C3is (CISS) investor relations material

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.