C3is Inc. ( (CISS) ) has released its Q3 earnings. Here is a breakdown of the information C3is Inc. presented to its investors.
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C3is Inc., a ship-owning company listed on Nasdaq, provides dry bulk and tanker seaborne transportation services with a fleet capable of handling 213,464 deadweight tons.
In its latest financial report, C3is Inc. announced its third-quarter and nine-month results for 2024, highlighting significant growth in fleet capacity and financial performance compared to the previous year.
The company reported steady cash flows from its handysize dry bulk carriers and Aframax tanker operations. Despite a net loss of $2.9 million over nine months, they achieved a net income of $5.1 million in the third quarter. Revenues for the nine-month period soared to $32.9 million, marking a 119% increase from the previous year. The adjusted EBITDA also rose significantly, reaching $13.5 million, a 92% increase compared to the same period in 2023. The company successfully expanded its fleet without incurring bank debt, having paid off significant purchase prices for its vessels.
Looking ahead, C3is Inc. aims to continue its fleet expansion and maintain financial performance amidst global economic and geopolitical challenges. The company’s management remains focused on sustainable growth and strategic agility to address evolving market conditions.