C3is Inc. Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw adjusted net income surge 358% year-over-year, with strong revenue and EBITDA growth, a robust cash position, and no bank debt. Fleet expansion continues with two new product tankers, while market conditions remain volatile due to geopolitical tensions.
Fiscal Year 2025
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Net income surged to $10.5 million in 2025, reversing a prior loss, with EBITDA up 244%. Despite an 18% revenue drop from tanker downtime, the company is fully deleveraged and expanding its fleet by 387% with two new product tankers arriving in 2026.
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Net income surged to EUR 5.3 million for the first nine months of 2025, reversing last year's loss, while EBITDA rose 245%. Despite a 24% drop in voyage revenues due to dry docking, the company remains debt-free and focused on disciplined fleet growth.
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Q2 2025 saw a net loss of $5.3M due to a non-cash warrant loss, but adjusted net income was $1.1M. Fleet capacity grew over 230% since inception with no bank debt, and all CapEx obligations were met. Geopolitical and regulatory factors continue to shape market conditions.
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Net income surged 109% year-over-year to $8 million in Q1 2025, driven by a non-cash warrant gain, despite a 32% revenue drop from lower charter rates. All CapEx was funded without bank debt, and the fleet remains unexposed to new tariffs on Chinese-built ships.
Fiscal Year 2024
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2024 saw revenues rise 47% to $42.3 million, driven by the Aframax tanker, with adjusted EBITDA up 11% and fleet capacity more than tripling since inception. Despite a non-cash warrant loss, liquidity remains strong and no bank debt is outstanding.
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Revenues surged 120% to $32.9 million for the first nine months of 2024, with Adjusted EBITDA up 92% and net income up 106%. Fleet capacity more than tripled, all without bank debt, as the company capitalized on strong market conditions and disciplined growth.
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Adjusted EBITDA and net income surged in H1 2024, driven by Aframax tanker performance and fleet expansion. No bank debt remains after major vessel payoffs, and strong market conditions support a positive outlook for continued disciplined growth.