C3is (CISS) - 2024 Q1 - Quarterly Report

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$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]