C3is Inc. (CISS) has released an update.
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C3is Inc., a ship-owning company, reported a mixed financial performance for the third quarter and nine months ending September 2024, with revenues of $9.3 million and a net income of $5.1 million for the quarter. Despite a 24% increase in daily TCE and a substantial rise in adjusted EBITDA for the nine months, the company faced a net loss of $2.9 million for the same period, impacted by a $10.4 million non-cash adjustment due to changes in warrant valuations. The company’s fleet utilization remained strong, although operational and voyage expenses increased due to the expansion of its fleet.
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