The company maintains a debt-free capital structure with only $7.9K in total debt as of 2026Q1, though this is offset by significant asset base volatility that saw total assets contract from $137.4 million in 2024Q2 to $107.6 million by 2026Q1.
| Total Current Assets | 31.57M | 20.84M | 16.34M | 20.31M | 1.02M | 4.63M |
| Cash & Short-Term Investments | 27.26M | 14.94M | 12.59M | 9.06M | 0 | 273.62K |
| Cash Only | 2.28M | 616.64K | 4.64M | 695.29K | 0 | 273.62K |
| Short-Term Investments | 24.98M | 14.32M | 7.95M | 8.37M | 0 | 0 |
| Accounts Receivable | 2.62M | 4.26M | 2.82M | 10.44M | 821.53K | 4.26M |
| Days Sales Outstanding | 38.89 | 44.77 | 24.3 | 132.64 | 91.22 | 248 |
| Inventory | 916.09K | 1.31M | 884.15K | 689.27K | 165.65K | 60.18K |
| Days Inventory Outstanding | 12.48 | 15.79 | 11.26 | 15.05 | 23.84 | 8.82 |
| Other Current Assets | 731.79K | 307.74K | 28.77K | 33.85K | 0 | 0 |
| Total Non-Current Assets | 76.02M | 77.65M | 84.15M | 75.16M | 38.84M | 11.73M |
| Property, Plant & Equipment | 76.02M | 77.65M | 84.15M | 75.16M | 38.84M | 11.23M |
| Fixed Asset Turnover | 0.48x | 0.45x | 0.50x | 0.38x | 0.08x | 0.56x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 500K |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 107.59M | 98.49M | 100.49M | 95.47M | 39.86M | 16.36M |
| Asset Turnover | 0.39x | 0.35x | 0.42x | 0.30x | 0.08x | 0.38x |
| Asset Growth % | -41.77% | -1.99% | 5.26% | 139.52% | 143.64% | - |
| Total Current Liabilities | 3.71M | 3.36M | 18.69M | 39.93M | 965.47K | 1.32M |
| Accounts Payable | 1.91M | 1.8M | 908.34K | 547.02K | 792.14K | 185.86K |
| Days Payables Outstanding | 21.7 | 21.72 | 11.56 | 11.95 | 114 | 27.25 |
| Short-Term Debt | 7.85K | 0 | 0 | 0 | 0 | 992.16K |
| Deferred Revenue (Current) | 579.89K | 235.65K | 162.11K | 215.84K | 0 | 0 |
| Other Current Liabilities | 1.7M | 0 | 0 | 0 | 0 | 142.63K |
| Current Ratio | 8.51x | 6.21x | 0.87x | 0.51x | 1.06x | 3.50x |
| Quick Ratio | 8.26x | 5.82x | 0.83x | 0.49x | 0.89x | 3.46x |
| Cash Conversion Cycle | 29.68 | 38.84 | 23.99 | 135.74 | 1.06 | 229.57 |
| Total Non-Current Liabilities | 1.66M | 29.16K | 10.44M | 0 | 0 | 6.29M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 6.29M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.66M | 29.16K | 10.44M | 0 | 0 | 0 |
| Total Liabilities | 5.37M | 3.39M | 29.13M | 39.93M | 965.47K | 7.61M |
| Total Debt | 7.85K | 24.75K | 28.77K | 0 | 0 | 7.28M |
| Net Debt | -2.27M | -591.89K | -4.61M | -695.29K | 0 | 7.01M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | - | - | 0.83x |
| Debt / EBITDA | 0.00x | 0.00x | 0.00x | - | - | 1.78x |
| Net Debt / EBITDA | -0.19x | -0.08x | -0.28x | -0.05x | - | 1.71x |
| Interest Coverage | 118.22x | 3.64x | -0.11x | 7.62x | 4756.05x | 80.09x |
| Total Equity | 102.22M | 95.1M | 71.36M | 55.54M | 38.89M | 8.75M |
| Equity Growth % | 85.61% | 33.27% | 28.48% | 42.81% | 344.45% | - |
| Book Value per Share | 293.77 | 1901.73 | 31786.75 | 999999.00 | 999999.00 | 596769.51 |
| Total Shareholders' Equity | 102.22M | 95.1M | 71.36M | 55.54M | 38.89M | 8.75M |
| Common Stock | 5.41K | 6.6K | 353 | 58 | 0 | 0 |
| Retained Earnings | 4.02M | 4.49M | 257.05K | 8.35M | 0 | 3.61M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent equity dilution risk
According to reported financial statements, CISS's total assets have fluctuated significantly, peaking at $137.4 million in 2024Q2 before contracting to $107.6 million by 2026Q1, reflecting a business model that relies heavily on periodic vessel acquisitions and divestitures rather than steady, organic capital accumulation.
The trajectory of the balance sheet appears heavily influenced by management's opportunistic approach to fleet composition rather than consistent growth. Investors should monitor whether this volatility in asset size signals a lack of long-term strategic focus or merely the inherent cyclicality of the shipping industry.
Based on the provided balance sheet data, CISS maintains a remarkably clean capital structure with virtually zero long-term debt, as evidenced by the nominal $7.9K reported in 2026Q1, which stands in stark contrast to the leverage typically employed by peers in the marine shipping sector.
While the absence of debt eliminates interest rate sensitivity and insolvency risk, it appears to be a byproduct of a strategy that favors equity-linked financing over traditional credit facilities. This reliance on equity markets may provide a buffer against interest rate shocks but potentially subjects shareholders to ongoing dilution.
As reported in recent filings, the company's current ratio has swung wildly from a low of 0.51 in 2023Q4 to a high of 8.51 in 2026Q1, suggesting that liquidity management is subject to extreme fluctuations driven by the timing of cash inflows and vessel-related expenditures.
The dramatic improvement in the current ratio appears to be a function of cash accumulation rather than operational efficiency. Such volatility warrants further investigation into whether the company can maintain sufficient working capital to cover its high fixed-cost base during prolonged periods of spot market weakness.
Based on the company's reported figures, equity has grown from $55.5 million in 2023Q4 to $102.2 million in 2026Q1, yet this expansion appears largely driven by external capital raises rather than the accumulation of retained earnings, which remain relatively modest at $4.0 million.
The reliance on equity issuance to bolster the balance sheet suggests that the company's growth is being funded at the expense of existing shareholders. This pattern of capital allocation may indicate that the business struggles to generate sufficient internal returns to fund its own expansion.
As indicated by the balance sheet, the company's reliance on PPE, which totaled $76.0 million in 2026Q1, exposes the firm to significant impairment risk should second-hand vessel values decline, a factor that is not immediately apparent when focusing solely on the company's debt-free status.
The lack of goodwill on the balance sheet is a positive, yet the concentration of value in a small number of vessels makes the company's net asset value highly sensitive to shipping market sentiment. Investors should be wary that the reported book value may not reflect the true liquidation value of the fleet.
Quick answers to the most common questions about buying CISS stock.
As of 2025, C3is Inc. (CISS) had total assets of $98.5M including $20.8M in current assets.
C3is Inc. (CISS) carries total debt of $0.0M, offset by $14.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
C3is Inc. (CISS) has total shareholders' equity (book value) of $95.1M ($1901.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
C3is Inc. (CISS) reported a current ratio of 6.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.