C3is Inc. (NASDAQ:CISS) released its unaudited fourth-quarter and full-year 2025 financial results on February 19, 2026, reporting stronger profitability supported by firmer time charter equivalent rates and better vessel utilization.
For the fourth quarter of 2025, the company generated voyage revenues of $10.6 million, net income of $5.2 million and EBITDA of $6.7 million. On a full-year basis, net income reached $10.5 million with EBITDA of $17 million, reflecting improved operating performance and lower finance expenses following the complete repayment of previously outstanding related-party acquisition loans.
Operationally, fleet utilization increased to 93.5% in Q4 2025, up from 90.2% in the same period a year earlier. All vessels in the owned fleet were unencumbered at year-end, while cash and time deposits stood at $14.9 million, highlighting a debt-free position on the company’s owned assets.
During the fourth quarter, C3is raised approximately $11 million through two equity offerings. Between December 2025 and January 2026, the company also agreed to purchase two product tankers for a total of $39.8 million, financed via a one-year interest-free loan. In January 2026, it implemented a 1-for-20 reverse stock split aimed at maintaining compliance with Nasdaq listing requirements. Together, these moves signal a strategic effort to scale up its tanker operations and reinforce its market presence.
The company’s overall profile reflects strengthened financial resilience, supported by low leverage, improved free cash flow and higher reported earnings. However, these positives are offset by weak technical indicators, including a share price trading well below key moving averages and negative momentum signals, as well as limited valuation support given a negative P/E ratio and the absence of a dividend yield.
More about C3is Inc.
C3is Inc. is a Greece-based ship-owning company listed on Nasdaq, providing maritime transportation services in both the drybulk and tanker markets. Its fleet includes handysize dry bulk carriers typically employed on short-term time charters to generate steady cash flow, as well as an Aframax tanker operating in the spot market, where recent voyage charter rates have been around $60,000 per day.