C3is Inc. reports second quarter and six months 2025 financial and operating results

Rhea-AI Summary

C3is Inc. (NASDAQ: CISS) reported its Q2 and H1 2025 financial results, showing mixed performance. The company recorded Q2 2025 revenues of $10.7 million with a daily TCE of $16,466, down 31% year-over-year. Q2 resulted in a net loss of $5.3 million, while H1 2025 showed a net income of $2.6 million.

The shipping company's fleet achieved 78% operational utilization in Q2 2025, with its handysize dry bulk carriers on short-term time charters and Aframax tanker operating in the spot market at around $25,000 per day. Notably, C3is completed all capital expenditures totaling $59.2 million without bank loans and settled the $14.6 million balance for the Eco Spitfire bulk carrier in April 2025.

The company's Aframax tanker completed dry-docking in August 2025, costing approximately $1.3 million over 23 days. The fleet expanded by 230% since inception, maintaining a debt-free status.

Positive

• Achieved net income of $2.6 million for H1 2025 with EPS of $0.52
• Completed $59.2 million in capital expenditures without any bank loans
• Fleet capacity increased by 230% since inception while maintaining zero debt
• Aframax tanker generating ~$25,000 per day in spot market
• Successfully settled $14.6 million vessel payment from operations and cash

Negative

• Q2 2025 net loss of $5.3 million with negative EBITDA of $3.7 million
• 31% decrease in daily TCE rates compared to Q2 2024
• Fleet utilization declined to 78% in Q2 2025 from 87.7% in Q2 2024
• Q2 adjusted net income decreased 62% year-over-year to $1.1 million
• Recorded $6.4 million non-cash loss on warrants in Q2 2025

Insights

Maritime Finance Analyst

C3is reports Q2 2025 net loss despite debt-free status; significant decline in TCE rates impacts profitability despite fleet expansion.

C3is Inc.'s Q2 2025 results reveal contrasting financial signals that require careful interpretation. The company reported a $5.3 million net loss ($8.78 loss per share) for Q2, yet maintained positive adjusted net income of $1.1 million - though this represents a substantial 62% decline from Q2 2024's $2.9 million. This divergence stems primarily from a $6.4 million non-cash adjustment related to warrant valuation changes.

The company's core operational metrics show concerning trends. Daily Time Charter Equivalent (TCE) rates dropped 31% year-over-year to $16,466, while fleet utilization declined to 78% from 87.7% in Q2 2024. This utilization decline stems largely from commercial idle days for their Aframax tanker in the spot market, where it's currently achieving around $25,000 per day.

Revenue remained relatively flat at $10.7 million despite fleet expansion, reflecting the challenging rate environment. Operating expenses increased as expected with the larger fleet, with voyage expenses rising to $4.7 million from $3.1 million year-over-year.

On the positive side, C3is has eliminated all debt, having paid the final $14.6 million balance on the Eco Spitfire in April 2025. The company has funded $59.2 million in capital expenditures without bank loans, demonstrating financial discipline. However, this has depleted cash reserves to just $2.3 million, potentially limiting future growth opportunities without external financing.

First-half 2025 results were more positive, with net income of $2.6 million ($0.52 EPS), though adjusted EBITDA declined significantly to $5.8 million from $11.3 million in the comparable 2024 period. This half-year performance indicates the business remains fundamentally profitable despite Q2 challenges.

The company's debt-free status provides flexibility but must be balanced against diminished cash reserves and the capital-intensive nature of shipping. The successful completion of the Afrapearl II's dry-docking in August 2025 at a cost of $1.3 million represents another completed capital commitment, but future fleet maintenance requirements will need monitoring given the current cash position.

ATHENS, Greece, Sept. 02, 2025 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing drybulk and tanker seaborne transportation services, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2025.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

• Our handysize dry bulk carriers are on time charters of short-term durations, producing steady cash flows, while our Aframax tanker operates in the spot market, currently achieving voyage charter rates of around $25,000 per day.
• All of our vessels are unencumbered.
• Fleet operational utilization of 78% for the three months ended June 30, 2025, mainly due to the commercial idle days of the Aframax tanker operating in the spot market. Vessels operating under time charter employment had less idle days.
• Revenues of $10.7 million for the three months ended June 30, 2025, corresponding to a daily TCE¹ of $16,466, as compared to revenues of $10.8 million for the three months ended June 30, 2024, which corresponded to a daily TCE of $23,938.
• Cash and cash equivalents and time deposits balance of $2.3 million at the end of Q2 2025.
• For the second quarter of 2025, daily TCE decreased by 31% as compared to the same period in 2024.
• Net Loss of $5.3 million, EBITDA¹ of $(3.7) million and Loss per Share, Basic, of $8.78 for the three months ended June 30, 2025.
• For the six months ended June 30, 2025, we reported a Net Income of $2.6 million and Earnings per Share, Basic, of $0.52.
• Adjusted net income¹ of $1.1 million for the three months ended June 30, 2025, a decrease of 62% compared to $2.9 million for the three months ended June 30, 2024.
• Adjusted EBITDA¹ of $2.8 million for the three months ended June 30, 2025, a decrease of 43% compared to $4.9 million for the three months ended June 30, 2024.
• In April 2025, the Company settled the outstanding balance of $14.6 million due to the sellers of the bulk carrier Eco Spitfire, representing 90% of the purchase price of the vessel. The funds used were provided by operations, cash on hand and net proceeds from equity offerings.
• The Company has met all of its capital expenditure commitments, totalling $59.2 million, without resorting to any bank loans.
  These expenditures mainly related to the acquisitions of our Aframax tanker, the Afrapearl II, and our bulk carrier, the Eco Spitfire.
• The Company recorded a non-cash adjustment of $6.4 million as “Loss on Warrants” for the three months ended June 30, 2025, mainly due to the change in the fair value of warrants between March 31, 2025 and June 30, 2025.
• In August 2025, our Aframax tanker, the Afrapearl II, successfully completed its dry-docking, over 23 days at a cost of approximately $1.3 million.

Second Quarter 2025 Results:

• Voyage revenues for the three months ended June 30, 2025 amounted to $10.7 million, a decrease of $0.1 million compared to revenues of $10.8 million for the three months ended June 30, 2024, primarily due to the decrease in the average TCE rates of our vessels. Total calendar days for our fleet were 364 days for the three months ended June 30, 2025, as compared to 325 days for the same period in 2024. Of the total calendar days in the second quarter of 2025, 217, or 59.6%, were time charter days, as compared to 203 or 62.5% for the same period in 2024. Our fleet operational utilization was 78.0% and 87.7% for the three months ended June 30, 2025 and 2024, respectively.
• Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2025 were $4.7 million and $2.4 million, respectively, compared to $3.1 million and $2.0 million for the three months ended June 30, 2024. The increases in both voyage expenses and vessels’ operating expenses are attributed to the increase in the average number of our vessels. Voyage expenses for the three months ended June 30, 2025 included bunkers cost and port expenses of $2.4 million and $2.3 million, respectively, corresponding to 51% and 49% of total voyage expenses, since our tanker, the Afrapearl II, operated primarily in the spot market. Operating expenses for the three months ended June 30, 2025 mainly included crew expenses of $1.3 million, corresponding to 54% of total operating expenses, spares and consumables costs of $0.5 million, corresponding to 21% of total vessel operating expenses, and maintenance expenses of $0.3 million, representing works and repairs on the vessels, corresponding to 13% of total vessel operating expenses.             
• Depreciation for the three months ended June 30, 2025 was $1.6 million, a $0.1 million increase from $1.5 million for the same period of last year, due to the increase in the average number of our vessels.
• Management fees for the three months ended June 30, 2025 were $0.16 million, a $0.02 million increase from $0.14 million for the same period of last year, due to the increase in the average number of our vessels.
• General and Administrative costs for the three months ended June 30, 2025 and 2024 were $0.7 million and $0.6 million, respectively. The $0.1 million increase is primarily due to an increase in stock-based compensation costs.
• Interest and finance costs for the three months ended June 30, 2025 and 2024 were $0.04 million and $0.9 million, respectively. This decrease is related to the accrued interest expense – related party, in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker, the Afrapearl II - which was completely repaid in July 2024 - and our bulk carrier, the Eco Spitfire, which was completely repaid in April 2025.
• Interest income for the three months ended June 30, 2025 and 2024 was $0.03 million and $0.4 million, respectively. This decrease is due to the reduction in time deposits held by the Company, after the settlement of the balance due on the bulk carrier, the Eco Spitfire.
• Loss on warrants for the three months ended June 30, 2025 was $6.4 million whereas loss on warrants for the three months ended June 30, 2024 was $14.5 million. This change related to net fair value losses on our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants and were classified as liabilities.
• Net Loss of $5.3 million and related EPS of ($8.78).
• Adjusted net income was $1.1 million corresponding to an Adjusted (loss)/earnings per share (“EPS”), basic, of ($0.51) for the three months ended June 30, 2025, compared to an Adjusted Net Income of $2.9 million corresponding to an Adjusted EPS, basic, of $6.15 for the same period of last year. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
• Adjusted EBITDA for the three months ended June 30, 2025 and 2024 amounted to $2.8 million and $4.9 million, respectively. An average of 4.0 vessels were owned by the Company during the three months ended June 30, 2025 compared to 3.6 vessels for the same period in 2024.

Six months 2025 Results:

• Voyage revenues for the six months ended June 30, 2025 amounted to $19.4 million, a decrease of $4.2 million compared to revenues of $23.6 million for the six months ended June 30, 2024, primarily due to the decrease in the average TCE rate of our vessels. Total calendar days for our fleet were 724 days for the six months ended June 30, 2025, as compared to 598 days for the same period in 2024. Of the total calendar days in the first six months of 2025, 464 or 64.1%, were time charter days, as compared to 367 or 61.4% for the same period in 2024. Our fleet operational utilization was 84.8% and 90.3% for the six months ended June 30, 2025 and 2024, respectively.
• Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2025 were $7.6 million and $4.6 million, compared to $6.0 million and $3.8 million for the six months ended June 30, 2024. The increases in both voyage expenses and vessels’ operating expenses are attributed to the increase in the average number of our vessels. Voyage expenses for the six months ended June 30, 2025 mainly included bunker costs of $3.9 million, corresponding to 51% of total voyage expenses, and port expenses of $3.2 million, corresponding to 42% of total voyage expenses, since our tanker, the Afrapearl II, operated primarily in the spot market. Operating expenses for the six months ended June 30, 2025 mainly included crew expenses of $2.4 million, corresponding to 52% of total operating expenses, spares and consumables costs of $0.9 million, corresponding to 20%, and maintenance expenses of $0.6 million, representing works and repairs on the vessels, corresponding to 13% of total vessel operating expenses.
• Depreciation for the six months ended June 30, 2025 was $3.3 million, a $0.4 million increase from $2.9 million for the same period of last year, due to the increase in the average number of our vessels.
• Management fees for the six months ended June 30, 2025 and 2024 were $0.3 million for both periods.
• General and Administrative costs for the six months ended June 30, 2025 and 2024 were $1.3 million and $2.1 million, respectively. The $0.8 million decrease mainly related to expenses incurred in the six months ended June 2024 relating to the two public offerings.
• Interest and finance costs for the six months ended June 30, 2025 and 2024 were $0.4 million and $1.7 million, respectively. The $1.3 million decrease is related to the accrued interest expense – related party, in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker, the Afrapearl II - which was completely repaid in July 2024 - and our bulk carrier, the Eco Spitfire, which was completely repaid in April 2025.

• Interest income for the six months ended June 30, 2025 and 2024 was $0.2 million and $0.6 million respectively. The decrease of $0.4 million is due to the reduction in time deposits held by the Company, after the settlement of the balance due on the bulk carrier, the Eco Spitfire.
• Gain on warrants for the six months ended June 30, 2025 was $0.5 million as compared with the loss on warrants of $15.2 million for the six months ended June 30, 2024, and mainly related to the net fair value changes on our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants and were classified as liabilities.
• Net Income of $2.6 million and related EPS of $0.52.
• Adjusted Net Income was $2.3 million, corresponding to an Adjusted EPS, basic, of $0.15 for the six months ended June 30, 2025, compared to an adjusted net income of $7.3 million, corresponding to an Adjusted EPS, basic, of $17.41 for the same period of the last year. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
• Adjusted EBITDA for the six months ended June 30, 2025 and 2024 amounted to $5.8 million and $11.3 million respectively.
• An average of 4.0 vessels were owned by the Company during the six months ended June 30, 2025 compared to 3.3 vessels for the same period of 2024.

CEO Dr. Diamantis Andriotis commented:

“For the first half of 2025, we reported Voyage Revenues of $19.4 million, EBITDA of $6.0 million, Net Income of $2.6 million, and EPS of $0.52.

“In April 2025 we paid off the remaining balance of $14.6 million due on our bulk carrier, the Eco Spitfire. In August 2025, we successfully completed the dry-docking of our Aframax tanker, the Afrapearl II.

“Major changes in the maritime shipping industry were caused by extensive transitions in the world due to geopolitical factors, environmental regulations, demand patterns and weather-related challenges. Despite these shifting dynamics, C3is Inc.’s performance remained solid, with an increase of its fleet capacity by over 230% since inception, without incurring any bank debt.

“We are fully deleveraged, thus significantly enhancing our financial flexibility. This financial position provides a strong foundation for our future growth.

“Our performance so far has demonstrated our resilience and strategic focus; we are confident that we have established foundations that are adaptable to this changing environment, thereby enhancing our fundamental ability to both further develop existing core businesses, as well as explore potential new growth businesses.”

Conference Call details:

On September 2, 2025, at 10:00 am ET, the Company’s management will host a conference call to present the results and the company’s operations and outlook.

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through C3is Inc. website (www.c3is.pro). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT C3IS INC.
C3is Inc. is a ship-owning company providing drybulk and crude oil seaborne transportation services. The Company owns four vessels, three Handysize drybulk carriers with a total capacity of 97,664 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting in a fleet total capacity of 213,464 dwt. C3is Inc.’s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS”.

Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance including our intentions relating to fleet growth and diversification and financing, and outlook for our shipping sectors and vessel earnings, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although C3is Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, C3is Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: our ability to maintain compliance with Nasdaq continued listing requirements, the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs or other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in C3is Inc.’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions and the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by C3is INC. with the U.S. Securities and Exchange Commission.

Company Contact:

Nina Pyndiah
Chief Financial Officer

C3is INC.
00-30-210-6250-001
E-mail: info@c3is.pro

Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2024 and June 30, 2025.

FLEET DATA	Q2 2024	Q2 2025	6M 2024	6M 2025
Average number of vessels (1)	3.6	4.0	3.3	4.0
Period end number of owned vessels in fleet	4	4	4	4
Total calendar days for fleet (2)	325	364	598	724
Total voyage days for fleet (3)	321	364	594	724
Fleet utilization (4)	98.8%	100.0%	99.3%	100.0%
Total charter days for fleet (5)	203	217	367	464
Total spot market days for fleet (6)	118	147	227	260
Fleet operational utilization (7)	87.7%	78.0%	90.3%	84.8%

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net (loss)/income before loss/(gain) on warrants and share based compensation. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net (loss)/income before interest and finance costs, interest income, depreciation, loss/(gain) on warrants and share based compensation.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance.

(Expressed in United States Dollars, except number of shares)	Second Quarter Ended June 30th,		Six-Month Period Ended June 30th,
	2024	2025	2024	2025
Net (Loss)/Income - Adjusted Net Income
Net (loss)/income	(11,756,952)	(5,328,450)	(7,970,332)	2,588,391
Plus/(less) loss/(gain) on warrants	14,546,665	6,358,529	15,176,536	(508,232)
Plus share based compensation	63,015	114,890	126,480	228,518
Adjusted Net income	2,852,728	1,144,969	7,332,684	2,308,677
Net (Loss)/Income - EBITDA
Net (loss)/income	(11,756,952)	(5,328,450)	(7,970,332)	2,588,391
Plus interest and finance costs	947,877	39,582	1,700,423	370,127
Less interest income	(433,389)	(27,504)	(642,567)	(177,264)
Plus depreciation	1,544,412	1,625,470	2,926,709	3,250,941
EBITDA	(9,698,052)	(3,690,902)	(3,985,767)	6,032,195
Net (Loss)/Income - Adjusted EBITDA
Net (loss)/income	(11,756,952)	(5,328,450)	(7,970,332)	2,588,391
Plus loss/Less (gain) on warrants	14,546,665	6,358,529	15,176,536	(508,232)
Plus share based compensation	63,015	114,890	126,480	228,518
Plus interest and finance costs	947,877	39,582	1,700,423	370,127
Less interest income	(433,389)	(27,504)	(642,567)	(117,264)
Plus depreciation	1,544,412	1,625,470	2,926,709	3,250,941
Adjusted EBITDA	4,911,628	2,782,517	11,317,249	5,752,481
EPS
Numerator
Net (loss)/income	(11,756,952)	(5,328,450)	(7,970,332)	2,588,391
Less: Cumulative dividends on preferred shares	(189,583)	(189,583)	(379,166)	(377,083)
Less: Undistributed earnings allocated to non-vested shares	--	--	--	(11,926)
Less: Down round deemed dividend on Series A Perpetual Convertible Preferred Shares	--	(1,356,000)	(2,862,000)	(1,818,000)
Net (loss)/income attributable to common shareholders, basic	(11,946,535)	(6,874,033)	(11,211,498)	381,382
Denominator
Weighted average number of shares	432,757	782,631	234,474	733,370
EPS - Basic	(27.61)	(8.78)	(47.82)	0.52
Adjusted EPS
Numerator
Adjusted net income	2,852,728	1,144,969	7,332,684	2,308,667
Less: Cumulative dividends on preferred shares	(189,583)	(189,583)	(379,166)	(377,083)
Less: Undistributed earnings allocated to non-vested shares	(3,257)	--	(9,225)	(3,444)
Less: Down round deemed dividend on Series A Perpetual Convertible Preferred Shares	--	(1,356,000)	(2,862,000)	(1,818,000)
Adjusted net income/(loss) attributable to common shareholders, basic	2,659,888	(400,614)	4,082,293	110,150
Denominator
Weighted average number of shares	432,757	782,631	234,477	733,370
Adjusted EPS	6.15	(0.51)	17.41	0.15

Reconciliation of TCE:
Time Charter Equivalent rate or “TCE” rate is determined by dividing voyage revenue net of voyage expenses by voyage days for the relevant time period. TCE is a non-GAAP measure which provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure to Time charter equivalent revenues assisting the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., spot charters or time charters, but not bareboat charters) under which the vessels may be employed between the periods.

(Expressed in U.S. Dollars except for available days and Time charter equivalent rate)
	Q2 2024	Q2 2025	6M 2024	6M 2025
Voyage revenues	10,827,194	10,737,341	23,619,205	19,408,005
Voyage expenses	3,142,982	4,743,553	5,975,974	7,581,551
Time charter equivalent revenues	7,684,212	5,993,788	17,643,231	11,826,454
Total voyage days for fleet	321	364	594	724
Time charter equivalent rate	23,938	16,466	29,702	16,335

C3is Inc.
Unaudited Condensed Consolidated Statements of Operations
(Expressed in United States Dollars, except for number of shares)

		Q2 2024	Q2 2025	6M 2024	6M 2025
Revenues
	Revenues	10,827,194	10,737,341	23,619,205	19,408,005
Total revenues		10,827,194	10,737,341	23,619,205	19,408,005
Expenses
	Voyage expenses	3,009,046	4,614,730	5,680,135	7,343,749
	Voyage expenses – related party	133,936	128,823	295,839	237,802
	Vessels’ operating expenses	1,953,301	2,360,493	3,730,571	4,489,982
	Vessels’ operating expenses – related party	33,667	34,000	67,167	66,500
	Drydocking costs	--	78,701	--	78,701
	Management fees – related party	143,000	160,160	263,120	318,560
	General and administrative expenses	490,991	531,893	1,885,898	1,059,681
	General and administrative expenses – related party	111,623	145,419	223,059	270,245
	Depreciation	1,544,412	1,625,470	2,926,709	3,250,941
Total expenses		7,419,976	9,679,689	15,072,498	17,116,161
Income from operations		3,407,218	1,057,652	8,546,707	2,291,844
Other (expenses)/income
	Interest and finance costs	(6,663)	(2,229)	(8,592)	(4,192)
	Interest and finance costs – related party	(941,214)	(37,353)	(1,691,831)	(365,935)
	Interest income	433,389	27,504	642,567	177,264
	Foreign exchange loss	(103,017)	(15,495)	(282,647)	(18,822)
	(Loss)/gain on warrants	(14,546,665)	(6,358,529)	(15,176,536)	508,232
Other (expenses)/income, net		(15,164,170)	(6,386,102)	(16,517,039)	296,547
Net (loss)/income		(11,756,952)	(5,328,450)	(7,970,332)	2,588,391
(Loss)/Earnings per share (ii)
	- Basic	(27.61)	(8.78)	(47.82)	0.52
	- Diluted	(27.61)	(8.78)	(47.82)	(0.06)
Weighted average number of shares
	- Basic	432,757	782,631	234,474	733,370
	- Diluted	432,757	782,631	234,474	1,804,320

ii The computation of (loss)/earnings per share gives retroactive effect to the reverse stock splits effected in April 2024, December 2024 and April 2025.

C3is Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)

					December 31,		June 30,
					2024		2025
Assets
Current assets
	Cash and cash equivalents				4,640,343		675,771
	Time deposits				7,948,706		1,600,000
	Trade and other receivables				2,815,442		5,682,159
	Other current assets				--		27,891
	Inventories				884,148		1,142,233
	Advances and prepayments				21,951		18,193
	Operating lease right-of-use assets				28,768		58,525
Total current assets					16,339,358		9,204,772
Non current assets
	Vessels, net				84,149,805		80,898,864
Total non current assets					84,149,805		80,898,864
Total assets					100,489,163		90,103,636
Liabilities and Stockholders' Equity
Current liabilities
	Trade accounts payable				908,342		1,350,901
	Payable to related parties				16,319,561		2,964,300
	Accrued and other liabilities				1,272,095		1,223,554
	Operating lease liabilities				28,768		58,525
	Deferred income				162,108		115,667
Total current liabilities					18,690,874		5,712,947
Non current liabilities
	Warrant liability				10,437,034		9,799,073
Total non current liabilities					10,437,034		9,799,073
Total liabilities					29,127,908		15,512,020
Commitments and contingencies
Stockholders' equity
	Capital stock				7,065		9,239
	Preferred stock, Series A				6,000		6,000
	Additional paid-in capital				71,091,138		73,926,017
	Retained earnings				257,052		650,360
Total stockholders' equity					71,361,255		74,591,616
Total liabilities and stockholders' equity					100,489,163		90,103,636

C3is Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)

							6M 2024		6M 2025
Cash flows from operating activities
	Net (loss)/income for the period						(7,970,332)		2,588,391
Adjustments to reconcile net (loss)/income to net cash
provided by operating activities:
	Depreciation						2,926,709		3,250,941
	Share based compensation						126,480		228,518
	Unrealized foreign exchange loss on time deposits						156,921		--
	Loss/(gain) on warrants						15,176,536		(508,232)
	Noncash lease expense						2,386		33,002
	Offering costs attributable to warrant liability						1,078,622		--
Changes in operating assets and liabilities:
	(Increase)/decrease in
	Trade and other receivables						7,265,016		(2,866,717)
	Other current assets						(64,399)		(27,891)
	Inventories						(420,139)		(258,085)
	Advances and prepayments						35,925		3,758
	Increase/(decrease) in
	Trade accounts payable						361,504		442,559
	Changes in operating lease liabilities						(2,386)		(33,002)
	Payable to related parties						2,659,029		27,823
	Accrued and other liabilities						244,147		(48,541)
	Deferred income						(183,023)		(46,441)
Net cash provided by operating activities							21,392,996		2,786,083
Cash flows from investing activities
	Acquisition of vessel						(1,623,125)		--
	Increase in bank time deposits						(20,001,175)		(1,600,000)
	Maturity of bank time deposits						15,012,671		7,948,706
Net cash (used in)/provided by investing activities							(6,611,629)		6,348,706
Cash flows from financing activities
	Proceeds from follow-on offerings						13,147,990		--
	Repayment of seller and capital expenditures financing						--		(13,381,000)
	Proceeds from exercise of warrants						5,852,396		660,806
	Stock issuance costs						(1,778,633)		--
	Dividends paid on preferred shares						(381,250)		(379,167)
Net cash provided by/(used in) financing activities							16,840,503		(13,099,361)
Net increase/(decrease) in cash and cash equivalents							31,621,870		(3,964,572)
Cash and cash equivalents at beginning of period							695,288		4,640,343
Cash and cash equivalents at end of period							32,317,158		675,771

__________________________________

¹ TCE, EBITDA, Adjusted EBITDA and Adjusted Net Income are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

FAQ

What were C3is Inc.'s (CISS) key financial results for Q2 2025?

C3is reported Q2 2025 revenues of $10.7 million, a net loss of $5.3 million, and negative EBITDA of $3.7 million. The company's adjusted net income was $1.1 million, down 62% year-over-year.

How did C3is Inc.'s (CISS) vessel performance metrics change in Q2 2025 versus Q2 2024?

Daily TCE rates decreased by 31% year-over-year, and fleet utilization declined to 78% from 87.7%. The fleet had 364 calendar days in Q2 2025 compared to 325 days in Q2 2024.

What is C3is Inc.'s (CISS) current debt position and fleet expansion status?

C3is operates with zero bank debt and has increased its fleet capacity by 230% since inception. The company completed $59.2 million in capital expenditures without any bank loans.

How did C3is Inc. (CISS) perform in the first half of 2025?

For H1 2025, C3is reported voyage revenues of $19.4 million, net income of $2.6 million, and EPS of $0.52. The company's Adjusted EBITDA was $5.8 million for the period.

What major operational changes did C3is Inc. (CISS) complete in 2025?

C3is paid off the $14.6 million balance on the Eco Spitfire bulk carrier in April 2025 and completed a 23-day dry-docking of its Aframax tanker in August 2025 at a cost of $1.3 million.