C3is Inc. (CISS) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by. Welcome to the Q1 2026 Financial and Operating Results for C3IS Conference Call. At this time, all participants are in a listen-only mode. I would now like to hand the conference over to your speaker today, Dr. Demantis Andreatis. Please, go ahead. Good morning, everyone, and welcome to the C3IS first quarter of 2026 earnings conference call and webcast. This is Dr. Diamandis Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pindia. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements which reflect current views with respect to future events and financial performance and are based on current expectations and assumptions which by nature are inherently uncertain and outside of the company's control. At this stage, if we could all take a moment to read our disclaimer on slide 2 of this presentation. I would also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in US dollars. We have today released our earnings results for first quarter of 2026, so let's proceed to discuss these results and update you on the company strategy and the market in general. Please turn to slide 3, where we summarize and highlight the company's performance, starting with our financial highlights. For the first quarter of 2026, we reported an adjusted net income of 5.5 million compared to 1 million in 2025, an increase of 358%. Our volume of revenues came in at 11.6 million compared to 8.7 million in 2025, an increase of 34%. Our vessels net book value was 76 million in first quarter 2026 compared to a market value of 75.5 million. These values exclude the two new product anchors as by the end of Q1 2026 no deliveries had been made yet...