C3is Posts 358% Adjusted Net Income Jump and Orders $39.8M in Tankers
C3is Inc. reported Q1 2026 revenues of $11.6 million, a 34% year-on-year increase, and a daily TCE rise of 98.6% to $32,173. Adjusted Net Income surged 358% to $5.5 million, cash balances grew 82% to $27.3 million, and the company ordered two product tankers for $39.8 million.
1. Q1 2026 Financial Performance
In the first quarter, C3is generated $11.6 million in voyage revenues, a 34% increase over Q1 2025, delivering a daily time charter equivalent rate of $32,173, up 98.6%. Adjusted EBITDA climbed 130% to $6.9 million and adjusted net income rose 358% to $5.5 million, while GAAP net income was $3.2 million and basic loss per share was $1.33 due to accounting revaluations.
2. Fleet Operations and Cost Efficiencies
The company’s handysize dry bulk carriers ran on short-term time charters for steady cash flow, and its Aframax tanker achieved spot rates near $115,000 per day. Fleet utilization stood at 89.4% over 360 calendar days, while voyage expenses fell 69% on bunker savings and port costs dropped 63% with greater time charter employment.
3. Product Tanker Acquisitions
C3is agreed to acquire two MR product tankers for a total of $39.8 million, taking delivery of the first vessel in April 2026 and expecting the second in the third quarter. These additions boost exposure to MR product tanker rates currently around $36,000 per day.
4. Liquidity and Capital Structure
Cash and time deposits reached $27.3 million at quarter end, up 82% from December 2025. The company established an ATM sales facility for up to $98 million of common stock, selling 156,619 shares for $1.6 million in Q1, and completed 1:20 and 1:7 reverse stock splits to maintain Nasdaq compliance.