CISS C3is Inc.

Overview and Growth

C3is Inc. generated $34.76M of revenue in fiscal 2025, with net income of $10.47M and an operating cash inflow of $4.00M. Revenue of $34.76M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 17.8% below fiscal 2024 revenue of $42.30M, marking a top-line contraction. Diluted earnings per share were $3.98, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 350.06K links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Total assets stood at $98.49M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.35x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The reported operating result was $1.36M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 3.9% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $10.47M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 30.1% margin after operating costs and the remaining recognized items. EBITDA was $7.87M, supplying an additional view of reported operating earnings before interest, taxes, depreciation, and amortization. Net income equaled 11.0% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 10.6% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The bottom line improved from a $2.75M loss in fiscal 2024 to $10.47M of income.

Liquidity and Capital Structure

Total assets were $98.49M, supported by $3.39M of liabilities and $95.10M of shareholder equity. At period end, current assets of $20.84M compared with current liabilities of $3.36M, defining the company’s short-term resource position. At 6.21x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $616.64K in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 18.4% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Equity equaled 96.6% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 3.4%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 0.6%, comparing reported cash and equivalents with the full positive asset balance. Compared with $100.49M in fiscal 2024, the current asset base moved 2.0% and finished lower. Book equity was 33.3% higher than fiscal 2024 equity of $71.36M, showing how shareholder capital changed year over year. Compared with $4.64M in fiscal 2024, the current cash balance moved 86.7% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was $4.00M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 0.38x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $161.90K of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 4.0% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $3.84M of positive free cash flow for the period. The free-cash-flow margin was 11.0%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 3.9%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.