To be effective April 12, 2024 Aiming to meet the minimum bid price requirement for maintaining listing on Nasdaq ATHENS, Greece, April 10, 2024 (GLOBE NEWSWIRE) -- C3IS INC. (the "Company") (NASDAQ:CISS) today announced that its board of directors has determined to effect a one-for-one hundred (1-for-100) reverse stock split of the Company's common stock, par value $0.01 per share. The reverse stock split will take effect at 11:59 pm Eastern Time on April 11, 2024, and the Company's common stock will begin ...

C3is Inc. (NASDAQ:CISS) Q4 2023 Earnings Conference Call March 26, 2024 11:00 AM ET Company Participants Diamantis Andriotis - CEO Nina Pyndiah - CFO Conference Call Participants Operator Good day. And thank you for standing by. Welcome to our Q4 2023 Financial and Operating Results Conference Call and Webcast for C3is. At this time, all participants are in a listen-only mode with question-and-answer session. Please note that today’s conference is being recorded. I’d now like to hand the conference over to ...

Revenue Performance - Voyage revenues for the twelve months ended December 31, 2023 amounted to $28.7 million, an increase of $25.4 million compared to revenues of $3.3 million for the same period in 2022[11] - Voyage revenues for the three months ended December 31, 2023 amounted to $13.8 million, an increase of $10.7 million compared to revenues of $3.1 million for the same period in 2022[20] - Total revenues for the 12 months ended December 31, 2023, were $28,738,982, up from $3,287,101 for the same period in 2022, indicating an increase of about 775%[31] Operational Efficiency - Total calendar days for the fleet were 901 days for the twelve months ended December 31, 2023, with 680 days, or 75.5%, being time charter days[11] - Fleet operational utilization was 91.6% for the twelve months ended December 31, 2023[11] - Fleet operational utilization was 87.0% for the three months ended December 31, 2023[20] - Fleet utilization for the relevant period was calculated based on voyage days divided by fleet calendar days, indicating operational efficiency[27] Expenses and Costs - Voyage expenses for the twelve months ended December 31, 2023 were $7.6 million, with bunker costs accounting for $3.4 million, or 45% of total voyage expenses[11] - Voyage expenses for Q4 2023 were $4,205,883, a significant rise from $396,069 in Q4 2022, marking an increase of approximately 964%[31] - Interest and finance costs for the twelve months ended December 31, 2023 were $1.4 million, mainly related to the accrued interest expense for the acquisition of the Aframax tanker Afrapearl II[22] Profitability - Net income for the twelve months ended December 31, 2023 was $9.3 million[22] - Net income for Q4 2023 reached $5,572,743, a significant increase from $523,091 in Q4 2022, representing a growth of approximately 964%[31] - EBITDA for the twelve months ended December 31, 2023 amounted to $14.7 million[22] - EBITDA for Q4 2023 was $7,665,751, compared to $1,047,802 in Q4 2022, reflecting a growth of approximately 632%[30] Financial Position - Cash and cash equivalents at the end of the period were $695,288, with total current assets increasing to $20,310,584 from $1,023,520 in the previous year[32] - The company reported total liabilities of $39,928,166 as of December 31, 2023, compared to $965,466 in the previous year, showing a substantial increase[32] - The total assets of the company grew to $95,472,015 as of December 31, 2023, up from $39,859,671 in the previous year, indicating strong growth in asset base[32] Corporate Actions - The company plans to effect a reverse stock split, with the exact ratio and effective date to be determined by the Board of Directors[23] - The company reported a net cash increase from financing activities of $7,482,594 for the year, driven by proceeds from a follow-on offering[34] Depreciation - Depreciation for the twelve months ended December 31, 2023 was $4.1 million, a $3.5 million increase from $0.6 million for the same period last year[11]

Disclaimer Q4 and Full Year 2023 Financial & Operating Results This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "intends," and similar expressions are intended to identify ...

ATHENS, Greece, March 21, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ:CISS) (the "Company"), a ship-owning company providing seaborne transportation services, announced today that it will release its fourth quarter and twelve months financial results for the period ended December 31, 2023 before the market opens in New York on March 26th, 2024. On March 26th, 2024, at 11:00 am ET, the company's management will host a conference call to present the results and the company's operations and outlook. Slides and ...

ATHENS, Greece, March 19, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ:CISS) (the "Company"), a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, today announced the closing of a firm commitment underwritten public offering with gross proceeds to the Company of approximately $6.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The offering consisted of 120,000,000 Common Units or Pre-Funded Units, each consisting ...

ATHENS, Greece, March 15, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ:CISS) (the "Company"), a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, announced today that it has received a staff determination letter, dated March 15, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the Company's common stock had a closing bid price of $0.10 or less for ten consecutive trading days, through March 14, 202 ...

C3is (NASDAQ:CISS) stock is on the rise Thursday as investors reacted to updated stakes in the seaborne transportation company following a public offering.First off, this public offering included 28 million units. Each of these units contained one shares of CISS stock, one half of a Class B-1 Warrant for another share and one Class B-2 Warrant for a share of CISS.The big news here is Imperial Petroleum (NASDAQ:IMPP) now holds a 67.9% stake in C3is. That comes from its 60 million shares held through 5% Serie ...

Athens, GREECE, Jan. 23, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ:CISS) (the "Company"), a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, today announced the closing of a firm commitment underwritten public offering with gross proceeds to the Company of approximately $7.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The offering was upsized from $6.0 million. The offering consisted of 28,000,000 Common ...

ATHENS, Greece, Jan. 19, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ:CISS) (the "Company"), a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, today announced the pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately $7.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The offering was upsized from $6.0 Million. The offering consists of 28,000, ...