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C3is Inc.
(NASDAQ:CISS)
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Rating:66Neutral
Price Target:
$0.10
▼(-81.73% Downside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by strong financial resilience (very low leverage and solid TTM profitability/cash flow) and a generally positive earnings-call outlook with improving operating metrics. These positives are meaningfully offset by very weak technicals (strong downtrend despite oversold readings) and limited usable valuation signals (P/E shown as 0.000 and no dividend yield), alongside the material near-term CapEx and potential equity dilution risk highlighted on the call.
Positive Factors
Balance Sheet Strength
Extremely low leverage and substantial equity provide durable financial flexibility for a capital‑intensive shipping operator. This reduces refinancing risk, allows management to sustain operations through freight cycles, and supports opportunistic purchases or recapitalizations without immediate reliance on costly debt markets.
Negative Factors
Near‑term CapEx and Funding Risk
A large, concentrated CapEx obligation creates structural financing risk: management indicated reliance on equity to fund the tankers, which can dilute shareholders and alter capital structure. If markets tighten, the company may face higher funding costs or constrained liquidity that affects multi‑quarter investment plans.
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Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage and substantial equity provide durable financial flexibility for a capital‑intensive shipping operator. This reduces refinancing risk, allows management to sustain operations through freight cycles, and supports opportunistic purchases or recapitalizations without immediate reliance on costly debt markets.
Read all positive factors
C3is Inc. Key Performance Indicators (KPIs)
Any
Average Number Of Vessels
Indicates the average size of the fleet over a period, highlighting the company's capacity to generate revenue and its market presence in the shipping industry.
Indicates the average size of the fleet over a period, highlighting the company's capacity to generate revenue and its market presence in the shipping industry.
Data provided by:
The Fly
The FlyC3is Inc. (CISS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$184.17K
Dividend YieldN/A
Average Volume (3M)7.07M
Price to Earnings (P/E)―
Beta (1Y)1.56
Revenue Growth-1.35%
EPS Growth61.46%
CountryUS
EmployeesN/A
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)347.87
Shares Outstanding1,547,612
10 Day Avg. Volume1,654,664
30 Day Avg. Volume7,066,181
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)<0.01
Price to Sales (P/S)0.01
P/FCF Ratio0.11
Enterprise Value/Market Cap>-0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
C3is Inc. Business Overview & Revenue Model
Company Description
C3is Inc. (CISS) is a shipping company that provides ocean transportation services using a fleet of dry bulk carriers. The company operates in the maritime transportation sector, focusing on seaborne shipping of bulk commodities under charter arra...
How the Company Makes Money
C3is Inc. primarily makes money by operating its vessels under charter contracts, earning hire revenue for providing ocean transportation capacity. Key revenue streams generally come from (1) time charter income (fixed daily/periodic hire paid by ...
C3is Inc. Earnings Call Summary
Earnings Call Date:May 18, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 28, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational and financial improvements: sharply higher adjusted net income (+358%), materially higher adjusted EBITDA (+~130%), increased voyage revenues (+34%), a strengthened cash position (+82%), substantial TCE rate gains, and fleet expansion with the addition of two product tankers. Offsetting items include a noncash warrant fair value loss, a significant upcoming $39.7M CapEx obligation for the new tankers, geopolitical disruptions increasing market volatility and bunker-cost risk, and industry supply/aging fleet considerations. Overall, the positive operational and financial momentum and improved balance sheet position outweigh the listed risks and one-off noncash items.Positive Updates
Large Improvement in Profitability
Adjusted net income of $5.5M in Q1 2026 versus $1.0M in Q1 2025, an increase of 358%. Adjusted EBITDA was $6.9M compared to ~$3.0M in the prior year period, an increase of ~130%.
Negative Updates
Noncash Warrant Fair Value Loss
Loss from warrants of $2.3M in Q1 2026 versus a $6.9M gain in Q1 2025; warrant liability of $1.7M recorded. Management notes this is a noncash item that affects comparability.
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Q1-2026 Updates
Positive
Negative
Large Improvement in Profitability
Adjusted net income of $5.5M in Q1 2026 versus $1.0M in Q1 2025, an increase of 358%. Adjusted EBITDA was $6.9M compared to ~$3.0M in the prior year period, an increase of ~130%.
Read all positive updates
Company Guidance
Management’s guidance emphasized disciplined, selective growth funded by equity issuances, a high‑quality (non‑Chinese) fleet to reduce costs and avoid tariff risk, and a focus on short‑to‑medium charters and spot voyages while capturing elevated tanker rates; near‑term operational notes include delivery of the first product tanker in Q2 2026 and the second expected in Q3 2026, upcoming CapEx obligations of $39.7M due January 2027, no bank debt, and a target to leverage fleet capacity of 311,000 DWT (a 387% increase since inception) with current fleet utilization at 85%. Financial/market metrics cited to support the outlook include cash of $27.0M (up 82% from YE‑2025), adjusted net income $5.5M (+358% YoY), adjusted EBITDA $6.9M (+130% YoY), voyage revenues $11.6M (+34% YoY), Aframax TCE $77,500 (+106% YoY) and fleet TCE ~$32,000 (+98.6% YoY), vessel net book value $76M (market $75.5M), shareholders’ equity $102M, and noted noncash warrant volatility (loss $2.3M; warrant liability $1.7M); management also flagged bunker ($500k) and port ($300k) voyage costs and operating items (crew $1.2M, spares $600k, maintenance $300k) as key variables they will manage going forward.C3is Inc. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
88
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 37.66M | 34.76M | 42.30M | 28.74M | 3.29M | 6.27M |
| Gross Profit | 8.58M | 4.43M | 13.62M | 12.02M | 750.83K | 3.78M |
| EBITDA | 12.30M | 17.35M | 5.90M | 14.76M | 1.11M | 4.10M |
| Net Income | 5.76M | 10.47M | -2.75M | 9.29M | 551.59K | 3.61M |
Balance Sheet | ||||||
| Total Assets | 107.59M | 98.49M | 100.49M | 95.47M | 39.86M | 16.36M |
| Cash, Cash Equivalents and Short-Term Investments | 27.26M | 14.94M | 12.59M | 9.06M | 0.00 | 273.62K |
| Total Debt | 7.85K | 24.75K | 28.77K | 0.00 | 0.00 | 7.28M |
| Total Liabilities | 5.37M | 3.39M | 29.13M | 39.93M | 965.47K | 7.61M |
| Stockholders Equity | 102.22M | 95.10M | 71.36M | 55.54M | 38.89M | 8.75M |
Cash Flow | ||||||
| Free Cash Flow | 9.82M | 3.84M | 23.35M | 1.34M | -38.34M | -11.65M |
| Operating Cash Flow | 9.99M | 4.00M | 24.98M | 5.64M | 1.05M | -12.08K |
| Investing Cash Flow | -25.18M | -6.54M | -1.36M | -12.43M | -39.39M | -11.64M |
| Financing Cash Flow | 1.78M | -1.49M | -19.67M | 7.48M | 38.34M | 12.42M |
C3is Inc. Risk Analysis
C3is Inc. disclosed 86 risk factors in its most recent earnings report. C3is Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
C3is Inc. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $18.84M | 0.24 | 14.21% | ― | 24.97% | ― | |
66 Neutral | $184.17K | ― | 6.56% | ― | -1.35% | 61.46% | |
65 Neutral | $21.63M | 0.63 | 9.57% | ― | 34.61% | -41.81% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | $61.94M | 80.62 | 0.47% | ― | 33.71% | ― | |
52 Neutral | $25.09M | -12.80 | -3.34% | 12.55% | -16.73% | 72.04% |
* Industrials Sector Average
CISS
C3is Inc.
0.09
-491.31
-99.98%
PSHG
Performance Shipping
1.78
-0.05
-2.73%
GLBS
Globus Maritime
3.10
2.04
192.45%
CTRM
Castor Maritime
2.10
-0.03
-1.41%
USEA
United Maritime Corp.
2.67
1.30
95.32%
C3is Inc. Corporate Events
C3is Raises $6 Million in Unit Offering Featuring Resettable Class F Warrants
Jul 28, 2026
On July 28, 2026, C3is Inc. completed a registered offering of 11,535,000 units, raising approximately $6.0 million in gross proceeds through a mix of common units and pre-funded units, each bundled with Class F warrants. The deal also included an...
C3is Inc. Prices $6 Million Underwritten Public Offering of Units and Warrants
Jul 27, 2026
On July 27, 2026, C3is Inc. announced the pricing of an underwritten public offering of 11,535,000 units at $0.52 per unit, each consisting of one common share or pre-funded warrant and one Class F warrant. The offering, expected to close on or ab...
C3is Inc. Shareholders Back Board, Audit Firm and Future Reverse Stock Splits at 2026 Meeting
Jul 22, 2026
On July 17, 2026, C3is Inc. held its 2026 annual meeting of stockholders, where shareholders re-elected Harry N. Vafias and George Xiradakis as Class III directors for three-year terms expiring in 2029 and ratified the appointment of Deloitte Cert...
C3is Inc. Sets July 17, 2026 Shareholder Meeting and Puts Reverse Stock Split to Vote
Jun 22, 2026
On June 22, 2026, C3is Inc. filed a Form 6-K announcing its 2026 Annual Meeting of Stockholders and making available its audited financial statements for the year ended December 31, 2025. The filing underscores the company’s adherence to U.S...
C3is Inc. Posts Strong Q1 2026 Results and Expands Tanker Fleet
May 18, 2026
C3is Inc. reported unaudited results on May 18, 2026 for the quarter ended March 31, 2026, highlighting a 34% rise in voyage revenues to $11.6 million and a near doubling of daily TCE to $32,173 versus a year earlier. Adjusted EBITDA climbed 130% ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.