C3is Inc.
CISS · Deep Sea Foreign Transportation of Freight · EDGAR filings ↗
Grade
C67Small profitable Marshall Islands drybulk/tanker owner with strong returns but volatile, declining earnings.
Strengths
- Profitable with ROA 10.6% (88th pct), net margin 60th pct and positive FCF
- Strong liquidity (current ratio 6.2, 86th pct) supporting fleet expansion
Risks
- Net income fell ~480% YoY and revenue down 18% amid cyclical spot-rate volatility
- Tiny cash balance ($617k), three-vessel concentration, related-party manager and heavy dilution/warrant overhang
Notable findings
- Revenue declineRevenue -17.8% YoY
Key metrics
Operating margin
3.9%
Net margin
30.1%
Return on equity
11.0%
Return on assets
10.6%
Revenue growth (QoQ)
-17.8%
Current ratio
6.2×
Free cash flow
$4M
Tangible book value
$95M
Cash & investments
$617K
Stock comp / revenue
1.1%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-22 | 2025-12-31 | 0001193125-26-170448 ↗ |
| 20-F | 2025-04-28 | 2024-12-31 | 0001193125-25-100539 ↗ |
| 20-F | 2024-04-30 | 2023-12-31 | 0001193125-24-123906 ↗ |