Overview

* C3is ( CISS ) Q2 revenue dips slightly to $10.7 mln, net loss of $5.3 mln

* Adjusted net income for Q2 down 62% yr/yr, adjusted EBITDA down 43%

* Co completed major capital expenditures without bank loans, enhancing financial flexibility

Outlook

* Company highlights financial flexibility due to being fully deleveraged

Result Drivers

* TCE RATE DECLINE - Daily TCE decreased by 31% compared to Q2 2024, impacting revenue

* IDLE DAYS - Fleet operational utilization dropped to 78% due to idle days of Aframax tanker in spot market

* EXPENSE INCREASE - Higher voyage and operating expenses due to increased number of vessels

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $10.70

Revenue mln

Q2 Net -$5.30

Income mln

Q2 Basic -$8.78

EPS

Q2 -$3.70

EBITDA mln

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)