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C3is (CISS) investor relations material

C3is Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Net income reached $10.5 million for 2025, reversing a prior net loss and marking a 481% year-over-year increase.

  • EBITDA rose 244% to $17 million for 2025.

  • Voyage revenues declined 18% to $34.8 million due to Aframax tanker dry docking and idle days.

  • Fleet comprised four vessels at year-end, with two product tankers to be delivered in 2026, increasing capacity by 387% from inception.

  • All vessels are unencumbered, and the company ended 2025 with $14.9 million in cash.

Financial highlights

  • Full-year 2025 voyage revenues were $34.8 million, down from $42 million in 2024.

  • Daily TCE rate dropped 28% year-over-year to $15,317.

  • Operating expenses were $9.2 million, with crew expenses at $4.7 million.

  • Cash balance at year-end was $14.9 million, up 19% from 2024, despite a $15.1 million vessel payment.

  • Q4 2025 net income was $5.2 million, EBITDA $6.7 million, and basic EPS $5.82.

Outlook and guidance

  • Management expects continued strong market fundamentals in 2026, supported by elevated freight rates, resilient oil demand, and shifting trade patterns.

  • Healthy cash flow trend expected to continue in 2026, supported by new vessel deliveries.

  • Fleet expansion with two new product tankers positions the company for further growth.

What drove the large gain on warrants in 2025?
How will new tanker acquisitions be financed
Explain 12M 2025 fleet utilization decline
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Frequently asked questions

C3is Inc. is a Greece-based company that provides international seaborne transportation services. The company primarily serves dry bulk charterers, including national and private industrial users, commodity producers, and traders. It operates a fleet consisting of two dry bulk carriers, which transport major bulks such as iron ore, coal, and grains, as well as minor bulks like bauxite, phosphate, and fertilizers. Additionally, C3is Inc. owns one Aframax crude oil tanker for transporting crude oil. The company is headquartered in Athens, Greece, and its shares are listed on the NASDAQ.

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