United Maritime Corporation (USEA) Balance Sheet
USEA balance sheet, 2025
December 31, 2025 · U.S. dollars$138.7M assets = $82.2M liabilities + $56.5M equity
Both columns are drawn to the same scale: what USEA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
USEA financial health
Descriptive bands, not a rating. Fiscal 2025.
USEA balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $13.9M2020 | $138.7M2025 | +58.3%/yr | |
| Total liabilities | $6.6M2020 | $82.2M2025 | +65.4%/yr | |
| Shareholders’ equity | $7.3M2020 | $52.9M2025 | +48.6%/yr | |
| Cash & short-term investments | $406,0082020 | $14.2M2025 | +103.5%/yr | |
| Total debt | $6.1M2020 | $64.8M2025 | +60.5%/yr | |
| Net cash (debt) | −$5.7M2020 | −$50.7M2025 | −$45.0M | |
| Working capital | −$645,6772020 | −$15.6M2025 | −$14.9M | |
| Book value per share | $0.592020 | $5.972025 | +58.6%/yr | |
| Current ratio | 0.442020 | 0.682025 | +0.24 | |
| Debt / equity | 0.832020 | 1.232025 | +0.39 | |
| Shares outstanding | 12.3M2020 | 8.9M2025 | −6.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
USEA assets
USEA liabilities and equity
USEA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
USEA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $14.2M | $6.4M | $13.8M | $54.7M | $765,484 | $406,008 |
| Cash & equivalents | $14.2M | $6.4M | $13.8M | $54.7M | $765,484 | $406,008 |
| Short-term investments | — | −$350,000 | — | — | — | — |
| Receivables | $1.8M | $1.4M | $394,000 | $779,000 | $70,000 | $0 |
| Inventory | $363,000 | $650,000 | $664,000 | $107,000 | $99,325 | $54,135 |
| Other current assets | $16.8M | $16.0M | $4.2M | $4.2M | $59,461 | $47,328 |
| Total current assets | $33.1M | $24.5M | $19.1M | $59.8M | $994,270 | $507,471 |
| Property, plant & equipment (net) | $85.1M | $138.1M | $152.5M | $50.2M | $12.3M | $13.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $17.4M | $3.6M | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.0M | $5.9M | $3.2M | $15.6M | $155,549 | $399,681 |
| Total assets | $138.7M | $172.1M | $174.8M | $125.7M | $13.4M | $13.9M |
| Liabilities | ||||||
| Accounts payable | $2.4M | $1.8M | $3.3M | $3.0M | $268,429 | $118,288 |
| Short-term debt | $31.3M | $19.7M | $40.1M | $7.5M | $1.2M | $704,877 |
| Deferred revenue | $593,000 | $1.4M | $527,000 | $1.0M | $326,374 | $123,142 |
| Total current liabilities | $48.6M | $33.5M | $53.1M | $25.2M | $2.1M | $1.2M |
| Long-term debt | $33.6M | $61.1M | $55.8M | $42.6M | $4.2M | $5.4M |
| Lease obligations | $16.9M | $19.0M | $31.4M | $0 | — | — |
| Other long-term liabilities | $0 | $17.4M | $0 | $0 | $104,554 | $98,387 |
| Total liabilities | $82.2M | $112.0M | $108.9M | $61.1M | $6.4M | $6.6M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 | $1,000 | $7.9M | $10.3M |
| Retained earnings (deficit) | $13.5M | $20.9M | $27.0M | $29.4M | −$828,300 | −$3.0M |
| Accumulated other comprehensive income | $7,000 | −$4,000 | $0 | $0 | $0 | — |
| Minority interest | $3.5M | $0 | — | — | — | — |
| Total shareholders' equity | $52.9M | $60.1M | $65.9M | $64.6M | $7.0M | $7.3M |
| Key figures | ||||||
| Total debt | $64.8M | $97.7M | $96.0M | $42.6M | $5.4M | $6.1M |
| Net cash (debt) | −$50.7M | −$91.3M | −$82.2M | $12.1M | −$4.6M | −$5.7M |
| Working capital | −$15.6M | −$9.0M | −$34.0M | $34.6M | −$1.1M | −$645,677 |
| Tangible book value | $52.9M | $60.1M | $65.9M | $64.6M | $7.0M | $7.3M |
| Book value per share | $5.97 | $6.90 | $7.88 | $8.85 | $0.57 | $0.59 |
| Shares outstanding | 8.9M | 8.7M | 8.4M | 7.3M | 12.3M | 12.3M |
| Current ratio | 0.68 | 0.73 | 0.36 | 2.37 | 0.48 | 0.44 |
| Quick ratio | 0.33 | 0.23 | 0.27 | 2.20 | 0.40 | 0.35 |
| Debt / equity | 1.23 | 1.63 | 1.46 | 0.66 | 0.76 | 0.83 |
| Equity / assets | 38.2% | 34.9% | 37.7% | 51.4% | 52.4% | 52.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $12.1M | $10.1M | $14.2M | $20.1M | $3.0M | $3.4M | $6.8M | $11.4M | $7.0M | $9.8M | $13.8M | $14.3M |
| Cash & equivalents | $12.1M | $10.1M | $14.2M | $20.1M | $3.0M | $3.4M | $6.8M | $11.4M | $7.0M | $9.8M | $13.8M | $14.3M |
| Short-term investments | — | — | — | — | — | −$350,000 | — | — | −$350,000 | — | — | — |
| Receivables | $0 | $1.8M | $1.8M | $0 | $1.3M | $1.4M | $1.4M | $0 | $1.5M | $394,000 | $252,000 | $252,000 |
| Inventory | $0 | $363,000 | $363,000 | $0 | $1.3M | $650,000 | $650,000 | $0 | $610,000 | $664,000 | $664,000 | $664,000 |
| Other current assets | $0 | $0 | $16.8M | $0 | $18.6M | $0 | $0 | $0 | $21.3M | $0 | $4.4M | $0 |
| Total current assets | $12.1M | $10.1M | $33.1M | $20.1M | $24.2M | $3.4M | $6.8M | $11.4M | $30.4M | $9.8M | $19.1M | $14.3M |
| Property, plant & equipment (net) | $143.5M | $130.2M | $85.1M | $102.8M | $118.5M | $151.3M | $153.0M | $155.3M | $129.6M | $150.2M | $152.5M | $155.5M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $17.4M | $0 | $0 | $0 | $3.6M | $0 | $7.3M | $0 | $0 | $0 |
| Other non-current assets | $7.4M | $25.1M | $3.0M | $21.3M | $18.3M | $14.7M | $8.7M | $12.8M | $4.1M | $17.0M | $3.2M | $5.5M |
| Total assets | $163.0M | $165.5M | $138.7M | $144.2M | $161.1M | $169.4M | $172.1M | $179.5M | $171.4M | $177.0M | $174.8M | $175.3M |
| Liabilities | ||||||||||||
| Accounts payable | — | $2.4M | $2.4M | — | $4.1M | $1.8M | $1.8M | — | $4.9M | $3.3M | $3.3M | $3.3M |
| Short-term debt | — | $31.3M | $31.3M | — | $33.3M | $19.7M | — | — | $48.1M | $40.1M | $40.1M | $40.1M |
| Deferred revenue | — | $593,000 | $593,000 | — | — | $1.4M | — | — | $418,000 | $527,000 | $527,000 | $527,000 |
| Total current liabilities | — | $48.6M | $48.6M | — | $49.8M | $33.5M | $33.5M | — | $65.0M | $53.1M | $53.1M | $53.1M |
| Long-term debt | $0 | $0 | $33.6M | $0 | $0 | $0 | $61.1M | $0 | $0 | $0 | $55.8M | $0 |
| Lease obligations | — | — | $16.9M | — | — | — | $19.0M | — | $29.5M | — | $31.4M | — |
| Other long-term liabilities | $109.7M | $109.9M | $0 | $83.1M | $51.0M | $113.8M | $50.9M | $117.1M | $42.2M | $113.0M | $0 | $107.9M |
| Total liabilities | $109.7M | $109.9M | $82.2M | $83.1M | $100.8M | $113.8M | $112.0M | $117.1M | $107.2M | $113.0M | $108.9M | $107.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $55.5M | $1,000 | $61.1M | $1,000 | $55.6M | $60.1M | $62.5M | $1,000 | $64.0M | $1,000 | $67.4M |
| Retained earnings (deficit) | — | $13.5M | $13.5M | — | $17.2M | $20.9M | $20.9M | — | $25.0M | $27.0M | $27.0M | $27.0M |
| Accumulated other comprehensive income | — | $7,000 | $7,000 | — | $6,000 | −$4,000 | — | — | — | $0 | $0 | $0 |
| Minority interest | — | — | $3.5M | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $53.3M | $55.5M | $52.9M | $61.1M | $56.7M | $55.6M | $60.1M | $62.5M | $64.2M | $64.0M | $65.9M | $67.4M |
| Key figures | ||||||||||||
| Total debt | $94.2M | $89.7M | $64.8M | $67.0M | $83.8M | $94.5M | $97.7M | $101.1M | $48.1M | $93.5M | $96.0M | $94.3M |
| Net cash (debt) | −$82.1M | −$79.6M | −$50.7M | −$46.8M | −$80.8M | −$91.1M | −$91.0M | −$89.7M | −$41.1M | −$83.8M | −$82.2M | −$80.0M |
| Working capital | — | −$38.5M | −$15.6M | — | −$25.5M | −$30.1M | −$26.8M | — | −$34.6M | −$43.3M | −$34.0M | −$38.8M |
| Tangible book value | $53.3M | $55.5M | $52.9M | $61.1M | $56.7M | $55.6M | $60.1M | $62.5M | $64.2M | $64.0M | $65.9M | $67.4M |
| Book value per share | $5.63 | $6.21 | $5.92 | $6.85 | $6.36 | $6.40 | $6.85 | $7.12 | $6.62 | $7.36 | $7.56 | $7.15 |
| Shares outstanding | 9.5M | 8.9M | 8.9M | 8.9M | 8.9M | 8.7M | 8.8M | 8.8M | 9.7M | 8.7M | 8.7M | 9.4M |
| Current ratio | — | 0.21 | 0.68 | — | 0.49 | 0.10 | 0.20 | — | 0.47 | 0.18 | 0.36 | 0.27 |
| Quick ratio | — | 0.25 | 0.33 | — | 0.09 | 0.14 | 0.24 | — | 0.13 | 0.19 | 0.26 | 0.27 |
| Debt / equity | 1.77 | 1.62 | 1.23 | 1.10 | 1.48 | 1.70 | 1.63 | 1.62 | 0.75 | 1.46 | 1.46 | 1.40 |
| Equity / assets | 32.7% | 33.6% | 38.2% | 42.4% | 35.2% | 32.8% | 34.9% | 34.8% | 37.5% | 36.2% | 37.7% | 38.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 8, 2026); data from EODHD.
USEA financial position
At the end of fiscal 2025 (December 31, 2025), United Maritime had total assets of $138.7 million (down 19.4% from a year earlier), total liabilities of $82.2 million and shareholders' equity of $52.9 million. It held $14.2 million in cash and short-term investments against $64.8 million of debt, net debt of $50.7 million. Its current ratio was 0.68. In the latest quarter (ended June 30, 2026) total assets were $163.0 million and equity $53.3 million.
Related: USEA income statement, USEA cash flow statement, USEA key metrics. See the USEA stock overview for the latest quote and news.
USEA balance sheet FAQ
What are United Maritime's total assets?
United Maritime reported total assets of $138.7 million at the end of fiscal 2025 (December 31, 2025), compared with $172.1 million a year earlier.
How much debt does United Maritime have?
United Maritime had $64.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.23.
How much cash does United Maritime have?
United Maritime held $14.2 million in cash and short-term investments at the end of fiscal 2025; with $64.8 million of debt that is net debt of $50.7 million.
What is United Maritime's book value?
United Maritime's shareholders' equity (book value) was $52.9 million at the end of fiscal 2025, or $5.97 per share.
What is United Maritime's current ratio?
United Maritime had current assets of $33.1 million and current liabilities of $48.6 million, a current ratio of 0.68 (current liabilities exceed current assets).