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].

Core Viewpoint - C3is Inc. reported its financial and operational results for Q2 and the first half of 2025, highlighting a decrease in revenues and TCE rates, alongside a net loss for the quarter but a net income for the six-month period [1][8][9]. Operational and Financial Highlights - The company operates handysize dry bulk carriers on short-term charters, generating steady cash flows, while its Aframax tanker operates in the spot market with current voyage charter rates around $25,000 per day [4]. - Fleet operational utilization was 78% for Q2 2025, down from 87.7% in Q2 2024, primarily due to idle days of the Aframax tanker [4][19]. - Revenues for Q2 2025 were $10.7 million, a slight decrease from $10.8 million in Q2 2024, with a daily TCE of $16,466, down 31% from $23,938 in the same period last year [4][29]. - The company reported a net loss of $5.3 million for Q2 2025, with an EBITDA of $(3.7) million and a loss per share of $8.78 [4][30]. - For the first half of 2025, net income was $2.6 million, with earnings per share of $0.52, contrasting with a net loss of $7.97 million in the first half of 2024 [8][12]. Financial Performance - Adjusted net income for Q2 2025 was $1.1 million, a 62% decrease from $2.9 million in Q2 2024, while adjusted EBITDA was $2.8 million, down 43% from $4.9 million [4][12]. - The company settled a $14.6 million balance for the bulk carrier Eco Spitfire in April 2025, funded by operations and equity offerings [4][8]. - Total voyage revenues for the first half of 2025 were $19.4 million, down from $23.6 million in the same period of 2024, primarily due to lower average TCE rates [6][12]. - The average number of vessels owned increased from 3.3 in the first half of 2024 to 4.0 in 2025, contributing to increased operational expenses [6][12]. Industry Context - The maritime shipping industry is experiencing significant changes due to geopolitical factors, environmental regulations, and demand fluctuations, yet C3is Inc. has maintained solid performance with a fleet capacity increase of over 230% since inception without incurring bank debt [9][10]. - The company emphasizes its fully deleveraged position, enhancing financial flexibility and providing a strong foundation for future growth [10].