Core Points - C3is Inc. announced a public offering expected to generate approximately $9 million in gross proceeds before expenses [1][3] - The offering consists of 7,500,000 units, each including one Common Share or one Pre-Funded Warrant, along with Class D and Class E Warrants [2] - The transaction is anticipated to close on or about December 12, 2025, subject to customary closing conditions [3] Offering Details - Each unit in the offering is priced at $1.20 for a Common Share and $1.19999 for a Pre-Funded Warrant, with the Pre-Funded Warrants being immediately exercisable [2] - Class D Warrants have an initial exercise price of $1.20 per Common Share and are exercisable immediately, expiring 60 months after issuance [2] - Class E Warrants have an exercise price of $0.00001 per Common Share and are also immediately exercisable [2] Use of Proceeds - The net proceeds from the offering will be used for capital expenditures, including the acquisition of additional vessels, working capital, and other general corporate purposes [3] Company Overview - C3is Inc. is a ship-owning company that provides dry bulk and crude oil seaborne transportation services, owning four vessels with a total fleet capacity of 213,464 deadweight tons [6]

Core Insights - C3is Inc. reported a net income of $7.9 million for Q1 2025, a 109% increase from Q1 2024, despite a 32% decrease in revenues due to lower TCE rates [8][30][31] - The company successfully met all capital expenditure obligations totaling $59.2 million without resorting to bank loans, while increasing fleet deadweight tonnage significantly [8][14] Operational Highlights - The fleet operational utilization was 91.7% for Q1 2025, primarily due to idle days of the Aframax tanker in the spot market [5][19] - The average number of vessels owned increased from 3.0 in Q1 2024 to 4.0 in Q1 2025, with total calendar days for the fleet rising from 273 to 360 [19][30] Financial Performance - Revenues for Q1 2025 were $8.7 million, down from $12.8 million in Q1 2024, with a daily TCE of $16,202, a 56% decrease year-over-year [5][29] - Adjusted net income for Q1 2025 was $1.2 million, a 73% decrease from $4.5 million in Q1 2024, while adjusted EBITDA fell by 53% to $3.0 million [5][9][30] Cash Flow and Balance Sheet - The cash balance at the end of Q1 2025 was $15.7 million, up from $4.6 million at the end of Q4 2024 [32][34] - The company recorded a non-cash adjustment of $6.9 million as "Gain on Warrants" for Q1 2025, reflecting changes in fair value [5][9] Market Outlook - The global economic environment in 2025 is expected to present mixed signals, with risks and opportunities influencing the shipping sector [10][11] - C3is Inc. plans to adapt to evolving market dynamics by focusing on diversification and sustainable practices [11]