C3is Inc. (CISS) Form 6-K — Sep 29, 2026
C3is reported six-month H1 2026 revenue of $35.6 million, up 83.5% from $19.4 million a year earlier, with net income of $13.2 million versus $2.6 million, driven by average TCE rates rising 125.1% to $36,769 per day. The company grew its fleet to six vessels (311,431 dwt) after taking delivery of two MR product tankers, the Clean Fury ($22.9M) and Clean Reaper ($16.88M), both bought from related parties with the full $39.8 million purchase price due in January 2027.
Key figures
- Eps
- 483.39 basic / 162.59 diluted
- Revenue
- 35620403
- Net Income
- 13183829
- Total Debt
- 0
- Revenue Yoy
- 83.5% ($35.6M vs $19.4M prior-year six months)
- Total Assets
- 144760888
- Cash Position
- $737,874 cash and equivalents plus $32.5M bank time deposits
- Shares Outstanding
- 38,690 common shares (post reverse splits)
- Vessels owned
- 6
- Average tce rate
- $36,769 vs $16,335 prior year (+125.1%)
- Loss on warrants
- 2030240
- Fleet utilization
- 91.8%
- Warrant liability
- 1347235
- Fleet capacity dwt
- 311431
- Atm proceeds subsequent
- $4.3M from 2.0M shares via Aegis Capital
- Operational utilization
- 81.4%
- Reverse splits since 2024
- ["1:100 (Apr 2024)","1:2.5 (Dec 2024)","1:6 (Apr 2025)","1:20 (Jan 2026)","1:7 (Apr 2026)","1:40 (Aug 2026)"]
- Down round deemed dividend
- 5118000
- Vessel payment obligations
- $39.8M due January 2027 (Clean Fury $22.9M, Clean Reaper $16.88M)
- Offering gross proceeds subsequent
- $6.0M (288,375 units)
AI analysis
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