Revenue growth remains erratic, with a 33.5% increase in 2026Q1 following significant prior contractions, while gross margins continue to fluctuate wildly between -56.9% and 53.5%.
| Sales/Revenue | 37.66M | 34.76M | 42.3M | 28.74M | 3.29M | 6.27M |
| Revenue Growth % | -1.35% | -17.83% | 47.17% | 774.3% | -47.59% | - |
| Cost of Goods Sold | 29.08M | 30.32M | 28.67M | 16.71M | 2.54M | 2.49M |
| COGS % of Revenue | - | 87.24% | 67.79% | 58.16% | 77.16% | 39.68% |
| Gross Profit | 8.58M | 4.43M | 13.62M | 12.02M | 750.83K | 3.78M |
| Gross Margin % | 22.79% | 12.76% | 32.21% | 41.84% | 22.84% | 60.32% |
| Gross Profit Growth % | - | -67.46% | 13.31% | 1501.43% | -80.15% | - |
| Operating Expenses | 3.19M | 3.07M | 3.56M | 1.6M | 198.77K | 129.18K |
| OpEx % of Revenue | - | 8.83% | 8.42% | 5.55% | 6.05% | 2.06% |
| Selling, General & Admin | 2.7M | 2.43M | 2.98M | 1.2M | 121.33K | 129.18K |
| SG&A % of Revenue | - | 6.98% | 7.04% | 4.18% | 3.69% | 2.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 484K | 642.4K | 586.96K | 396K | 77.44K | 0 |
| Operating Income | 5.4M | 1.36M | 10.06M | 10.43M | 552.06K | 3.65M |
| Operating Margin % | 14.33% | 3.93% | 23.79% | 36.29% | 16.79% | 58.26% |
| Operating Income Growth % | - | -86.44% | -3.51% | 1788.91% | -84.89% | - |
| EBITDA | 11.9M | 7.87M | 16.24M | 14.53M | 1.11M | 4.1M |
| EBITDA Margin % | 31.59% | 22.63% | 38.4% | 50.57% | 33.77% | 65.3% |
| EBITDA Growth % | -5.41% | -51.56% | 11.75% | 1209.21% | -72.9% | - |
| D&A (Non-Cash Add-back) | 6.5M | 6.5M | 6.18M | 4.1M | 557.97K | 441.75K |
| EBIT | 5.4M | 1.36M | -274.56K | 10.43M | 551.7K | 3.65M |
| Net Interest Income | 343.78K | -46.49K | -1.52M | -1.33M | -116 | -45.62K |
| Interest Income | 389.42K | 327.84K | 950.82K | 36.11K | 0 | 0 |
| Interest Expense | 45.64K | 374.33K | 2.47M | 1.37M | 116 | 45.62K |
| Other Income/Expense | 361.42K | 9.11M | -12.81M | -1.14M | -475 | -45.4K |
| Pretax Income | 5.76M | 10.47M | -2.75M | 9.29M | 551.59K | 3.61M |
| Pretax Margin % | 15.29% | 30.13% | -6.5% | 32.33% | 16.78% | 57.53% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 5.76M | 10.47M | -2.75M | 9.29M | 551.59K | 3.61M |
| Net Margin % | 15.29% | 30.13% | -6.5% | 32.33% | 16.78% | 57.53% |
| Net Income Growth % | 316.59% | 481.07% | -129.58% | 1584.58% | -84.72% | - |
| Net Income (Continuing) | 5.76M | 10.47M | -2.75M | 9.29M | 551.59K | 3.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.54 | 27.84 | -3603.60 | 204838.00 | 36772.00 | 246092.00 |
| EPS Growth % | 81.54% | 100.77% | -101.76% | 457.05% | -85.06% | - |
| EPS (Basic) | - | 325.48 | -3603.60 | 204838.00 | 36772.00 | 246092.00 |
| Diluted Shares Outstanding | 347.97K | 50.01K | 2.25K | 42 | 15 | 15 |
| Basic Shares Outstanding | 347.97K | 12.85K | 2.25K | 42 | 15 | 15 |
| Dividend Payout Ratio | - | - | - | - | - | 175.96% |
Dilutive equity financing reliance
As indicated by the quarterly income statement data, CISS experienced significant revenue volatility, with a 33.5% growth rate in 2026Q1 following a period of contraction, highlighting the inherent instability of spot-market reliance and the ongoing transition toward a mixed dry bulk and tanker fleet composition.
The revenue trajectory appears highly sensitive to the timing of charter resets and vessel availability, rather than consistent organic growth. Investors should monitor whether the recent pivot to Aframax tankers provides a more stable revenue floor or merely introduces additional cyclical exposure to global energy trade routes.
Based on reported financial figures, gross margins have fluctuated wildly between -56.9% and 53.5% over the last ten quarters, underscoring the company's limited pricing power and the high sensitivity of its operating model to bunker fuel costs and vessel maintenance cycles in the spot market.
The extreme variance in gross margins suggests that CISS lacks the scale to absorb operational shocks, leaving the bottom line exposed to minor fluctuations in daily charter rates. This lack of margin consistency warrants further investigation into whether the company's 'Eco' vessel specifications provide any meaningful competitive advantage in fuel efficiency.
According to the provided income statement data, the massive disparity between operating margins and net margins, such as the 91.3% net margin in 2025Q1, suggests that reported net income is heavily influenced by non-operating gains rather than core shipping operations, complicating the assessment of true profitability.
The frequent disconnect between operating income and net income indicates that investors should focus on operating cash flow rather than headline EPS, which appears subject to significant volatility from derivative valuations or asset transactions. This pattern suggests that the company's core earning power remains obscured by accounting noise.
As evidenced by the erratic EPS figures and historical reliance on equity-linked financing, the primary risk to shareholders appears to be persistent dilution, which may continue to suppress per-share value regardless of any potential improvements in vessel utilization or daily charter rate performance in the future.
While the company maintains a debt-free balance sheet, the frequent use of equity to fund fleet expansion suggests that the cost of capital is being borne directly by shareholders. Analysts should remain skeptical of the company's ability to generate sustainable per-share growth until management demonstrates a shift toward capital discipline.
Quick answers to the most common questions about buying CISS stock.
For fiscal year 2025, C3is Inc. (CISS) reported total revenue of $34.8M. This represents a 454.1% increase compared to $6.3M in 2021.
C3is Inc. (CISS) is profitable, generating $10.5M in net income for the fiscal year ending 2025 with a net profit margin of 30.1%.
C3is Inc. (CISS) reported an operating income of $1.4M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
C3is Inc. (CISS) generated $4.4M in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.