
Positive Factors
Analyst Ratings
Analyst maintains a Buy rating on USEA due to continued generation of free cash flow and persistent demand from China.
Market Demand
Persistent and resilient demand from China for dry bulk imports supports the market.
Negative Factors
Debt Levels
The net debt-to-EBITDA ratio of USEA is expected to increase significantly in 2025, indicating higher financial leverage.
Financial Performance
Forecasts indicate a reduction in TCE rates, leading to lower revenue and a wider loss per share estimate for 4Q24.
United Maritime Corp. (USEA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.54M
Dividend Yield2.67%
Average Volume (3M)131.07K
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth-2.85%
EPS Growth-280.26%
CountryUS
Employees6
SectorIndustrials
Sector Strength83
IndustryMarine Shipping
Share Statistics
EPS (TTM)-0.50
Shares Outstanding9,204,267
10 Day Avg. Volume348,790
30 Day Avg. Volume131,070
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.31
Price to Sales (P/S)0.00
P/FCF Ratio-0.23
Enterprise Value/Market Cap>-0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$3.50Price Target Upside125.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
United Maritime Corp. Business Overview & Revenue Model
Company DescriptionUnited Maritime Corp. (USEA) is a maritime transportation company primarily engaged in the seaborne transportation of dry bulk commodities. Operating within the shipping industry, the company specializes in the management and operation of a diverse fleet of vessels that transport essential goods across global trade routes. Its services are crucial in facilitating international trade and ensuring the efficient movement of raw materials required by various industries worldwide.
How the Company Makes MoneyUnited Maritime Corp. generates revenue primarily through the chartering of its fleet of dry bulk vessels. The company's key revenue streams include time charters, voyage charters, and contracts of affreightment, where customers pay for the transportation of goods based on time or voyage duration. Additionally, the company may enter into strategic partnerships or collaborations with other shipping firms or commodity producers to optimize fleet utilization and expand its service offerings. Factors such as global trade demand, freight rates, and operational efficiency significantly influence the company's earnings.
United Maritime Corp. Earnings Call Summary
Earnings Call Date:May 22, 2025
(Q4-2024)
| % Change Since: 17.42%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a mixed sentiment with notable achievements in fleet optimization, dividends, and new market entry. However, reduced net revenue, dividend cuts, and a net loss for the year highlight significant challenges. Despite these, there is optimism about future market conditions and strategic positioning.Q4-2024 Updates
Positive Updates
Successful Strategic Fleet Development
United Maritime optimized its fleet by selling older vessels and acquiring newer, high-quality Japanese-built ships, enhancing the fleet's compliance with environmental regulations.
Strong Dividends and Share Repurchase Program
Declared a total of $0.235 dividends per share for 2024 and repurchased about 2% of outstanding shares. Extended share repurchase program by 12 months with $1.9 million remaining.
Offshore Market Entry
Acquired an equity stake in an energy construction vessel with expected completion in 2027, aligning with growing demand for offshore infrastructure.
Improved EBITDA
Adjusted EBITDA for Q4 2024 increased by 11% compared to 2023, indicating improved operating leverage.
Negative Updates
Reduced Net Revenue
Net revenue for Q4 2024 was $10.8 million, down from $11.6 million in Q4 2023, affected by a slowdown in coal and iron ore exports.
Dividend Reduction
Board approved a reduced dividend of $0.01 per share for Q4 2024 due to the performance of the Panamax/Kamsarmax market.
Net Loss for the Year
Recorded a net loss of $3.4 million for the full year 2024, compared to a net profit of $200,000 in 2023, primarily due to fewer vessel sales.
Challenging Dry Bulk Market Conditions
Capesize and Panamax charter rates softened due to high inventory levels in China and adverse weather conditions affecting exports.
Company Guidance
During the conference call, United Maritime Corporation provided guidance on several financial and operational metrics for the fourth quarter and full year of 2024. The company reported a net revenue of $10.8 million for Q4 2024, down from $11.6 million in Q4 2023, with a daily time charter equivalent (TCE) of $14,250 compared to $15,874 the previous year. Despite a temporary slowdown in coal and iron ore exports impacting performance, the company declared total dividends of $0.235 per share for 2024, with a reduced dividend of $0.01 per share for Q4. United Maritime successfully addressed all upcoming debt maturities until Q4 2026 and repurchased about 450,000 shares, representing approximately 5% of outstanding common shares. The share repurchase program was extended by 12 months, with $1.9 million remaining available, potentially covering an additional 11% of outstanding shares. Looking ahead, the company expects a first quarter 2025 TCE of approximately $10,300 with 94% of operating days already invoiced, and anticipates higher TCE rates for the subsequent quarters of 2025. Additionally, United Maritime's strategic fleet developments included the sale of older vessels and reinvestment in newer, high-quality Japanese-built ships, ensuring compliance with evolving regulations. The company also highlighted its entry into the offshore market with an equity stake in an energy construction vessel, expected to complete in 2027, and spoke optimistically about the long-term fundamentals of the dry bulk market, despite current volatility.United Maritime Corp. Financial Statement Overview
Summary
United Maritime Corp. has shown growth in revenue, but profitability and cash flow challenges persist. The company faces high leverage, yet maintains a substantial equity base. Improvements in operational efficiency and cash flow stabilization are needed.Income Statement
United Maritime Corp. shows fluctuating revenue growth with a notable increase in total revenue from 2019 to 2024. However, the company reported a net loss in 2024, indicating challenges in profitability. The gross profit margin improved significantly in 2024, yet the net profit margin turned negative, reflecting cost pressures or inefficiencies. EBIT and EBITDA margins remain modest, suggesting room for enhanced operational efficiency.45
Neutral
Balance Sheet
The balance sheet reveals a high level of debt, with a debt-to-equity ratio exceeding 1.5 in 2024, raising leverage concerns. However, the company maintains a substantial equity base, with an equity ratio of 34.9% in 2024. Return on Equity has been volatile, impacted by negative net income in 2024, but the company demonstrated resilience in sustaining equity levels over the years.55
Neutral
Cash Flow
Cash flow analysis indicates significant volatility, with free cash flow remaining negative in recent years, highlighting liquidity challenges. The operating cash flow to net income ratio is concerning, as operating cash flow turned zero in 2024, suggesting difficulties in core business cash generation. The company must address these cash flow issues to stabilize its financial position.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 45.44M | 36.07M | 22.78M | 7.40M | 4.12M | Gross Profit |
| 23.92M | 3.26M | 10.46M | 3.87M | 941.43K | EBIT |
| 4.82M | 7.08M | 2.50M | 2.92M | 195.26K | EBITDA |
| 13.30M | 16.77M | 41.84M | 3.67M | 1.06M | Net Income Common Stockholders |
| -3.38M | 221.00K | 74.89M | 1.55M | 498.42K |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 6.41M | 13.80M | 69.93M | 765.48K | 406.01K | Total Assets |
| 172.07M | 174.81M | 125.66M | 13.43M | 13.94M | Total Debt |
| 97.72M | 95.95M | 50.08M | 5.38M | 6.09M | Net Debt |
| 91.31M | 82.15M | -19.85M | 4.62M | 5.68M | Total Liabilities |
| 111.98M | 108.94M | 61.09M | 6.39M | 6.63M | Stockholders Equity |
| 60.09M | 65.87M | 64.57M | 7.04M | 7.31M |
| Cash Flow | Free Cash Flow | |||
| 3.02M | -87.98M | -86.78M | 3.60M | -455.39K | Operating Cash Flow |
| 3.26M | -6.23M | 6.74M | 3.66M | -444.61K | Investing Cash Flow |
| 7.95M | -59.14M | 36.33M | -56.07K | -10.78K | Financing Cash Flow |
| -18.95M | 9.94M | 26.87M | -3.24M | -730.95K |
United Maritime Corp. Technical Analysis
Positive
1.55
Price Trends
1.27
Positive
1.48
Positive
1.79
Negative
Market Momentum
0.07
Negative
62.18
Neutral
36.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For USEA, the sentiment is Positive. The current price of 1.55 is above the 20-day moving average (MA) of 1.35, above the 50-day MA of 1.27, and below the 200-day MA of 1.79, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 62.18 is Neutral, neither overbought nor oversold. The STOCH value of 36.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for USEA.
United Maritime Corp. Risk Analysis
United Maritime Corp. disclosed 70 risk factors in its most recent earnings report. United Maritime Corp. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Our second amended and restated bylaws provide that the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for certain disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees. Q4, 2023
2.
The Public Company Accounting Oversight Board inspection of our independent accounting firm could lead to adverse findings in our auditors' reports and challenges to the accuracy of our published audited financial statements. Q4, 2023
3.
Volatility of SOFR and potential changes of the use of SOFR as a benchmark could affect our profitability, earnings, and cash flow. Q4, 2023
United Maritime Corp. Peers Comparison
Overall Rating
UnderperformOutperform
Sector (66)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $3.00M | 0.08 | 1.43% | ― | 47.17% | -97.95% | |
70 Outperform | $26.23M | 1.33 | 22.49% | ― | -15.10% | -9.38% | |
66 Neutral | $4.46B | 12.15 | 5.40% | 4.71% | 4.16% | -11.97% | |
63 Neutral | $22.51M | 2.62 | 3.07% | ― | -45.58% | 45.06% | |
52 Neutral | $27.58M | 61.24 | -0.43% | ― | 17.92% | -131.47% | |
49 Neutral | $14.54M | ― | -10.92% | 2.67% | -2.85% | -280.26% | |
46 Neutral | $21.76M | ― | -20.19% | ― | 35.58% | -64.92% |
* Industrials Sector Average
Performance Comparison
USEA
United Maritime Corp.
1.55
-0.82
-34.60%
PSHG
Performance Shipping
1.92
-0.27
-12.33%
GLBS
Globus Maritime
1.23
-0.71
-36.60%
CTRM
Castor Maritime
2.37
-2.46
-50.93%
OP
OceanPal Inc
2.20
0.32
17.02%
CISS
C3is Inc.
3.50
-15.85
-81.91%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.