C3is, Inc. Q1 FY2024 earnings call

• Financial highlights: EBITDA up to $5.7M, net income $3.8M (475% increase from Q1 2023), TCE double in Q1 2024. - Fleet updates: Acquired Aframax tanker in Q3 2023 and bulk carrier in 2024, fleet capacity 213,000 deadweight. - Reverse stock split: Effected 400:1 reverse split in April 2024 to regain Nasdaq compliance. - Proceeds: Total net proceeds from public offerings $16.4M, cash balance up 285% from end-2023.

For the first quarter of 2024, C3is reported an EBITDA of $5.7 million compared to $1.4 million in Q1 2023. Net income was $3.8 million vs $0.8 million in Q1 2023, a 475% increase. TCE for Q1 2024 was $36.5K, more than double the $15.9K in Q1 2023, with the Aframax tanker being the main contributor. Vessel's net value was $73.8 million at end-March 2024 vs $75.2 million at end-2023. Net cash balance was $34.9 million at end-March 2024 vs $9 million at end-2023. The fleet includes two handysize carriers, an Aframax tanker, and a bulk carrier, with total capacity 213,000 deadweight.

• Focus on selective vessel acquisitions. - Aim to diversify fleet to impact long-term profits. - Leverage strong cash balance ($34.9M) to fund vessel purchases after Aframax and bulk carrier payments.

• Nasdaq listing risk: Shares below $1 for 30 days led to reverse stock split. - Environmental regulations: May accelerate vessel demolitions, reducing fleet supply. - Market uncertainties: Red Sea disruptions, Panama Canal constraints, and Houthi attacks may shape market dynamics.