C3is Inc. ( (CISS) ) has released its Q2 earnings. Here is a breakdown of the information C3is Inc. presented to its investors.
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C3is Inc. is a ship-owning company providing drybulk and crude oil seaborne transportation services, owning a fleet of four vessels including three Handysize drybulk carriers and an Aframax oil tanker. The company is listed on the Nasdaq Capital Market under the symbol ‘CISS’.
In its latest earnings report for the second quarter of 2025, C3is Inc. reported revenues of $10.7 million, a slight decrease from the previous year. The company faced a net loss of $5.3 million for the quarter, although it achieved a net income of $2.6 million for the first half of the year. The company also highlighted its successful completion of the dry-docking of its Aframax tanker, Afrapearl II.
Key financial metrics showed a decrease in daily time charter equivalent (TCE) rates by 31% compared to the same period in 2024, contributing to the lower revenues. Adjusted net income for the quarter was $1.1 million, down 62% from the previous year, while adjusted EBITDA decreased by 43% to $2.8 million. The company also settled a significant outstanding balance for its bulk carrier, Eco Spitfire, without resorting to bank loans.
Looking forward, C3is Inc. remains optimistic about its financial flexibility and growth potential, having fully deleveraged and increased its fleet capacity significantly since inception. The management expressed confidence in adapting to changing market conditions and exploring new growth opportunities.