- C3is Inc. reported a **net income of $2,588,391** for the six months ended June 30, 2025, a substantial improvement from a net loss of $7,970,332 in the prior year period.  **[1951067_0001193125-25-221775_d95665dex991.htm:1]**  This positive shift was significantly influenced by a **gain on warrants of $508,232** in 2025, contrasting with a loss of $15,176,536 in 2024.  **[1951067_0001193125-25-221775_d95665dex991.htm:1]** **[1951067_0001193125-25-221775_d95665dex991.htm:3]** 
- Revenues for the six months ended June 30, 2025, decreased by **$4.2 million** to **$19,408,005**, down from $23,619,205 in the same period of 2024, primarily due to a decline in the average Time Charter Equivalent (TCE) rate, even as the average number of vessels in the fleet increased from 3.3 to 4.0.  **[1951067_0001193125-25-221775_d95665dex991.htm:1]** **[1951067_0001193125-25-221775_d95665dex991.htm:2]** **[1951067_0001193125-25-221775_d95665dex991.htm:3]** 
- The company's cash and cash equivalents saw a significant reduction, falling from **$4,640,343** as of December 31, 2024, to **$675,771** by June 30, 2025, largely due to **net cash used in financing activities totaling $(13,099,361)**.  **[1951067_0001193125-25-221775_d95665dex991.htm:1]** **[1951067_0001193125-25-221775_d95665dex991.htm:2]** 
- As of June 30, 2025, C3is Inc.'s fleet consisted of **three drybulk carriers and one Aframax crude oil tanker**, with a total cargo carrying capacity of **213,468 dwt**.  **[1951067_0001193125-25-221775_d95665dex991.htm:0]**  The Aframax tanker, Afrapearl II, completed a special survey in August 2025 at a cost of **$1.3 million**.  **[1951067_0001193125-25-221775_d95665dex991.htm:1]**

C3is Inc. Reports Q2 2025 Financial Results

- C3is Inc. reported **revenues of $42.3 million** for the year ended December 31, 2024, an increase from $28.7 million in 2023, but recorded a **net loss of $2,748,367**, largely due to an **$11,127,077 loss on warrants**.  **[1951067_0001193125-25-191687_d58268dex993.htm:93]** **[1951067_0001193125-25-191687_d58268dex993.htm:163]** 
- To maintain Nasdaq listing compliance, the company executed **three reverse stock splits**: 1-for-100 on April 11, 2024, 1-for-2.5 on December 31, 2024, and 1-for-6 on April 3, 2025.  **[1951067_0001193125-25-191687_d58268dex993.htm:51]** **[1951067_0001193125-25-191687_d58268dex993.htm:182]**  The common stock closed at **$3.62 per share** on April 23, 2025.  **[1951067_0001193125-25-191687_d58268dex993.htm:51]** 
- The company expanded its fleet, acquiring an Aframax tanker in July 2023 and a third handysize drybulk carrier in May 2024, leading to an average fleet size of **3.6 vessels** in 2024, up from 2.5 in 2023.  **[1951067_0001193125-25-191687_d58268dex993.htm:82]** **[1951067_0001193125-25-191687_d58268dex993.htm:93]** 
- Cash and cash equivalents significantly increased to **$4,640,343** as of December 31, 2024, from $695,288 at the end of 2023.  **[1951067_0001193125-25-191687_d58268dex993.htm:162]**

C3is (CISS)