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C3is Inc.
(NASDAQ:CISS)
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Rating:67Neutral
Price Target:
$2.00
▲(952.63% Upside)
Action:Downgraded
Date:06/25/26
The score is driven primarily by strong financial resilience (notably the low-debt balance sheet) and positive earnings-call momentum (higher adjusted profits, EBITDA, cash, and TCE rates). These are tempered by weak technical signals (price below key moving averages with negative MACD) and elevated execution/financing risk from the $39.7M near-term CapEx obligation amid a volatile shipping market.
Positive Factors
Balance Sheet Strength
Near-zero leverage and meaningful equity growth provide durable financial resilience. Low debt reduces refinancing and covenant risk through shipping cycles, preserving flexibility to absorb rate swings or fund vessel needs over the next 2–6 months without immediate liquidity stress.
Negative Factors
Large Near-term CapEx
A ~$39.7M cash obligation within ~12 months is material relative to current cash and may force financing choices. Even with low leverage, the company may need equity issuance or external funding, which can dilute shareholders or increase leverage, affecting financial flexibility through early 2027.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Near-zero leverage and meaningful equity growth provide durable financial resilience. Low debt reduces refinancing and covenant risk through shipping cycles, preserving flexibility to absorb rate swings or fund vessel needs over the next 2–6 months without immediate liquidity stress.
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
$898.21K
Dividend YieldN/A
Average Volume (3M)7.07M
Price to Earnings (P/E)<0.1
Beta (1Y)1.48
Revenue Growth-1.35%
EPS Growth61.46%
CountryUS
EmployeesN/A
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)355.85
Shares Outstanding541,088
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-2.09
Enterprise Value/Revenue-0.05
Enterprise Value/Gross Profit-0.22
Enterprise Value/Ebitda-0.15
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. is a maritime enterprise specializing in global seaborne transport solutions. The company serves a broad spectrum of dry bulk charterers, including both public and private industrial entities, commodity producers and merchants, as well a...
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.
Read all updates
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. Technical Analysis
Negative
0.19
Price Trends
2.77
Negative
5.61
Negative
98.50
Negative
Market Momentum
-0.35
Negative
24.89
Positive
15.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CISS, the sentiment is Negative. The current price of 0.19 is below the 20-day moving average (MA) of 2.05, below the 50-day MA of 2.77, and below the 200-day MA of 98.50, indicating a bearish trend. The MACD of -0.35 indicates Negative momentum. The RSI at 24.89 is Positive, neither overbought nor oversold. The STOCH value of 15.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CISS.
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 | $898.21K | <0.01 | 12.78% | ― | -1.35% | 61.46% | |
67 Neutral | $20.29M | 0.27 | -5.54% | ― | 24.97% | ― | |
64 Neutral | $20.89M | 0.72 | 9.79% | ― | 11.81% | -51.76% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | $64.53M | 84.41 | 0.47% | ― | 33.71% | ― | |
52 Neutral | $25.09M | -12.60 | -3.33% | 6.20% | -10.84% | 72.72% |
* Industrials Sector Average
CISS
C3is Inc.
1.66
-470.14
-99.65%
PSHG
Performance Shipping
1.68
-0.02
-1.18%
GLBS
Globus Maritime
2.99
1.83
156.65%
CTRM
Castor Maritime
2.10
-0.03
-1.41%
USEA
United Maritime Corp.
2.63
1.35
105.63%
C3is Inc. Corporate Events
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% ...
C3is Inc. Enacts 1-for-7 Reverse Stock Split Ahead of Nasdaq Trading Reset
Apr 27, 2026
C3is Inc. executed a one-for-seven reverse stock split of its common shares, effective at 11:59 p.m. Eastern time on April 26, 2026, following an April 24 filing to amend its Restated Articles of Incorporation. The move cut the number of outstandi...
C3is Inc. Enacts 1-for-7 Reverse Stock Split to Preserve Nasdaq Listing
Apr 23, 2026
C3is Inc., a Nasdaq-listed Greek shipping company, operates a mixed fleet of Handysize dry bulk carriers, an Aframax tanker and a product tanker totaling 260,671 dwt, and expects to grow to six vessels and roughly 311,431 dwt after receiving anoth...
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.