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C3is
C3is (CISS) investor relations material
C3is Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
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.
What drove the large gain on warrants in 2025?
How will new tanker acquisitions be financed
Explain 12M 2025 fleet utilization decline
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Latest events from C3is
- Net income up 109% to $7.9–8M despite revenue drop; all capex funded debt-free, no tariff risk.CISS
Q1 202517 Mar 2026 - Q2 2025 net loss was $5.3M, adjusted net income $1.1M, and the fleet is fully deleveraged.CISSQ2 202517 Mar 2026
- Earnings and fleet capacity soared, with robust cash and no bank debt, supporting future growth.CISSQ2 202423 Jan 2026
- Revenues and net income more than doubled, fleet capacity up 234%, and no bank debt.CISSQ3 202413 Jan 2026
- Revenue up 47%, fleet tripled, net loss from warrant charge, strong liquidity, no bank debt.CISSQ4 202426 Dec 2025
- Registering up to $100M in securities to fund fleet growth, operations, and debt repayment.CISSRegistration Filing16 Dec 2025
- Highly dilutive unit offering could result in over 52 million new shares if all warrants are exercised.CISSRegistration Filing5 Dec 2025
- Shipping firm seeks $8.9M via unit offering with adjustable warrants for fleet growth.CISSRegistration Filing29 Nov 2025
- Net income up 281% and EBITDA up 245% year-over-year, with a debt-free, growing fleet.CISSQ3 202519 Nov 2025
Next C3is earnings date
Q1 202614 May, 2026
C3is
Next C3is earnings date
Q1 202614 May, 2026
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