Monitor ATM share sales and any further reverse splits that signal Nasdaq compliance risk. The two product tanker acquisitions expand fleet exposure to strong MR tanker market, but ongoing ATM overhang likely caps upside until program is terminated or utilized amount is disclosed. Watch for Q2 delivery of second tanker and any charter rate update.
Price Chart
Executive Summary
C3is Inc. reported Q1 2026 revenue of $11.6M (+34% YoY), adjusted net income of $5.5M (+358% YoY), and adjusted EBITDA of $6.9M (+130% YoY). However, GAAP net income fell to $3.2M (from $7.9M) due to a $2.3M non-cash loss on warrants and a $3.5M deemed dividend, producing a basic GAAP loss per share of ($1.33). The company is actively diluting common equity through at-the-market equity issuance and reverse stock splits to maintain Nasdaq listing, which mutes the fundamental improvement.
Key Financial Metrics
Key Facts
- Q1 2026 voyage revenues $11.6M (+34% YoY from $8.7M YoY), daily TCE $32,173 (+98.6%)
- GAAP net income $3.2M vs $7.9M YoY; GAAP basic EPS ($1.33) vs $1,439.93 (affected by warrant loss and deemed dividend)
- Adjusted net income $5.5M (+358% YoY); Adjusted EPS $5.24 vs $101.88 (both impacted by reverse-split-adjusted share count)
- Warrant liability revaluation loss of $2.3M (vs $6.9M gain in Q1 2025); down round deemed dividend $3.5M
- 136,619 shares sold under ATM program for $1.6M gross proceeds; two 1:7 reverse stock splits in Jan and Apr 2026
- Two product tanker acquisitions for $39.8M aggregate; first delivered Apr 2026, second expected Q3 2026
- Cash and time deposits $27.3M (+82% from $14.9M year-end 2025); no bank debt; all vessels unencumbered
- Fleet utilization 89.4% (vs 100% YoY) due to engine repairs on Eco Angelbay
Financial Impact
Adjusted EBITDA up 130% to $6.9M, but persistent dilution with ATM program and preferred share conversion overhang create substantial headwind for common shareholders
Risk Factors
- Nasdaq minimum bid price compliance hinges on continued reverse splits — delisting risk if splits fail
- ATM equity facility allows up to $98M dilution on a ~$2M market cap; severe dilution potential
- Down round deemed dividends on convertible preferred shares may recur, further depressing GAAP EPS
- Gain/loss on warrants leads to volatile GAAP net income irrespective of operating performance
- Fleet utilization decline (89.4%) from engine repairs may recur
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3296707 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | EFFECT | $0.5490 | awaiting T+60 | — | $0.4898 (+10.78%) |
Oct 19, 2026 7d ago | EFFECT | $0.5490 | awaiting T+60 | — | $0.4898 (+10.78%) |
Oct 19, 2026 7d ago | EFFECT | $0.5490 | awaiting T+60 | — | $0.4898 (+10.78%) |
Oct 5, 2026 21d ago | SC 13G/A | $0.8890 | awaiting T+60 | — | $0.4898 (−44.90%) |
Oct 5, 2026 21d ago | SC 13G/A | $0.8630 | awaiting T+60 | — | $0.4898 (+43.24%) |
Oct 2, 2026 24d ago | SC 13G/A | $0.8310 | awaiting T+60 | — | $0.4898 (+41.06%) |
Sep 29, 2026 27d ago | 6-K | $0.9502 | awaiting T+60 | — | $0.4898 (−48.45%) |
Aug 17, 2026 10w ago | 6-K | $0.0685 | awaiting T+60 | — | $0.4898 (+615.04%) |
Jul 23, 2026 13w ago | F-1/A | $0.5201 $0.0137 | ▲ +97.36% | ▲ +101.09% | $0.4898 (+5.83%) |
Jul 22, 2026 13w ago | 6-K | $0.9620 $0.0133 | ▼ −98.61% | ▼ −102.01% | $0.4898 (−49.09%) |
US Market Status
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