C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company
providing dry bulk and tanker seaborne transportation services,
announced today its unaudited financial and operating results for
the third quarter and nine months ended September 30, 2024.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS
- Our handysize dry bulk carriers are on time charters of short
term durations, producing steady cash flows, while our Aframax
tanker operates in the spot market, currently achieving voyage
charter rates of around $48,000 per day.
- All our handysize dry bulk carriers and our Aframax tanker are
unencumbered.
- Fleet operational utilization of 90.2% for the three months
ended September 30, 2024, mainly due to the commercial idle days of
the vessel that operated in the spot market, as our vessels that
operated under time charter employment had few commercial idle
days.
- Revenues of $9.3 million for the three months ended September
30, 2024, corresponding to a daily TCE I of $13,084.
- 24% increase in daily TCE for the nine months ended September
30, 2024, as compared to the nine months ended September 30,
2023.
- Net Income of $5.1 million, EBITDAi of $7.0 million and Basic
EPS of $0.69 for the three months ended September 30, 2024.
- Net Loss of $2.9 million, EBITDA of $3.0 million and Basic Loss
per Share of $1.60 for the nine months ended September 30,
2024.
- Adjusted net incomei of $0.3 million and $7.7 million for the
three and nine months ended September 30, 2024, respectively, a
decrease of 91% for the 3 months’ period and an increase of 106%
for the nine months’ period compared to the 2023 equivalent
period.
- Adjusted EBITDAi of $13.5 million for the nine months
ended September 30, 2024, an increase of 92% as compared to the
nine months ended September 30, 2023.
- In July 2024, the Company paid off the remaining 90% purchase
price on the Aframax oil tanker, amounting to $39.5 million, using
cash provided by operations, cash on hand and net proceeds from
equity offerings.
- The Company recorded a non-cash adjustment of $10.4 million as
“Loss on Warrants” for the nine months ended September 30, 2024,
which mainly arose due to the change in the fair value of warrants
as at September 30, 2024 as compared to the fair value as of their
issuance date during Q1 2024.
i TCE, EBITDA, Adjusted EBITDA and Adjusted Net
Income are non-GAAP measures. Refer to the reconciliation of these
measures to the most directly comparable financial measure in
accordance with GAAP set forth later in this release.
Third Quarter 2024
Results:
- Voyage revenues for the three
months ended September 30, 2024 amounted to $9.3 million, a
decrease of $0.8 million compared to revenues of $10.1 million for
the three months ended September 30, 2023, primarily due to the
decrease in rates. Total calendar days for our fleet were 368 days
for the three months ended September 30, 2024, as compared to 263
days for the same period in 2023. Of the total calendar days in the
third quarter of 2024, 245, or 66.6%, were time charter days, as
compared to 180 or 68.4% for the same period in 2023. Our fleet
utilization was 100.0% and 99.6% for the three months ended
September 30, 2024 and 2023 respectively.
- Voyage expenses and vessels’ operating expenses for the three
months ended September 30, 2024 were $4.5 million and $2.2 million,
compared to $2.8 million and $1.5 million for the three months
ended September 30, 2023. The increase in both voyage expenses and
vessels’ operating expenses was attributed to the increase in the
average number of our vessels. Voyage expenses for the three months
ended September 30, 2024 included bunkers cost and port expenses of
$1.8 million and $1.5 million, respectively, corresponding to 40%
and 33% of total voyage expenses due to the fact that the vessel
Afrapearl II operated in the spot market. Operating expenses for
the three months ended September 30, 2024 mainly included crew
expenses of $1.2 million, corresponding to 55% of total operating
expenses, spares and consumables costs of $0.5 million,
corresponding to 23% of total vessel operating expenses, and
maintenance expenses of $0.2 million, representing works and
repairs on the vessels, corresponding to 9% of total vessel
operating expenses.
- Depreciation for the three months ended September 30, 2024 was
$1.6 million, a $0.2 million increase from $1.4 million for the
same period of last year, due to the increase in the average number
of our vessels.
- Management fees for the three months ended September 30, 2024
were $0.16 million, a $0.04 million increase from $0.12 million for
the same period of last year, due to the increase in the average
number of our vessels.
- General and Administrative costs for each of three months’
periods ended September 30, 2024 and 2023 were $0.4 million and
were mainly related to expenses incurred as a result of operating
as a separate public company.
- Interest and finance costs for the three months ended September
30, 2024 were $0.4 million and mainly related to the accrued
interest expense – related party, in connection with the $14.4
million, part of the acquisition price of our bulk carrier, the Eco
Spitfire, which is payable by April 2025, while for the three
months ended September 30, 2023, $0.6 million related to the
accrued interest expense – related party in connection with the
$38.7 million, part of the acquisition price of our Aframax tanker,
the Afrapearl II, which was completely repaid in July 2024.
- Interest income for the three months ended September 30, 2024
was $0.2 million and related to the interest earned from the time
deposits held by the Company.
- Gain on warrants for the three months ended September 30,
2024 was $4.8 million and mainly related to net fair value gains on
our Class B-1 and B-2 Warrants and Class C-1 and C-2
warrants which were issued during the first quarter of 2024 in
connection with the two public offerings and have been classified
as liabilities.
- Adjusted net income was $0.3 million corresponding to an
Adjusted EPS, basic of $0.02 for the three months ended September
30, 2024 compared to an Adjusted net income of $3.3 million
corresponding to an Adjusted EPS, basic, of $43.00 for the same
period of last year.
- Adjusted EBITDA for the three months ended September 30, 2024
and 2023 amounted to $2.2 million and $5.3 million, respectively.
Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA
to Net Income are set forth below.
- An average of 4.0 vessels were
owned by the Company during the three months ended September 30,
2024 compared to 2.9 vessels for the same period in 2023.
Nine months 2024
Results:
- Voyage revenues for the nine months
ended September 30, 2024 amounted to $32.9 million, an increase of
$17.9 million compared to revenues of $15.0 million for the nine
months ended September 30, 2023, primarily due to the increase in
the average number of our vessels. Total calendar days for our
fleet were 966 days for the nine months ended September 30, 2024,
as compared to 625 days for the same period in 2023. Of the total
calendar days in the first nine months of 2024, 612 or 63.4%, were
time charter days, as compared to 506 or 81.0% for the same period
in 2023. Our fleet utilization for the nine months ended September
30, 2024 and 2023 was 99.6% and 99.8%, respectively.
- Voyage expenses and vessels’ operating expenses for the nine
months ended September 30, 2024, were $10.4 million and $6.0
million respectively, compared to $3.3 million and $3.3 million for
the nine months ended September 30, 2023. The increase in both
voyage expenses and vessels’ operating expenses is attributed to
the increase in the average number of our vessels. Voyage expenses
for the nine months ended September 30, 2024 mainly included bunker
costs of $4.9 million, corresponding to 47% of total voyage
expenses, and port expenses of $3.4 million, corresponding to 33%
of total voyage expenses due to the fact that the vessel Afrapearl
II operated in the spot market. Operating expenses for the nine
months ended September 30, 2024 mainly included crew expenses of
$3.1 million, corresponding to 52% of total operating expenses,
spares and consumables costs of $1.3 million, corresponding to 22%,
and maintenance expenses of $0.6 million, representing works and
repairs on the vessels, corresponding to 10% of total vessel
operating expenses.
- Depreciation for the nine months ended September 30, 2024 was
$4.6 million, a $1.9 million increase from $2.7 million for the
same period of last year, due to the increase in the average number
of our vessels.
- Management fees for the nine months ended September 30, 2024
were $0.4 million, a $0.1 million increase from $0.3 million for
the same period of last year, due to the increase in the calendar
days of our fleet during the current period.
- General and Administrative costs for the nine months ended
September 30, 2024 were $2.5 million and mainly related to expenses
incurred relating to the two public offerings and the reverse stock
split and expenses incurred as a result of operating as a separate
public company. General and Administrative costs for the nine
months ended September 30, 2023 were $0.9 million.
- Interest and finance costs for the nine months ended September
30, 2024 were $2.1 million and mainly related to the accrued
interest expense – related party in connection with the $53.3
million, part of the acquisition prices of our Aframax tanker
Afrapearl II, which was completely paid off in July 2024, and of
our bulk carrier Eco Spitfire, which is payable by April 2025,
while for the nine months ended September 30, 2023 interest and
finance costs were $0.6 million related to the accrued interest
expense – related party in connection with the $38.7 million, part
of the acquisition price of our Aframax tanker Afrapearl II.
- Interest income for the nine months ended September 30, 2024
was $0.8 million and related to the interest earned from the time
deposits held by the Company.
- Loss on warrants for the nine months ended September 30,
2024 was $10.4 million and mainly related to the net fair value
losses on our Class B-1 and B-2 Warrants and Class C-1
and C-2 warrants which were issued during the first quarter of 2024
in connection with the two public offerings and have been
classified as liabilities.
- Adjusted Net Income was $7.7 million corresponding to an
Adjusted EPS, basic of $1.06 for the nine months ended September
30, 2024 compared to adjusted net income of $3.7 million,
corresponding to an Adjusted EPS, basic of $76.72 for the same
period in the last year.
- Adjusted EBITDA for the nine months
ended September 30, 2024 and 2023 amounted to $13.5 million and
$7.1 million, respectively. Reconciliations of Adjusted Net Income,
EBITDA and Adjusted EBITDA to Net Income are set forth below.
- An average of 3.5 vessels were
owned by the Company during the nine months ended September 30,
2024 compared to 2.3 vessels for the same period of 2023.
CEO Dr. Diamantis Andriotis
commented:
Following the completion of the first 9 months of
operations of 2024, C3is has reported Voyage Revenues of $32.9
million – an increase of 119% from 2023, an Adjusted Net Income of
$7.7 million – 108% higher than 2023, and an adjusted EBITDA of
$13.5 million – 92% higher than 2023.We have taken delivery of our
fourth vessel this year, bringing our total fleet capacity to
213,464 DWT, an increase of 234% from the Company’s inception over
a year ago.
In April 2024 we paid off $1.62 million,
representing the 10% balance due on the Eco Spitfire, and during
the third quarter of 2024, we paid off the remaining balance of
$39.5 million due on our Aframax tanker.
We have more than trebled our fleet capacity
without incurring any bank debt.
Our strategy of expansion has continuously been
bearing fruits, as proven by the results of every single quarter
since the Company’s inception.
We will continue to aim at achieving sustainable
growth despite the current challenges of macro and micro
conditions.
The results of the US elections will have
significant implications on the global shipping industry.
The proposed policies of 10% tariff on all U.S.
imports and 60% tariff on Chinese products are poised to re-shape
trade dynamics, thus affecting shipping.
The industry also faces added uncertainty around
the current geopolitical situation, with two major conflicts having
a significant impact on shipping markets, combined with the outcome
of environmental regulations.
We will closely monitor these evolving situations
and maintain an agile and effective control of our business,
focusing on maximizing our results.
We will continue to address industry challenges,
and will maintain our strategy to provide safe global
transportation services in parallel with producing excellent
financial performance, attractive returns and growth prospects for
our shareholders.
Conference Call details:
On November 18, 2024, at 11:00 am ET, the Company’s
management will host a conference call to present the results and
the company’s operations and outlook.
Slides and audio webcast:
There will also be a live and then archived webcast
of the conference call, through C3is Inc. website (www.c3is.pro).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
ABOUT C3IS INC.
C3is Inc. is a ship-owning company providing
drybulk and crude oil seaborne transportation services. The Company
owns four vessels, three Handysize drybulk carriers with a total
capacity of 97,664 deadweight tons (dwt) and an Aframax oil tanker
with a cargo carrying capacity of approximately 115,800 dwt,
resulting in a fleet total capacity of 213,464 dwt. C3is Inc.’s
shares of common stock are listed on the Nasdaq Capital Market and
trade under the symbol “CISS”.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance
including our intentions relating to fleet growth and
diversification and financing, outlook for our shipping sectors and
vessel earnings, and our ability to maintain compliance with
Nasdaq continued listing requirements, and underlying assumptions
and other statements, which are other than statements of historical
facts. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management’s
examination of historical operating trends, data contained in our
records and other data available from third parties. Although C3is
Inc. believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, C3is Inc. cannot assure you
that it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include risks discussed in our filings
with the SEC and the following: the strength of world economies and
currencies, general market conditions, including changes in charter
hire rates and vessel values, charter counterparty performance,
changes in demand that may affect attitudes of time charterers to
scheduled and unscheduled drydockings, shipyard performance,
changes in C3is Inc.’s operating expenses, including bunker prices,
drydocking and insurance costs, ability to fund the remaining
purchase price for one of our drybulk vessels, ability to obtain
financing and comply with covenants in our financing arrangements,
actions taken by regulatory authorities, potential liability from
pending or future litigation, domestic and international political
conditions, the conflict in Ukraine and related sanctions, the
conflict in Israel and Gaza, potential disruption of shipping
routes due to ongoing attacks by Houthis in the Red Sea and Gulf of
Aden or accidents and political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by C3is INC. with the U.S. Securities and Exchange
Commission.
Company Contact:
Nina PyndiahChief Financial Officer
C3is INC.00-30-210-6250-001E-mail: info@c3is.pro
Fleet Data: The following key
indicators highlight the Company’s operating performance during the
periods ended September 30, 2023 and September 30, 2024
|
|
|
|
|
FLEET DATA |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
Average number of vessels
(1) |
2.86 |
4.00 |
2.29 |
3.53 |
Period end number of owned
vessels in fleet |
3 |
4 |
3 |
4 |
Total calendar days for fleet
(2) |
263 |
368 |
625 |
966 |
Total voyage days for fleet
(3) |
262 |
368 |
624 |
962 |
Fleet utilization (4) |
99.6% |
100.0% |
99.8% |
99.6% |
Total charter days for fleet
(5) |
180 |
245 |
506 |
612 |
Total spot market days for
fleet (6) |
82 |
123 |
118 |
350 |
Fleet operational utilization
(7) |
98.5% |
90.2% |
93.6% |
90.3% |
|
|
|
|
|
1) Average number of vessels is the number of owned
vessels that constituted our fleet for the relevant period, as
measured by the sum of the number of days each vessel was a part of
our fleet during the period divided by the number of calendar days
in that period.2) Total calendar days for fleet are the total days
the vessels we operated were in our possession for the relevant
period including off-hire days associated with repairs, drydockings
or special or intermediate surveys.3) Total voyage days for fleet
reflect the total days the vessels we operated were in our
possession for the relevant period net of off-hire days associated
with repairs, drydockings or special or intermediate surveys.4)
Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by
dividing voyage days by fleet calendar days for the relevant
period.5) Total charter days for fleet are the number of voyage
days the vessels operated on time or bareboat charters for the
relevant period.6) Total spot market charter days for fleet are the
number of voyage days the vessels operated on spot market charters
for the relevant period.7) Fleet operational utilization is the
percentage of time that our vessels generated revenue, and is
determined by dividing voyage days excluding commercially idle days
by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income,
EBITDA, adjusted EBITDA and adjusted
EPS:
Adjusted net income represents net income/(loss)
before gain/(loss) on warrants and share based compensation. EBITDA
represents net income/(loss) before interest and finance costs,
interest income and depreciation. Adjusted EBITDA represents net
income/(loss) before interest and finance costs, interest income,
depreciation, gain/(loss) on warrants and share based
compensation.
Adjusted EPS represents Adjusted net income divided
by the weighted average number of shares. EBITDA, adjusted EBITDA,
adjusted net income and adjusted EPS are not recognized
measurements under U.S. GAAP. Our calculation of EBITDA, adjusted
EBITDA, adjusted net income and adjusted EPS may not be comparable
to that reported by other companies in the shipping or other
industries. In evaluating Adjusted EBITDA, Adjusted net income and
Adjusted EPS, you should be aware that in the future we may incur
expenses that are the same as or similar to some of the adjustments
in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and
adjusted EPS are included herein because they are a basis, upon
which we and our investors assess our financial performance. They
allow us to present our performance from period to period on a
comparable basis and provide investors with a means of better
evaluating and understanding our operating performance.
|
|
|
(Expressed in United States Dollars,
except number of shares) |
Third Quarter Ended September 30th, |
Nine-Month Period Ended September 30th, |
|
2023 |
2024 |
2023 |
2024 |
Net Income/(Loss) -
Adjusted Net Income |
|
|
|
|
Net
income/(loss) |
3,331,044 |
5,074,563 |
3,719,169 |
(2,895,769) |
(Less)/Plus (gain)/loss on
warrants |
-- |
(4,825,723) |
-- |
10,350,813 |
Plus share based
compensation |
-- |
78,149 |
-- |
204,629 |
Adjusted Net
Income |
3,331,044 |
326,989 |
3,719,169 |
7,659,673 |
|
|
|
|
|
Net Income/(Loss) -
EBITDA |
|
|
|
|
Net
income/(loss) |
3,331,044 |
5,074,563 |
3,719,169 |
(2,895,769) |
Plus interest and finance
costs |
620,282 |
443,387 |
621,011 |
2,143,810 |
Less interest income |
-- |
(176,333) |
-- |
(818,900) |
Plus depreciation |
1,382,297 |
1,625,471 |
2,722,425 |
4,552,180 |
EBITDA |
5,333,623 |
6,967,088 |
7,062,605 |
2,981,321 |
|
|
|
|
|
Net Income/(Loss) -
Adjusted EBITDA |
|
|
|
|
Net income/(loss) |
3,331,044 |
5,074,563 |
3,719,169 |
(2,895,769) |
(Less)/Plus (gain)/loss on
warrants |
-- |
(4,825,723) |
-- |
10,350,813 |
Plus share based
compensation |
-- |
78,149 |
-- |
204,629 |
Plus interest and finance
costs |
620,282 |
443,387 |
621,011 |
2,143,810 |
Less interest income |
-- |
(176,333) |
-- |
(818,900) |
Plus depreciation |
1,382,297 |
1,625,471 |
2,722,425 |
4,552,180 |
Adjusted
EBITDA |
5,333,623 |
2,219,514 |
7,062,605 |
13,536,763 |
|
|
|
|
|
EPS |
|
|
|
|
Numerator |
|
|
|
|
Net income/(loss) |
3,331,044 |
5,074,563 |
3,719,169 |
(2,895,769) |
Less: Cumulative dividends on
preferred shares |
(191,667) |
(191,667) |
(212,500) |
(570,833) |
Less: Undistributed earnings
allocate to non-vested shares |
-- |
(41,432) |
-- |
-- |
Less: Down round deemed
dividend on Series A Perpetual Convertible Preferred Shares |
-- |
-- |
-- |
(2,862,000) |
Net income/(loss) attributable
to common shareholders, basic |
3,139,377 |
4,841,464 |
3,506,669 |
(6,328,602) |
Denominator |
|
|
|
|
Weighted average number of
shares |
73,012 |
6,974,686 |
45,706 |
3,955,613 |
EPS -
Basic |
43.00 |
0.69 |
76.72 |
(1.60) |
Adjusted
EPS |
|
|
|
|
Numerator |
|
|
|
|
Adjusted net income |
3,331,044 |
326,989 |
3,719,169 |
7,659,673 |
Less: Cumulative dividends on
preferred shares |
(191,667) |
(191,667) |
(212,500) |
(570,833) |
Less: Undistributed earnings
allocated to non-vested shares |
-- |
(1,148) |
-- |
(26,884) |
Less: Down round deemed
dividend on Series A Perpetual Convertible Preferred Shares |
-- |
-- |
-- |
(2,862,000) |
Adjusted net income
attributable to common shareholders, basic |
3,139,377 |
134,174 |
3,506,669 |
4,199,956 |
|
|
|
|
|
Denominator |
|
|
|
|
Weighted average number of
shares |
73,012 |
6,974,686 |
45,706 |
3,955,613 |
Adjusted EPS,
Basic |
43.00 |
0.02 |
76.72 |
1.06 |
|
|
|
|
|
Reconciliation of TCE:Time Charter
Equivalent rate or “TCE” rate is determined by dividing voyage
revenue net of voyage expenses by voyage days for the relevant time
period. TCE is a non-GAAP measure which provides additional
meaningful information in conjunction with voyage revenues, the
most directly comparable GAAP measure to Time charter equivalent
revenues assisting the Company’s management in making decisions
regarding the deployment and use of its vessels and in evaluating
their financial performance. TCE is also a standard shipping
industry performance measure used primarily to compare
period-to-period changes in a shipping company’s performance
despite changes in the mix of charter types (i.e., spot charters or
time charters, but not bareboat charters) under which the vessels
may be employed between the periods. TCE assists our investors to
assess our financial performance from period to period on a
comparable basis and provide investors with a means of better
evaluating and understanding our operating performance.
|
|
|
(Expressed in U.S. Dollars except for available days and
Time charter equivalent rate) |
|
|
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
Voyage revenues |
10,107,108 |
9,265,750 |
14,962,205 |
32,884,955 |
Voyage expenses |
2,796,633 |
4,450,905 |
3,255,260 |
10,426,879 |
Time charter
equivalent revenues |
7,310,475 |
4,814,845 |
11,706,945 |
22,458,076 |
Total voyage days for
fleet |
262 |
368 |
624 |
962 |
Time charter
equivalent rate |
27,903 |
13,084 |
18,761 |
23,345 |
|
|
|
|
|
C3is Inc.Unaudited Condensed
Consolidated Statements of Operations(Expressed in
United States Dollars, except for number of shares)
|
|
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
Revenues |
10,107,108 |
9,265,750 |
14,962,205 |
32,884,955 |
Total revenues |
10,107,108 |
9,265,750 |
14,962,205 |
32,884,955 |
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Voyage expenses |
2,685,556 |
4,342,258 |
3,085,246 |
10,022,393 |
|
Voyage expenses – related
party |
111,077 |
108,647 |
170,014 |
404,486 |
|
Vessels’ operating
expenses |
1,441,088 |
2,198,105 |
3,281,260 |
5,928,676 |
|
Vessels’ operating expenses –
related party |
21,750 |
37,500 |
51,750 |
104,667 |
|
Drydocking costs |
10,238 |
-- |
184,387 |
-- |
|
Management fees – related
party |
115,280 |
161,920 |
274,560 |
425,040 |
|
General and administrative
expenses |
283,037 |
267,267 |
822,523 |
2,150,779 |
|
General and administrative
expenses – related party |
107,716 |
128,868 |
33,497 |
354,313 |
|
Depreciation |
1,382,297 |
1,625,471 |
2,722,425 |
4,552,180 |
Total expenses |
6,158,039 |
8,870,036 |
10,625,662 |
23,942,534 |
|
|
|
|
|
|
Income from operations |
3,949,069 |
395,714 |
4,336,543 |
8,942,421 |
|
|
|
|
|
|
Other
(expenses)/income |
|
|
|
|
Interest and finance
costs |
(562) |
(2,638) |
(1,291) |
(11,230) |
|
Interest and finance costs –
related party |
(619,720) |
(440,749) |
(619,720) |
(2,132,580) |
|
Interest income |
-- |
176,333 |
-- |
818,900 |
|
Foreign exchange
gain/(loss) |
2,257 |
120,180 |
3,637 |
(162,467) |
|
Gain/(loss) on warrants |
-- |
4,825,723 |
-- |
(10,350,813) |
Other (expenses)/income, net |
(618,025) |
4,678,849 |
(617,374) |
(11,838,190) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
3,331,044 |
5,074,563 |
3,719,169 |
(2,895,769) |
|
|
|
|
|
|
Earnings/(Loss) per share (ii) |
|
|
|
|
- Basic |
43.00 |
0.69 |
76.72 |
(1.60) |
|
- Diluted |
15.43 |
0.01 |
19.72 |
(1.60) |
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
- Basic |
73,012 |
6,974,686 |
45,706 |
3,955,613 |
|
- Diluted |
215,869 |
19,078,149 |
188,563 |
3,955,613 |
|
|
|
|
|
|
ii The computation of earnings per share gives
retroactive effect to the shares issued in connection with the
spin-off of our company from Imperial Petroleum Inc. in June 2023
and to the reverse stock split effected in April 2024.
C3is Inc.Unaudited
Condensed Consolidated Balance Sheets(Expressed in
United States Dollars)
|
|
|
|
|
December 31, |
|
September 30, |
|
|
|
|
|
2023 |
|
2024 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash
equivalents |
|
695,288 |
|
8,016,402 |
|
Time deposits |
|
8,368,417 |
|
-- |
|
Trade and other
receivables |
|
10,443,497 |
|
1,998,276 |
|
Other current
assets |
|
|
33,846 |
|
21,158 |
|
Inventories |
|
|
689,269 |
|
851,481 |
|
Due from related
parties |
|
-- |
|
2,685,061 |
|
Advances and
prepayments |
|
80,267 |
|
9,699 |
|
Operating lease
right-of-use assets |
|
-- |
|
43,821 |
Total current assets |
|
|
20,310,584 |
|
13,625,898 |
|
|
|
|
|
|
|
|
Non
current assets |
|
|
|
|
|
|
Vessels, net |
|
|
75,161,431 |
|
85,775,276 |
Total non current assets |
|
|
75,161,431 |
|
85,775,276 |
Total assets |
|
|
|
95,472,015 |
|
99,401,174 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Trade accounts
payable |
|
547,017 |
|
1,436,876 |
|
Payable to related
parties |
|
38,531,016 |
|
14,550,185 |
|
Accrued and other
liabilities |
|
634,297 |
|
1,695,528 |
|
Operating lease
liabilities |
|
-- |
|
43,821 |
|
Deferred
income |
|
215,836 |
|
741,700 |
Total current liabilities |
|
|
39,928,166 |
|
18,468,110 |
|
|
|
|
|
|
Non
current liabilities |
|
|
|
|
|
|
Warrant
liability |
|
-- |
|
9,660,770 |
Total non current liabilities |
|
|
-- |
|
9,660,770 |
Total liabilities |
|
|
39,928,166 |
|
28,128,880 |
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Capital stock |
|
|
874 |
|
105,976 |
|
Preferred stock,
Series A |
|
6,000 |
|
6,000 |
|
Additional paid-in
capital |
|
47,191,056 |
|
69,143,001 |
|
Retained
earnings |
|
|
8,345,919 |
|
2,017,317 |
Total stockholders' equity |
|
|
55,543,849 |
|
71,272,294 |
Total liabilities and stockholders' equity |
|
95,472,015 |
|
99,401,174 |
|
|
|
|
|
C3is Inc.Unaudited Condensed
Consolidated Statements of Cash Flows(Expressed in
United States Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9M 2023 |
|
9M 2024 |
|
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities |
|
|
|
|
|
|
|
Net income/(loss)
for the period |
|
|
|
3,719,169 |
|
(2,895,769) |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income/(loss) to net
cash |
|
|
|
|
|
provided
by operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
2,722,425 |
|
4,552,180 |
|
Share based
compensation |
|
|
|
|
-- |
|
204,629 |
|
Unrealized foreign
exchange loss on time deposits |
|
|
|
|
-- |
|
156,921 |
|
Loss on
warrants |
|
|
|
|
-- |
|
10,350,813 |
|
Non-cash lease
expense |
|
|
|
|
-- |
|
18,369 |
|
Offering costs
attributable to warrant liability |
|
|
|
|
-- |
|
1,078,622 |
|
|
|
|
|
|
|
|
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
(2,466,091) |
|
8,445,221 |
|
Other current
assets |
|
|
|
|
(112,776) |
|
12,688 |
|
Inventories |
|
|
|
|
(1,896,180) |
|
(162,212) |
|
Advances and
prepayments |
|
|
|
17,943 |
|
70,568 |
|
Increase/(decrease) in |
|
|
|
|
|
|
|
|
Trade accounts
payable |
|
|
|
140,386 |
|
889,859 |
|
Changes in
operating lease liabilities |
|
|
|
-- |
|
(18,369) |
|
Due from related
party |
|
|
|
-- |
|
(2,846,961) |
|
Due to related
parties |
|
|
|
2,900,843 |
|
(1,231,831) |
|
Accrued
liabilities |
|
|
|
|
371,148 |
|
1,061,231 |
|
Deferred
income |
|
|
|
|
-- |
|
525,864 |
Net cash provided by operating activities |
|
|
|
5,396,867 |
|
20,211,823 |
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities |
|
|
|
|
|
|
|
Cash outflows
related to vessel acquisitions |
|
|
(4,300,000) |
|
(1,623,125) |
|
Increase in bank
time deposits |
|
|
-- |
|
(20,001,175) |
|
Maturity of bank
time deposits |
|
|
-- |
|
28,212,671 |
Net cash (used in)/ provided by investing
activities |
|
|
|
(4,300,000) |
|
6,588,371 |
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities |
|
|
|
|
|
|
|
Net transfers from
former Parent Company |
|
|
3,305,083 |
|
-- |
|
Proceeds from
follow-on offerings |
|
|
|
5,003,250 |
|
13,147,990 |
|
Proceeds from
exercise of warrants |
|
|
|
-- |
|
5,852,396 |
|
Stock issuance
costs |
|
|
|
|
(455,847) |
|
(1,778,633) |
|
Dividends paid on
preferred shares |
|
|
|
|
-- |
|
(570,833) |
|
Repayment of seller financing |
|
|
|
|
-- |
|
(36,130,000) |
Net cash provided by/ (used in) financing
activities |
|
|
|
7,852,486 |
|
(19,479,080) |
|
|
|
|
|
|
|
|
|
|
Net increase in
cash and cash equivalents |
|
|
8,949,353 |
|
7,321,114 |
Cash and cash
equivalents at beginning of period |
|
|
-- |
|
695,288 |
Cash and cash equivalents at end of period |
|
|
8,949,353 |
|
8,016,402 |
C3is (NASDAQ:CISS)
Historical Stock Chart
From Nov 2024 to Dec 2024
C3is (NASDAQ:CISS)
Historical Stock Chart
From Dec 2023 to Dec 2024