C3is (CISS) Q2 2026 earnings summary

Executive summary

• Voyage revenues for Q2 2026 rose 124% year-over-year to $24 million, with net income swinging from a $5 million loss to nearly $10 million profit, reflecting a 287% increase.

• For the first six months, revenues reached $35.6 million (up 84%), net income $13.2 million (up 409%), and adjusted net income $15.3 million (up 562%).

• EBITDA for Q2 2026 was $12 million, up 426% year-over-year; for the half-year, EBITDA was $16.7 million, up 176%.

• Fleet capacity increased 387% since inception, with two new product tankers delivered in 2026, expanding to six vessels.

• No bank debt; cash balance at end of July 2026 was $48 million, up 222% from year-end 2025.

Financial highlights

• Q2 2026 net revenues: $17 million, up 185% year-over-year; six-month net revenues up 132%.

• Q2 2026 income from operations: $9.7 million, up 820% year-over-year.

• Adjusted EBITDA for Q2 2026: $11.8 million, up 325%; for six months: $18.7 million, up 226%.

• EPS for Q2 2026: $353.87; for six months: $483.39.

• Net asset value per share for six months: $12.83; shares trading at a 380% discount to NAV.

Outlook and guidance

• Management expects the second half of 2026 to mirror the strong first half, with expansion efforts projected to further boost profitability and financial strength.

• Strategy focuses on disciplined growth, selective vessel acquisitions, and maintaining a high-quality, debt-free fleet.

• CAPEX of $39.78 million due in January 2027 is fully covered by current cash balance.

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