C3is (US:CISS)2025-11-18 21:05Financial Performance - Revenues for Q3 2025 were $4.8 million, a decrease of 48% from $9.3 million in Q3 2024, with a daily TCE of $8,733, down 33% year-over-year[5] - Net Income for Q3 2025 was $2.7 million, with EPS of $2.32, compared to an Adjusted Net Loss of $3.4 million for the same period last year[9] - For the nine months ended September 30, 2025, Voyage Revenues totaled $24.2 million, down 26% from $32.9 million in the same period of 2024[8] - Adjusted EBITDA for Q3 2025 was ($1.8) million, down from $2.2 million in Q3 2024[9] - Net income for Q3 2024 was $5,074,563, while adjusted net income for Q3 2025 showed a loss of $3,417,737[28] - EBITDA for Q3 2024 was $6,967,088, compared to $4,248,573 in Q3 2025, indicating a decline in operational performance[28] - Q3 2025 revenues decreased to $4,793,998 from $9,265,750 in Q3 2024, representing a decline of 48.3%[32] - Total revenues for the first nine months of 2025 were $24,202,003, down from $32,884,955 in the same period of 2024, a decrease of 26.4%[32] - Q3 2025 net income was $2,671,497, compared to a net income of $5,074,563 in Q3 2024, reflecting a decline of 47.4%[32] - The company reported a loss from operations of $(3,526,786) in Q3 2025, compared to a profit of $395,714 in Q3 2024[32] Operational Metrics - Fleet operational utilization was 67.7% for Q3 2025, significantly lower than 90.2% in Q3 2024, primarily due to dry-docking of the Aframax tanker[6] - Average number of vessels remained stable at 4.00 for both Q3 2024 and Q3 2025, with fleet utilization at 100.0% in Q3 2024 and 93.5% in Q3 2025[21] - Total charter days for the fleet increased from 612 in 9M 2024 to 695 in 9M 2025, suggesting a slight improvement in operational activity[21] - The company reported a total of 368 calendar days for the fleet in Q3 2024, consistent with Q3 2025, indicating stable fleet availability[21] - Fleet operational utilization decreased from 90.2% in Q3 2024 to 67.7% in Q3 2025, indicating reduced efficiency in revenue generation[21] Expenses and Cash Flow - Voyage expenses in Q3 2025 were $1,729,366, down from $4,342,258 in Q3 2024, a reduction of 60.2%[32] - General and administrative expenses increased to $498,683 in Q3 2025 from $267,267 in Q3 2024, an increase of 86.5%[32] - The company reported a cash and cash equivalents balance of $6.6 million as of September 30, 2025[5] - The company generated $20,211,823 in net cash from operating activities for the nine months ended September 30, 2024, which decreased to $5,432,150 in 2025[35] - C3is Inc. experienced a decrease in cash and cash equivalents at the end of the period, dropping from $8,016,402 in 2024 to $1,413,971 in 2025[35] Capital Expenditures and Investments - Total capital expenditures for the company reached $59.2 million, fully funded without bank loans, related to vessel acquisitions[5] - The company incurred a net cash used in financing activities of $19,479,080 in 2024, which reduced to $11,245,328 in 2025[35] - The company reported a depreciation expense of $4,876,413 for the nine months ended September 30, 2025, up from $4,552,180 in 2024[35] Market and Growth Initiatives - The company reported a revenue of $2.5 billion for Q3 2023, representing a 15% year-over-year increase[36] - User base grew to 10 million active users, a 20% increase compared to the previous quarter[36] - The company provided guidance for Q4 2023, expecting revenue to be between $2.7 billion and $2.9 billion, indicating a growth of 8% to 16%[36] - New product launch scheduled for Q1 2024, anticipated to contribute an additional $500 million in revenue[36] - Investment in R&D increased by 25% year-over-year, totaling $300 million for the quarter[36] - Market expansion efforts in Europe resulted in a 30% increase in sales in that region[36] - The company completed an acquisition of a tech startup for $150 million, aimed at enhancing product offerings[36] - Customer retention rate improved to 85%, up from 80% in the previous quarter[36] - The company plans to implement a new marketing strategy, projected to increase brand awareness by 40%[36] - Operating margin improved to 18%, up from 15% in the previous quarter[36] Financial Position - The company has maintained a debt-free balance sheet, enhancing financial flexibility amid market uncertainties[11] - The total current assets increased to $16,339,358 as of December 31, 2024, compared to $9,967,837 as of September 30, 2025[34] - The company reported a total of $10,048,489 in total assets as of December 31, 2024, reflecting a growth from $9,241,229 as of September 30, 2025[34] - C3is Inc. had a total liabilities of $29,127,990 as of December 31, 2024, compared to $27,008,869 as of September 30, 2025[34]