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C3is (CISS) investor relations material

C3is Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary2 Sep, 2025

Executive summary

  • Reported Q2 2025 revenues of $10.7 million and a net loss of $5.3 million, mainly due to a $6.4 million non-cash unrealized loss on warrants; adjusted net income was $1.1 million for the quarter.

  • Six-month 2025 net income was $2.6 million, with EBITDA of $6 million and EPS of $0.52.

  • Fleet consists of three Handysize dry bulk carriers and one Aframax tanker, all unencumbered, with operational utilization at 78% for Q2 2025.

  • All CapEx obligations, including $14.6 million for Eco Spitfire, were met without bank loans, enhancing financial flexibility.

  • Aframax tanker Afrapearl II completed its Special Survey/dry-docking in August 2025 at a cost of $1.3 million.

Financial highlights

  • Q2 2025 voyage revenues were $10.7 million, down 1% year-over-year, with daily TCE dropping 31% to $16,466.

  • Adjusted net income for Q2 2025 was $1.1 million, down over 60% year-over-year; adjusted EBITDA was $2.8 million, down 43%.

  • Cash and cash equivalents at June 30, 2025, were $2.3 million, down sharply from year-end 2024 due to vessel payments.

  • No outstanding bank debt as of Q2 2025; interest and finance costs dropped significantly year-over-year.

  • For the six months, adjusted net income was $2.3 million and adjusted EBITDA was $5.8 million, both down sharply year-over-year.

Outlook and guidance

  • Strategy focuses on disciplined growth, selective acquisition of non-Chinese-built vessels, and maintaining a high-quality, debt-free fleet.

  • Equity issuances will continue to fund acquisitions, with a focus on short to medium-term charters and spot voyages.

  • Management expresses confidence in resilience, adaptability, and a strong foundation for future growth.

  • Plans to further develop core businesses and explore new growth opportunities.

  • No bank debt and all CapEx obligations repaid since July 2023, totaling $59.2 million.

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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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