C3is Inc. ( (CISS) ) has released its Q1 earnings. Here is a breakdown of the information C3is Inc. presented to its investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
C3is Inc. is a ship-owning company specializing in dry bulk and crude oil seaborne transportation services, operating within the maritime industry with a fleet that includes handysize dry bulk carriers and an Aframax oil tanker. In its latest earnings report for the first quarter of 2025, C3is Inc. announced a net income of $7.9 million, representing a significant increase from the previous year, despite a 32% decline in revenues due to lower time charter equivalent (TCE) rates. The company also highlighted its strategic achievement of fulfilling capital expenditure commitments without resorting to bank loans, thus expanding its fleet capacity significantly.
Key financial metrics for the quarter included revenues of $8.7 million and an adjusted net income of $1.2 million, a decrease of 73% from the same period in 2024. The company’s EBITDA stood at $9.7 million, while adjusted EBITDA was reported at $3.0 million, reflecting a 53% decline year-over-year. The decrease in TCE rates, which dropped by 56% compared to the previous year, was a primary factor in the reduced revenue figures.
C3is Inc. successfully concluded the final balance payment for the bulk carrier Eco Spitfire, using funds from operations, cash on hand, and equity offerings. The company maintained a cash balance of $15.7 million at the end of the quarter and reported no bank loans for its capital expenditures, which totaled $59.2 million.
Looking ahead, C3is Inc. plans to navigate the evolving global economic environment by focusing on diversification and sustainable practices. The company aims to leverage regional growth drivers and adapt to changing market dynamics to maintain resilience and capitalize on opportunities in the shipping sector.