Company Overview - C3is Inc. is a ship-owning company that provides seaborne transportation services to dry bulk and tanker charterers, including major national and private industrial users, commodity producers, and traders [3] - As of the end of Q1 2025, the company owns three Handysize dry bulk carriers and one Aframax oil tanker, with a total capacity of 213,464 deadweight tons (dwt) [3] - The company's shares are listed on the Nasdaq Capital Market under the symbol "CISS" [3] Upcoming Financial Results - C3is Inc. will release its first quarter financial results for the period ended March 31, 2025, before the market opens in New York on May 15, 2025 [1] - A conference call will be hosted by the company's management on May 15, 2025, at 10:00 am ET to present the results and discuss the company's operations and outlook [1] - There will be a live and archived webcast of the conference call available on the C3is Inc. website [2]

PART I [Key Information](index=5&type=section&id=Item%203.%20Key%20Information) This section outlines the principal risks associated with the company's business, industry, and corporate structure [Risk Factors](index=5&type=section&id=D.%20Risk%20Factors) This subsection details the specific risks faced by the company, categorized into industry, business, taxation, corporate structure, and investment-related risks - The drybulk and tanker shipping industries are **cyclical and highly volatile**, leading to significant fluctuations in charter rates, vessel utilization, and profitability[25](index=25&type=chunk)[28](index=28&type=chunk)[36](index=36&type=chunk) - Geopolitical events, including conflicts in Ukraine and Gaza and Houthi attacks in the Red Sea, disrupt shipping routes and can materially affect business operations and financial results[25](index=25&type=chunk)[87](index=87&type=chunk) - The company's **small fleet size** (three drybulk carriers and one tanker) makes it highly dependent on the performance of these few vessels, where any operational limitations could materially harm the business[25](index=25&type=chunk)[111](index=111&type=chunk) - Investors face **significant future dilution risk** from equity offerings, expected to be a primary financing source for fleet expansion, and from the conversion of Series A Convertible Preferred Shares and warrant exercises[29](index=29&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - The company's common stock may be **delisted from Nasdaq** for failing to meet the minimum bid price requirement, adversely affecting liquidity and access to capital markets[29](index=29&type=chunk)[206](index=206&type=chunk) - Imperial Petroleum holds all **600,000 Series A Convertible Preferred Shares**, granting it approximately **49.99% of aggregate voting power** and considerable control over shareholder matters[215](index=215&type=chunk) [Information on the Company](index=43&type=section&id=Item%204.%20Information%20on%20the%20Company) C3is Inc., incorporated in the Marshall Islands in July 2022, was spun off from Imperial Petroleum in June 2023 to provide international seaborne transportation services with a focus on reliable vessel operation and strategic fleet expansion [History and Development of the Company](index=43&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) C3is Inc. was incorporated on July 25, 2022, in the Marshall Islands and completed its spin-off from Imperial Petroleum on June 21, 2023, becoming an independent, Nasdaq-listed company - C3is Inc. was incorporated on **July 25, 2022**, and completed its spin-off from Imperial Petroleum on **June 21, 2023**, becoming a separate publicly traded company[218](index=218&type=chunk) - Initial assets contributed by Imperial Petroleum included **two drybulk carriers** and **$5 million in cash**, in exchange for C3is's Common Shares and Series A Convertible Preferred Stock[218](index=218&type=chunk) [Business Overview](index=43&type=section&id=B.%20Business%20Overview) The company operates a fleet of three drybulk carriers and one Aframax tanker, totaling 213,468 dwt, employing a mix of short-term time charters and spot market employment, with management outsourced to Brave Maritime Fleet Profile (as of April 15, 2025) | Name | Year Built | Country Built | Size (dwt) | Vessel Type | Employment Status | Daily Charter Rate | Expiration of Charter(1) | | :--------------- | :--------- | :------------ | :--------- | :------------------------ | :---------------- | :----------------- | :----------------------- | | **Drybulk Carriers** | | | | | | | | | Eco Bushfire | 2011 | Japan | 32,000 | Handysize drybulk carrier | Time Charter | $ 16,000 | May 2025 | | Eco Angelbay | 2009 | Japan | 32,000 | Handysize drybulk carrier | Time Charter | $ 9,500 | May 2025 | | Eco Spitfire | 2012 | Japan | 33,664 | Handysize drybulk carrier | Time Charter | $ 10,750 | May 2025 | | **Tanker** | | | | | | | | | Afrapearl II | 2010 | Korea | 115,804 | Aframax oil tanker | Spot | - | - | - The company's fleet is managed by Brave Maritime, which handles technical, administrative, and commercial services for a fixed daily fee of **$440 per vessel**, plus commissions on charter hire (**1.25%**) and vessel sales/purchases (**1.0%**)[225](index=225&type=chunk)[226](index=226&type=chunk) - The company is subject to significant environmental regulations from the IMO, US (OPA, CERCLA), and EU, covering air emissions (SOx, NOx), ballast water management (BWM Convention), and greenhouse gases (EEXI, CII, EU ETS)[240](index=240&type=chunk)[244](index=244&type=chunk)[254](index=254&type=chunk)[262](index=262&type=chunk) [Operating and Financial Review and Prospects](index=63&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the company's financial performance and condition, highlighting increased revenues in FY2024 driven by fleet expansion, offset by a net loss primarily due to non-cash warrant losses and higher operating costs Key Financial Performance (2023 vs. 2024) | Metric | 2023 | 2024 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Voyage Revenues** | $28.7M | $42.3M | +$13.6M | Increase in the average number of vessels in the fleet | | **Vessel Operating Expenses** | $4.8M | $8.4M | +$3.6M | Increase in the average number of vessels | | **General & Admin Costs** | $1.2M | $3.0M | +$1.8M | Expenses related to public offerings, warrants, and operating as a public company | | **Loss on Warrants** | $0 | $11.1M | -$11.1M | Fair value losses on warrants classified as liabilities | | **Net Income/(Loss)** | $9.3M | ($2.7M) | -$12.0M | Primarily due to loss on warrants and increased operating/finance costs | Fleet Operational Data | Metric | July 25 - Dec 31, 2022 | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2024 | | :--- | :--- | :--- | :--- | | Average number of vessels | 1.09 | 2.5 | 3.6 | | Total voyage days | 136 | 900 | 1,327 | | Fleet utilization | 78.2% | 99.9% | 99.5% | | Adjusted average charter rate | $20,511 | $23,453 | $21,233 | | Vessel operating expenses/day | $5,151 | $5,323 | $6,277 | - As of December 31, 2024, the company had **$12.6 million in cash, cash equivalents, and time deposits** and **no outstanding bank debt**, with primary liquidity needs related to the remaining **$14.57 million** purchase price for the Eco Spitfire, paid in April 2025[412](index=412&type=chunk)[414](index=414&type=chunk)[415](index=415&type=chunk) - The company's impairment test as of December 31, 2024, showed that while three of four vessels had carrying values approximately **$11 million** above market values, projected undiscounted cash flows exceeded carrying values, resulting in **no impairment loss** recognized[373](index=373&type=chunk) [Directors, Senior Management and Employees](index=82&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section details the company's leadership and governance structure, including its four-member board, outsourced executive services from Brave Maritime, and compensation practices, with established Audit, Nominating, and Compensation committees Board of Directors and Executive Officers | Name | Age | Position | | :--- | :--- | :--- | | Harry Vafias | 47 | Non-Executive Chairman, Class III Director | | Dr. Diamantis Andriotis | 43 | Chief Executive Officer, President and Class I Director | | John Kostoyannis | 58 | Class II Director | | George Xiradakis | 60 | Class III Director | | Nina Pyndiah | 62 | Chief Financial Officer | - The company has **no direct employees**; CEO, CFO, and other executive services are provided through the management agreement with Brave Maritime, which is reimbursed for their compensation[461](index=461&type=chunk)[474](index=474&type=chunk) - Aggregate cash compensation for executive officers was **$0.3 million in 2023** and **$0.4 million in 2024**; non-executive directors receive annual fees, with the Chairman receiving **€72,000** and independent directors **€25,000**[459](index=459&type=chunk)[461](index=461&type=chunk) - The Board of Directors is classified into **three classes with staggered three-year terms**, which may have an anti-takeover effect[463](index=463&type=chunk)[592](index=592&type=chunk) [Major Stockholders and Related Party Transactions](index=87&type=section&id=Item%207.%20Major%20Stockholders%20and%20Related%20Party%20Transactions) This section discloses major shareholders and related party transactions, highlighting Imperial Petroleum Inc.'s significant voting power and key agreements with Brave Maritime, including management services, vessel acquisitions, and office space leases Major Beneficial Owners (as of April 15, 2025) | Name of Beneficial Owner | Common Shares Beneficially Owned | Percentage | | :--- | :--- | :--- | | Imperial Petroleum Inc. | 4,935,671 | 86.8% | | Pandora Consultants II SA. | 42,947 | 5.5% | | Harry Vafias | 95,578 | 12.2% | - Imperial Petroleum Inc. holds **600,000 Series A Convertible Preferred Shares**, granting it voting power equivalent to **49.99% of total votes**, providing significant influence over corporate matters[483](index=483&type=chunk)[484](index=484&type=chunk) - The company has a management agreement with Brave Maritime, an entity affiliated with the Vafias family, for all technical, commercial, and administrative services[495](index=495&type=chunk) - In July 2023, the company acquired the Aframax tanker 'Afrapearl II' from Imperial Petroleum for **$43 million**; in April 2024, it acquired the drybulk carrier 'Eco Spitfire' from a Brave Maritime affiliate for **$16.19 million**[507](index=507&type=chunk)[508](index=508&type=chunk) [Additional Information](index=93&type=section&id=Item%2010.%20Additional%20Information) This section details the company's share capital, corporate governance, material contracts, and tax considerations, including authorized shares, outstanding warrants with adjustment features, and U.S. federal income tax rules for foreign shipping companies [Share Capital](index=93&type=section&id=A.%20Share%20Capital) The company's authorized capital includes 2 billion common shares and 200 million preferred shares, with multiple classes of warrants and Series A Convertible Preferred Shares outstanding, all subject to complex adjustment features and potential dilution Authorized and Outstanding Shares (as of April 15, 2025) | Security | Authorized | Outstanding | | :--- | :--- | :--- | | Common Stock, $0.01 par | 2,000,000,000 | 780,768 | | Preferred Stock, $0.01 par | 200,000,000 | 600,000 (Series A) | - The company has **five classes of warrants outstanding** (A, B-1, B-2, C-1, C-2) to purchase common stock, with Class B and C exercise prices subject to downward adjustment based on future stock offerings or splits, potentially leading to significantly more common shares[523](index=523&type=chunk)[537](index=537&type=chunk)[545](index=545&type=chunk)[556](index=556&type=chunk)[565](index=565&type=chunk) - The **600,000 Series A Convertible Preferred Shares** held by Imperial Petroleum have a **$25.00 liquidation preference per share**, a **5.0% cumulative dividend**, and a conversion price that adjusts downward to the lowest price of any subsequent registered offering, currently at **$3.0391 per share**[570](index=570&type=chunk)[573](index=573&type=chunk)[576](index=576&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=117&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include fluctuations in freight rates and vessel values, potential interest rate risk on future debt, and foreign exchange risk from non-U.S. dollar expenses, with no current bank debt or interest rate swaps - The company's main market risks are **fluctuations in shipping freight rates and vessel values**[660](index=660&type=chunk) - The company has **no outstanding bank debt or interest rate swap agreements**, thus currently having no direct exposure to interest rate risk[661](index=661&type=chunk) - In 2024, **15.1% of expenses** were incurred in currencies other than the U.S. dollar, creating foreign exchange rate risk, which the company does not currently hedge[662](index=662&type=chunk) PART II [Controls and Procedures](index=118&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no auditor attestation report due to emerging growth company status - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2024[667](index=667&type=chunk) - Management's report on internal control over financial reporting concluded the system was **effective as of December 31, 2024**, based on the COSO framework[671](index=671&type=chunk)[672](index=672&type=chunk) - The annual report does not include an auditor's attestation report on internal controls, as the company is an **emerging growth company**[673](index=673&type=chunk) [Corporate Governance and Other Matters](index=119&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section covers corporate governance, including the Audit Committee financial expert, Code of Business Conduct, principal accountant fees, differences from Nasdaq standards as a foreign private issuer, and the Board-overseen cybersecurity risk management program Principal Accountant Fees (in thousands) | Fee Category | 2023 | 2024 | | :--- | :--- | :--- | | Audit fees | $203 | $205 | | Assurance/audit related fees | — | — | | Tax fees | — | — | | All other fees | — | — | | **Total** | **$203** | **$205** | - As a foreign private issuer, the company differs from Nasdaq corporate governance standards by having a **two-member audit committee** and not requiring prior stockholder approval for certain share issuances[688](index=688&type=chunk) - The company has a cybersecurity risk management program managed by Brave Maritime, with ultimate oversight by the Board of Directors, including risk assessments, employee training, and an incident response plan[692](index=692&type=chunk)[693](index=693&type=chunk)[698](index=698&type=chunk) PART III [Financial Statements](index=124&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for C3is Inc. for fiscal years 2023 and 2024, and prior periods, prepared under U.S. GAAP and audited by Deloitte Certified Public Accountants S.A. [Consolidated Balance Sheets](index=129&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet shows total assets increased to $100.5 million in 2024, driven by vessel acquisitions, while total liabilities decreased to $29.1 million, and total stockholders' equity grew to $71.4 million Consolidated Balance Sheet Data (as of Dec 31) | (In millions of U.S. Dollars) | 2023 | 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total current assets | $20.3 | $16.3 | | Vessels, net | $75.2 | $84.1 | | **Total assets** | **$95.5** | **$100.5** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $39.9 | $18.7 | | Warrant liability (non-current) | $0.0 | $10.4 | | **Total liabilities** | **$39.9** | **$29.1** | | **Total stockholders' equity** | **$55.5** | **$71.4** | [Consolidated Statements of Operations](index=130&type=section&id=Consolidated%20Statements%20of%20Operations) For the year ended December 31, 2024, total revenues increased to $42.3 million, but the company reported a net loss of $2.7 million, primarily due to a non-cash loss on warrants and higher operating and finance costs Consolidated Statement of Operations Data (Year Ended Dec 31) | (In millions of U.S. Dollars) | 2022 (Period) | 2023 | 2024 | | :--- | :--- | :--- | :--- | | **Revenues** | **$3.3** | **$28.7** | **$42.3** | | Total expenses | $2.7 | $18.3 | $32.2 | | **Income from operations** | **$0.6** | **$10.4** | **$10.1** | | Interest and finance costs | $0.0 | $1.4 | $2.5 | | Loss on warrants | $0.0 | $0.0 | ($11.1) | | **Net income/(loss)** | **$0.6** | **$9.3** | **($2.7)** | [Consolidated Statements of Cash Flows](index=133&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In 2024, net cash from operating activities significantly increased to $25.0 million, while investing activities used $1.4 million, and financing activities used $19.7 million, resulting in a year-end cash balance of $4.6 million Consolidated Statement of Cash Flows Data (Year Ended Dec 31) | (In millions of U.S. Dollars) | 2022 (Period) | 2023 | 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $1.1 | $5.6 | $25.0 | | Net cash used in investing activities | ($39.4) | ($12.4) | ($1.4) | | Net cash provided by/(used in) financing activities | $38.3 | $7.5 | ($19.7) | | **Net increase in cash and cash equivalents** | **$0.0** | **$0.7** | **$3.9** |

Financial Data and Key Metrics Changes - For the year 2024, the company reported revenues of $42,300,000, an increase of 47% compared to 2023 [5] - Net revenues were $28,000,000, reflecting a 33% increase from 2023 [5] - Adjusted EBITDA was $16,400,000, an increase of 11% from 2023 [6] - Adjusted net income was $8,700,000, a decrease of 7% from 2023 [6] - Cash balance at the end of Q4 2024 was $12,600,000, a 39% increase from year-end 2023 [6] Business Line Data and Key Metrics Changes - The Aframax tanker, Afrappel II, contributed approximately 76% to total revenues [5] - Daily time charter equivalent (TCE) for 2024 was $21,000 per day, down 10% from 2023 [7] - Fleet operational utilization was 90.3% for the twelve-month period ending December 31, 2024, compared to 91.6% for the same period in 2023 [24] Market Data and Key Metrics Changes - The dry bulk trade showed resilience despite global economic fluctuations, particularly in the latter half of the year [7] - The iron ore market is navigating a transitional phase with robust production despite subdued demand [8] - The seaborne coal market in 2024 experienced significant shifts, with demand dynamics contrasting between the first and second halves of the year [9] Company Strategy and Development Direction - The company aims for disciplined growth with a focus on timely and selective acquisition of quality vessels [32] - The strategy includes maintaining a high-quality fleet to reduce operating costs and improve safety [31] - The company has no bank debts and has increased its fleet capacity by 234% since inception [33] Management's Comments on Operating Environment and Future Outlook - The shipping industry is navigating a transitional phase influenced by geopolitical factors and environmental regulations [35] - The Trump administration's potential policies may significantly impact the oil industry and shipping profitability in 2025 [36] - The company remains confident that 2025 will yield strong financial performance and growth prospects [37] Other Important Information - The company recorded a noncash item of $11,130,000 loss at year-end 2024, resulting in a net loss of $2,700,000 for the year [29] - The fleet book value as of December 2024 was $84,000,000, a 12% increase from year-end 2023 [30] Summary of Q&A Session - There was no question and answer session at the end of the call [1]

Financial Data and Key Metrics Changes - For the year 2024, the company reported revenues of $42.3 million, an increase of 47% compared to 2023 [6] - Net revenues were $28 million, reflecting a 33% increase from 2023 [6] - Adjusted EBITDA was $16.4 million, up 11% from the previous year [6] - Adjusted net income was $8.7 million, a 7% increase from 2023 [6] - Cash balance at the end of Q4 2024 was $12.6 million, a 39% increase from year-end 2023 [7] Business Line Data and Key Metrics Changes - The Aframax tanker, Afrapearl II, contributed approximately 76% to total revenues [6][34] - Daily time charter equivalent (TCE) for 2024 was $21,000 per day, which is 10% lower than the rate for 2023 [8][34] - Fleet operational utilization was 90.3% for the 12-month period ending December 31, 2024, down from 91.6% in 2023 [35] Market Data and Key Metrics Changes - The global drybulk trade showed resilience, particularly in the latter half of 2024, with Handysize vessels holding a significant market share [9] - Iron ore and coal trade continue to dominate, but the iron ore market is undergoing a transitional phase influenced by economic trends [10] - Demand for coal rebounded in the second half of 2024 due to prolonged hot weather and growth in the chemical sector [13] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisition of quality vessels and maintaining high standards of safety and reliability [43][44] - The strategy includes focusing on short to medium-term charters and securing favorable contracts with high-quality customers [44] - The company has no bank debts and has increased its fleet capacity by 234% since inception [45][46] Management's Comments on Operating Environment and Future Outlook - The shipping industry is navigating a transitional phase influenced by geopolitical factors and environmental regulations [47] - The management anticipates that 2025 will present strong financial performance and growth prospects, particularly with potential political changes in the U.S. [48][49] - The company is closely monitoring evolving market conditions to maximize future profits [47] Other Important Information - The company recorded a non-cash item of $11.13 million loss at year-end 2024, resulting in a net loss of $2.7 million for the year [39] - The fleet book value at the end of December 2024 was $84 million, a 12% increase from year-end 2023 [40] - The company maintains a comprehensive maintenance program for its vessels to ensure quality and reduce operating costs [42] Summary of Q&A Session - There was no question-and-answer session at the end of the conference call [1]

Core Viewpoint - C3is Inc. reported its financial and operational results for Q4 and the full year 2024, highlighting a significant increase in total revenues but a net loss for the year, influenced by various operational costs and market conditions [1][14][15]. Financial Highlights - Voyage revenues for Q4 2024 were $9.4 million, down from $13.8 million in Q4 2023, a decrease of $4.4 million [5]. - For the full year 2024, voyage revenues reached $42.3 million, an increase of 47% from $28.7 million in 2023 [13][14]. - The company reported a net income of $0.1 million for Q4 2024, compared to a net income of $5.6 million in Q4 2023, and a net loss of $2.7 million for the full year 2024 [6][13][32]. - Adjusted net income for Q4 2024 was $1.1 million, down 81% from $5.6 million in Q4 2023, while for the full year, adjusted net income was $8.7 million, a decrease of 7% from $9.3 million in 2023 [6][14][32]. Operational Performance - The fleet operational utilization was 90.2% in Q4 2024, with a total of 368 calendar days for the fleet, compared to 276 days in Q4 2023 [6][7]. - The average number of vessels owned increased to 4.0 in Q4 2024 from 3.0 in Q4 2023, contributing to increased operational capacity [10][25]. - The company achieved a daily Time Charter Equivalent (TCE) of $15,665 in Q4 2024, a 9% decrease from the previous year [6][35]. Cost Structure - Voyage expenses for Q4 2024 were $3.7 million, down from $4.4 million in Q4 2023, attributed to lower bunker costs [9]. - Operating expenses for Q4 2024 increased to $2.3 million from $1.5 million in Q4 2023, primarily due to a higher average number of vessels [9]. - For the full year 2024, total voyage expenses were $14.1 million, up from $7.6 million in 2023, reflecting increased operational activity [13]. Strategic Outlook - The company has expanded its fleet capacity significantly, increasing by 234% since its inception over a year ago, without incurring bank debt [14][15]. - The CEO indicated that geopolitical factors and regulatory changes could influence shipping dynamics in 2025, with potential positive impacts on profitability [16][17]. - The company is focused on identifying opportunities to maximize future profits amid a transitional phase in the shipping industry [15][16].

Core Viewpoint - C3is Inc. is set to release its fourth quarter and full year financial results for the period ended December 31, 2024, on March 11, 2025, with a conference call scheduled to discuss the results and company outlook [1]. Group 1: Financial Results Announcement - The financial results will be announced after the market opens in New York on March 11, 2025 [1]. - A conference call will be hosted by the company's management at 10:00 am ET on the same day to present the results and discuss operations and outlook [1]. Group 2: Webcast Information - There will be a live and archived webcast of the conference call available on the C3is Inc. website [2]. - Participants are advised to register approximately 10 minutes prior to the start of the webcast, which will be in listen-only mode [2]. Group 3: Company Overview - C3is Inc. is a ship-owning company that provides seaborne transportation services to dry bulk and tanker charterers, serving major national and private industrial users, commodity producers, and traders [3]. - As of the end of Q4 2024, the company owned three Handysize dry bulk carriers and one Aframax oil tanker, with a total capacity of 213,464 deadweight tons (dwt) [3]. - The company's shares are listed on the Nasdaq Capital Market under the symbol "CISS" [3].

Reverse Stock Split Details - The company will implement a one-for-two-and-a-half (1-for-2.5) reverse stock split of its common stock [4] - The reverse stock split will take effect at 11:59 pm Eastern Time on December 31, 2024, with trading on a split-adjusted basis beginning on January 2, 2025 [5] - Every 2.5 issued shares of common stock will be combined into one share, reducing the number of outstanding shares from approximately 10.6 million to approximately 4.2 million [11] - No fractional shares will be issued, and stockholders holding fractions will receive a cash payment based on the closing price of the company’s common stock on Nasdaq on December 31, 2024 [1] Purpose of the Reverse Stock Split - The reverse stock split aims to increase the market price of the company’s common stock to meet the minimum bid price requirement for maintaining listing on Nasdaq [13] Impact on Stockholders - Stockholders with shares held in book-entry form or through a bank, broker, or other nominee will see the reverse stock split reflected in their accounts on or after January 2, 2025 [2] - The company’s outstanding warrants and Series A Convertible Preferred Stock will be proportionately adjusted, increasing the exercise price and reducing the number of shares issuable upon exercise [11] Company Overview - C3is Inc is a ship-owning company providing dry bulk and crude oil seaborne transportation services, owning four vessels with a total fleet capacity of 213,464 deadweight tons (dwt) [10]

Exhibit 99.1 C3is Inc. C3is Inc. reports third quarter and nine months 2024 financial and operating results OPERATIONAL AND FINANCIAL HIGHLIGHTS Athens, Greece, November 18, 2024 – C3is Inc. (Nasdaq: CISS) (the "Company"), a ship-owning company providing dry bulk and tanker seaborne transportation services, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2024. • Our handysize dry bulk carriers are on time charters of short term duration ...

C3is Inc. (NASDAQ:CISS) Q3 2024 Earnings Conference Call November 18, 2024 11:00 AM ET Company Participants Diamantis Andriotis - Chief Executive Officer Nina Pyndiah - Chief Financial Officer Operator Good day and thank you for standing by. Welcome to the C3is Third Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today Dr. Diamantis Andriotis, ...

Core Insights - C3is Inc. reported significant growth in voyage revenues and adjusted net income for the nine months ended September 30, 2024, with voyage revenues reaching $32.9 million, a 119% increase from the previous year, and adjusted net income of $7.7 million, up 108% [26][24]. Operational Highlights - The company operates handysize dry bulk carriers on time charters and an Aframax tanker in the spot market, achieving current voyage charter rates of approximately $48,000 per day [2]. - Fleet operational utilization was 90.2% for the three months ended September 30, 2024, with a total of 368 calendar days for the fleet [3][8]. - The average number of vessels owned increased from 2.9 to 4.0 during the third quarter of 2024 [16]. Financial Performance - Revenues for the third quarter of 2024 were $9.3 million, a decrease from $10.1 million in the same period of 2023, primarily due to lower rates [8]. - The company reported a net income of $5.1 million and an EBITDA of $7.0 million for the third quarter of 2024 [4]. - For the nine months ended September 30, 2024, adjusted EBITDA was $13.5 million, a 92% increase compared to the same period in 2023 [5][24]. Cost and Expense Analysis - Voyage expenses for the third quarter of 2024 were $4.5 million, up from $2.8 million in the same period of 2023, attributed to an increase in the average number of vessels [9][10]. - Operating expenses for the nine months ended September 30, 2024, were $6.0 million, compared to $3.3 million for the same period in 2023 [18]. Strategic Developments - The company paid off the remaining balance of $39.5 million for the Aframax tanker in July 2024, utilizing cash from operations and equity offerings [6][27]. - C3is Inc. has expanded its fleet capacity by 234% since its inception, now totaling 213,464 deadweight tons (DWT) [26][33]. Market Context - The company is closely monitoring the implications of the recent U.S. elections on the global shipping industry, particularly concerning proposed tariffs and geopolitical tensions affecting trade dynamics [29][30].