C3is Inc. Reports Q1 2025 Financial Results with Decrease in Revenues and Adjusted Net Income

C3is Inc. reported Q1 2025 results, revealing decreased revenues and daily TCE rates alongside a significant net income increase.

Quiver AI Summary

C3is Inc. announced its first-quarter financial results for 2025, reporting a net income of $7.9 million, which marked a 109% increase compared to the same period in 2024, despite a 32% decline in revenues to $8.7 million due to decreased charter rates. The company's fleet utilization was 91.7%, with most vessels operating under time charters. Average daily time charter equivalent (TCE) rates dropped by 56% year-over-year. C3is has successfully fulfilled its capital expenditure commitments without incurring bank debt, culminating in a cash balance of $15.7 million at the end of Q1 2025. Additionally, the company paid off a significant portion of its bulk carrier acquisition costs. CEO Dr. Diamantis Andriotis commented on the mixed economic outlook for 2025, emphasizing the company's plans to adapt by focusing on diversification and sustainable practices to position itself for future growth.

Potential Positives

• Net income for Q1 2025 was $7.9 million, a significant increase of 109% compared to Q1 2024.
• All vessels are unencumbered, indicating financial strength and flexibility.
• The company successfully fulfilled all capital expenditure commitments without resorting to bank loans and has increased fleet capacity.

Potential Negatives

• Revenues decreased by 32% from $12.8 million in Q1 2024 to $8.7 million in Q1 2025, indicating a significant drop in operational performance.
• Adjusted net income decreased by 73% from $4.5 million in Q1 2024 to $1.2 million in Q1 2025, reflecting a substantial decline in profitability.
• Daily Time Charter Equivalent (TCE) rate fell by 56% from $36,480 in Q1 2024 to $16,202 in Q1 2025, suggesting reduced market competitiveness and revenue generation capability.

FAQ

What were C3is Inc.'s revenues for Q1 2025?

The revenues for C3is Inc. in Q1 2025 amounted to $8.7 million, a decrease from $12.8 million in Q1 2024.

How did the daily TCE change from Q1 2024 to Q1 2025?

The daily TCE decreased by 56%, from $36,480 in Q1 2024 to $16,202 in Q1 2025.

What was the net income reported for the first quarter of 2025?

C3is Inc. reported a net income of $7.9 million for Q1 2025, which is a 109% increase from Q1 2024.

What are C3is Inc.'s current cash reserves as of Q1 2025?

As of the end of Q1 2025, C3is Inc. has a cash balance of $15.7 million.

How many vessels does C3is Inc. currently own?

C3is Inc. currently owns four vessels, including three Handysize dry bulk carriers and one Aframax tanker.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$CISS Hedge Fund Activity

We have seen 0 institutional investors add shares of $CISS stock to their portfolio, and 5 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• TOWERVIEW LLC removed 130,000 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $84,500
• ACADIAN ASSET MANAGEMENT LLC removed 81,490 shares (-83.4%) from their portfolio in Q4 2024, for an estimated $46,514
• RENAISSANCE TECHNOLOGIES LLC removed 11,769 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $7,649
• TWO SIGMA SECURITIES, LLC removed 4,955 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $7,070
• ESTABROOK CAPITAL MANAGEMENT removed 8 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $5
• GROUP ONE TRADING LLC added 0 shares (+nan%) to their portfolio in Q4 2024, for an estimated $0

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

ATHENS, Greece, May 15, 2025 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing dry bulk and tanker seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2025.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

• 
  Our handysize dry bulk carriers are on time charters of short-term durations, producing steady cash flows, while our Aframax tanker operates in the spot market, currently achieving voyage charter rates of around $46,000 per day.
  

• 
  All of our vessels are unencumbered.
  

• 
  Fleet operational utilization of 91.7% for the three months ended March 31, 2025, mainly due to the commercial idle days of the Aframax tanker operating in the spot market. Vessels operating under time charter employment had minimal idle days.
  

• 
  Revenues of $8.7 million for the three months ended March 31, 2025, corresponding to a daily TCE
  
  ^I
  
  of $16,202, as compared to revenues of $12.8 million for the three months ended March 31, 2024, corresponding to a daily TCE of $36,480.
  

• 
  Cash balance of $15.7 million at the end of Q1 2025.
  

• 
  For the first quarter of 2025, daily TCE decreased by 56% as compared to the same period in 2024.
  

• 
  Net Income of $7.9 million, EBITDA
  
  ⁱ
  
  of $9.7 million and Earnings per Share, Basic, of $14.89 for the three months ended March 31, 2025.
  

• 
  Adjusted net income
  
  ⁱ
  
  of $1.2 million for the three months ended March 31, 2025, a decrease of 73% compared to $4.5 million for the three months ended March 31, 2024.
  

• 
  Adjusted EBITDA
  
  ⁱ
  
  of $3.0 million for the three months ended March 31, 2025, a decrease of 53% compared to $6.4 million for the three months ended March 31, 2024.
  

• 
  In April 2025, the Company paid $14.6 million to the sellers of the bulk carrier Eco Spitfire, thus concluding the final balance due, representing 90% of the purchase price of the vessel. The funds used were provided by operations, cash on hand and net proceeds from equity offerings.
  

• 
  The Company has met all of its Capex obligations, totaling $59.2million, without resorting to any bank loans.
  

• 
  The Company recorded a non-cash adjustment of $6.9 million as “Gain on Warrants” for the three months ended March 31, 2025, mainly due to the change in the fair value of warrants between December 31, 2024 and March 31, 2025.
  

ⁱ

TCE, EBITDA, Adjusted EBITDA and Adjusted Net Income are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

First Quarter 2025 Results


:

• 
  
  Voyage revenues
  
  for the three months ended March 31, 2025 amounted to $8.7 million, a decrease of $4.1 million compared to revenues of $12.8 million for the three months ended March 31, 2024, primarily due to the decrease in charter rates. Total calendar days for our fleet were 360 days for the three months ended March 31, 2025, as compared to 273 days for the same period in 2024. Of the total calendar days in the first quarter of 2025, 247, or 68.6%, were time charter days, as compared to 164 or 60.1% for the same period in 2024. Our fleet utilization was 100.0% for both periods of three months ended March 31, 2025 and 2024.
  


• 
  
  Voyage expenses and vessels’ operating expenses
  
  for the three months ended March 31, 2025 were $2.8 million and $2.2 million, compared to $2.8 million and $1.8 million for the three months ended March 31, 2024. The increase in vessels’ operating expenses was attributed to the increase in the average number of our vessels. Voyage expenses for the three months ended March 31, 2025 included bunkers cost and port expenses of $1.5 million and $0.9 million respectively, corresponding to 54% and 32% of total voyage expenses, since the vessel Afrapearl II operated in the spot market. Operating expenses for the three months ended March 31, 2025 mainly included crew expenses of $1.1 million, corresponding to 50% of total operating expenses, spares and consumable costs of $0.4 million, corresponding to 18% of total vessel operating expenses, and maintenance expenses of $0.3 million, representing works and repairs on the vessels, corresponding to 14% of total vessel operating expenses.
  

• 
  
  Depreciation
  
  for the three months ended March 31, 2025 was $1.6 million, a $0.2 million increase from $1.4 million for the same period of last year, due to the increase in the average number of our vessels.
  


• 
  
  Management fees
  
  for the three months ended March 31, 2025 were $0.16 million, a $0.04 million increase from $0.12 million for the same period of last year, due to the increase in the average number of our vessels.
  


• 
  
  General and Administrative costs
  
  for the three-month periods ended March 31, 2025 and 2024 were $0.7 million and $1.5 million respectively. The decrease is mainly related to the decrease in expenses allocated to warrants issued as part of the two public offerings that occurred in the three-month period ended March 31, 2024 and classified as liabilities.
  
  
  

• 
  
  Interest and finance costs
  
  for the three months ended March 31, 2025 were $0.3 million and mainly related to the accrued interest expense – related party, in connection with the $14.6 million payable, representing 90% of the acquisition price of our bulk carrier, the Eco Spitfire; this balance was completely settled in April 2025. For the three months ended March 31, 2024, we reported $0.7 million as accrued interest expense – related party, in connection with $38.7 million payable, representing 90% of the acquisition price of our Aframax tanker, the Afrapearl II; this balance was completely settled in July 2024.
  
  
  
  
  For accounting purposes, the outstanding balances payable on the two vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amounts ultimately paid remained consistent with the originally agreed purchase prices.
  

• 
  
  Interest income
  
  for the three months ended March 31, 2025 and 2024 was $0.1 million and $0.2 million respectively. The decrease is mainly attributed to a lower amount of funds placed under time deposits.
  


• 
  
  Gain on warrants
  
  for the three months ended March 31, 2025 was $6.9 million and mainly related to net fair value gains on our Class B-1, Class B-2, Class C-1 and Class C-2 warrants which were issued during the first quarter of 2024 in connection with the two public offerings and were classified as liabilities.
  


• 
  
  Adjusted net income
  
  was $1.2 million, corresponding to an Adjusted EPS, basic, of $1.05 for the three months ended March 31, 2025 compared to an Adjusted net income of $4.5 million corresponding to an Adjusted EPS, basic, of $32.28 for the same period of last year.
  


• 
  
  Adjusted
  
  
  EBITDA
  
  for the three months ended March 31, 2025 and 2024 amounted to $3.0 million and $6.4 million respectively. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  


• 
  An average of 4.0 vessels were owned by the Company during the three months ended March 31, 2025, compared to 3.0 vessels for the same period in 2024.
  
  
  

CEO Dr. Diamantis Andriotis commented:

Conference Call details:

On May 15, 2025, at 10:00 am ET, the Company’s management will host a conference call to present the results and the company’s operations and outlook.

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through C3is Inc. website (www.c3is.pro). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT C3IS INC.



C3is Inc. is a ship-owning company providing drybulk and crude oil seaborne transportation services. The Company owns four vessels, three Handysize drybulk carriers with a total capacity of 97,664 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting in a fleet total capacity of 213,464 dwt. C3is Inc.’s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS”.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance including our intentions relating to fleet growth and diversification and financing, outlook for our shipping sectors and vessel earnings, and our ability to maintain compliance with Nasdaq continued listing requirements, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release 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 C3is Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, C3is Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in C3is Inc.’s operating expenses, including bunker prices, drydocking and insurance costs, ability to fund the remaining purchase price for one of our drybulk vessels, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by C3is INC. with the U.S. Securities and Exchange Commission.

Company Contact:

Nina Pyndiah


Chief Financial Officer

C3is INC.


00-30-210-6250-001


E-mail: info@c3is.pro

Fleet Data:



The following key indicators highlight the Company’s operating performance during the periods ended March 31, 2024 and March 31, 2025.

1)

Average number of vessels

is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.


2)

Total calendar days

for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with repairs, drydockings or special or intermediate surveys.


3)

Total voyage days

for fleet reflect the total number of days the vessels we operated were in our possession for the relevant period, net of off-hire days associated with repairs, drydockings or special or intermediate surveys.


4)

Fleet utilization

is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.


5)

Total charter days

for fleet are the number of voyage days the vessels operated on time charters for the relevant period.


6)

Total spot market charter days

for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.


7)

Fleet operational utilization

is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS


:

Adjusted net income represents net income before (loss)/gain on warrants and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, (loss)/gain on warrants and share based compensation.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as, or similar to, some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

Reconciliation of TCE:



Time Charter Equivalent rate or “TCE” rate is determined by dividing voyage revenue net of voyage expenses by voyage days for the relevant time period. TCE is a non-GAAP measure which provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure to Time charter equivalent revenues assisting the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., spot charters or time charters) under which the vessels may be employed between the periods. TCE assists our investors to assess our financial performance from period to period on a comparable basis and provides investors with a means of better evaluating and understanding our operating performance.

C3is Inc.




Unaudited Condensed Consolidated Statements of Operations




(Expressed in United States Dollars, except for number of shares)

ii The computation of earnings per share gives retroactive effect to the shares issued in connection with the spin-off of our company from Imperial Petroleum Inc. in June 2023 and to the reverse stock splits effected in April 2024, in January 2025 and in April 2025.

C3is Inc.




Unaudited Condensed Consolidated Balance Sheets




(Expressed in United States Dollars)

C3is Inc.




Unaudited Condensed Consolidated Statements of Cash Flows




(Expressed in United States Dollars)