C3is Inc. Q1 2026 Financial Results with 358% Adjusted Net Income Growth

C3is Inc. reported unaudited financial results for Q1 2026 ending March 31, 2026, showing strong operational performance. The shipping company generated $11.6 million in revenues, a 34% increase year-over-year, with daily Time Charter Equivalent rates rising 98.6% to $32,173. Adjusted net income surged 358% to $5.5 million, while adjusted EBITDA increased 130% to $6.9 million. The company's cash balance grew 82% to $27.3 million. C3is is expanding its fleet with two product tanker acquisitions totaling $39.8 million and has no bank debt. The company executed two reverse stock splits in 2026 to maintain Nasdaq listing compliance. Despite reporting a net income of $3.2 million, the company recorded a basic loss per share of $(1.33) due to non-cash items including a $2.3 million loss on warrants and $3.5 million deemed dividend on preferred shares.