NEWS
C3is Inc. reports Revenue of $12.8 million, Net Income of $3.8 million, and financial and operating results for the quarter ended March 31, 2024
Positive
Revenue of $12.8 million for Q1 2024, up from $3.2 million in Q1 2023.
Net Income of $3.8 million for Q1 2024, up 404% from Q1 2023.
EBITDA of $5.7 million for Q1 2024, up 302% from Q1 2023.
Basic and diluted EPS of $1.11.
Successful equity offerings raising $11.4 million.
Fleet capacity increased to 213,468 dwt with the acquisition of a new vessel.
Strong cash balance of $34.9 million.
Fleet operational utilization of 93.4%.
Negative
Increased voyage expenses to $2.8 million, up from $0.3 million in Q1 2023.
Higher vessel operating expenses at $1.8 million, up from $1.0 million in Q1 2023.
Depreciation increased to $1.4 million, up from $0.7 million in Q1 2023.
General and Administrative costs rose to $1.5 million from $0.2 million in Q1 2023.
Interest and finance costs increased to $0.8 million.
Unrealized loss on warrants of $0.6 million.
Reverse stock split conducted to meet Nasdaq listing requirements.
Revenue of $12.8 million for Q1 2024, up from $3.2 million in Q1 2023.
Net Income of $3.8 million for Q1 2024, up 404% from Q1 2023.
EBITDA of $5.7 million for Q1 2024, up 302% from Q1 2023.
Basic and diluted EPS of $1.11.
Successful equity offerings raising $11.4 million.
Fleet capacity increased to 213,468 dwt with the acquisition of a new vessel.
Strong cash balance of $34.9 million.
Fleet operational utilization of 93.4%.
Negative
Increased voyage expenses to $2.8 million, up from $0.3 million in Q1 2023.
Higher vessel operating expenses at $1.8 million, up from $1.0 million in Q1 2023.
Depreciation increased to $1.4 million, up from $0.7 million in Q1 2023.
General and Administrative costs rose to $1.5 million from $0.2 million in Q1 2023.
Interest and finance costs increased to $0.8 million.
Unrealized loss on warrants of $0.6 million.
Reverse stock split conducted to meet Nasdaq listing requirements.
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73455153 : So nothing changed scam company