$CISS

C3is Inc.

CIK:0001951067|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Revenues	$ 34,755,612	$ 42,296,101	$ 28,738,982
Total revenues	34,755,612	42,296,101	28,738,982
Expenses
Voyage expenses	12,325,368	13,597,685	7,291,129
Voyage expenses – related parties	434,921	522,628	340,266
Vessel operating expenses	9,049,036	8,238,848	4,716,536
Vessel operating expenses – related parties	133,500	134,667	79,250
Dry-docking costs	1,877,238	0	183,090
Depreciation	6,501,884	6,177,651	4,104,720
Management fees – related parties	642,400	586,960	396,000
General and administrative expenses	1,881,605	2,496,408	679,156
General and administrative expenses – related parties	545,230	479,288	520,874
Total expenses	33,391,182	32,234,135	18,311,021
Income from operations	1,364,430	10,061,966	10,427,961
Other (expenses)/income
Interest and finance costs	(8,397)	(13,105)	(4,471)
Interest and finance costs – related party	(365,935)	(2,460,705)	(1,363,360)
Interest income	327,840	950,816	36,107
Foreign exchange gain/(loss)	(63,677)	(160,262)	195,675
(Loss)/gain on warrants	9,218,949	(11,127,077)	0
Other (expenses)/income, net	9,108,780	(12,810,333)	(1,136,049)
Net income/(loss)	$ 10,473,210	$ (2,748,367)	$ 9,291,912
Earnings/(loss) per share (Note 9)
-Basic	$ 46.5	$ (351.58)	$ 47,133.25
-Diluted	$ 3.98	$ (351.58)	$ 18,911.99
Weighted average number of shares (Note 9)
-Basic	89,967	23,007	181
-Diluted	350,055	23,007	487

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net Income (Loss)	$ 10,473,210	$ (2,748,367)	$ 9,291,912
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	6,501,884	6,177,651	4,104,720
Share based compensation	375,224	337,855	37,638
Unrealized foreign exchange (gain)/loss on time deposits	0	156,921	(241,967)
Loss/(gain) on warrants	(9,218,949)	11,127,077	0
Non-cash lease expense	66,776	33,422	0
Offering costs attributable to warrant liability	0	1,078,622	0
Changes in operating assets and liabilities:
(Increase)/decrease in Trade and other receivables	(1,447,445)	7,628,055	(9,768,670)
(Increase)/decrease in Due from related party	0	0	146,708
(Increase)/decrease in Other current assets	(282,992)	33,846	(33,846)
(Increase)/decrease in Advances and prepayments	6,573	58,316	(43,927)
(Increase)/decrease in Inventories	(427,914)	(194,879)	(523,624)
Increase/(Decrease) in Trade accounts payable	896,131	361,325	(245,125)
Increase/(Decrease) in Payable to related parties	(2,586,549)	375,645	2,238,516
Increase/(Decrease) in Changes in operating lease liabilities	(66,776)	(33,422)	0
Increase/(Decrease) in Accrued liabilities	(360,894)	637,798	460,973
Increase/(Decrease) in Deferred income	73,543	(53,728)	215,836
Net cash provided by operating activities	4,001,822	24,976,137	5,639,144
Cash flows from investing activities
Payments for acquisition and capitalized expenses of vessels	(161,900)	(1,623,125)	(4,300,000)
Increase in bank time deposits	(21,123,999)	(27,949,881)	(8,126,450)
Maturity of bank time deposits	14,748,706	28,212,671	0
Net cash used in investing activities	(6,537,193)	(1,360,335)	(12,426,450)
Cash flows from financing activities
Net transfers from former Parent Company	0	0	3,305,083
Proceeds from follow-on offering	11,000,000	13,147,990	5,003,250
Proceeds from exercise of warrants	2,704,477	5,852,396	0
Stock issuance costs	(1,243,059)	(1,778,633)	(584,072)
Dividends paid on preferred shares	(568,750)	(762,500)	(241,667)
Repayment of seller and capital expenditures financing	(13,381,000)	(36,130,000)	0
Net cash provided by/(used in) financing activities	(1,488,332)	(19,670,747)	7,482,594
Net increase/(decrease) in cash and cash equivalents	(4,023,703)	3,945,055	695,288
Cash and cash equivalents at beginning of year	4,640,343	695,288	0
Cash and cash equivalents at end of year	616,640	4,640,343	695,288
Supplemental Cash Flow Information
Cash paid for interest in relation to seller financing	1,190,000	3,000,000	0
Non-cash Investing and Financing Activities
Vessel acquisition included in payable to related parties	0	13,542,900	36,130,000
Cashless exercise of Class B1, Class B2, Class C1 and Class C2 warrants	1,188,924	1,768,665	0
Dividends on preferred shares Series A included in payable to related parties	354,167
Series A Preferred Stock [Member]
Non-cash Investing and Financing Activities
Dividends on preferred shares Series A included in payable to related parties	$ 354,167	$ 162,500	$ 162,500

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 616,640	$ 4,640,343
Time deposits	14,323,999	7,948,706
Trade and other receivables	4,262,887	2,815,442
Other current assets	282,992	0
Operating lease right-of-use assets	24,751	28,768
Advances and prepayments	15,378	21,951
Inventories	1,312,062	884,148
Total current assets	20,838,709	16,339,358
Non current assets
Vessels, net	77,647,921	84,149,805
Total non current assets	77,647,921	84,149,805
Total assets	98,486,630	100,489,163
Current liabilities
Trade accounts payable	1,804,473	908,342
Accrued and other liabilities	911,201	1,272,095
Operating lease liabilities	24,751	28,768
Deferred income	235,651	162,108
Total current liabilities	3,357,855	18,690,874
Warrant liability	29,161	10,437,034
Total non current liabilities	29,161	10,437,034
Total liabilities	3,387,016	29,127,908
Commitments and contingencies
Capital stock, $0.01 par value, 2,000,000,000 shares authorized at December 31, 2024 and 2025, 35,324 and 659,668 issued and outstanding at December 31, 2024 and 2025, respectively (Note 8)	6,597	353
Additional paid-in capital	90,601,172	71,097,850
Retained earnings	4,485,845	257,052
Total stockholders' equity	95,099,614	71,361,255
Total liabilities and stockholders' equity	98,486,630	100,489,163
Series A Preferred Stock [Member]
Current liabilities
Preferred Stock, 200,000,000 shares authorized (Note 8) Preferred stock, Series A, $0.01 par value, 600,000 shares issued and outstanding as of December 31, 2024 and December 31, 2025 (Note 8)	6,000	6,000
Related Party [Member]
Current liabilities
Payable to related parties	$ 381,779	$ 16,319,561