The following is a summary of the C3is Inc. (CISS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• C3is reported Q1 2024 EBITDA of $5.7 million, a significant increase from $1.4 million in Q1 2023, largely due to the addition of an Aframax tanker to their fleet in Q3 2023.

• Net income rose substantially, from $0.8 million in Q1 2023 to $3.8 million.

• While the net value of their vessel dropped a little from $75.2 million to $73.8 million, it is expected to increase following the acquisition in Q2 2024.

• Cash balance increased from $9 million in 2023 to $34.9 by the end of Q1 2024 due to net profit, collection of receivables, and proceeds from two share offers.

Business Progress:

• C3is expanded its fleet from two handysize carriers and an Aframax tanker to add another 33,000 deadweight bulk carrier.

• They underwent a 1-for-400 reverse stock split in April 2024 due to falling below the minimum share bid price for continued listing on the capital market.

• With a significant increase in cash balance and fleet capacity, the recent acquisition of Vessel Eco Spitfire, and no outstanding bank debt, the company is confident for further strategic acquisitions.

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