Quarterly ResultMay 18, 2026, 09:11 AM
C3is Q1 Adjusted Net Income +358% to $5.5M; Revenue $11.6M
AI Summary
C3is Inc. reported strong financial and operational results for the first quarter ended March 31, 2026, with adjusted net income surging 358% to $5.5 million and adjusted EBITDA increasing 130% to $6.9 million. Revenues grew 34% year-over-year to $11.6 million, driven by higher charter rates and a daily TCE of $32,173. The company also expanded its fleet by acquiring two product tankers for $39.8 million, with one already delivered, and maintained a robust cash balance of $27.3 million, up 82% from year-end 2025. Additionally, C3is Inc. completed two reverse stock splits to meet Nasdaq listing requirements.
Key Highlights
- Adjusted Net Income increased by 358% to $5.5 million for Q1 2026.
- Adjusted EBITDA rose by 130% to $6.9 million for Q1 2026.
- Revenues for Q1 2026 were $11.6 million, a 34% increase from Q1 2025.
- Net Income for Q1 2026 was $3.2 million, with a basic loss per share of $(1.33).
- Cash balance reached $27.3 million at Q1 2026 end, up 82% from year-end 2025.
- Company acquired two product tankers for $39.8 million; one delivered in April 2026.
- Daily Time Charter Equivalent (TCE) rate increased by 98.6% to $32,173 in Q1 2026.
- Effected two reverse stock splits (1:20 in Jan 2026, 1:7 in April 2026) for Nasdaq compliance.
Price Impact
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