Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data C3is Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2024
FY2025
Revenue
28.7
42.3
34.8
Operating expenses
18.3
32.2
33.4
Operating income
10.4
10.1
1.36
Interest expense
0
0.01
0.01
Interest income
0.04
0.95
0.33
Other non-operating income
-1.14
-12.8
9.11
Net income
9.29
-2.75
10.5
EBITDA
14.5
16.2
7.87
EPS, basic
47,133.00
-351.58
46.50
EPS, diluted
18,912.00
-351.58
3.98
Shares, basic (weighted)
0
0.02
0.09
Shares, diluted (weighted)
0
0.02
0.35
Balance sheet
FY2023
FY2024
FY2025
Cash and equivalents
0.7
4.64
0.62
Inventory
0.69
0.88
1.31
Other current assets
0.03
0
0.28
Total current assets
20.3
16.3
20.8
Property, plant and equipment
75.2
84.1
77.6
Total assets
95.5
100
98.5
Accounts payable
0.55
0.91
1.8
Accrued liabilities
0.63
1.27
0.91
Total current liabilities
39.9
18.7
3.36
Total liabilities
39.9
29.1
3.39
Paid-in capital
47.2
71.1
90.6
Retained earnings
8.35
0.26
4.49
Shareholders' equity
55.5
71.4
95.1
Total equity
55.5
71.4
95.1
Total liabilities and equity
95.5
100
98.5
Shares outstanding
0.01
0.04
0.66
Cash flow statement
FY2023
FY2024
FY2025
Net income
9.29
-2.75
10.5
Depreciation and amortization
4.1
6.18
6.5
Stock-based compensation
0.04
0.34
0.38
Change in receivables
-9.77
7.63
-1.45
Change in inventory
-0.52
-0.19
-0.43
Cash from operations
5.64
25
4
Capital expenditures
-4.3
-1.62
-0.16
Cash from investing
-12.4
-1.36
-6.54
Cash from financing
7.48
-19.7
-1.49
Net change in cash
0.7
3.95
-4.02
Free cash flow
1.34
23.4
3.84
Interest paid
0
3
1.19
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.11 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
3.9%
Operating income / revenue.
EBITDA margin
22.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
30.1%
Net income / revenue.
FCF margin
11.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
11.5%
Cash from operations / revenue.
Return on equity (ROE)
12.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
10.5%
Net income / average total assets.
Return on invested capital (ROIC)
1.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
1.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.5%
Capital expenditures / revenue.
D&A / revenue
18.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-17.8%
Revenue vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
-86.4%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-51.6%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-84.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-83.6%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
33.3%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-2.0%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
1,422.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.21x
Current assets / current liabilities.
Quick ratio
0.18x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.18x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
4.0%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$3.98
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$46.50
Net income per basic share, as reported (split-adjusted).
Revenue per share
$99.29
Revenue / diluted weighted shares.
FCF per share
$10.97
Free cash flow / diluted weighted shares.
Operating cash flow per share
$11.43
Cash from operations / diluted weighted shares.
Book value per share
$144.16
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
1.27x
Market cap / net income. Only when net income is positive.
P/S
0.38x
Market cap / revenue.
P/B
0.14x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.14x
Market cap / tangible book value, when positive.
P/FCF
3.46x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
3.32x
Market cap / cash from operations, when positive.
EV/Sales
0.36x
Enterprise value / revenue.
EV/EBIT
9.30x
Enterprise value / operating income, when both are positive.
EV/EBITDA
1.61x
Enterprise value / EBITDA, when both are positive.
EV/FCF
3.30x
Enterprise value / free cash flow, when both are positive.
FCF yield
28.9%
Free cash flow / market cap.
Earnings yield
78.7%
Net income / market cap (the inverse of P/E).
What was C3is Inc.'s revenue in fiscal 2025?
C3is Inc. reported revenue of $34.8M for fiscal 2025, 17.8% lower than the year before.
Was C3is Inc. profitable in fiscal 2025?
Yes. Net income was $10.5M, a net margin of 30.1%.
How much free cash flow did C3is Inc. generate in fiscal 2025?
Cash from operations of $4.0M minus capital expenditures of $161.9K left free cash flow of $3.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.