C3is Inc Posts 24% Q4 TCE Increase and $5.2M Net Income
C3is Inc recorded Q4 2025 revenue of $10.6 million and daily TCE of $19,469, up 24% year-over-year, driving net income of $5.2 million and EPS of $5.82. Fleet utilization rose to 93.5% and the company held $14.9 million in cash, while securing $39.8 million tanker acquisitions with interest-free financing.
1. Q4 and Full-Year 2025 Financial Results
C3is Inc reported Q4 2025 voyage revenues of $10.6 million, up from $9.4 million a year earlier, with daily time charter equivalent earnings (TCE) reaching $19,469. Net income for the quarter was $5.2 million, EBITDA $6.7 million, and basic EPS $5.82; for the full year, net income was $10.5 million and EPS $46.50.
2. Fleet Utilization and Charter Rates
The fleet achieved operational utilization of 93.5% in Q4 2025, compared to 90.2% in Q4 2024, driven by fewer idle days and 70.1% of calendar days on time charters. The Aframax tanker’s spot market rates averaged $60,000 per day while handysize dry bulk carriers maintained short-term charters.
3. Cash Position and Capital Transactions
Cash and cash equivalents plus time deposits totaled $14.9 million at year-end, and the company has met all $59.2 million in capital expenditure commitments without bank debt. Equity raises included an institutional offering of 800,000 shares for $2.0 million in October and 7.5 million units for $9.0 million in December, followed by a 1-for-20 reverse stock split in January.
4. Upcoming Tanker Acquisitions and Financing
In December and January, C3is agreed to acquire two product tankers for $39.8 million in total, financed by a one-year interest-free loan, with deliveries expected during 2026. This financing arrangement provides flexibility on payment timing and expands the fleet’s spot and product tanker capabilities.