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]