# EDGAR Filing Document

**Accession Number:** 0001912847
**File Stem:** 0001140361-25-042970
**Filing Date:** 2025-11
**Character Count:** 145134
**Document Hash:** 71f4a6309c1fc4ddef38d7bc34c3586d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-042970.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001140361-25-042970

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** United Maritime Corp
- **CENTRAL INDEX KEY:** 0001912847
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41413
- **FILM NUMBER:** 251507953

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 154 VOULIAGMENIS AVENUE
- **CITY:** GLYFADA
- **PROVINCE COUNTRY:** J3
- **ZIP:** 166 74
- **BUSINESS PHONE:** 30 2130181507

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 154 VOULIAGMENIS AVENUE
- **CITY:** GLYFADA
- **PROVINCE COUNTRY:** J3
- **ZIP:** 166 74

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### 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 November 2025

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 ☐

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#### INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

Attached to this report on Form 6-K as Exhibit [99.1](ef20058046_ex99-1.htm) is a copy of the press release of United Maritime Corporation (the "Company") dated November 11, 2025, titled "United Maritime Reports Third Quarter and Nine Months Financial Results for the Periods Ended September 30, 2025" and "Declares Quarterly Cash Dividend of $0.09 Per Share" and "Announces Strategic AI Investment in Ship Management Technology".

Attached to this report on Form 6-K as Exhibit [99.2](ef20058046_ex99-2.htm) is Management's Discussion and Analysis of Financial Condition and Results of Operations and the Unaudited Interim Condensed Consolidated Financial Statements of the Company as of and for the nine-month period ended September 30, 2025.

This report on Form 6-K and the exhibits 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).

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#### 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.

Date: November 21, 2025

---

| | |
|:---|:---|
| UNITED MARITIME CORPORATION | UNITED MARITIME CORPORATION |
| By: | /s/ Stamatios Tsantanis |
| Name: | Stamatios Tsantanis |
| Title: | Chief Executive Officer |

---

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## Exhibit 99.1

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#### Exhibit 99.1<br>

#### <br>
![](image02.jpg)

#### United Maritime Reports Third Quarter and Nine Months Financial Results for the Periods Ended September 30, 2025

#### Declares Quarterly Cash Dividend of $0.09 Per Share

#### Announces Strategic AI Investment in Ship Management Technology

![](image01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Highlights** | | | | |
|  ***(in million USD, except EPS & LPS)*** | **Q3 2025** | **Q3 2024** | **9M 2025** | **9M 2024** |
|  Net Revenues | $11.0 | $11.6 | $31.2 | $34.6 |
|  Net income / (loss) | $1.1 | $(0.9) | $(2.4) | $(1.6) |
|  Adjusted net income / (loss)<sup>1</sup> | $1.6 | $(0.3) | $(2.6) | $(0.5) |
|  EBITDA<sup>1</sup> | $4.9 | $4.6 | $11.5 | $14.1 |
|  Adjusted EBITDA<sup>1</sup> | $5.4 | $5.2 | $11.4 | $15.2 |
|  Earnings / (loss) per share Basic and Diluted | $0.12 | $(0.10) | $(0.27) | $(0.18) |
|  Adjusted earnings / (loss) per share Basic<sup>1</sup> and Diluted<sup>1</sup> | $0.18 | $(0.03) | $(0.29) | $(0.06) |

---

#### Other Highlights and Developments:

---

| | |
|:---|:---|
| ■ | **Continued Focus on Long-Term Shareholder Value Creation:** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | Declared a quarterly cash dividend of $0.09 per share for Q3 2025, marking the 12<sup>th</sup> consecutive quarterly distribution. Since initiating our capital return program in November 2022, United has declared total cash dividends of $1.74 per share, or $14.0 million in aggregate distributions. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | Share buybacks totaling approximately $0.2 million during Q3 2025 to date, utilizing the maximum capacity based on daily volumes and reflecting our confidence in the Company's prospects. |

---

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<sup>1</sup> 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 income, the most directly comparable U.S. GAAP measure.

------

---

| | |
|:---|:---|
| ■ | **Ongoing Fleet Optimization through Strategic Divestment from Older Vessels:** Completed the profitable sale of our oldest Capesize vessels (M/Vs Tradership and Goodship). These transactions released approximately $18.8 million in liquidity after debt repayment, further strengthening our cash reserves. |

---

---

| | |
|:---|:---|
| ■ | **Increased Ownership in Offshore Energy Construction Vessel (ECV):** Expanded the Company's investment in the ECV project to approximately $12.8 million, becoming the largest individual shareholder. The project continues to progress on schedule and offers exposure to a high-potential segment supporting both the subsea oil & gas and renewable energy markets. |

---

---

| | |
|:---|:---|
| ■ | **Strategic Investment in Artificial Intelligence (AI):** Completed a $0.5 million pre-seed investment in a maritime technology platform developing AI-powered solutions to optimize ship technical management and other operations. This initiative marks United's conviction in digital agents, targeting future gains in automation, transparency, and operational efficiency. |

---

**November 11, 2025 - Glyfada, Greece** – United Maritime Corporation ("United" or the "Company") (NASDAQ: USEA), announced today its financial results for the third quarter and nine months ended September 30, 2025. The Company also declared a quarterly dividend of $0.09 per common share for the third quarter of 2025.

For the quarter ended September 30, 2025, the Company generated Net Revenues of $11.0 million compared to $11.6 million in the third quarter of 2024. Net Income and Adjusted Net Income for the quarter were $1.1 million and $1.6 million, respectively, compared to Net Loss of $0.9 million and Adjusted Net Loss of $0.3 million in the third quarter of 2024. Adjusted EBITDA for the quarter was $5.4 million, compared to $5.2 million for the same period of 2024. The Time Charter Equivalent ("TCE") rate of the fleet for the third quarter of 2025 was $15,093 per day, compared to $16,365 in the same period of 2024.

For the nine-month period ended September 30, 2025, the Company generated Net Revenues of $31.2 million, compared to $34.6 million in the same period of 2024. Net Loss and Adjusted Net Loss for the period were $2.4 million and $2.6 million, respectively, compared to Net Loss of $1.6 million and Adjusted Net Loss of $0.5 million in the respective period of 2024. Adjusted EBITDA for the nine months was $11.4 million, compared to $15.2 million for the same period of 2024. The TCE rate of the fleet for the nine-month period of 2025 was $13,436 per day compared to $16,246 in the same period of 2024. The average daily OPEX was $6,323 compared to $6,806 of the respective period of 2024.

Cash and cash-equivalents and restricted cash as of September 30, 2025, stood at $20.1 million. Shareholders' equity at the end of the third quarter was $61.1 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $67.0 million as of September 30, 2025. The book value of our fleet as of September 30, 2025, stood at $102.8 million, including one chartered-in Kamsarmax vessel.

#### Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"We delivered solid profitability in Q3 while continuing to optimize our fleet and balance sheet. The sale of our older Capesize vessels released approximately $18.8 million in liquidity, and we resumed share repurchases, reaffirming our conviction in the Company's intrinsic value. Moreover, the dry-bulk outlook over the coming quarters remains favorable, and our Panamax/Kamsarmax fleet is positioned to capture that upside.

"Consistent with our shareholder rewards initiatives, and on the back of the profitable sale of the two older Capesize vessels, our Board of Directors has approved quarterly dividend of $0.09, representing our 12<sup>th</sup> consecutive quarterly dividend payment. Based on the recent trading levels of our stock, the most recent four quarterly dividends, including the dividend announced today, represent an approximately 9% annual dividend yield. Since the commencement of our operations, we have declared cumulative cash dividends of $1.74 per share, or $14.0 million in total, underscoring our consistent track record of capital returns. This aggregate amount is approximately equal to our current market capitalization.

"In the third quarter of 2025 we achieved a daily TCE of $15,093, representing a small decrease from $15,421 in the second quarter. Our commercial performance reflects the change in our fleet composition following the divestment of our last Capesize bulkers, transitioning to a pure Panamax and Kamsarmax fleet. We are pleased with this result, and we remain optimistic about the next quarters with all our vessels trading on index-linked time charters that benefit directly from healthy spot rates. As for our fourth-quarter guidance, we have fixed approximately 62% of our available operating days at a daily rate of about $14,880. Based on the current FFA curve, we anticipate an overall Q4 TCE of approximately $15,040.

"In terms of our commercial developments, we have secured three new time charters with leading counterparties, preserving full exposure to Panamax/Kamsarmax market strength. All employments involve index linked rates with direct exposure to the Panamax and Kamsarmax market. We continue to actively monitor the market developments and evaluate opportunities in the FFA market to secure attractive forward coverage at favorable rates.

------

"During the quarter, we completed the sales of two older Capesize vessels built in 2005 and 2006. These transactions boosted the Company's net liquidity position by approximately $18.8 million after debt repayment.

"As regards our offshore vessel under construction, we have significantly increased our investment in the project, becoming the largest individual shareholder, with contributions in the project totaling approximately $12.8 million to date. We remain positive about the outlook of this project and its potential commercial extensions in what we believe is shaping up to be a favorable market environment for energy over the next years.

"We also made a pre-seed investment in an AI-driven maritime software platform, making an important step in our digital strategy. While not material in size, this initiative supports significant potential gains in efficiency, automation and transparency across ship management.

"Turning to the dry bulk market, the Panamax market remains firm, driven by strong coal and grain flows. Renewed U.S.–China trade momentum could support extended seasonal strength into Q1 2026, positioning our fleet for continued upside. As regards vessel supply, the Panamax orderbook remains modest at approximately 14% of the existing fleet, while around 16% of the fleet is now older than 20 years. As regulations are expected to further restrict vessel supply over the next years and necessitate fleet renewal, we remain optimistic about the course of dry bulk markets through 2026.

"United is well positioned across both dry bulk and offshore. With a young fleet, a growing cash base, and disciplined strategy, we are focused on creating sustainable long-term value and enhancing shareholder rewards."

#### Current Company Fleet:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Vessel Name** | **Sector** | **Capacity**<br> (DWT) | **Year Built** | **Yard** | **Minimum**<br> **T/C**<br> **expiration** | **Maximum**<br> **T/C**<br> **expiration**<sup>(1)</sup> |
| Nisea<sup>(3)</sup> | Dry Bulk / Kamsarmax | 82235 | 2016 | Oshima<br> T/C Index Linked<sup>(2)</sup> | Aug-26 | Oct-26 |
| Cretansea | Dry Bulk / Kamsarmax | 81508 | 2009 | Universal<br> T/C Index Linked<sup>(2)</sup> | Oct-26 | Feb-27 |
| Chrisea | Dry Bulk / Panamax | 78173 | 2013 | Shin Kurushima<br> T/C Index Linked<sup>(2)</sup> | Mar-27 | Jul-27 |
| Synthesea | Dry Bulk / Panamax | 78020 | 2015 | Sasebo<br> T/C Index Linked<sup>(2)</sup> | Jul-26 | Oct-26 |
| Exelixsea | Dry Bulk / Panamax | 76361 | 2011 | Oshima<br> T/C Index Linked<sup>(2)</sup> | Jun-26 | Sep-26 |
| **Total/Average age** |  | **396297** | 12.8 years |  |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) "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 "Fourth Quarter 2025 TCE Rate Guidance".

&nbsp;&nbsp;&nbsp;&nbsp;(3) 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 option at the end of the bareboat charter in favour of the
 Company.

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#### Fleet Data:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
| Ownership days (1) | 583 | 683 | 2010 | 2139 |
| Operating days (2) | 578 | 682 | 1963 | 2045 |
| Fleet utilization (3) | 99.1% | 99.9% | 97.7% | 95.6% |
| TCE rate (4) | $15093 | $16365 | $13436 | $16246 |
| Daily Vessel Operating Expenses (5) | $6300 | $6795 | $6323 | $6806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|  Vessel revenue, net | 10966 | 11566 | 31193 | 34607 |
|  Less: Voyage expenses | 2242 | 405 | 4818 | 1383 |
|  Time charter equivalent revenues | 8724 | 11161 | 26375 | 33224 |
|  *Operating days* | *578* | *682* | *1963* | *2045* |
|  TCE rate | $15093 | $16365 | $13436 | $16246 |

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(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)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|  Vessel operating expenses | 3673 | 5256 | 12709 | 15174 |
|  Less: Pre-delivery expenses | - | 615 | - | 615 |
|  Vessel operating expenses before pre-delivery expenses | 3673 | 4641 | 12709 | 14559 |
|  *Ownership days* | *583* | *683* | *2010* | *2139* |
|  Daily Vessel Operating Expenses | $6300 | $6795 | $6323 | $6806 |

---

------

#### Net Income / (Loss) to EBITDA and Adjusted EBITDA Reconciliation:
*(In thousands of U.S. Dollars)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3 2025** | **Q3 2024** | **9M 2025** | **9M 2024** |
|  **Net income / (loss)** | **1066** | **(894)** | **(2441)** | **(1562)** |
|  Interest and finance costs, net | 1429 | 2021 | 5129 | 5992 |
|  Depreciation and amortization | 2377 | 3496 | 8817 | 9715 |
|  **EBITDA** | **4872** | **4623** | **11505** | **14145** |
|  Stock based compensation | 118 | 238 | 427 | 668 |
|  Loss on extinguishment of debt | 407 | 375 | 640 | 397 |
|  Gain on consolidation | - | **-** | (1268) | **-** |
|  Loss on equity method investment | 6 | **-** | 50 | **-** |
|  **Adjusted EBITDA** | **5403** | **5236** | **11354** | **15210** |

---

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, loss on extinguishment of debt, gain on consolidation 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.

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

*(In thousands of U.S. Dollars)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q3 2025** | **Q3 2024** | **9M 2025** | **9M 2024** |
| **Net income / (loss)** | **1066** | **(894)** | **(2441)** | **(1562)** |
| Stock based compensation | 118 | 238 | 427 | 668 |
| Loss on extinguishment of debt | 407 | 375 | 640 | 397 |
| Gain on consolidation | - | - | (1268) | - |
| Loss on equity method investment | 6 | - | 50 | - |
| **Adjusted net income / (loss)** | **1597** | **(281)** | **(2592)** | **(497)** |
| **Adjusted net income / (loss) – common stockholders, basic and diluted** | **1597** | **(281)** | **(2563)** | **(497)** |
| Adjusted income / (loss) per common share, basic and diluted | 0.18 | (0.03) | (0.29) | (0.06) |
| Weighted average number of common shares outstanding, basic | 8917144 | 8738183 | 8841632 | 8723765 |
| Weighted average number of common shares outstanding, diluted | 8917144 | 8775011 | 8841632 | 8797527 |

---

To derive Adjusted Net Income / (Loss) and Adjusted Net Income / (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 Adjusted Net Income / (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 extinguishment of debt, gain on consolidation, 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 Net Income / (Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.

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#### Fourth Quarter 2025 TCE Rate Guidance:
As of the date hereof, approximately 62% of the Company fleet's expected operating days in the fourth quarter of 2025 have been fixed at an estimated TCE rate of approximately $14,881. 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 $16,798 per day (based on the FFA curve of November 7, 2025), our estimated TCE for the fourth quarter of 2025 is approximately $15,038<sup>2</sup>. Our TCE rate guidance for the fourth quarter of 2025 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 fourth quarter of 2025:

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| | | |
|:---|:---|:---|
|  | **Operating**<br> **Days** | **TCE Rate** |
| TCE - fixed rate (index-linked conversions) | 92 | $13882 |
| TCE – index-linked | 368 | $15328 |
| **Total / Average** | **460** | $**15038** |

---

#### Third Quarter and Recent Developments:

#### Dividend Distribution for Q2 2025 and Declaration of Q3 2025 Dividend
On October 10, 2025, the Company paid the previously announced quarterly dividend of $0.03 per common share, for the second quarter of 2025, to all shareholders of record as of August 18, 2025.

The Company also declared a cash dividend of $0.09 per common share for the third quarter of 2025 payable on or about January 9, 2026, to all shareholders of record as of December 29, 2025.

#### Buyback of Common Shares – 3rd Repurchase Plan
During the third quarter of 2025 to date, the Company has repurchased 98,811 common shares in open market transactions at an average price of $1.69 per share for an aggregate consideration of approximately $0.2 million pursuant to the $3.0 million share repurchase program commenced in October 2022. All the above-mentioned shares were cancelled and removed from our share capital as of the date of this release. As of November 7, 2025, the Company had 9,105,456 common shares issued and outstanding.

#### Vessel transactions and commercial updates

#### Sale of M/V Tradership
In August 2025, the Company delivered to her new owners the 176,925 dwt M/V Tradership, built in 2006. The aggregate net sale price was approximately $17.8 million.

#### Sale of M/V Goodship
In September 2025, the Company delivered to her new owners the 177,536 dwt M/V Goodship, built in 2005. The aggregate net sale price was approximately $15.4 million.

#### M/V Synthesea – New time charter agreement
In August 2025, the M/V Synthesea commenced a new T/C agreement with Nippon Yusen Kabushiki Kaisha ("NYK") for a period of about 11 months to about 13 months. The daily hire is based on the Baltic Kamsarmax Index ("BKI").

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<sup>2</sup> 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 $16,798 per day (based on the FFA curve of November 7, 2025). 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.

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#### M/V Exelixsea – New time charter agreement
In September 2025, the M/V Exelixsea commenced a new T/C agreement with Enesel Bulk Logistics Pte. Ltd. ("Enesel") for a period of about 9 months to maximum 12 months. The daily hire is based on the BKI.

#### M/V Nisea – Time charter extension
In October 2025, the charterer of the M/V Nisea agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period commenced on October 22, 2025, for a duration of minimum 10 months to maximum 12 months. The new gross daily hire is based on the BKI, while all other main terms of the time charter remain materially unchanged.

#### M/V Cretansea – Time charter extension
In November 2025, the charterer of the M/V Cretansea agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence in December 2025, for a duration of minimum 10 months to maximum 14 months. The daily hire is based on the BKI, while all other main terms of the time charter remain materially unchanged.

#### Investing & Financing Updates

#### Offshore Sector
In October 2025, the Company further expanded its ownership in a Norway-based entity developing a technologically and environmentally advanced Newbuilding Energy Construction Vessel (ECV). United advanced a committed payment of €2.1 million toward the project's 10% yard installment, bringing its total equity investment to approximately $10.5 million and establishing its position as the largest individual shareholder in the venture.

In parallel, United provided a short-term €2.1 million (30-day) shareholders' loan, increasing its total contributions to RGI and to the ECV project to $12.8 million. The loan bears PIK interest payable in shares upon maturity. Under certain conditions, this facility is expected to be convertible into equity, potentially further increasing United's ownership stake.

This investment provides strategic exposure to the fast-growing offshore energy infrastructure segment, which supports both traditional oil & gas projects and the global expansion of renewable energy capacity. The vessel is expected to be delivered in May 2027.

#### Huarong Sale and Leaseback agreement
In August and September 2025, in connection with the sales of the M/Vs Tradership and Goodship, the Company exercised its purchase options for the vessels under the Huarong Sale and Leaseback agreement, for a price of $7.2 million and $7.1 million, respectively. All securities granted in favor of the M/Vs Tradership and Goodship were irrevocably and unconditionally discharged pursuant to the deeds of termination and release executed on the same day for each agreement.

#### Investment in AI Startup
In October 2025, United made a $0.5 million pre-seed investment in a technology platform developing next-generation software for the ship management industry. The Company is leveraging artificial intelligence to streamline communication and decision-making between vessels and shore offices, targeting critical functions in technical management and maintenance.

United believes this early investment in a "technical AI agent" will help drive workflow automation, data-driven performance optimization, and operational efficiency. These solutions are expected to become defining priorities for the shipping sector over the coming years. United is pleased to support this promising initiative and its contribution to the industry's digital evolution.

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#### United Maritime Corporation
Unaudited Condensed Consolidated Balance Sheets

*(In thousands of U.S. Dollars)*

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025 | December 31,<br> 2024\* |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents and restricted cash | 20122 | 6762 |
| &nbsp;&nbsp;&nbsp; Vessels, net, Right-of-use assets and Vessel held for sale | 102786 | 153029 |
| &nbsp;&nbsp;&nbsp; Other assets | 21288 | 12282 |
|  **TOTAL ASSETS** | 144196 | 172073 |
|  **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp; Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 66953 | 97723 |
| &nbsp;&nbsp;&nbsp; Other liabilities | 16169 | 14262 |
| &nbsp;&nbsp;&nbsp; Stockholders' equity | 61074 | 60088 |
|  **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | 144196 | 172073 |

---

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

------

Unaudited Condensed Consolidated Statements of Operations

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

*and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  **Vessel revenue, net** | **10966** | **11566** | **31193** | **34607** |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Voyage expenses | (2242) | (405) | (4818) | (1383) |
| &nbsp;&nbsp;&nbsp; Vessel operating expenses | (3673) | (5256) | (12709) | (15174) |
| &nbsp;&nbsp;&nbsp; Management fees | (477) | (526) | (1652) | (1691) |
| &nbsp;&nbsp;&nbsp; General and administration expenses | (1196) | (1760) | (2628) | (3265) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | (2377) | (3496) | (8817) | (9715) |
| &nbsp;&nbsp;&nbsp; Gain on sale of vessels | 1928 | 1426 | 1773 | 1426 |
|  **Operating income** | **2929** | **1549** | **2342** | **4805** |
|  **Other income / (expenses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest and finance costs | (1494) | (2114) | (5186) | (6248) |
| &nbsp;&nbsp;&nbsp; Interest and finance costs – related party | - | - | (48) | - |
| &nbsp;&nbsp;&nbsp; Interest income | 65 | 92 | 105 | 256 |
| &nbsp;&nbsp;&nbsp; Loss on extinguishment of debt | (407) | (375) | (640) | (397) |
| &nbsp;&nbsp;&nbsp; Gain on consolidation | - | - | 1268 | - |
| &nbsp;&nbsp;&nbsp; Loss on equity method investment | (6) | - | (50) | - |
| &nbsp;&nbsp;&nbsp; Other, net | (21) | (46) | (232) | 22 |
|  **Total other expenses, net:** | **(1863)** | **(2443)** | **(4783)** | **(6367)** |
|  **Net income / (loss)** | **1066** | **(894)** | **(2441)** | **(1562)** |
|  **Net income / (loss) attributable to common shareholders** | **1066** | **(894)** | **(2412)** | **(1562)** |
|  **Net income / (loss) per common share, basic and diluted** | 0.12 | **(0.10)** | **(0.27)** | **(0.18)** |
|  Weighted average number of common shares outstanding, basic | 8917144 | 8738183 | 8841632 | 8723765 |
|  Weighted average number of common shares outstanding, diluted | 8917144 | 8775011 | 8841632 | 8797527 |

---

------

Unaudited Condensed Consolidated Cash Flow Data

*(In thousands of U.S. Dollars)*

---

| | | |
|:---|:---|:---|
|  | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 |
|  **Net cash (used in) / provided by operating activities** | **(44)** | **6321** |
|  **Net cash provided by investing activities** | **45737** | **9664** |
|  **Net cash used in financing activities** | **(32333)** | **(19075)** |

---

------

#### 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 two Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 396,297 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: <u>www.unitedmaritime.gr</u>.

#### 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 realization of benefits from AI initiatives, declaration of dividends, 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; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran and related hostilities in the region, China and Taiwan and between Russia and Ukraine; risks associated with the length and severity of pandemics, including their effects on demand for dry bulk products and the transportation thereof; 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: <u>ir@usea.gr</u>

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1540

New York, NY 10169

Tel: (212) 661-7566

E-mail: <u>usea@capitallink.com</u>

------

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.2**

#### Forward-Looking Statements
This report contains certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Without limiting the generality of the foregoing, all statements in this report concerning or relating to estimated and projected earnings, margins, costs, expenses, expenditures, cash flows, growth rates, future financial results and liquidity are forward-looking statements. In addition, we, through our senior management, from time to time may make forward-looking public statements concerning our expected future operations and performance and other developments.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in seaborne and other transportation patterns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the supply of or demand for dry bulk commodities, including dry bulk commodities carried by sea, generally or in particular regions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the number of newbuildings under construction in the dry bulk industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the useful lives and the value of our vessels and the related impact on our compliance with covenants under our financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aging of our fleet and increases in operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our ability to complete future acquisitions or dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to achieve successful utilization of our fleet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to fund capital expenditures,
 acquisitions and other general corporate activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our business strategy, areas of possible expansion or expected capital spending or operating expenses;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on Seanergy Maritime Holdings Corp., its subsidiaries and our third-party managers to operate our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for our vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with their agreements with us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of our customers, charters or vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to our vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential liability from future litigation and incidents involving our vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating or financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acts of terrorism, war, piracy and other hostilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public health threats, pandemics, epidemics, other disease outbreaks or calamities and governmental responses thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in global and regional economic and political conditions, including the provision or removal of economic stimulus measures meant to counteract the effects of
 sudden market disruptions due to financial, economic or health crises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tariffs, trade barriers, embargos and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general domestic and international political conditions or events, including "trade wars", acts of hostility or potential, threatened, or ongoing war including between
 Russia and Ukraine (and related sanctions), Israel and Hamas, and China and Taiwan, the conflict between Israel and Hezbollah, the Houthi crisis in the Red Sea, the tensions between Israel and Iran, tensions between the U.S. and China, the
 U.S. and Panama and the U.S. and the European Union and North Atlantic Treaty Organization ("NATO") members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the marine transportation industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue to implement and maintain adequate Environmental, Social and Governance ("ESG") practices, policies, programs, goals and targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue as going concern; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the U.S. Securities and Exchange
 Commission, including our most recent Annual Report on Form 20-F.

Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.

------

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF

#### FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following management's discussion and analysis should be read in conjunction with our unaudited interim condensed consolidated financial statements of United Maritime Corporation and related notes included herein. Unless the context indicates otherwise, references to the "Company", "we" or "our" refer to United Maritime Corporation and its subsidiaries. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statement contained in this prospectus, whether as a result of new information, future events or otherwise, except as required by law.

#### Operating Results of United Maritime Corporation

#### Factors Affecting our Results of Operations Overview
We are an international shipping company specializing in the worldwide seaborne transportation services. As of the day of this report, the company operates a fleet of five dry bulk vessels, comprising two Kamsarmax and three Panamax vessels with a cargo-carrying capacity of 396,297 dwt and an age of 12.8 years.

#### Important Measures for Analyzing Results of Operations
We use a variety of financial and operational terms and concepts. These include the following:

***Ownership days.*** Ownership days are the total number of calendar days in a period during which we owned or chartered in on a bareboat basis the vessels in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses recorded during that period.

***Available days.*** 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. The shipping industry uses available days to measure the aggregate number of days in a period during which vessels are available to generate revenues.

***Operating days.*** Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. Operating days include the days that our vessels are in ballast voyages without having fixed their next employment. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels could actually generate revenues.

***Fleet utilization.*** Fleet utilization is the percentage of time that our vessels were generating revenues and is determined by dividing operating days by ownership days for the relevant period.

***Off-hire.*** The period a vessel is not being chartered or is unable to perform the services for which it is required under a charter.

***Dry-docking.*** We periodically dry-dock each of our vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements.

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***Time charter.*** A time charter is a contract for the use of a vessel for a specific period of time (period time charter) or for a specific voyage (trip time charter) during which the charterer pays substantially all of the voyage expenses, including port charges, bunker expenses, canal charges and other commissions. The vessel owner pays the vessel operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, maintenance and repairs. The vessel owner is also responsible for each vessel's dry-docking and intermediate and special survey costs. Time charter rates are usually fixed during the term of the charter. Prevailing time charter rates do fluctuate on a seasonal and year-to-year basis and may be substantially higher or lower from a prior time charter agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter into a new time charter agreement with another charterer. Fluctuations in time charter rates are influenced by changes in spot charter rates.

***Voyage charter.*** A voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed-upon total amount. Under voyage charters, voyage expenses, such as port charges, bunker expenses, canal charges and other commissions, are paid by the vessel owner, who also pays vessel operating expenses.

***TCE.*** Time charter equivalent, or TCE, rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker expenses, canal charges and other commissions.

***Daily Vessel Operating Expenses.*** Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses less pre-delivery expenses by ownership days for the relevant time periods. Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company's vessels upon delivery.

#### Principal Factors Affecting Our Business
The principal factors that affect our financial position, results of operations and cash flows include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• number of vessels owned and operated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• voyage charter rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• time charter trip rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• period time charter rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature and duration of our voyage charters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vessels repositioning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vessel operating expenses and direct voyage costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance and upgrade work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the age, condition and specifications of our vessels and other vessels we may acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance of our common shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amount of debt obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financing costs related to debt obligations.

------

We are also affected by the types of charters we enter into. Vessels operating on period time charters and bareboat time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot charter market, either on trip time charters or voyage charters, during periods characterized by favorable market conditions.

Vessels operating in the spot charter market generate revenues that are less predictable but can yield increased profit margins during periods of improvements in dry bulk rates. Spot charters also expose vessel owners to the risk of declining dry bulk rates and rising fuel costs in case of voyage charters.

#### Results of Operations of United Maritime Corporation

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands of U.S. Dollars, except for share and per share data)* | **Nine-month period ended**<br> **September 30,** | **Nine-month period ended**<br> **September 30,** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **%** |
|  **Revenues:** |  |  |  |  |
|  Vessel revenue, net | 31193 | 34607 | (3414) | (10)% |
|  **Expenses:** |  |  |  |  |
|  Voyage expenses | (4818) | (1383) | (3435) | 248% |
|  Vessel operating expenses | (12709) | (15174) | 2465 | (16)% |
|  Management fees | (309) | (400) | 91 | (23)% |
|  Management fees-related party | (1343) | (1291) | (52) | 4% |
|  General and administration expenses | (2628) | (3265) | 637 | (20)% |
|  Depreciation and amortization | (8817) | (9715) | 898 | (9)% |
|  Gain on sale of vessels, net | 1773 | 1426 | 347 | 24% |
|  **Operating income** | 2342 | 4805 | (2463) | (51)% |
|  **Other expenses:** |  |  |  |  |
|  Interest and finance costs | (5186) | (6248) | 1062 | (17)% |
|  Interest and finance costs-related party | (48) | - | (48) | - |
|  Interest and other income | 105 | 256 | (151) | (59)% |
|  Loss on equity method investment | (50) | - | (50) | - |
|  Loss on extinguishment of debt | (640) | (397) | (243) | 61% |
|  Gain on acquisition of RGI | 1268 | - | 1268 | - |
|  Foreign currency exchange (loss) / gain, net | (232) | 22 | (254) | (1155)% |
|  **Total other expenses, net:** | (4783) | (6367) | 1584 | (25)% |
|  **Net loss** | (2441) | (1562) | (879) | 56% |
|  **Net loss attributable to common stockholders** | (2412) | (1562) | (850) | 54% |
| **Loss per common share, basic and diluted** | (0.27) | (0.18) |  |  |
| **Weighted average number of common shares outstanding, basic** | 8841632 | 8723765 |  |  |
| **Weighted average number of common shares outstanding, diluted** | 8841632 | 8797527 |  |  |

---

------

*Vessel Revenue, Net* – Vessel revenue, net decreased by $3.4 million or 10% and is mainly attributable to the decreased charter rates and the decrease in operating days from 2,045 days during the first nine months of 2024 to 1,963 days during the first nine months of 2025. Our time charter equivalent rate for the first nine months of 2025 is 17% lower than the first nine months of 2024. Please see below the reconciliation of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.

*Voyage Expenses* – Voyage expenses amounted to $4.8 million for the nine-month period ended September 30, 2025 and to $1.4 million for the respective period in 2024. The increase of $3.4 million is mainly attributed to the increased bunkers consumption as there were 165 spot days in the nine-month period ended September 30, 2025 compared to NIL spot days for the respective period in 2024.

*Vessel Operating Expenses* – Vessel operating expenses for the nine-month period ended September 30, 2025 amounted to $12.7 million and to $15.2 million for the respective period in 2024. The decrease is primarily attributable to the decrease in ownership days from 2,139 days during the first nine months of 2024 to 2,010 days during the first nine months of 2025 and the decrease in daily OPEX from $6,806 in the first nine months of 2024 to $6,323 for the same period in 2025. The increased daily OPEX in 2024 are primary attributable to the increased repairs for certain of our vessels for the nine-month period of 2024 compared to the same period in 2025.

*Management Fees – Related Parties* –Management fees to related party amounted to $1.3 million for the nine-month period ended September 30, 2025 and $1.3 million for the nine-month period ended September 30, 2024.

*Management Fees* – Management fees amounted to $0.3 million for the nine-month period ended September 30, 2025 and $0.4 million for the respective period in 2024. The slight decrease in 2025 is due to decreased ownership days from 2,139 days during the first nine months of 2024 to 2,010 days during the first nine months of 2025.

*General and Administrative Expenses* – General and administrative expenses amounted to $2.6 million for the nine-month period ended September 30, 2025 and $3.3 million for the respective period in 2024. The decrease is mainly attributable to decreased stock-based compensation, a non-cash item, which was $0.4 million for the nine-month period ended September 30, 2025 and $0.8 million for the respective period in 2024.

*Depreciation and Amortization* – Depreciation and amortization amounted to $8.8 million for the nine-month period ended September 30, 2025 and $9.7 million for the respective period in 2024. The decrease is mainly attributable to decreased ownership days from 2,139 days during the first nine months of 2024 to 2,010 days during the first nine months of 2025 due to disposal of the three Capesize vessels.

*Gain on sale of vessels, net* – The gain of $1.8 million for the nine-month period ended September 30, 2025 is attributable to the sale of three of our vessels (*Gloriuship*, *Tradership* and *Goodship*). An aggregate amount of $0.5 million was paid to Seanergy Management for these sales for the same period, representing 1% of the gross sale price. The gain of $1.4 million for the nine-month period ended September 30, 2024 is attributable to the sale of the *Oasea* in July 2024. An aggregate amount of $0.2 million was paid to Seanergy Management for this sale for the same period, representing 1% of the gross sale price.

*Interest and Finance Costs* – Interest and finance cost amounted to $5.2 million for the nine-month period ended September 30, 2025 and $6.2 million for the respective period in 2024. The decrease is mainly attributable to the decreased weighted average interest rate. The weighted average interest rate on our outstanding debt was approximately 7.41% and 8.78% for the nine-month periods ended September 30, 2025 and 2024, respectively. This decrease was partially offset by the increase of the weighted average outstanding debt from $66.5 million as of September 30, 2024 to $71.7 million as of September 30, 2025 (see below "Description of Indebtedness" for discussion on outstanding debt). Interest on lease liabilities decreased during the first nine months of 2025 compared to the first nine months of 2024 as there was one vessel on bareboat charter agreement (*Nisea*) in 2025 whilst three vessels were on bareboat charter agreements (*Chrisea*, *Synthesea and Nisea*) in 2024.

*Interest and finance costs-related party* – Interest and finance costs of related party amounted to $0.05 million for the first nine months of 2025 and relate to interest expense of the *Seanergy Loan Facility*.*** There was no such transaction cost for the same period in 2024.

*Loss on extinguishment of debt* – The loss of $0.6 million in 2025 is attributable to the early prepayment of the Huarong Sale and Leasebacks associated with the sale of the *Gloriuship, Tradership* and *Goodship* in 2025 with losses of $0.2 million for each vessel. The loss of $0.04 million in 2024 is mainly attributable to the early prepayment of the Neptune Sale and Leaseback associated with the vessel sale in July 2024.

*Gain on acquisition of RGI* – Gain on acquisition amounted to $1.3 million in 2025 and relates to the consolidation of the newly acquired variable interest entity ("VIE") RGI Marine Holdings AS ("RGI").

*Foreign currency exchange (loss) / gain, net* – The loss of $0.2 million in 2025 is related to the fluctuation of the U.S. dollar/Euro exchange rate throughout the nine months of 2025. Approximately 35% of our general and administrative expenses are in currencies other than the U.S. dollar, primarily the Euro.

------

#### Performance Indicators
The figures shown below are non-GAAP statistical ratios used by management to measure performance of our vessels. For the "Fleet Data" figures, there are no comparable U.S. GAAP measures.

---

| | | |
|:---|:---|:---|
|  | **Nine-month period ended**<br> **September 30,** | **Nine-month period ended**<br> **September 30,** |
|  **Fleet Data:** | **2025** | **2024** |
|  Ownership days | 2010 | 2139 |
|  Available days<sup>(1)</sup> | 1987 | 2051 |
|  Operating days<sup>(2)</sup> | 1963 | 2045 |
|  Fleet utilization | 97.7% | 95.6% |
|  **Average Daily Results:** |  |  |
|  TCE rate<sup>(3)</sup> | $13436 | $16246 |
|  Daily Vessel Operating Expenses<sup>(4)</sup> | $6323 | $6806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the nine-month period ended September 30, 2025, we incurred 23 off-hire days for scheduled dry-dockings. During the nine-month period ended September 30, 2024,
 we incurred 88 off-hire days for scheduled dry-dockings.

&nbsp;&nbsp;&nbsp;&nbsp;(2) During the nine-month period ended September 30, 2025, we incurred 24 off-hire days due to other unforeseen circumstances. During the nine-month period ended September
 30, 2024, we incurred 6 off-hire days due to other unforeseen circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;(3) We include TCE rate, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with net revenues from vessels, the most directly
 comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and assists investors and our management in evaluating our financial performance. Our calculation of TCE rate
 may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessels to TCE rate.

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| | | |
|:---|:---|:---|
|  | **Nine-month period ended**<br> **September 30,** | **Nine-month period ended**<br> **September 30,** |
| *(In thousands of US Dollars, except operating days and TCE rate)* | **2025** | **2024** |
| Vessel revenue, net | $31193 | $34607 |
| Voyage expenses | $(4818) | $(1383) |
| Time charter equivalent revenues | $26375 | $33224 |
| *Operating days* | *1963* | *2045* |
| Daily time charter equivalent rate | $13436 | $16246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(4) We include Daily Vessel Operating Expenses, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with vessel operating
 expenses, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of Daily Vessel
 Operating Expenses may not be comparable to that reported by other companies. The following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses.

------

---

| | | |
|:---|:---|:---|
|  | **Nine-month period ended**<br> **September 30,** | **Nine-month period ended**<br> **September 30,** |
| *(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses)* | **2025** | **2024** |
| Vessel operating expenses | $12709 | $15174 |
| Less: Pre-delivery expenses | - | 615 |
| Vessel operating expenses before pre-delivery expenses | $12709 | $14559 |
| *Ownership days* | *2010* | *2139* |
| Daily Vessel Operating Expenses | $6323 | $6806 |

---

#### EBITDA and Adjusted EBITDA

---

| | | |
|:---|:---|:---|
|  | **Nine-month period ended**<br> **September 30,** | **Nine-month period ended**<br> **September 30,** |
| *(In thousands of US Dollars)* | **2025** | **2024** |
|  Net loss | $(2441) | $(1562) |
|  Interest and finance cost, net | 5129 | 5992 |
|  Depreciation and amortization | 8817 | 9715 |
|  **EBITDA<sup>(1)</sup>** | $11505 | $14145 |
|  Stock based compensation | 427 | 668 |
|  Loss on extinguishment of debt | 640 | 397 |
|  Gain on acquisition of RGI | (1268) | - |
|  Loss on equity method investment | 50 | - |
|  **Adjusted EBITDA<sup>(1)</sup>** | $11354 | $15210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Earnings before interest, taxes, depreciation and amortization ("EBITDA") represents the sum of net income/(loss), 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, loss on extinguishment of debt, gain on
 acquisition of RGI and loss on equity method investment, if any, which is not indicative of the Company's 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 measure should not be
 considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

------

#### Liquidity and Capital Resources
Our principal sources of funds have been our operating cash inflows, long-term borrowings from banks, sale and leaseback transactions, bareboat charter agreements, vessels sales and equity provided by the capital markets. Our principal use of funds has primarily been capital expenditures to establish our fleet, maintain the quality of our vessels, comply with international shipping standards and environmental laws and regulations, fund working capital requirements, dividend payments and make principal repayments and interest payments on our outstanding debt obligations, finance leases and other financial liabilities.

Our funding and treasury activities are conducted in accordance with corporate policies to maximize investment returns while maintaining appropriate liquidity for both our short- and long-term needs. This includes arranging borrowing facilities on a cost-effective basis. Cash and cash equivalents are held primarily in U.S. dollars, with minimal amounts held in Euros.

As of September 30, 2025, we did not have any contractual obligations other than the loan agreements, finance leases, other financial liabilities and an amount of $16.6 million assuming the exercise of the purchase option of the *Nisea* and the remaining capital commitments of Euro 2.2 million related to the ECV project. Additionally, on October 31, 2025, we provided a short-term (30-day) Euro 2.1 million loan facility to RGI. During 2025, we distributed $0.8 million in aggregate as quarterly cash dividends to our common shareholders. On August 5, 2025, we declared a cash dividend of $0.03 per share for the second quarter of 2025, which was paid on October 10, 2025, to all shareholders of record as of August 18, 2025. On November 10, 2025, we declared a cash dividend of $0.09 per common share for the third quarter of 2025, which will be paid on or about January 9, 2026, to all shareholders of record as of December 29, 2025.

On May 22, 2025, we entered into an agreement with an unaffiliated third party for the sale of the *Tradership* for a gross sale price of $18.5 million, which was delivered to her new owners on August 15, 2025. An amount of $7.3 million in respect of Huarong Sale and Leaseback was paid to exercise the relevant purchase option before delivering the vessel to her new owners.

On August 12, 2025, we entered into an agreement with an unaffiliated third party for the sale of the *Goodship* for a gross sale price of $16.0 million, which was delivered to her new owners on September 16, 2025. An amount of $7.2 million in respect of Huarong Sale and Leaseback was paid to exercise the relevant purchase option before delivering the vessel to her new owners.

We will require capital to fund ongoing operations and capital expenditures for our vessels' scheduled surveys, vessel improvements to meet new regulations, for any future vessel acquisitions and to pay dividends.

The Company's cash flow projections indicate that projected cash on hand and cash provided by operating activities, financing activities and investing activities or a combination of any of those (i.e. debt agreements, vessels' sales, sales and leaseback activities and finance leases), will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the unaudited interim condensed consolidated financial statements' issuance, including obligations arising from purchase options in finance lease agreements.

------

#### Cash Flows

---

| | | |
|:---|:---|:---|
|  | **Nine month period ended**<br> **September 30,** | **Nine month period ended**<br> **September 30,** |
| **Cash Flow Data:** | **2025** | **2024** |
|  Net cash (used in) / provided by operating activities | $(44) | $6321 |
|  Net cash provided by investing activities | $45737 | $9664 |
|  Net cash used in financing activities | $(32333) | $(19075) |

---

Cash and cash equivalents, restricted cash and restricted cash non-current as of September 30, 2025 were $20.1 million. We consider highly liquid investments such as time deposits and certificates of deposit with an original maturity of around three months or less to be cash equivalents. Cash and cash equivalents are held in U.S. dollars, with minimal amounts held in Euros.

*Operating Activities:* Net cash used in operating activities in the nine-month period ended September 30, 2025 amounted to $0.04 million. Net cash provided by operating activities in the nine-month period ended September 30, 2024 amounted to $6.3 million. The decrease is primarily attributed to decreased charter rates prevailed in the market for first nine months of 2025 compared to first nine months of 2024, partially offset by the decrease in vessel operating expenses in the same period.

*Investing Activities:* Net cash provided by investing activities in the nine-month period ended September 30, 2025 amounted to $45.7 million. The 2025 cash inflow is related to $16.0 million gross proceeds from sale of the *Gloriuship*, $16.0 million gross proceeds from sale of the *Goodship and* $18.5 million gross proceeds from sale of the *Tradership.* The 2025 cash outflows relates mainly to the deployment of $4.2 million in capital to RGI and $0.6 million payments for vessels' improvements. Net cash provided by investing activities in the nine-month period ended September 30, 2024 amounted to $9.7 million. The 2024 cash inflows resulted mainly from $20.2 million proceeds from the sale of the *Oasea* and was offset by outflows of $8.0 million finance lease prepayments for the *Nisea* and $2.5 million payments in equity investment (RGI).

*Financing Activities*: Net cash used in financing activities in the nine-month period ended September 30, 2025 amounted to $32.3 million. The 2025 cash outflow resulted mainly from debt repayments of $30.0 million (including the full prepayment of Huarong Sale and Leasebacks following the sale of the *Gloriuship, Tradership and Goodship*), lease liabilities payments of $1.5 million, dividend payments of $0.8 million. Net cash used in financing activities in the nine-month period ended September 30, 2024 amounted to $19.1 million. The 2024 cash outflow resulted mainly from debt repayments of $30.8 million (including the full prepayment of Neptune Maritime Leasing Ltd. following the sale of the *Oasea)*, lease liabilities payments of $31.6 million, dividend payments of $2.0 million and $1.4 million of financing fees payments. The 2024 cash outflow was partially offset by the $47.2 million proceeds from secured long-term debt and other financial liabilities.

------

#### Description of Indebtedness

#### Senior Facilities

#### Pre – Existing Loan Facilities

#### Sinopac Loan Facility
On August 5, 2024, the Company entered into a $16.5 million loan facility (the "Sinopac Loan Facility") with Sinopac Capital International (HK) Limited ("Sinopac") for the purpose of financing the exercise of the purchase option of the *Chrisea* under its previous bareboat charter. The facility was drawn on August 19, 2024 and bears interest of term SOFR plus a margin of 2.60% per annum. The term of the facility is five years, and the repayment schedule comprises of 20 quarterly installments of $0.4 million, followed by a balloon installment of $8.5 million payable along with the final installment. An amount of $1.2 million was withheld as a security deposit by Sinopac upon the drawdown of the facility to secure the due liabilities by the Company of its obligations and undertakings as per Sinopac Loan Facility. In addition, the Company is required to maintain a security cover ratio not less than 110% for the first two years and 120% at all times thereafter until the maturity of the loan.

As of September 30, 2025, $14.9 million was outstanding under the facility.

#### Loan facilities repaid during the nine-month period ended September 30, 2025

#### Seanergy Loan Facility
On April 25, 2025, the Company received a short-term unsecured loan facility of $2.0 million from Seanergy. The facility bore interest of 10.00% per annum and was fully repaid on June 17, 2025, shortly after the completion of the sale of the *Gloriuship.*

#### Other Financial Liabilities: Sale and Leaseback Transactions

#### Sale and leaseback transactions repaid during the nine-month period ended September 30, 2025

#### Huarong Sale and Leaseback
On November 15, 2023, the Company entered into three identical $10.0 million sale and leaseback transactions with affiliates of China Huarong Shipping Financial Leasing Company Ltd. ("Huarong") for the purpose of refinancing the outstanding indebtedness of the *Gloriuship* which was previously financed by the July 2022 EnTrust Facility, and the outstanding indebtedness of the *Goodship* and *Tradership* which were previously financed by the August 2022 EnTrust Facility. On December 5, 2023, the Company sold and chartered back the vessels from three affiliates of Huarong on a bareboat charter basis for a three-year period. The Company had continuous options to repurchase the vessels throughout the duration of the charters, starting six months after the commencement date, while at the end of each three-year bareboat period, the Company had the obligation to repurchase each vessel for $5.0 million. The sale and leaseback agreements did not include any financial covenants or security value maintenance provisions. Each agreement provided for 36 monthly installments of approximately $0.1 million and a purchase obligation of $5.0 million at expiration. The applicable interest rate was 3-month term SOFR plus 3.30% per annum.

On June 10, 2025, following the sale of the *Gloriuship*, the Company prepaid the respective tranche of $7.5 million and all securities granted in favor of the *Gloriuship* were irrevocably and unconditionally discharged pursuant to the deed of termination and release dated the same day.

On August 15, 2025, following the sale of the *Tradership*, the Company prepaid the respective tranche of $7.2 million and all securities granted in favor of the *Tradership* were irrevocably and unconditionally discharged pursuant to the deed of termination and release dated the same day.

On September 16, 2025, following the sale of the *Goodship*, the Company prepaid the respective tranche of $7.1 million and all securities granted in favor of the *Goodship* were irrevocably and unconditionally discharged pursuant to the deed of termination and release dated the same day.

------

#### Pre-Existing Sale and Leaseback Activities

#### April 2023 Neptune Sale and Leaseback
On April 26, 2023, following the delivery of the *Cretansea*, we entered into a sale-and-leaseback agreement with a subsidiary of Maritime Leasing Ltd. ("Neptune") for the purpose of partly financing the acquisition cost of the *Cretansea*. The Company sold and chartered back the vessel from Neptune on a bareboat basis for a five-year period. The applicable interest rate is 3-month Term SOFR plus 4.25% per annum. The Company has continuous options to repurchase the vessel throughout the duration of the charter, while at the end of the five-year bareboat period, the Company has the obligation to repurchase the vessel for $6.4 million. The Company is required to maintain a security cover ratio (as defined therein) of at least 120% for the first twelve months and at least 130% thereafter. In addition, the Company is required to maintain minimum liquidity of approximately $0.4 million in its operating account. The charterhire principal amortizes in sixty consecutive monthly installments of approximately $0.1 million along with a balloon payment of $6.4 million in April 2028.

As of September 30, 2025, the charterhire principal was $9.4 million.

#### Village Seven Sale and Leaseback
On February 22, 2024, we entered into a $13.8 million sale and leaseback agreement with Village Seven Co., Ltd and V7 Fune Inc. (collectively, "Village Seven") in order to refinance the August 2022 EnTrust Facility. On March 27, 2024, the Company sold and chartered back the *Exelixsea* from Village Seven on a bareboat basis for a period of four years, followed by an additional two-year period at the Company's option. The charterhire principal will amortize through forty-eight consecutive monthly installments of $0.2 million paid in advance, which could extend to seventy-two installments in case of exercise of the two-year optional period. The Company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter. At the end of the optional period, the Company has the option to take ownership of the vessel at nominal additional cost. The applicable interest rate is 3-month Term SOFR plus 2.65% per annum. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.

As of September 30, 2025, the charterhire principal was $10.2 million.

#### Onishi Sale and Leaseback
On July 24, 2024, the Company entered into a $18.0 million sale and leaseback agreement with Onishi Kaiun Co. and Ocean West Shipping S.A. for the purpose of financing the purchase option of the *Synthesea* under its previous bareboat charter. On August 1, 2024, the Company sold and chartered back the *Synthesea* on a bareboat basis for a period of five years, followed by an additional two-year period at the Company's option. The charterhire principal amortizes through 60 consecutive monthly installments of $0.1 million paid in advance, which could extend to 84 installments in case of exercise of the two-year optional period, at the same terms. The financing bears an interest rate of 3-month term SOFR plus 2.70% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the optional period, the Company and the lessors have the option to repurchase and to sell the vessel, respectively, for $6.5 million. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.

As of September 30, 2025, the charterhire principal was $16.0 million.

------

#### INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | Page |
| [Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024](#Balance) | F-2 |
| [Unaudited Interim Condensed Consolidated Statement of Operations for the nine-month periods ended September 30, 2025 and 2024](#StatementofOperations) | F-3 |
| [Unaudited Interim Condensed Consolidated Statement of Other Comprehensive Loss for the nine-month periods ended September 30, 2025 and 2024](#OtherComprehensiveLoss) | F-4 |
| [Unaudited Interim Condensed Consolidated Statement of Stockholders' Equity for the nine-month periods ended September 30, 2025 and 2024](#Equity) | F-5 |
| [Unaudited Interim Condensed Consolidated Statement of Cash Flows for the nine-month periods ended September 30, 2025 and 2024](#CashFlows) | F-6 |
| [Notes to Unaudited Interim Condensed Consolidated Financial Statements](#Notes) | F-7 |

---

------

#### United Maritime Corporation
Condensed Consolidated Balance Sheets

As of September 30, 2025 (unaudited) and December 31, 2024

*(In thousands of US Dollars, except for share and per share data)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **September 30, 2025 (Unaudited)<br>**  | **December 31,**<br> **2024** |
|  **ASSETS** | | | |
|  **Current assets:** | | | |
| Cash and cash equivalents | 4 | 19722 | 6412 |
| Restricted cash<br>| 4 | 50 |  |
| Accounts receivable trade<br>| 13 | 2652 | 1437 |
| Inventories |  | 395 | 650 |
| Prepaid expenses |  | 528 | 601 |
| Due from related parties | 2 | 386 |  |
| Other current assets | 2 | 897 | 503 |
| Vessel held for sale | 5 | - | 14880 |
|  **Total current assets** |  | 24630 | 24483 |
|  **Fixed assets:** |  |  |  |
| Vessels, net | 5 | 76073 | 110589 |
| Right-of-use assets | 6 | 26713 | 27560 |
|  **Total fixed assets** |  | 102786 | 138149 |
|  **Other non-current assets:** |  |  |  |
| Restricted cash, non-current | 4 | 350 | 350 |
|  Other non-current assets |  | 1155 | 1155 |
|  Equity method investment<br>| 8 | 12572 | 3588 |
|  Deferred charges and other investments, non-current |  | 2703 | 4348 |
|  **TOTAL ASSETS** |  | 144196 | 172073 |
|  **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
|  **Current liabilities:** |  |  |  |
|  Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $315 and $723, respectively | 7 | 6391 | 17650 |
| Due to related parties | 3 | 9110 | 7271 |
| Trade accounts and other payables |  | 2692 | 1823 |
| Accrued liabilities | 2 | 3968 | 2682 |
| Finance lease liabilities, current<br>| 6 | 17459 | 2032 |
| Deferred revenue | 13 | 123 | 1395 |
| Dividends payable | 12 | 276 | 663 |
|  **Total current liabilities** |  | 40019 | 33516 |
|  **Non-current liabilities:** |  |  |  |
|  Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $626 and $989, respectively | 7 | 43103 | 61103 |
|  Finance lease liabilities, non- current<br>| 6 |  | 16938 |
|  Other liabilities, non- current<br>|  |  | 428 |
|  **Total liabilities** |  | 83122 | 111985 |
|  **Commitments and contingencies** | 11 | - | - |
|  **STOCKHOLDERS' EQUITY** |  |  |  |
|  Preferred stock, $0.0001 par value; 100,000,000 shares authorized; 40,000 Series B preferred shares issued and outstanding as at September 30, 2025 and December 31, 2024, respectively | 12 | - | - |
|  Common stock, $0.0001 par value; 2,000,000,000 authorized shares as at September 30, 2025 and December 31, 2024; 9,141,804 and 8,844,267 shares issued and outstanding as at September 30, 2025 and December 31, 2024, respectively | 12 | 1 | 1 |
| Additional paid-in capital | 12 | 39496 | 39176 |
|  Accumulated other comprehensive income / (loss)<br>|  | 5 | (4) |
| Retained earnings |  | 18047 | 20915 |
|  **Total United Maritime Corporation stockholders' equity**<br>|  | 57549 | 60088 |
|  Non-controlling interest<br>| 9 | 3525 | - |
|  **Total stockholders' equity** <br>|  | 61074 | 60088 |
|  **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** |  | 144196 | 172073 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------

Unaudited Interim Condensed Consolidated Statement of Operations

For the nine-month periods ended September 30, 2025 and 2024

*(In thousands of US Dollars, except for share and per share data)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **2025** | **2024** |
|  **Vessel revenue, net** | 2, 13 | 31193 | 34607 |
|  **Expenses:** |  |  |  |
|  Voyage expenses | 2, 13 | (4818) | (1383) |
|  Vessel operating expenses |  | (12709) | (15174) |
|  Management fees |  | (309) | (400) |
|  Management fees- related party | 3 | (1343) | (1291) |
|  General and administration expenses | 16 | (2628) | (3265) |
|  Depreciation and amortization<br>| 5, 6 | (6192) | (7090) |
|  Amortization of deferred dry-docking costs |  | (2625) | (2625) |
|  Gain on sale of vessels, net<br>| 5 | 1773 | 1426 |
|  **Operating income**<br>|  | 2342 | 4805 |
|  **Other income / (expenses), net:** |  |  |  |
|  Interest and finance costs | 14 | (5186) | (6248) |
|  Interest and finance costs-related party<br>| 3 | (48) |  |
|  Interest and other income |  | 105 | 256 |
|  Loss on equity method investment<br>| 8 | (50) |  |
|  Loss on extinguishment of debt<br>| 7 | (640) | (397) |
|  Gain on acquisition of RGI<br>| 9 | 1268 |  |
|  Foreign currency exchange (loss) / gain, net |  | (232) | 22 |
|  **Total other expenses, net** |  | (4783) | (6367) |
|  **Net loss** |  | (2441) | (1562) |
|  Less: Net loss attributable to non-controlling interest<br>| 9 | (29) |  |
|  **Net loss attributable to United Maritime Corporation**<br>|  | (2412) | (1562) |
|  **Net loss attributable to common stockholders of United Maritime Corporation<br>**  |  | (2412) | (1562) |
|  **Loss per common share, basic and diluted** | 15 | (0.27) | (0.18) |
| **Weighted average number of common shares outstanding, basic**  | 15 | 8841632 | 8723765 |
|  **Weighted average number of common shares outstanding, diluted** | 15 | 8841632 | 8797527 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------

Unaudited Interim Condensed Consolidated Statement of Other Comprehensive Loss

For the nine-months periods ended September 30, 2025 and 2024

*(In thousands of US Dollars, except for share and per share data)*

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Net loss** | (2441) | (1562) |
| **Other comprehensive loss:** |  |  |
|  Foreign currency translation differences | 11 | - |
| Release of cumulative translation adjustment of equity method investment | (4) | - |
| **Other comprehensive income** | 7 | - |
| **Total comprehensive loss** | (2434) | (1562) |
| Less: Comprehensive loss attributable to non-controlling interest | (27) | - |
| **Comprehensive loss attributable to United Maritime Corporation** | **(2407)** | **(1562)** |

---

 *The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------*

Unaudited Interim Condensed Consolidated Statement of Stockholders' Equity

For the nine-month periods ended September 30, 2025 and 2024

 *(In thousands of US Dollars, except for share data)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred stock Series B** | **Preferred stock Series B** | **Common stock** | **Common stock** | | | |
|  | **# of**<br> **Shares** | **Par**<br> **Value** | **# of**<br> **Shares** | **Par**<br> **Value** | **Additional**<br>**paid-in**<br> **capital** |<br>**Retained**<br> **Earnings** | **Total**<br>**stockholders'**<br> **equity** |
|  Balance, December 31, 2023 | 40000 |  | 8694630 | 1 | 38916 | 26952 | 65869 |
|  Issuance of common stock (including exercise of warrants)<br>| - |  | - | - | (50) | - | (50) |
|  Repurchase of common stock<br>| - |  | (185363) | - | (469) | - | (469) |
|  Dividends on common stock and participating non vested restricted stock awards<br>| - |  | - | - | - | (1991) | (1991) |
|  Stock based compensation (Note 16) | - |  | 335000 | - | 668 | - | 668 |
|  Net loss | - |  | - | - | - | (1562) | (1562) |
|  Balance, September 30, 2024 | 40000 |  | 8844267 | 1 | 39065 | 23399 | 62465 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred stock Series B** | **Preferred stock Series B** | **Common stock** | **Common stock** | | | | | **Non-**<br> **controlling interest** | |
|  | **# of** <br> **Shares** | **Par**<br> **Value** | **# of**<br> **Shares** | **Par**<br> **Value** | **Additional**<br>**paid-in**<br> **capital** | **Accumulated** <br> **other**<br>**comprehensive** <br> **loss** |<br>**Retained**<br> **earnings** | **United**<br>**Maritime Corporation** | **Non-**<br> **controlling interest** | **Total**<br>**stockholders'**<br> **equity** |
|  Balance, December 31, 2024 | 40000 |  | 8844267 | 1 | 39176 | (4) | 20915 | 60088 |  | 60088 |
|  Repurchase of common stock (Note 12)<br>|  |  | (62463) |  | (107) |  |  | (107) |  | (107) |
|  Dividends on common stock and participating non vested restricted stock awards (Note 12) | - |  | - | - | - |  | (456) | (456) |  | (456) |
|  Stock based compensation (Note 16) | - |  | 360000 | - | 427 |  | - | 427 |  | 427 |
|  Foreign currency translation differences<br>|  |  |  |  |  | 9 |  | 9 | 2 | 11 |
|  Acquisition of RGI (Note 9)<br>|  |  |  |  |  |  |  |  | 3552 | 3552 |
|  Net loss | - |  | - | - | - | - | (2412) | (2412) | (29) | (2441) |
|  Balance, September 30, 2025 | 40000 |  | 9141804 | 1 | 39496 | 5 | 18047 | 57549 | 3525 | 61074 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------

Unaudited Interim Condensed Consolidated Statement of Cash Flows

For the nine-month periods ended September 30, 2025 and 2024

*(In thousands of US Dollars)*

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Net cash (used in) / provided by operating activities** | (44) | 6321 |
|  **Cash flows from investing activities:** |  |  |
|  Vessels' improvements | (598) | (89) |
|  Acquisition of a subsidiary, net of cash acquired<br>| (4151) |  |
| Leasehold improvements | (14) |  |
| Equity method investment |  | (2464) |
|  Proceeds from sale of vessels<br>| 50500 | 20220 |
|  Lease prepayments and other initial direct costs | - | (8003) |
| **Net cash provided by investing activities** | 45737 | 9664 |
|  **Cash flows from financing activities:** |  |  |
|  Payments for repurchase of common stock | (107) | (469) |
|  Due to related parties<br>| 179 |  |
|  Proceeds from related party loan<br>| 2000 |  |
|  Proceeds from long-term debt and other financial liabilities | - | 47145 |
| Payments of related party loan | (2000) |  |
|  Payments of financing and stock issuance costs | (20) | (1409) |
|  Payments of finance lease liabilities | (1512) | (31612) |
|  Dividends paid | (843) | (1979) |
|  Repayments of long-term debt and other financial liabilities | (30030) | (30751) |
|  **Net cash used in financing activities** | (32333) | (19075) |
|  Net increase/(decrease) in cash and cash equivalents and restricted cash | 13360 | (3090) |
|  **Cash and cash equivalents and restricted cash at beginning of period** | 6762 | 14501 |
|  **Cash and cash equivalents and restricted cash at end of period** | 20122 | 11411 |
|  **SUPPLEMENTAL CASH FLOW INFORMATION** |  |  |
|  **Cash paid during the period for:** |  |  |
|  Interest paid | 4841 | 5713 |
| Deposit |  | 1155 |
| **Noncash investing activities:** |  |  |
| Vessels' improvements | (28) | (2) |
| Leasehold improvements | (127) |  |
| Right-of use assets and initial direct costs |  | (20674) |
|  **Noncash financing activities:** |  |  |
|  Dividends on common stock and participating non vested restricted stock awards declared but not paid | (276) | (664) |
|  Financing and stock issuance stocks | - | (208) |
| Equity method investment |  | (18) |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Basis of Presentation and General Information:

United Maritime Corporation (the "Company" or "United") was incorporated by Seanergy Maritime Holdings Corp. ("Seanergy" or "Parent") on January 20, 2022 under the laws of the Republic of the Marshall Islands, having an initial share capital of 500 registered shares, of no par value, issued to the Parent. The Company completed the spin-off from Seanergy which became effective July 5, 2022. United's common shares are listed on the Nasdaq Capital Market and began trading on July 6, 2022 under the symbol "USEA". The Company is engaged in the ocean transportation of cargoes worldwide through the ownership and operation of vessels.

The accompanying unaudited interim condensed consolidated financial statements include the accounts of United Maritime Corporation and its subsidiaries (collectively, the "Company" or "United").

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2024 included in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 10, 2025 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2025 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2025.

The unaudited interim condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Accordingly, they do not include any adjustments that might result in the event that the Company is unable to continue as a going concern.

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subsidiaries in Consolidation:

United's subsidiaries included in these unaudited interim condensed consolidated financial statements as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Country of**<br> **Incorporation** | **Vessel name** | **Date of Delivery** | **Date of**<br> **Sale/Disposal** |
| United Management Corp. (1)(2) | Marshall Islands | N/A | N/A | N/A |
| Sea Glorius Shipping Co. (1) | Marshall Islands | *Gloriuship* | July 6, 2022 | June 10, 2025<br>|
| Epanastasea Maritime Co. (1)(3) | Marshall Islands | *Epanastasea* | September 2, 2022 | August 10, 2023 |
| Parosea Shipping Co. (4) | Marshall Islands | *Parosea* | August 10, 2022 | November 8, 2022 |
| Bluesea Shipping Co. (4) | Marshall Islands | *Bluesea* | August 12, 2022 | December 1, 2022 |
| Minoansea Maritime Co. (1) | Marshall Islands | *Minoansea* | August 30, 2022 | December 22, 2022 |
| Good Maritime Co. (1) | Liberia | *Goodship* | February 10, 2023 | September 16, 2025<br>|
| Traders Maritime Co. (1) | Marshall Islands | *Tradership* | February 28, 2023 | August 15, 2025<br>|
| Chrisea Maritime Co. (1) | Marshall Islands | *Chrisea* | February 21, 2023 | N/A |
| Oasea Maritime Co. (1) | Marshall Islands | *Oasea* | March 27, 2023 | July 19, 2024 |
| Cretansea Maritime Co. (1)(5) | Marshall Islands | *Cretansea* | April 26, 2023 | April 26, 2023 |
| Synthesea Maritime Co. (1)(5) | Liberia | *Synthesea* | August 1, 2023 | August 1, 2024<br>|
| Exelixsea Maritime Co. (1)(5) | Marshall Islands | *Exelixsea* | August 29, 2023 | March 27, 2024 |
| Nisea Maritime Co. (1)(5) | Liberia | *Nisea* | September 10, 2024 | N/A |
| RGI Marine Holdings AS (6)  | Norway  | N/A | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Subsidiaries wholly owned

&nbsp;&nbsp;&nbsp;&nbsp;(2) Management company

&nbsp;&nbsp;&nbsp;&nbsp;(3) Dissolved company within 2025

&nbsp;&nbsp;&nbsp;&nbsp;(4) Dissolved companies within 2024

&nbsp;&nbsp;&nbsp;&nbsp;(5) Bareboat charterers

&nbsp;&nbsp;&nbsp;&nbsp;(6) Majority owned subsidiary (Note 9)

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies:

United has determined that it operates under one reportable segment, that of operating bulker vessels, and the assets of such segment are presented under the caption "Total assets" in the accompanying unaudited interim condensed consolidated balance sheets. The accounting policies applied to the reportable segment are the same as those used in the preparation of the Company's consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 10, 2025.

A discussion of the Company's significant accounting policies can be found in the Company's consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 10, 2025. There have been no material changes to these policies in the nine-month period ended September 30, 2025, except as discussed below:

(a)&nbsp;&nbsp;&nbsp;&nbsp; European Union's Emissions Trading System

The European Union's Emissions Trading System ("EU ETS") was extended to cover the maritime transportation industry commencing January 1, 2024, with application to all large ships of at least 5,000 gross tonnage. Vessels are in the scope of the scheme for those voyages which begin, end or pass through European Union ("EU") waters. The Company has an obligation to surrender EU ETS emissions allowances ("EUAs") to the EU for each ton of reported greenhouse gas emissions in the scope of the EU ETS. Where vessels are operated under time charters, such EUAs due to the EU are provided to the Company by the charterers pursuant to the terms of the time charter agreement.

Liabilities in relation to EUAs obligations under the EU ETS, but not yet surrendered, are categorized as "Accrued liabilities" if settlement to the EU is due within 12 months of the reporting date, and within "Other non-current liabilities" if settlement is due after 12 months of the reporting date. The liability is based on the total number of EUAs required to be submitted based on level of emissions occurring on or prior to the period end. For partially completed voyages, the value of the liability is initially estimated using the cost of EUAs that may be required to be submitted at the reporting date and updated following completion of the voyage. An equal and opposite asset is recognized in relation to EUAs due from charterers, within "Other current assets". When the charterer has provided the Company with EUAs, the respective EUAs are held by Seanergy Shipmanagement and it is presented within "Due from related parties" if settlement to the EU is due within 12 months of the reporting date, and within "Due from related parties, non-current" if settlement is due after 12 months of the reporting date.

As of September 30, 2025, the Company has recognized EUAs to be surrendered by September 30, 2026, amounting to $660, included in "Accrued liabilities" in the accompanying consolidated balances sheets. An amount of $136 is collectable from charterers and is included in "Other current assets" and an amount of $386 has been received from charterers and is included in "Due from related parties" in the accompanying consolidated balance sheets.

The value of EUAs provided or to be collectable by charterers is recognized under "Vessel revenue, net", while the EUAs obligations under the EU ETS are included in "Voyage expenses" in the Company's condensed consolidated statements of operations. For the period ended September 30, 2025, the Company recorded $660 in Vessel revenue, net and $660 in Voyage expenses in the accompanying condensed consolidated statements of operations.

(b) Consolidation of a VIE

A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meetings of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders. A variable interest entity ("VIE") is required to be consolidated by the primary beneficiary of the entity if the equity holders in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. If the VIE is not a business, the primary beneficiary initially shall measure and recognize the assets (except for goodwill) and liabilities of the VIE in accordance with Sections 805-20-25 and 805-20-30. Any gain or loss on consolidation is recognized in accordance with ASC 810-10-30-3 and ASC 810-10-30-4 based on the difference of the sum of consideration paid, fair value of non-controlling interest and reported amount of the previous held investment, if any, with the fair value of the identifiable assets and liabilities.

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

(c) Non-controlling interests

For the Company's subsidiaries and consolidated VIEs which are not wholly owned, non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. The Company classifies non-controlling interest within equity. Non-controlling interest is initially recorded at its fair value as of the date of acquisition of the subsidiary. Subsequent to the closing date of the transaction, the recorded value for non-controlling interest is adjusted at the end of each reporting period for (a) comprehensive income (loss) that is attributed to the non-controlling interest, which is calculated by multiplying the non-controlling interest percentage by the comprehensive income (loss) of the equity of each subsidiary during the reporting period, (b) any dividends paid to the non-controlling interest holders during the reporting period, and (c) any other transactions that increase or decrease the Company's ownership interest of the subsidiary, as a result of which the Company retains its controlling interest.

Recent Accounting Pronouncements – Not Yet Adopted

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets". The amendments in this Update affect entities that apply the practical expedient when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments are expected to provide decision-useful information to investors and other financial statement users while reducing the time and effort necessary to analyze and estimate credit losses for current accounts receivable and current contract assets. An entity that elects the practical expedient, should apply the amendments in this Update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently assessing the impact this standard will have on its consolidated financial statements and related disclosures.

Τhere are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company's unaudited interim condensed consolidated financial statements for the nine-month period ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions with Related Parties:

Details of the Company's transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2024, included in the Company's 2024 Annual Report on Form 20-F filed with the SEC on April 10, 2025, and are supplemented by the below new activities within the period.

#### Related parties transaction incurred during the nine-month period ended September 30, 2025
*Management Agreements:*

Master Management Agreement

For the nine-month periods ended September 30, 2025 and 2024, management fees charged from Seanergy amounted to $661 and $695, respectively, and are presented under "Management fees-related party" in the accompanying unaudited interim condensed consolidated statement of operations. As of September 30, 2025 and December 31, 2024, the balance due to Seanergy amounted to $6,109 and $5,597, respectively, and is included in "Due to related parties" in the accompanying condensed consolidated balance sheets. During the nine-month period ended September 30, 2025, an amount of $179 ($NIL for nine-month period ended September 30, 2024) related to payments for working capital purposes from Seanergy funds and is presented under "Cash flows from financing activities" in the unaudited interim condensed consolidated statements of cash flows.

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

Technical Management Agreements

In relation to the technical management, Seanergy Shipmanagement Corp. ("Seanergy Shipmanagement") is responsible for arranging the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling. On January 28, 2025, the vessel owning company of the *Synthesea* entered into a new management agreement with Seanergy Shipmanagement for a fixed management fee of $14.

For the nine-month periods ended September 30, 2025 and 2024, management fees charged from Seanergy Shipmanagement amounted to $682 and $596, respectively, and are presented under "Management fees-related party" in the accompanying unaudited interim condensed statements of operations. As of September 30, 2025 and December 31, 2024, the balance due to Seanergy Shipmanagement amounted to $1,414 and $1,004, respectively, and is included in "Due to related parties" in the accompanying condensed consolidated balance sheets.

Commercial Management Agreements

For the nine-month periods ended September 30, 2025 and 2024, fees charged under the commercial management agreements amounted to $236 and $266 and are included in "Vessel revenue, net" in the accompanying unaudited interim condensed statement of operations.

For the nine-month period ended September 30, 2025, an amount of $505 ($202 for the nine-month period ended September 30, 2024) charged in relation to sale services and is included in the calculations of "Gain on sale of vessels, net" (Note 5) in the accompanying unaudited interim condensed statement of operations.

As of September 30, 2025 and December 31, 2024, balance to Seanergy Management amounted to $1,553 and $670 and is included in "Due to related parties" in the accompanying condensed consolidated balance sheets.

On April 7, 2025, the Compensation Committee of the Company granted 75,000 shares to certain of the Company's service providers (Note 16).

*Short-term loan facility:*

On April 25, 2025, United received a short-term loan facility from Seanergy totaling $2,000 for working capital. The facility bore interest of 10.00% per annum and was fully repaid on June 17, 2025, shortly after the completion of the sale of the *Gloriuship.* The resulting interest and finance costs from this facility was $48 and are presented in "Interest and finance costs-related party" in the accompanying unaudited interim condensed statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Cash and Cash Equivalents and Restricted Cash:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statement of cash flows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **December 31,**<br> **2024** | **December 31,**<br> **2024** |
|  Cash and cash equivalents |  | 19,722 |  | 6,412 |
| Restricted cash |  | 50 |  |  |
|  Restricted cash, non-current |  | 350 |  | 350 |
|  **Cash and Cash equivalents and restricted cash** |  | 20,122 |  | 6,762 |

---

Restricted cash as of September 30, 2025 includes $50 of restricted deposits pledged as collateral for credit cards balances with one of the Company's financial institutions. Restricted cash, non-current as of September 30, 2025 and December 31, 2024 includes $350 of minimum liquidity requirements as per the April 2023 Neptune Sale and Leaseback (Note 7), for the *Cretansea*.

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Vessels, Net:

The amounts in the accompanying condensed consolidated balance sheets are analyzed as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2025** | **December 31,**<br> **2024** |
| **Cost:** | | |
| **Beginning balance:** | 120543 | 112375 |
| - Additions | 598 | 46421 |
| - Transfer to "Vessel held for sale" | - | (18500) |
| - Disposals | (36250) | (19753) |
| **Ending balance:** | 84891 | 120543 |
| **Accumulated depreciation:** |  |  |
| **Beginning balance:** | (9954) | (7556) |
| - Depreciation for the period | (5112) | (7982) |
| - Transfer to "Vessel held for sale" | - | 4098 |
| - Disposals | 6248 | 1486 |
| **Ending balance:** | (8818) | (9954) |
| **Net book value** | **76073** | **110589** |

---

Details of the Company's vessels, net are discussed in Note 5 of the consolidated financial statements for the year ended December 31, 2024, included in the Company's 2024 Annual Report on Form 20-F filed with the SEC on April 10, 2025, and are supplemented by the below new activities within the period.

#### Sale of vessels
On December 20, 2024, the Company entered into an agreement with an unaffiliated third party for the sale of the *Gloriuship* for a net sale price of $14,880, after deducting commissions charged from third parties and related parties. As of December 31, 2024, $14,880 was classified in current assets as "Vessel held for sale" in the accompanying consolidated balance sheets, according to the provisions of ASC 360, as all the criteria for this classification were met. The vessel was delivered to her new owners on June 10, 2025. As of September 30, 2025, an amount of $16,000 was recorded as "Proceeds from sale of vessels" in the accompanying unaudited interim condensed consolidated statement of cash flow based on the agreed gross price. A loss on sale of vessel, net of sale expenses, amounting to $155 was recognized and is presented as "Gain on sale of vessels, net" in the accompanying unaudited interim condensed consolidated statement of operations.

On May 22, 2025, the Company entered into an agreement with an unaffiliated third party for the sale of the *Tradership* for a net sale price of $17,575, after deducting commissions charged from third parties and related parties. The vessel was delivered to her new owners on August 15, 2025. As of September 30, 2025, an amount of $18,500 was recorded as "Proceeds from sale of vessels" in the accompanying unaudited interim condensed consolidated statement of cash flow based on the agreed gross price. A gain on sale of vessel, net of sale expenses, amounting to $1,371 was recognized and is presented as "Gain on sale of vessels, net" in the accompanying unaudited interim condensed consolidated statement of operations.

On August 12, 2025, the Company entered into an agreement with an unaffiliated third party for the sale of the *Goodship* for a net sale price of $15,360, after deducting commissions charged from third parties and related parties. The vessel was delivered to her new owners on September 16, 2025. As of September 30, 2025, an amount of $16,000 was recorded as "Proceeds from sale of vessel" in the accompanying unaudited interim condensed consolidated statement of cash flow based on the agreed gross price. A gain on sale of vessel, net of sale expenses, amounting to $557 was recognized and is presented as "Gain on sale of vessels, net" in the accompanying unaudited interim condensed consolidated statement of operations.

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

During the nine-month period ended September 30, 2025, an amount of $598 of expenditures were capitalized that concern improvements on vessels performance and meeting environmental standards. The cost of these additions was accounted as major improvement and were capitalized over the vessels' cost and will be depreciated over the remaining useful life of each vessel. Amounts paid for the additions are included in "Vessels' improvements" under "Cash flows from investing activities" in the unaudited interim condensed consolidated statement of cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Right-of-use assets and Finance Lease Liabilities:

Details of the Company's right-of-use assets and finance lease liabilities are discussed in Note 6 of the consolidated financial statements for the year ended December 31, 2024, included in the Company's 2024 Annual Report on Form 20-F filed with the SEC on April 10, 2025, and are supplemented by the below new activities within the period.

During the nine-month periods ended September 30, 2025 and 2024, the amortization of the right-of-use assets amounted to $1,080 and $1,363 and is presented in the Company's unaudited interim condensed consolidated statement of operations under "Depreciation and amortization". Interest expense on the finance lease liabilities for the same period for 2025 and 2024 amounted to $673 and $1,099 (Note 14). As of September 30, 2025 and December 31, 2024, the right-of-use amounted to $26,713 and $27,560 and is presented under "Right-of-use assets" in the accompanying condensed consolidated balance sheets.

During the nine-month period ended September 30, 2025, an amount of $233 of expenditures were capitalized that concern leasehold improvements on vessels performance and meeting environmental standards. The cost of these additions was accounted as major leasehold improvement and were capitalized over the Right-of-use asset and will be depreciated over the remaining useful life of each asset. Amounts paid for the additions are included in "Leasehold improvements" under "Cash flows from investing activities" in the unaudited interim condensed consolidated statement of cash flows.

The weighted average remaining lease term for the bareboat charter was 0.44 years as of September 30, 2025.

The weighted average incremental borrowing rate for the bareboat charter was 5.08% as of September 30, 2025.

The annual lease payments under the bareboat charter agreement are as follows:

---

| | |
|:---|:---|
|  **Twelve-month periods ending September 30,** | **Amount** |
| 2026 | 17828 |
|  **Total undiscounted lease payments** | 17828 |
|  Less: Discount based on incremental borrowing rate<br>| (369) |
|  **Present value of finance lease liabilities** | 17459 |
|  Finance lease liabilities, current | 17459 |
|  Finance lease liabilities, non-current | - |
|  **Present value of finance lease liabilities** | 17459 |

---

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Long-Term Debt and Other Financial Liabilities:

The amounts in the accompanying condensed consolidated balance sheets are analyzed as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2025** | **December 31,**<br> **2024** |
|  Long-term debt and other financial liabilities | 50435 | 80465 |
|  Less: Deferred financing costs | (941) | (1712) |
|  Total | 49494 | 78753 |
|  Less – current portion | (6391) | (17650) |
|  Long-term portion | 43103 | 61103 |

---

Details of the Company's secured credit and other financial liabilities are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2024, included in the Company's 2024 Annual Report on Form 20-F filed with the SEC on April 10, 2025, and are supplemented by the below new activities within the period.

#### Sale and Leaseback Transactions repaid during the nine-month period ended September 30, 2025
*Huarong Sale and Leaseback* 

On June 10, 2025, following the sale of the *Gloriuship*, the Company prepaid the respective tranche of $7,500 and all securities granted in favor of the *Gloriuship* were irrevocably and unconditionally discharged pursuant to the deed of termination and release dated the same day. On that date, as a result of the prepayment, an amount of $233 relating to deferred finance costs and other related expenses was recognized as loss on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 "Debt Modifications and Extinguishments" and was included in "Loss on extinguishment of debt" in the unaudited interim condensed consolidated statements of operations.

On August 15, 2025, following the sale of the *Tradership*, the Company prepaid the respective tranche of $7,222 and all securities granted in favor of the *Tradership* were irrevocably and unconditionally discharged pursuant to the deed of termination and release dated the same day. On that date, as a result of the prepayment, an amount of $209 relating to deferred finance costs and other related expenses was recognized as loss on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 "Debt Modifications and Extinguishments" and was included in "Loss on extinguishment of debt" in the unaudited interim condensed consolidated statements of operations.

On September 16, 2025, following the sale of the *Goodship*, the Company prepaid the respective tranche of $7,083 and all securities granted in favor of the *Goodship* were irrevocably and unconditionally discharged pursuant to the deed of termination and release dated the same day. On that date, as a result of the prepayment, an amount of $198 relating to deferred finance costs and other related expenses was recognized as loss on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 "Debt Modifications and Extinguishments" and was included in "Loss on extinguishment of debt" in the unaudited interim condensed consolidated statements of operations.

As of September 30, 2025, the Company was in compliance with all covenants relating to its financial liabilities as at that date.

As of September 30, 2025, one of the Company's owned vessels, having a net carrying value of $19,581, was subject to first and second priority mortgages as collateral to its long-term debt facility. As of September 30, 2025, three of the Company's vessels, having a net carrying value of $56,492, were financed through sale and leaseback agreements. As customary in leaseback agreements, the title of ownership is held by the registered owners.

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

The annual principal payments required to be made after September 30, 2025 for all long-term debt and other financial liabilities, are as follows:

---

| | |
|:---|:---|
|  **Twelve-month periods ending September 30,** | **Amount** |
| 2026 | 6706 |
| 2027 | 6706 |
| 2028 | 12619 |
| 2029 | 14036 |
|  Thereafter | 10368 |
|  **Total** | 50435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Equity Method Investments:

Details of the Company's equity method investments are discussed in Note 8 of the consolidated financial statements for the year ended December 31, 2024, included in the Company's 2024 Annual Report on Form 20-F filed with the SEC on April 10, 2025, and are supplemented by the below new activities within the period.

On May 5, 2025, United increased its stake in RGI Marine Holdings AS ("RGI") and became the primary beneficiary of the VIE. (Note 9).

United recognized the investment of RGI in Wind Energy Construction SA ("WEC") at the date of acquisition of RGI at its fair value (Note 9). The Company accounts for the investment in WEC under the equity method, and is presented under "Equity method investment" in the accompanying consolidated balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Acquisition of RGI:

On May 5, 2025, United determined that it became the primary beneficiary of RGI and the non-controlling interest was determined to be 28.2%. As a result of this increase, and according with ASC 810, United became the primary beneficiary of RGI and consolidated its financial position and results of operations. The transaction was accounted for in accordance with ASC 810-10-30-3 and ASC 810-10-30-4 since the Company concluded that it became the primary beneficiary of a VIE that is not business. The Company recognized the identifiable assets and liabilities and the non-controlling interest at fair values in accordance with ASC 805-20-25 and ASC 805-20-30. The fair value of the identifiable assets and liabilities of RGI and the non-controlling interest were determined through Level 3 inputs of the fair value hierarchy.

The gain recognized in the accompanying unaudited interim condensed consolidated statement of operation was the difference between (a) the sum of consideration paid of $4,219, fair value of non-controlling interest $3,552 and the reported amount of the previous held investment of $3,552, and (b) the fair value of the identifiable assets and liabilities of $12,595. The Company also derecognized the translation reserve adjustments of $4 related to previously held equity method investment presented in the unaudited interim statement of other comprehensive loss. As a result of this transaction, the Company recognized as gain on acquisition of RGI an amount of $1,268 in the accompanying unaudited interim condensed consolidated statement of operations.

RGI has a 45% stake in WEC, a private liability company duly incorporated under the laws of Norway which has a newbuilding contract for the construction of an Energy Construction Vessel ("ECV"), with expected delivery date in May 2027. Under the terms of the RGI shareholders' agreement, United and the other RGI investors have committed to an additional aggregate amount of Euro 5.4 million (or $6,318 based on the Euro/U.S. dollar exchange rate of €1.00: $1.17 as of September 30, 2025) due in two installments to fund RGI's participation under the newbuilding contract in the construction of the ECV (Note 17). These capital commitments are contractually binding and non-cancelable. United expects to satisfy its obligation using available cash on hand and future operating cash flows.

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#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

The non-controlling interest holders have committed to fund the remaining Euro 3.3 million (or $3,861 based on the Euro/U.S. dollar exchange rate of €1.00: $1.17 as of September 30, 2025). While their commitments are also contractually binding, the Company cannot ensure that these contributions will be made on a timely basis, if at all. Failure by any party to fulfill their capital commitment could result in changes to ownership interests, dilution, or default provisions under the shareholders' agreement. As of September 30, 2025, United has not recorded a liability related to the unfunded commitment, as it does not meet the criteria for recognition under ASC 405 or ASC 450.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Financial Instruments:

The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Quoted market prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Unobservable inputs that are not corroborated by market data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Significant Risks and Uncertainties, including Business and Credit Concentration

The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company's investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fair Value of Financial Instruments

The fair values of the financial instruments shown in the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, represent management's best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;a. Cash and cash equivalents, restricted cash, accounts receivable trade, other current assets, prepaid expenses, trade accounts and other payables and accrued liabilities: the carrying amounts approximate
 fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current.

&nbsp;&nbsp;&nbsp;&nbsp;b. Long-term debt and other financial liabilities: The carrying value of long-term debt and other financial liabilities with variable interest rates approximates the fair value as the long-term debt
 and other financial liabilities bear interest at floating interest rate.

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#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Commitments and Contingencies:

#### Contingencies
Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. As of September 30, 2025, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying unaudited interim condensed consolidated financial statements.

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements. The Company is covered for liabilities associated with the individual vessels' actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

#### Commitments
The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers' options to extend the lease terms and termination clauses. The Company's time charters duration range between 9 and 21 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company's time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Panamax forward freight agreement rates.

As at September 30, 2025, the Company operates all of its vessels under time charter agreements, considered as operating leases accounted for as per ASC 842 requirements.

The following table sets forth the Company's future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at September 30, 2025. For index-linked time charter contracts the calculation was made using the charter rates that prevail at the balance sheet date for index-linked time charters and the fixed rates for fixed periods time charters (these amounts do not include any assumed off-hire).

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| | |
|:---|:---|
|  **Twelve-month period ending September 30,** | **Amount** |
| 2026 | 15864 |
| 2027 | 2695 |
|  **Total** | **18559** |

---

As of September 30, 2025, the Company has two remaining capital calls with an aggregate amount of Euro 2.2 million (or $2,540 based on the Euro/U.S. dollar exchange rate of €1.00: $1.17 as of September 30, 2025) for the involvement in RGI and its investment in the construction of ECV.

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#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Capital Structure:

Details of the Company's common stock and warrants are discussed in Note 11 of the consolidated financial statements for the year ended December 31, 2024, included in the Company's 2024 Annual Report on Form 20-F filed with the SEC on April 10, 2025 and are supplemented by the below new activities into the nine-month period ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Dividends

On August 5, 2025, the Company declared a quarterly dividend of $0.03 per common share for the second quarter of 2025 to all shareholders of record as of August 18, 2025. The dividend amounted to $276 was paid on October 10, 2025 and is included in "Dividends payable" in the accompanying condensed consolidated balance sheets (Note 17).

On May 20, 2025, the Company declared a dividend of $0.01 per common share for the first quarter of 2025 to all shareholders of record as of June 30, 2025. The dividend amounted to $92 was paid on July 10, 2025.

On March 17, 2025, the Company declared a dividend of $0.01 per common share for the fourth quarter of 2024 to all shareholders of record as of March 27, 2025. The dividend amounted to $88 and was paid on April 10, 2025.

On January 10, 2025, the Company paid a regular quarterly cash dividend of $663 for the third quarter of 2024 to all shareholders of record as of December 27, 2024.

Total dividends declared in the nine-months period ended September 30, 2025 amounted to $456.

ii) Warrants

During the nine-month period ended September 30, 2025, no shares were issued from Class A warrants' exercises. As of September 30, 2025, 6,962,770 Class A warrants remained outstanding. The exercise price of the Class A warrants is $2.25 per common share. All warrants are classified in equity, according to the Company's accounting policy. The warrants contain a cashless exercise provision, whereby if at the time of exercise, there is no effective registration statement, then the warrants can be exercised by means of a cashless exercise as disclosed in the warrant's agreement.

As of September 30, 2025, the number of common shares that can potentially be issued under the outstanding Class A warrants were 6,962,770.

iii) Common stock buybacks

During the nine-month period ended September 30, 2025, the Company repurchased 62,463 of its outstanding common shares at an average price of approximately $1.70 per share for a total of $107, inclusive of commissions and fees. All the repurchased shares were cancelled and restored to the status of authorized but unissued shares as of September 30, 2025.

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#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Vessel Revenue, net and Voyage Expenses:

The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters).

The following table presents the Company's income statement figures derived from time and spot charters for the nine-month periods ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;September 30,**<br> **2025** | **September 30,**<br> **2024** |
| Vessel revenues from spot charters, net of commissions  | 5448 | - |
|  Vessel revenues from time charters, net of commissions | 25745<br>| 34607<br>|
|  Total | 31193<br>| 34607<br>|

---

As of September 30, 2025 and December 31, 2024, the accounts receivable trade was $2,652, and $1,437, respectively, and related to time charters.

Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. Deferred revenue as of September 30, 2025 and December 31, 2024 was $99 and $664 and relates entirely to ASC 842. As of September 30, 2025 and December 31, 2024, an amount of $24 and $731 related to ballast bonus payments made by charterers for the ballast trip which are deferred and recognized on a straight line over the charter period.

Charterers individually accounting for more than 10% of revenues for the nine-month periods ended September 30, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
| **Customer** | **2025**<br>| **2024**<br>|
| A | 31% | 17% |
| B | 26% | 34% |
| C | 15% | 15% |
| D | 14% | - |
| E | 10% |  |
| Total | 96% | 66% |

---

*Voyage Expenses* 

The following table presents the Company's statement of operations' figures derived from time, spot charters and for unfixed periods for the period from for the nine-month periods ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;September 30,**<br> **2025** | **&nbsp;&nbsp;&nbsp;&nbsp;September 30,**<br> **2024** |
|  Voyage expenses from time charters | 1157 | 1191 |
| Voyage expenses from spot charters  | 3021 | - |
|  Voyage expenses for unfixed periods<br>| 640 | 192 |
|  Total | 4818 | 1383 |

---

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#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Interest and Finance Costs:

Interest and finance costs are analyzed as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2025** | **September 30,**<br> **2024** |
|  Interest on long-term debt and other financial liabilities | 4001 | 4448 |
|  Interest on finance lease liability | 673 | 1099 |
|  Amortization of debt finance costs and debt discounts | 458 | 533 |
|  Other | 54 | 168 |
|  Total | 5186 | 6248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Loss per Share:

The calculation of net loss per common share is summarized below:

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;September 30,** <br> **2025** | **&nbsp;&nbsp;&nbsp;&nbsp;September 30,** <br> **2024** |
|  Net loss | $(2441) | $(1562) |
| Less: Net loss attributable to non-controlling interest | (29) | - |
| Net loss attributable to United Maritime Corporation | (2412) | (1562) |
|  Net loss attributable to common shareholders, basic & diluted | $(2412) | $(1562) |
|  Weighted average number of common shares outstanding, basic<br>| 8841632 | 8723765 |
| Weighted average number of common shares outstanding, diluted | 8841632 | 8797527 |
|  Net loss per share attributable to common shareholders, basic & diluted | $(0.27) | $(0.18) |

---

The Company calculates basic loss per share in conformity with the two-class method required for companies with participating securities. The calculation of basic loss per share does not consider the non-vested shares as outstanding until the time-based vesting restrictions have lapsed. For the nine-month periods ended September 30, 2025 and 2024, unexercised warrants were also excluded from the computation of diluted shares as their effect would be anti-dilutive due to the loss in the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Equity Incentive Plan:

Details of the Company's Equity Incentive Plan are discussed in Note 15 of the consolidated financial statements for the year ended December 31, 2024, included in the Company's 2024 Annual Report on Form 20-F filed with the SEC on April 10, 2025 and are supplemented by the below new activities into the nine-month period ended September 30, 2025.

On April 7, 2025, the Compensation Committee of our board of directors approved a further amendment and restatement of our 2022 Equity Incentive Plan to increase the aggregate number of common shares reserved for issuance under the plan to 400,000 shares, and granted awards under the plan of an aggregate of 275,000 restricted common shares to the members of the Company's board of directors and 85,000 common shares to certain of the Company's service providers and to the sole director of the Company's commercial manager, a non-employee. The fair value of each share on the grant date was $1.20. 79,500 shares vested on April 7, 2025, 113,000 shares vested on October 7, 2025 and 167,500 shares will vest on April 7, 2026.

------

#### United Maritime Corporation

#### Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

The related expense for shares granted to the Company's Board of Directors and certain of its service providers for the nine-month period ended September 30, 2025 and 2024, amounted to $415 and $648, respectively, and is included under "General and administration expenses" in the Company's unaudited interim condensed consolidated statements of operations. The related expense for shares granted to non-employees for the nine-months periods ended September 30, 2025 and 2024, amounted to $12 and $20 and is included under "Voyage expenses".

The unrecognized cost for the non-vested shares granted to the Company's Board of Directors and certain of its service providers (Note 3) as of September 30, 2025 and December 31, 2024 amounted to $109 and $104, respectively. On September 30, 2025, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company's Board of Directors and certain of its service providers not yet recognized is expected to be recognized is 0.52 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Subsequent Events

On October 10, 2025, the Company paid a regular quarterly dividend of $276 to all shareholders of record as of August 18, 2025 (Note 12).

On October 31, 2025, the Company expanded its ownership in RGI, increasing its stake by Euro 2.1 million (or $2,405) as per the installment terms of the RGI shareholders' agreement (Note 9).

Additionally, on October 31, 2025, the Company provided a short-term (30-day) Euro 2.1 million (or $2,466) convertible loan facility to RGI with interest paid in shares.

On November 4, 2025, the company made a Euro 0.25 million (or $290) pre-seed investment in a maritime technology platform developing AI-powered solutions to optimize ship technical management and other operations.

On November 10, 2025, the Company declared a dividend of $0.09 per common share for the third quarter of 2025, payable on or about January 9, 2026, to all shareholders of record as of December 29, 2025.

On November 12, 2025, the Company extended its buyback plan until December 31, 2026.

Since the beginning of the period ended September 30, 2025 and until November 20, 2025, the Company has repurchased 48,579 of its outstanding common shares at an average price of approximately $1.67 per share for a total of $81, inclusive of commissions and fees. All the repurchased shares will be cancelled and restored to the status of authorized but unissued shares.

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