Cash flow generation is highly unstable, with free cash flow margins ranging from 115.6% to -13.6% and an OCF/NI ratio that plummeted from 32.32 in 2024Q4 to -0.27 in 2025Q4.
| Cash from Operations | 9.99M | 4M | 24.98M | 5.64M | 1.05M | -12.08K |
| Operating CF Margin % | - | 11.51% | 59.05% | 19.62% | 31.99% | -0.19% |
| Operating CF Growth % | 256.67% | -83.98% | 342.91% | 436.29% | 8805.96% | - |
| Net Income | 5.76M | 10.47M | -2.75M | 9.29M | 551.59K | 3.61M |
| Depreciation & Amortization | 6.5M | 6.5M | 6.18M | 4.1M | 557.97K | 441.75K |
| Stock-Based Compensation | 261.6K | 375.22K | 337.86K | 37.64K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 30.04K | -9.15M | 12.4M | -241.97K | 0 | 1.6K |
| Working Capital Changes | -2.56M | -4.2M | 8.81M | -7.55M | -58.05K | -4.06M |
| Change in Receivables | 479.93K | -1.45M | 7.63M | -9.62M | -821.53K | -4.26M |
| Change in Inventory | 686.53K | -427.91K | -194.88K | -523.62K | -165.65K | -60.18K |
| Change in Payables | 61.68K | 896.13K | 361.32K | -245.13K | 792.14K | 146.04K |
| Cash from Investing | -25.18M | -6.54M | -1.36M | -12.43M | -39.39M | -11.64M |
| Capital Expenditures | -161.9K | -161.9K | -1.62M | -4.3M | -39.39M | -11.64M |
| CapEx % of Revenue | 0.43% | 0.47% | 3.84% | 14.96% | 1198.45% | 185.5% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.78M | -1.49M | -19.67M | 7.48M | 38.34M | 12.42M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 7.28M |
| Equity Issued (Net) | 15.12M | 11M | 13.15M | 5M | 0 | 11.49M |
| Dividends Paid | -760.42K | -568.75K | -762.5K | -241.67K | 0 | -6.35M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12.58M | -11.92M | -32.06M | 2.72M | 38.34M | 0 |
| Net Change in Cash | -13.41M | -4.02M | 3.95M | 695.29K | 0 | 273.62K |
| Free Cash Flow | 9.82M | 3.84M | 23.35M | 1.34M | -38.34M | -11.65M |
| FCF Margin % | 26.08% | 11.05% | 55.21% | 4.66% | -1166.46% | -185.69% |
| FCF Growth % | -17.13% | -83.56% | 1643.88% | 103.49% | -229.19% | - |
| FCF per Share | 28.23 | 76.79 | 10402.23 | 32167.76 | -999999.00 | -794285.46 |
| FCF Conversion (FCF/Net Income) | 1.71x | 0.38x | -9.09x | 0.61x | 1.91x | -0.00x |
| Interest Paid | 0 | 1.19M | 3M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile operating cash flow
As reported in financial statements, CISS exhibits extreme volatility in its OCF/NI ratio, which swung from a high of 32.32 in 2024Q4 to a negative 0.27 in 2025Q4, indicating that net income is a poor proxy for the company's actual cash-generating capability.
The wide variance between net income and operating cash flow suggests that non-cash items and working capital swings dominate the bottom line. Investors should monitor whether this disconnect persists, as it complicates the ability to forecast sustainable cash generation from core shipping operations.
Based on CISS's reported figures, free cash flow margins have fluctuated violently between 115.6% and -13.6% over the last ten quarters, reflecting the inherent instability of a business model heavily reliant on spot market charter rates and unpredictable working capital requirements.
The lack of a consistent positive FCF trajectory suggests that the company's cash flow profile is highly sensitive to external market shocks. This volatility may indicate that the business lacks the operational scale necessary to smooth out the cyclical nature of the dry bulk and tanker markets.
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, with quarterly swings reaching as high as $7.7 million in 2024Q1, which significantly obscures the underlying operational efficiency of the company's fleet management and revenue collection processes.
These large, erratic shifts in working capital suggest that the timing of voyage expenses and charter receipts is highly irregular. Such instability may indicate potential challenges in managing liquidity effectively during periods of low spot market activity.
As evidenced by the company's financial data, capital deployment remains focused on minimal dividend payments while avoiding significant share buybacks, suggesting that management is prioritizing cash preservation over returning capital to shareholders despite the absence of traditional debt obligations on the balance sheet.
The absence of a clear, aggressive capital return policy may leave investors questioning the long-term utility of the company's cash reserves. Further investigation is warranted to determine if this cash is being held for future fleet expansion or if it serves as a buffer against operational volatility.
Quick answers to the most common questions about buying CISS stock.
C3is Inc. (CISS) generated $4.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
C3is Inc. (CISS) generated $3.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
C3is Inc. (CISS) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, C3is Inc. (CISS) returned $0.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.