C3is, Inc. Q4 FY2025 earnings call

• Financial performance: 2025 voyage revenues were $34.8 million vs. $42 million in 2024, down 18%; voyage costs $12.8 million vs. $14.1 million in 2024, down due to fewer voyage days; operating expenses $9.2 million; general and admin costs $2.4 million vs. $3 million in 2024; depreciation $6.5 million vs. $6.2 million in 2024; interest and finance cost $400,000 vs. $2.5 million in 2024; gain on warrants $9.2 million vs. loss on warrants $11.1 million in 2024. • Market overviews: Dry bulk market in 2025 had different cycle phase, iron ore market transitional, coal shipments lower, grain/oilseed trades positive, minor bulks growth engine; Handysize fleet exports up 2%, fleet old; Aframax/LR2 spot rates improved on some routes, fleet age details; tanker market refined product tonne-mile demand grew, order book rebounded. • C3is fleet: Owns/operates current vessels, acquired 2 product tankers, fleet capacity to increase, vessels unencumbered and on charters

For the first 12 months of 2025, net income was $10.5 million compared to a net loss of $3 million in 2024, an increase of 481%. Voyage revenues decreased by 18% mainly due to dry docking and idle days of the Aframax tanker, with TCE rates dropping 28%. EBITDA was $17 million vs. $7 million in 2024, an increase of 244%. In the dry bulk market, 2025 was a different cycle phase; iron ore market was transitional, coal shipments were slightly lower, grain and oilseed trades were positive, and minor bulks were the main growth engine. The global Handysize fleet exports of dry bulk commodities loaded on handy super tonnage increased by 2% in 2025, with the fleet being old with demolition potential. For Aframax/LR2, spot rates improved on some routes, and the global Aframax fleet had 25% of vessels over 20 years old, while C3is' Aframax tanker was 15.4 years old. The refined product tanker tonne-mile demand grew, and the tanker market order book rebounded. C3is owns/operates 3 Handysize dry bulk carriers and 1 Aframax oil tanker, and acquired 2 product tankers to be delivered in 2026, with fleet capacity set to increase 387% from inception

• Global seaborne trades are projected to edge higher in 2026 driven by factors like population growth, geopolitics, sanctions, and steady biofuel demand. • The company has added 2 product tankers to the fleet, which will be delivered by Q3 2026, and the fleet capacity will increase 387% from inception

• Voyage revenues were affected by the dry docking and idle days of the Aframax tanker. • Geopolitical factors such as Iran sanctions, Russia sanctions redirecting flows, and Venezuela's situation posed risks. • Weather-related disruptions and policy interventions impacted grain and oilseed trades. • Fleet age issues with the Handysize and Aframax fleets presented risks