C3is Inc. reports Revenue of $12.8 million, Net Income of $3.8 million, and financial and operating results for the quarter ended March 31, 2024

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]