C3is H1 2026: Revenue Up 84% to $35.6M, But $39.8M Vessel Payments Loom in January
CISS is trading near its 52-week low of $1 (6.0% above the low) on light trading volume (0.2× avg).
Summary
C3is reported H1 2026 revenue of $35.6M (up 84%) and net income of $13.2M, but faces $39.8M in vessel payments due January 2027 against $33.2M in cash and deposits. The company continues to raise capital through its ATM and a July unit offering.
Key Events · Earnings and Guidance · CISS
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H1 Revenue Nearly Doubles
Revenue reached $35.6M for the six months ended June 30, 2026, up 84% from $19.4M a year earlier, driven by a 125% increase in average TCE rate to $36,769 per day.
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Net Income Hits $13.2M
Net income was $13.2M versus $2.6M in H1 2025, though a $2.0M non-cash warrant liability remeasurement loss partially offset operating gains.
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$39.8M Vessel Payments Due January 2027
The company owes $22.9M for Clean Fury and $16.88M for Clean Reaper, both due January 2027, against $33.2M in cash and time deposits as of June 30, 2026.
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Aggressive ATM Usage Continues
Post-June 30, the company sold 2.0M shares under its $98M ATM for $4.3M net proceeds in August-September 2026, and completed a $6.0M unit offering in July 2026.
Analysis · CISS · Energy & Transportation
C3is delivered strong first-half results — revenue nearly doubled to $35.6 million and net income hit $13.2 million, driven by a 125% jump in average charter rates. But the balance sheet tells a more urgent story: the company owes $39.8 million for two recently acquired product tankers in January 2027, against only $33.2 million in cash and time deposits as of June 30. Management's own liquidity statement is conditional on completing further equity offerings or taking on bank debt. The filing also confirms the company has been aggressively tapping its $98 million ATM — selling 2 million shares for $4.3 million in August-September alone — and completed a $6 million unit offering in July. For a micro-cap with a $1.5 million market cap, the dilution and financing pressure are the real headline.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1625 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.52%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CISS was trading at $1.06 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.5M. The 52-week trading range was $1.00 to $33,263.44. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.