Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income/(loss) before gain/(loss) on warrants and share based compensation. EBITDA represents net income/(loss) before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income/(loss) before interest and finance costs, interest income, depreciation, gain/(loss) on warrants and share based compensation.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
(Expressed in
United States
Dollars,
except number Third Quarter Ended September Nine-Month Period Ended
of shares) 30th, September 30th,
-------------- ------------------------------ ------------------------------
2023 2024 2023 2024
Net
Income/(Loss)
- Adjusted Net
Income
--------------
Net
income/(loss) 3,331,044 5,074,563 3,719,169 (2,895,769)
(Less)/Plus
(gain)/loss
on warrants -- (4,825,723) -- 10,350,813
Plus share
based
compensation -- 78,149 -- 204,629
Adjusted Net
Income 3,331,044 326,989 3,719,169 7,659,673
Net
Income/(Loss)
- EBITDA
--------------
Net
income/(loss) 3,331,044 5,074,563 3,719,169 (2,895,769)
Plus interest
and finance
costs 620,282 443,387 621,011 2,143,810
Less interest
income -- (176,333) -- (818,900)
Plus
depreciation 1,382,297 1,625,471 2,722,425 4,552,180
EBITDA 5,333,623 6,967,088 7,062,605 2,981,321
Net
Income/(Loss)
- Adjusted
EBITDA
--------------
Net
income/(loss) 3,331,044 5,074,563 3,719,169 (2,895,769)
(Less)/Plus
(gain)/loss
on warrants -- (4,825,723) -- 10,350,813
Plus share
based
compensation -- 78,149 -- 204,629
Plus interest
and finance
costs 620,282 443,387 621,011 2,143,810
Less interest
income -- (176,333) -- (818,900)
Plus
depreciation 1,382,297 1,625,471 2,722,425 4,552,180
Adjusted
EBITDA 5,333,623 2,219,514 7,062,605 13,536,763
EPS
--------------
Numerator
--------------
Net
income/(loss) 3,331,044 5,074,563 3,719,169 (2,895,769)
Less:
Cumulative
dividends on
preferred
shares (191,667) (191,667) (212,500) (570,833)
Less:
Undistributed
earnings
allocate to
non-vested
shares -- (41,432) -- --
Less: Down
round deemed
dividend on
Series A
Perpetual
Convertible
Preferred
Shares -- -- -- (2,862,000)
Net
income/(loss)
attributable
to common
shareholders,
basic 3,139,377 4,841,464 3,506,669 (6,328,602)
Denominator
--------------
Weighted
average
number of
shares 73,012 6,974,686 45,706 3,955,613
EPS - Basic 43.00 0.69 76.72 (1.60)
Adjusted EPS
--------------
Numerator
--------------
Adjusted net
income 3,331,044 326,989 3,719,169 7,659,673
Less:
Cumulative
dividends on
preferred
shares (191,667) (191,667) (212,500) (570,833)
Less:
Undistributed
earnings
allocated to
non-vested
shares -- (1,148) -- (26,884)
Less: Down
round deemed
dividend on
Series A
Perpetual
Convertible
Preferred
Shares -- -- -- (2,862,000)
Adjusted net
income
attributable
to common
shareholders,
basic 3,139,377 134,174 3,506,669 4,199,956
Denominator
--------------
Weighted
average
number of
shares 73,012 6,974,686 45,706 3,955,613
Adjusted EPS,
Basic 43.00 0.02 76.72 1.06
Reconciliation of TCE:
Time Charter Equivalent rate or "TCE" rate is determined by dividing voyage revenue net of voyage expenses by voyage days for the relevant time period. TCE is a non-GAAP measure which provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure to Time charter equivalent revenues assisting the Company's management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters or time charters, but not bareboat charters) under which the vessels may be employed between the periods. TCE assists our investors to assess our financial performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
(Expressed in U.S. Dollars except for available days and Time charter equivalent rate) Q3 2023 Q3 2024 9M 2023 9M 2024 ------------------------------- ---------- --------- ---------- ---------- Voyage revenues 10,107,108 9,265,750 14,962,205 32,884,955 Voyage expenses 2,796,633 4,450,905 3,255,260 10,426,879 Time charter equivalent revenues 7,310,475 4,814,845 11,706,945 22,458,076 Total voyage days for fleet 262 368 624 962 Time charter equivalent rate 27,903 13,084 18,761 23,345
C3is Inc.
Unaudited Condensed Consolidated Statements of Operations
(Expressed in United States Dollars, except for number of shares)
Q3 2023 Q3 2024 9M 2023 9M 2024
------------------------- ---------- ---------- ---------- ------------
Revenues
Revenues 10,107,108 9,265,750 14,962,205 32,884,955
------------------------- ---------- ---------- ---------- ------------
Total revenues 10,107,108 9,265,750 14,962,205 32,884,955
-------------------------- ---------- ---------- ---------- ------------
Expenses
Voyage expenses 2,685,556 4,342,258 3,085,246 10,022,393
Voyage expenses --
related party 111,077 108,647 170,014 404,486
Vessels' operating
expenses 1,441,088 2,198,105 3,281,260 5,928,676
Vessels' operating
expenses -- related
party 21,750 37,500 51,750 104,667
Drydocking costs 10,238 -- 184,387 --
Management fees --
related party 115,280 161,920 274,560 425,040
General and
administrative expenses 283,037 267,267 822,523 2,150,779
General and
administrative expenses
-- related party 107,716 128,868 33,497 354,313
Depreciation 1,382,297 1,625,471 2,722,425 4,552,180
Total expenses 6,158,039 8,870,036 10,625,662 23,942,534
-------------------------- ---------- ---------- ---------- ------------
Income from operations 3,949,069 395,714 4,336,543 8,942,421
-------------------------- ---------- ---------- ---------- ------------
Other (expenses)/income
Interest and finance
costs (562) (2,638) (1,291) (11,230)
Interest and finance
costs -- related party (619,720) (440,749) (619,720) (2,132,580)
Interest income -- 176,333 -- 818,900
Foreign exchange
gain/(loss) 2,257 120,180 3,637 (162,467)
Gain/(loss) on warrants -- 4,825,723 -- (10,350,813)
------------------------- ---------- ---------- ---------- ------------
Other (expenses)/income,
net (618,025) 4,678,849 (617,374) (11,838,190)
-------------------------- ---------- ---------- ---------- ------------
Net income/(loss) 3,331,044 5,074,563 3,719,169 (2,895,769)
-------------------------- ---------- ---------- ---------- ------------
Earnings/(Loss) per share (ii)
- Basic 43.00 0.69 76.72 (1.60)
- Diluted 15.43 0.01 19.72 (1.60)
Weighted average number of shares
- Basic 73,012 6,974,686 45,706 3,955,613
- Diluted 215,869 19,078,149 188,563 3,955,613
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