C3is (CISS) Q4 2025 earnings summary

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.