C3is (CISS) Q2 2025 earnings summary

Executive summary

• Reported a net loss of $5.3 million for Q2 2025, primarily due to a $6.4 million non-cash unrealized loss on warrants; adjusted net income was $1.1 million for the quarter.

• Six-month net income was $2.6 million, with revenues of $19.4 million and EBITDA of $6 million.

• Fleet expanded to four vessels (three Handysize dry bulk carriers and one Aframax tanker), all unencumbered, with capacity up over 230% since inception.

• Operational utilization for Q2 2025 was 78%, down from 87.7% in Q2 2024.

• Aframax tanker completed special survey/dry-docking in August 2025.

Financial highlights

• Q2 2025 voyage revenues were $10.7 million, down 1% year-over-year; daily TCE was $16,466, down 31% year-over-year.

• Adjusted EBITDA for Q2 2025 was $2.8 million, down 43% year-over-year; adjusted net income was $1.1 million, down over 60% year-over-year.

• Cash and cash equivalents at June 30, 2025, were $2.3 million, down 82% from year-end 2024 due to vessel acquisitions.

• No outstanding bank debt as of Q2 2025; all capital expenditures ($59.2 million) met without loans.

• Interest and finance costs for Q2 2025 dropped to $0.04 million from $0.9 million year-over-year.

Outlook and guidance

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

• Management highlights a fully deleveraged balance sheet and increased financial flexibility.

• Equity issuances will continue to support fleet expansion.

• Confident in resilience and adaptability to changing market and regulatory environments.