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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.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.
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