ATHENS, Greece, Nov. 12, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing seaborne transportation services, announced today that it will release its third quarter financial results for the period ended September 30, 2024 before the market opens in New York on November 18, 2024. On November 18, 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 audio webcast: Th ...

[Management's Discussion and Analysis of Financial Condition and Results of Operations](index=1&type=section&id=MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on the company's financial condition, operational results, and future outlook [Overview](index=1&type=section&id=Overview) C3is Inc., spun off in June 2023, operates a four-vessel fleet of drybulk and crude oil carriers, totaling 213,468 dwt as of June 30, 2024, with a new Handysize acquired in April 2024 - C3is Inc. began operating as a separate company from Imperial Petroleum on **June 21, 2023**, following a spin-off[2](index=2&type=chunk) - The company provides transportation for drybulk charterers and, since Q3 2023, for oil producers, refineries, and commodities traders[34](index=34&type=chunk) - In April 2024, the company acquired a **33,664 DWT** handysize bulk carrier from an affiliated company for **$16.19 million**[3](index=3&type=chunk) Fleet Profile as of June 30, 2024 | Name | Year built | DWT | Vessel Type | Employment Status | | :--- | :--- | :--- | :--- | :--- | | **DRYBULK FLEET** | | | | | | EcoBushfire | 2011 | 32,000 | Handysize drybulk carrier | Time Charter | | Eco Angelbay | 2009 | 32,000 | Handysize drybulk carrier | Time Charter | | Eco Spitfire | 2012 | 33,664 | Handysize drybulk carrier | Time Charter | | **TANKER FLEET** | | | | | | Afrapearl II | 2010 | 115,804 | Aframax oil tanker | Spot | | **Fleet Total** | | **213,468** | | | [Selected Financial Data](index=2&type=section&id=Selected%20Financial%20Data) This section presents summary historical financial and operational data for the six-month periods ended June 30, 2023 and 2024, highlighting significant revenue growth, increased operating activities, and a notable net loss in 2024 Selected Statement of Comprehensive Income Data (Six-Month Period Ended June 30, USD) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Revenues** | 4,855,097 | 23,619,205 | | **Income from operations** | 387,474 | 8,546,707 | | **Net income / (loss)** | 388,125 | (7,970,332) | Selected Balance Sheet Data (USD) | Metric | As of Dec 31, 2023 | As of June 30, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | 695,288 | 32,317,158 | | **Total assets** | 95,472,015 | 137,408,185 | | **Total liabilities** | 39,928,166 | 71,096,936 | | **Total stockholders' equity** | 55,543,849 | 66,311,249 | Selected Fleet Data (Six-Month Period Ended June 30) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Average number of vessels** | 2.00 | 3.3 | | **Total voyage days for fleet** | 362 | 594 | | **Fleet utilization** | 100.0% | 99.3% | [Results of Operations](index=4&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2024, revenues surged to $23.6 million, driven by fleet expansion, yet a $15.2 million non-cash loss on warrants resulted in an $8.0 million net loss despite increased operating income - Revenues increased by **$18.7 million** to **$23.6 million** for the six months ended June 30, 2024, primarily due to the increase in the average number of vessels[16](index=16&type=chunk) - Voyage and vessel operating expenses increased due to the larger fleet size, with voyage expenses significantly impacted by bunker and port costs as the Aframax tanker operated in the spot market[16](index=16&type=chunk) - A loss on warrants of **$15.2 million** was recognized, related to the net fair value losses on Class B and C warrants issued in 2024, which were classified as liabilities[16](index=16&type=chunk) - General and Administrative costs rose to **$2.1 million** from **$0.5 million**, mainly due to expenses from two public offerings, a reverse stock split, and costs of operating as a public company[16](index=16&type=chunk) [Liquidity and Capital Resources](index=5&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, the company maintained strong liquidity with $32.3 million in cash and no bank debt, funding operations primarily through cash flow and equity offerings, with significant vessel payments due in July 2024 and April 2025 Cash Flow Summary (Six-Month Period Ended June 30, USD) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 1,694,917 | 21,392,996 | | **Net cash used in investing activities** | — | (6,611,629) | | **Net cash provided by financing activities** | 3,305,083 | 16,840,503 | - As of June 30, 2024, the company had cash and cash equivalents of **$32.3 million** and bank time deposits of **$13.2 million**[46](index=46&type=chunk) - The company had no bank debt as of June 30, 2024, but may incur debt in the future to finance fleet growth[19](index=19&type=chunk) - Key liquidity needs include a **$14.6 million** payment due in April 2025 for a handysize bulk carrier, with a **$38.7 million** payment for the Aframax tanker made in July 2024[47](index=47&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section highlights that forward-looking statements are subject to significant risks and uncertainties, including market conditions, operating costs, financing availability, and geopolitical events, which could cause actual results to differ materially - Forward-looking statements are based on current assumptions which are inherently subject to significant uncertainties and contingencies[49](index=49&type=chunk) - Important factors that could cause results to differ include market conditions, charter rates, vessel values, operating costs, and the ability to obtain financing[50](index=50&type=chunk) - Geopolitical risks cited include the conflict in Ukraine, the conflict in Israel and Gaza, and potential shipping disruptions by Houthis in the Red Sea[50](index=50&type=chunk) [Unaudited Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's unaudited interim condensed consolidated financial statements, including the balance sheets, statements of comprehensive income, stockholders' equity, cash flows, and accompanying notes [Unaudited Interim Condensed Consolidated Balance Sheets](index=9&type=section&id=Unaudited%20interim%20condensed%20consolidated%20balance%20sheets) As of June 30, 2024, total assets increased to $137.4 million, driven by higher cash and vessel values, while total liabilities rose to $71.1 million due to increased related-party payables and a new warrant liability Consolidated Balance Sheet Highlights (USD) | Metric | As of Dec 31, 2023 | As of June 30, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | 695,288 | 32,317,158 | | **Vessels, net** | 75,161,431 | 87,400,747 | | **Total assets** | 95,472,015 | 137,408,185 | | **Payable to related parties** | 38,531,016 | 54,730,861 | | **Warrant liability** | — | 14,486,493 | | **Total liabilities** | 39,928,166 | 71,096,936 | | **Total stockholders' equity** | 55,543,849 | 66,311,249 | [Unaudited Interim Condensed Consolidated Statements of Comprehensive Income](index=10&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20comprehensive%20income) For the six months ended June 30, 2024, revenues surged to $23.6 million and operating income increased, but a $15.2 million non-cash loss on warrants led to an $8.0 million net loss, or ($4.61) per share Consolidated Statement of Comprehensive Income (Six-Month Period Ended June 30, USD) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Revenues** | 4,855,097 | 23,619,205 | | **Total expenses** | 4,467,623 | 15,072,498 | | **Income from operations** | 387,474 | 8,546,707 | | **Loss on warrants** | — | (15,176,536) | | **Net income/(loss)** | 388,125 | (7,970,332) | | **Earnings/(loss) per share, basic** | 11.54 | (4.61) | [Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity](index=11&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20stockholders%27%20equity) Total stockholders' equity increased to $66.3 million by June 30, 2024, primarily from $19.0 million in equity offerings and warrant exercises, partially offset by an $8.0 million net loss and a $2.9 million deemed dividend - Stockholders' equity increased by **$10.8 million** during the first six months of 2024[55](index=55&type=chunk) - Net proceeds from the issuance of common stock and exercise of warrants totaled approximately **$19.0 million**[55](index=55&type=chunk) - The net loss of **$8.0 million** and a deemed dividend of **$2.9 million** reduced retained earnings to an accumulated deficit of **$2.9 million**[55](index=55&type=chunk) [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20cash%20flows) For the six months ended June 30, 2024, net cash from operations significantly increased to $21.4 million, while investing activities used $6.6 million and financing provided $16.8 million, resulting in a $31.6 million net increase in cash Consolidated Statement of Cash Flows (Six-Month Period Ended June 30, USD) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 1,694,917 | 21,392,996 | | **Net cash used in investing activities** | — | (6,611,629) | | **Net cash provided by financing activities** | 3,305,083 | 16,840,503 | | **Net increase in cash and cash equivalents** | 5,000,000 | 31,621,870 | | **Cash and cash equivalents at end of period** | 5,000,000 | 32,317,158 | [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of accounting policies and financial figures, covering the basis of presentation, related-party transactions, vessel accounting, warrant classification and valuation, and equity offerings [Note 1. Basis of Presentation and General Information](index=15&type=section&id=Note%201.%20Basis%20of%20Presentation%20and%20General%20Information) The financial statements are prepared under U.S. GAAP for interim reporting, covering C3is Inc.'s fleet of four vessels managed by a related party, with management asserting no going concern doubt despite a working capital deficit - The company was spun off from Imperial Petroleum Inc. on **June 21, 2023**[85](index=85&type=chunk) - A **1-for-100** reverse stock split was effected on **April 12, 2024**, and all share/per share data has been retroactively adjusted[89](index=89&type=chunk) - Management believes there is no substantial doubt about the company's ability to continue as a going concern, despite a working capital deficit of **$6.6 million**, due to available cash, operational cash flows, and potential financing[87](index=87&type=chunk) [Note 3. Transactions with Related Parties](index=16&type=section&id=Note%203.%20Transactions%20with%20Related%20Parties) The company engages in significant related-party transactions, including management services and vessel acquisitions from affiliates using seller financing, resulting in $54.7 million payable to related parties as of June 30, 2024 - The company acquired the vessel 'Afrapearl II' from Imperial Petroleum Inc. in July 2023 for **$43 million**, with **$38.7 million** payable in July 2024[66](index=66&type=chunk) - The company acquired the vessel 'Eco Spitfire' from an affiliated company in April 2024 for **$16.19 million**, with **$14.57 million** payable in April 2025[95](index=95&type=chunk) Related Party Expenses (Six-Month Period Ended June 30, 2024) | Expense Category | Amount (USD) | | :--- | :--- | | Management fees | 263,120 | | Voyage expenses (commissions) | 295,839 | | Vessels' operating expenses | 67,167 | | General and administrative expenses | 225,445 | | Interest expense | 1,691,831 | [Note 5. Vessels, Net](index=18&type=section&id=Note%205.%20Vessels%2C%20Net) The net book value of vessels increased to $87.4 million by June 30, 2024, primarily due to the $15.2 million acquisition of 'Eco Spitfire', offset by depreciation, with no impairment loss recognized Vessels, Net (USD) | Metric | Balance, Dec 31, 2023 | Balance, June 30, 2024 | | :--- | :--- | :--- | | **Vessel cost** | 79,824,125 | 94,990,150 | | **Accumulated depreciation** | (4,662,694) | (7,589,403) | | **Net book value** | **75,161,431** | **87,400,747** | - The increase in vessel value relates to the acquisition of the 'Eco Spitfire' in the first half of **2024**[71](index=71&type=chunk) - The company performed an impairment review of its vessels as of June 30, 2024, and concluded that no impairment loss was necessary[72](index=72&type=chunk) [Note 8. Stockholders' Equity](index=19&type=section&id=Note%208.%20Stockholders%27%20equity) During the first six months of 2024, the company raised $13.1 million from equity offerings, but warrant liabilities, remeasured to fair value, resulted in a $15.2 million loss and a $2.9 million deemed dividend due to down-round adjustments - In January and March 2024, the company completed two offerings, raising total gross proceeds of **$13.1 million** through the sale of common shares and warrants[99](index=99&type=chunk)[120](index=120&type=chunk) - Class B and C warrants were classified as liabilities due to exercise price adjustment clauses, and are remeasured to fair value at each reporting date[101](index=101&type=chunk) - The change in fair value of the warrant liability resulted in a recognized loss of **$15,176,536** for the six months ended June 30, 2024[102](index=102&type=chunk) - A down-round adjustment on warrants triggered a change in the conversion price of Series A Preferred Shares, resulting in a deemed dividend of **$2,862,000**[123](index=123&type=chunk) [Note 14. Subsequent Events](index=23&type=section&id=Note%2014.%20Subsequent%20Events) In July 2024, the company paid the remaining $38.7 million for the Aframax oil tanker 'Afrapearl II', funded by cash from operations, cash on hand, and recent equity offering proceeds - In July 2024, the company paid the remaining **$38.7 million** purchase price for the Aframax oil tanker[112](index=112&type=chunk)

C3is Inc. (NASDAQ:CISS) Q2 2024 Results Conference Call August 22, 2024 11:00 AM ET Company Participants Diamantis Andriotis - CEO Nina Pyndiah - CFO Operator Good day, and thank you for standing by. Welcome to the C3is Q2 2024 Financial and Operating Results Conference Call and Webcast. At this time, all participants will be on listen only mode with no question-and-answer session at the end. Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker ...

C3is (NASDAQ:CISS) just reported results for the second quarter of 2024. C3is reported earnings per share of 63 cents. The company reported revenue of $10.83 million. InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to info ...

Core Insights - C3is Inc. reported significant financial improvements in Q2 2024, with voyage revenues reaching $10.8 million, a substantial increase from $1.7 million in Q2 2023, primarily due to a higher average number of vessels in operation [3][7] - The company achieved an adjusted net income of $2.9 million for Q2 2024, marking an 885% increase compared to the same period last year, alongside an adjusted EPS of $0.63 [6][12] - The fleet's operational utilization was 87.7% for Q2 2024, slightly down from 89.6% in Q2 2023, attributed to idle days in the spot market [2][3] Operational Highlights - The fleet consisted of an average of 3.6 vessels in Q2 2024, compared to 2.0 vessels in Q2 2023, contributing to increased revenues [3][16] - The Aframax tanker operated in the spot market, generating daily charter rates of approximately $27,000 [2] - The company’s total fleet capacity increased to 213,468 dwt following the acquisition of a handysize drybulk carrier in May 2024 [2][12] Financial Performance - Total revenues for the six months ended June 30, 2024, were $23.6 million, up from $4.9 million in the same period of 2023 [7][30] - Adjusted EBITDA for the six months ended June 30, 2024, was $11.3 million, compared to $1.7 million for the same period in 2023, reflecting strong operational performance [11][12] - The company recorded a net loss of $11.8 million for Q2 2024, primarily due to a non-cash loss on warrants of $14.5 million [6][11] Asset and Liability Management - Total assets increased by 44% to $137.4 million as of June 30, 2024, compared to December 31, 2023 [2][33] - The company paid off $38.7 million for the Aframax tanker in July 2024, utilizing cash from operations and equity offerings [2][13] - Current liabilities rose to $56.6 million, with significant amounts owed to related parties [33] Market Outlook - The CEO highlighted a turning point in the shipping business, emphasizing both risks and opportunities that could shape market dynamics [12][14] - The company aims to continue its fleet growth strategy while adapting to changing market conditions, including a decline in global demand for certain bulk cargoes and the impact of geopolitical risks [14][15]

ATHENS, Greece, Aug. 19, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the "Company"), a shipowning company providing seaborne transportation services, announced today that it will release its second quarter financial results for the period ended June 30, 2024 before the market opens in New York on August 22nd, 2024. On August 22nd, 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 audio webcast: There ...

Timely and selective acquisitions of quality vessels Diversified fleet allowing more impact on long term profits C3is Inc. 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," ...

Financial Data and Key Metrics Changes - The company reported an EBITDA of $5.7 million for Q1 2024, a significant increase from $1.4 million in Q1 2023, representing a growth of 301% [2][8] - Net income for Q1 2024 was $3.8 million, compared to $751,000 in Q1 2023, marking an increase of 404% [8][16] - Cash and cash equivalents reached $34.9 million at the end of March 2024, up 285% from December 31, 2023 [12][17] - The total fleet book value was $73.8 million at the end of Q1 2024, a decrease from $75.2 million at the end of 2023 [16] Business Line Data and Key Metrics Changes - The time charter equivalent (TCE) for Q1 2024 was $36.5K, more than double the $15.9K in Q1 2023, primarily driven by the Aframax tanker [21][38] - Voyage revenues for Q1 2024 amounted to $12.8 million, a 247% increase compared to Q1 2023 [38] - Fleet operational utilization was 93.4% for Q1 2024, up from 90.6% in Q1 2023 [38] Market Data and Key Metrics Changes - Minor bulk tonne-mile trade increased by 3% in 2023 and is expected to grow by 5.2% in 2024 [5] - The order book for Aframax tanker vessels stood at just 6% of the existing fleet in May 2024, a decline of 4.3% from the end of 2023 [6] - Crude oil demand in tonne-mile terms grew by 5.8% in 2023 and is projected to grow by 3.2% in 2024 [27] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisitions of quality vessels, focusing on short to medium-term charters and spot voyages [13][43] - The strategy includes maintaining a high-quality fleet to reduce operating costs and improve safety, thereby securing favorable charters [9][43] - The company plans to diversify its fleet to enhance long-term profits by balancing exposure across different segments [43] Management's Comments on Operating Environment and Future Outlook - Management noted that the tanker market environment is expected to remain healthy through 2025, supported by growth in crude oil trade volumes [26] - The company is optimistic about the handysize dry bulk market, anticipating gradual improvements in demand outpacing fleet expansion [30] - Management highlighted the importance of compliance with environmental regulations, which may lead to increased vessel demolitions and reduced fleet supply [29][35] Other Important Information - The company completed three public offerings, generating total net proceeds of $16.4 million, significantly boosting its cash balance [4][46] - The company executed a reverse stock split of 1-for-400 to regain compliance with Nasdaq listing requirements [3] Q&A Session Summary Question: What is the outlook for the tanker market? - Management believes the tanker market will remain healthy through 2025, supported by growth in crude oil trade volumes and shifts in trade patterns [26] Question: How does the company plan to manage its fleet growth? - The company aims to diversify its fleet and focus on acquiring quality vessels while maintaining high operational standards to ensure safety and reliability [9][43] Question: What are the implications of environmental regulations on the fleet? - Stricter environmental regulations are expected to accelerate vessel demolitions, potentially reducing available fleet supply, particularly in the handysize and Aframax segments [29][35]

Core Insights - C3is Inc. reported significant financial growth in Q1 2024, with a net income of $3.8 million, representing a 404% increase compared to Q1 2023 [2][4][5] - The company achieved revenues of $12.8 million in Q1 2024, a substantial increase from $3.2 million in the same period last year, primarily due to the acquisition of an Aframax tanker [3][5] - The fleet's operational utilization was 93.4% for Q1 2024, indicating efficient use of vessels [2][3] Operational Highlights - The company operates handysize dry bulk carriers on time charters and an Aframax tanker in the spot market, with daily TCE rates exceeding $40,000 [2] - Fleet capacity increased to 213,468 dwt following the acquisition of a 2012-built Japanese handysize dry bulk carrier [2][5] - The average number of vessels owned increased from 2 in Q1 2023 to 3 in Q1 2024, contributing to higher operational metrics [12] Financial Performance - EBITDA for Q1 2024 was reported at $5.7 million, a 302% increase from $1.4 million in Q1 2023 [4][5] - The company completed two follow-on equity offerings, generating net proceeds of $11.4 million, which bolstered its cash balance to $34.9 million [2][5] - Basic and diluted EPS for Q1 2024 was $1.11, reflecting a favorable price-to-earnings ratio of approximately 0.36 [2][5] Cost and Expense Analysis - Voyage expenses and vessels' operating expenses for Q1 2024 were $2.8 million and $1.8 million, respectively, compared to $0.3 million and $1.0 million in Q1 2023 [3][4] - General and administrative costs surged to $1.5 million in Q1 2024, primarily due to expenses related to public offerings and the reverse stock split [4] - Depreciation increased to $1.4 million in Q1 2024, reflecting the growth in the fleet size [4] Strategic Outlook - The company aims to capitalize on favorable freight rates and continue expanding its fleet, with a focus on diversifying its vessel types to enhance long-term profitability [5] - C3is Inc. maintains a strong capital structure with no bank debt and a cash balance exceeding $40 million, positioning it well for future acquisitions [5]

ATHENS, Greece, May 28, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the "Company"), a shipowning company providing drybulk seaborne transportation services, and from the third quarter of 2023, tanker transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS Our handysize dry bulk carriers are on time charters of short term durations, producing steady cash flows, while our Aframax tanker opera ...