C3is Inc. Reports Mixed 2024 Financial Results

C3is Inc. ( (CISS) ) has released its Q4 earnings. Here is a breakdown of the information C3is Inc. presented to its investors.

C3is Inc. is a ship-owning company specializing in dry bulk and tanker seaborne transportation services, operating within the maritime industry with a fleet comprising handysize dry bulk carriers and an Aframax oil tanker. In its latest earnings report for the fourth quarter and full year of 2024, C3is Inc. highlighted a mixed financial performance. The company reported revenues of $9.4 million for the fourth quarter, with a net income of $0.1 million, and a net loss of $2.7 million for the full year. The company’s adjusted EBITDA for the year showed an 11% increase compared to 2023, reaching $16.4 million.

Key financial metrics revealed a decrease in daily time charter equivalent (TCE) rates by 9% year-over-year, impacting the revenue generation from its fleet. Despite this, the company managed to increase its voyage revenues by 47% to $42.3 million for the year, attributed to an increased number of vessels in operation. The company also completed significant vessel acquisitions, including the Aframax tanker Afrapearl II, contributing to a rise in operating expenses and depreciation costs.

C3is Inc.’s strategic moves included a reverse stock split to maintain its Nasdaq listing and a focus on expanding its fleet capacity without incurring bank debt. The company ended the year with a cash balance of $12.6 million, following substantial investments in vessel acquisitions. Looking ahead, C3is Inc. remains optimistic about its financial performance in 2025, with management expressing confidence in navigating the volatile shipping market and capitalizing on emerging opportunities.

The company anticipates potential positive impacts from geopolitical developments, such as U.S. policy changes and tariffs on Chinese-built vessels, which could enhance profitability. C3is Inc. is committed to monitoring market dynamics closely and maximizing future profits while expanding its fleet and operational capabilities.