C3is (CISS) Q2 2026 Earnings Call: Revenue Jumps 124%
Source Tradingkey
Key Takeaways
- C3is (NASDAQ: CISS) reported Q2 2026 voyage revenue of $24.0 million, up 124% from $10.7 million in Q2 2025. Net revenue rose 185% to $17.0 million.
- Net income reached $10.0 million versus a $5.3 million loss a year earlier. Adjusted net income increased 755% to $9.8 million.
- Fleet-wide time charter equivalent, or TCE, increased 145% year over year to $40,300 per day. The Aframax tanker achieved a TCE of $133,500 per day, up 202%.
- Cash increased to $33.2 million at June 30 and $48.0 million by the end of July. Management said this covers the $39.78 million payment for two product tankers due in January 2027.
- C3is had five vessels at the end of Q2. Clean Reaper was subsequently delivered in Q3, expanding and diversifying the fleet alongside the previously delivered Clean Fury.
- Management said it expects the second half of 2026 to “mirror the first half,” supported by fleet expansion, although no specific revenue or earnings forecast was provided.
Key Financial Data
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Voyage revenue | $24.0 million | $10.7 million | +124% |
| Net revenue | $17.0 million | $6.0 million | +185% |
| Operating income | $9.7 million | $1.0 million | +820% |
| Net income | $10.0 million | $(5.3) million | Turned profitable |
| Adjusted net income | $9.8 million | $1.1 million | +755% |
| EBITDA | $12.0 million | $(3.7) million | Turned positive |
| Adjusted EBITDA | $11.8 million | $2.8 million | +325% |
| Fleet TCE | $40,300/day | — | +145% YoY |
| Aframax TCE | $133,500/day | — | +202% YoY |
| EPS | $353.87 | — | — |
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