C3is Inc. reports third quarter and nine months 2025 financial and operating results

Core Viewpoint - C3is Inc. reported a decline in revenues and operational performance for the third quarter of 2025 compared to the same period in 2024, primarily due to the dry-docking of its Aframax tanker and a decrease in Time Charter Equivalent (TCE) rates. However, the company remains financially stable with no debt and a focus on enhancing its core business and exploring new growth opportunities [11][5][9]. Operational and Financial Highlights - The company achieved revenues of $4.8 million for Q3 2025, down from $9.3 million in Q3 2024, with a daily TCE of $8,733, a 33% decrease from $13,084 in the previous year [5][31]. - Fleet operational utilization was 67.7% in Q3 2025, significantly lower than 90.2% in Q3 2024, mainly due to the Aframax tanker being idle during dry-docking [5][21]. - Net income for Q3 2025 was $2.7 million, with an EBITDA of $4.2 million, while for the nine months ended September 30, 2025, net income was $5.3 million and EBITDA was $10.3 million, reflecting increases of 281% and 245% respectively compared to the same period in 2024 [11][9][28]. Fleet and Vessels - C3is Inc. owns four vessels, including three Handysize dry bulk carriers and one Aframax oil tanker, with a total fleet capacity of 213,464 deadweight tons [16]. - The company completed the dry-docking of its Aframax tanker, Afrapearl II, in August 2025, which took 24 days and cost $1.7 million [5][11]. Financial Position - As of September 30, 2025, the company had cash and cash equivalents of $6.6 million and met all capital expenditure commitments totaling $59.2 million without resorting to bank loans [5][11]. - The company recorded a non-cash adjustment of $6.7 million as "Gain on Warrants" for Q3 2025, reflecting changes in the fair value of warrants [5][11]. Market Context - The shipping market remains volatile due to geopolitical conditions, but major economies continue to grow, leading to rising trade volumes [11]. - The company aims to maintain a debt-free balance sheet while enhancing its operational capabilities and exploring new business opportunities [11].