C3is Inc. (CISS) Form 6-K — Aug 27, 2026

$CISSForm 6-KFiled Aug 27, 2026, 7:05 AM ET0001193125-26-369519Original filing

C3is Inc. (Nasdaq: CISS) reported Q2 2026 net income of $10.0 million, swinging from a $5.3 million net loss a year earlier, on revenues of $24.0 million — up $13.3 million year over year — with daily TCE rates rising 144.5% to $40,260. Cash and time deposits grew 122.8% from year-end 2025 to $33.2 million and the fleet remains fully unencumbered, while the company took delivery of two product tankers acquired for an aggregate $39.8 million payable by January 2027, deepening spot exposure where Aframax rates are running near $100,000 per day.

Key figures

Eps: 353.87 basic (Q2 2026); 483.39 basic (6M 2026); 162.59 diluted (6M) — reflects ~23,029 weighted basic shares after six reverse splits
Revenue: $24.0 million (Q2 2026); $35.6 million (6M 2026)
Guidance: CEO expects H2 2026 to mirror strong H1 performance, with fleet expansion boosting profitability
Net Income: $10.0 million (Q2 2026); $13.2 million (6M 2026, up 409% YoY)
Total Debt: 0 — all vessels unencumbered (debt-free fleet)
Revenue Yoy: +$13.3 million Q2 YoY ($24.0M vs $10.7M); daily TCE +144.5% ($40,260 vs $16,466)
Total Assets: 144760888
Cash Position: $33.2 million cash and time deposits at June 30, 2026 (+122.8% vs $14.9 million at YE2025)
Deal Value Usd: $39.8 million aggregate consideration for two product tankers, payable by January 2027
Gross Proceeds: $6.0 million July 2026 public offering (units, fully exercised); $2.6 million ATM proceeds in 6M 2026
Shares Outstanding: 1487970
Fleet: 6 vessels, 311,431 dwt total capacity
Q2 2026 tce rate: $40,260/day vs $16,466/day in Q2 2025
Aframax spot rate: ~$100,000/day
Q2 2026 adjusted ebitda: $11.8 million (+321.4% YoY)
Product tanker spot rate: ~$30,000/day
Reverse splits since 2024: Six (April 2024, December 2024, April 2025, January 2026, April 2026, August 2026)
Series a conversion price: $2.4444, auto-adjusted down to lowest future issuance price
Six month adjusted ebitda: $18.7 million (vs $5.8 million 6M 2025)
Q2 2026 adjusted net income: $9.8 million (+790.9% YoY)
Stockholders equity jun 2026: $114.6 million
Clean fury related party payable: $22.1 million balance of acquisition price payable by January 2027
Down round deemed dividend 6m 2026: $5.118 million on Series A Perpetual Convertible Preferred
Payable to related parties jun 2026: $24.47 million (vs $0.38 million at YE2025)
Fleet operational utilization q2 2026: 78.6% (vs 78.0% Q2 2025); 81.4% for 6M 2026 (vs 84.8%)
Shares issuable via preferred and warrants: ~10.6 million (6,136,475 preferred conversion + ~4.5 million warrants), about 7x current shares outstanding

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