C3is (CISS) Q1 2026 earnings summary

Executive summary

• Adjusted net income for Q1 2026 was $5.5 million, up 358% year-over-year, with adjusted EBITDA rising 130% to $6.9 million.

• Voyage revenues increased 34% to $11.6 million compared to Q1 2025, driven by higher charter rates and robust market conditions.

• Fleet capacity expanded 387% since inception, with two new product tankers acquired (one delivered in Q2 2026/April 2026, one expected in Q3 2026).

• Maintained significant financial flexibility with no outstanding bank debt and all vessels unencumbered.

• Cash balance reached $27.3 million at Q1 2026 end, up 82% from year-end 2025.

Financial highlights

• Net revenues for Q1 2026 were $10.4 million, up 78% from Q1 2025.

• Adjusted EBITDA: $6.9 million (Q1 2026) vs. $3.0 million (Q1 2025).

• Adjusted net income: $5.5 million (Q1 2026) vs. $1.2 million (Q1 2025).

• Net income: $3.2 million (Q1 2026) vs. $7.9 million (Q1 2025), impacted by $2.3 million loss on warrants and $3.5 million deemed dividend.

• Shareholders' equity increased to $102.2 million from $95.1 million at year-end 2025.

Outlook and guidance

• Strategy focuses on disciplined growth, selective acquisition of non-Chinese built vessels, and short to medium-term charters.

• Fleet expansion with two product tankers: one delivered in April 2026, another expected in Q3 2026.

• CAPEX of $39.8 million due for the two product tankers, payable in January 2027.

• Management expects to capitalize on strong tanker market and high charter rates.

• Focus remains on short to medium-term charters and spot voyages to capitalize on strong market conditions.