C3is Inc. (CISS) Cash Flow Statement
Where CISS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.0M −84.0% vs 2024
- Capital expenditures
- $161,900 0.5% of revenue
- Free cash flow
- $3.8M 11.0% margin
- Returned to shareholders
- $568,750 15% of free cash flow
- Change in cash
- −$4.0M cash at year-end $616,640
Drawn to scale: where the cash came from and how it was used. Hover for values.
CISS operating cash flow, capex and free cash flow
CISS cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$12,0782021 | $4.0M2025 | — | |
| Capital expenditures | $11.6M2021 | $161,9002025 | −65.7%/yr | |
| Free cash flow | −$11.6M2021 | $3.8M2025 | — | |
| Free cash flow margin | −185.7%2021 | 11.0%2025 | +196.7 pts | |
| Operating cash flow / net income | −0.002021 | 0.382025 | +0.39 | |
| Stock-based compensation | $02022 | $375,2242025 | — | |
| Dividends paid | $6.3M2021 | $568,7502025 | −45.3%/yr | |
| Capex / revenue | 185.5%2021 | 0.5%2025 | −185.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CISS cash flow by activity
CISS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CISS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $10.5M | −$2.7M | $9.3M | $551,586 | $3.6M |
| Depreciation & amortization | $6.5M | $6.2M | $4.1M | $557,974 | $441,749 |
| Stock-based compensation | $375,224 | $337,855 | $37,638 | $0 | — |
| Change in working capital | −$4.2M | $8.8M | −$7.6M | −$58,054 | −$4.1M |
| Other non-cash items | −$9.2M | $12.4M | −$241,967 | $0 | $1,596 |
| Cash from operating activities | $4.0M | $25.0M | $5.6M | $1.1M | −$12,078 |
| Investing activities | |||||
| Capital expenditures | −$161,900 | −$1.6M | −$4.3M | −$39.4M | −$11.6M |
| Investments (net) | −$6.4M | −$1.4M | −$12.4M | −$39.4M | — |
| Acquisitions & other investing | $0 | $1.6M | $4.3M | $39.4M | −$3 |
| Cash from investing activities | −$6.5M | −$1.4M | −$12.4M | −$39.4M | −$11.6M |
| Financing activities | |||||
| Dividends paid | −$568,750 | −$762,500 | −$241,667 | $0 | −$6.3M |
| Shares issued | $11.0M | $13.1M | $5.0M | $0 | $0 |
| Other financing | −$11.9M | −$32.1M | $2.7M | $38.3M | $18.8M |
| Cash from financing activities | −$1.5M | −$19.7M | $7.5M | $38.3M | $12.4M |
| Summary | |||||
| Net change in cash | −$4.0M | $3.9M | $421,667 | $0 | $273,621 |
| Cash at end of period | $616,640 | $4.6M | $695,288 | $273,621 | $273,621 |
| Free cash flow | $3.8M | $23.4M | $1.3M | −$38.3M | −$11.6M |
| Free cash flow margin | 11.0% | 55.2% | 4.7% | −1,166.5% | −185.7% |
| Capex / revenue | 0.5% | 3.8% | 15.0% | 1,198.4% | 185.5% |
| Operating cash flow / net income | 0.38 | — | 0.61 | 1.91 | −0.00 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $10.0M | $3.2M | $5.2M | $2.7M | −$5.3M | $7.9M | $147,402 | $5.1M | −$11.8M | $3.8M | $5.6M | $3.3M |
| Depreciation & amortization | $2.1M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.5M | $1.4M | $1.4M | $1.4M |
| Stock-based compensation | $31,289 | $30,944 | $40,181 | $106,525 | $114,890 | $113,628 | $133,226 | $78,149 | $63,016 | $63,464 | $37,638 | $0 |
| Change in working capital | −$8.4M | $2.1M | −$5.8M | $4.3M | −$3.1M | $489,440 | $2.1M | −$3.1M | $2.2M | $7.7M | −$6.5M | −$1.0M |
| Other non-cash items | −$199,027 | $2.3M | −$2.5M | −$6.2M | $6.4M | −$6.9M | $791,317 | −$4.8M | $14.6M | $1.8M | −$241,967 | −$1 |
| Cash from operating activities | $3.6M | $9.3M | −$1.4M | $2.5M | −$346,508 | $3.3M | $4.8M | −$1.2M | $6.6M | $14.8M | $242,277 | $3.7M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | −$3 | −$161,902 | −$4 | $0 | −$3 | −$1.6M | −$3 | −$3 | −$4.3M |
| Investments (net) | −$7.5M | −$10.7M | −$9.1M | −$3.6M | −$1.6M | $7.9M | −$7.9M | $13.2M | −$8.1M | $1.5M | −$8.1M | −$4.3M |
| Acquisitions & other investing | $0 | $0 | $0 | $3 | $2 | $4 | $0 | $3 | $1.6M | $3 | $3 | $4.3M |
| Cash from investing activities | −$7.5M | −$10.7M | −$9.1M | −$3.6M | −$1.8M | $7.9M | −$7.9M | $13.2M | −$8.1M | $1.5M | −$8.1M | −$4.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$1 | −$383,334 | $0 | −$189,583 | −$187,500 | −$191,667 | −$191,667 | −$189,583 | −$189,583 | −$191,667 | −$241,667 | −$241,667 |
| Net borrowing (repayment) | — | — | — | $0 | — | — | — | −$36.1M | — | — | — | — |
| Shares issued | $1.0M | $1.6M | $11.0M | $0 | $0 | $0 | $0 | $0 | $0 | $13.1M | $0 | $5.0M |
| Other financing | $1.4M | $1.9M | −$1.2M | $2.0M | −$12.7M | $0 | $0 | $0 | $5.8M | −$1.7M | −$128,225 | −$214,180 |
| Cash from financing activities | $2.4M | $3.1M | $9.8M | $1.9M | −$12.9M | −$191,667 | −$191,667 | −$36.3M | $5.6M | $11.2M | −$369,892 | $4.5M |
| Summary | ||||||||||||
| Net change in cash | −$1.5M | $1.7M | −$797,331 | $738,200 | −$15.0M | $11.1M | −$3.4M | −$24.3M | $4.2M | $27.5M | −$8.3M | $3.9M |
| Cash at end of period | $737,874 | $2.3M | $616,640 | $1.4M | $675,771 | $15.7M | $4.6M | $8.0M | $32.3M | $28.2M | $695,288 | $8.9M |
| Free cash flow | $3.6M | $9.3M | −$1.4M | $2.5M | −$508,408 | $3.3M | $4.8M | −$1.2M | $5.0M | $14.8M | $242,280 | −$598,050 |
| Free cash flow margin | 14.8% | 80.2% | −13.6% | 51.8% | −4.7% | 38.0% | 50.6% | −12.7% | 46.0% | 115.6% | 1.8% | −5.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | 0.0% | 0.0% | 0.0% | 15.0% | 0.0% | 0.0% | 42.5% |
| Operating cash flow / net income | 0.36 | 2.90 | −0.27 | 0.93 | — | 0.42 | 32.32 | −0.23 | — | 3.91 | 0.04 | 1.11 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CISS cash generation
In fiscal 2025 (ended December 31, 2025), C3is generated $4.0 million of cash from operations (down 84.0%) and spent $0.2 million on capital expenditures, leaving free cash flow of $3.8 million, 11.0% of revenue. It returned $0.6 million to shareholders through dividends ($0.6 million) and net share buybacks ($0). Cash and equivalents fell by $4.0 million over the year.
Related: CISS income statement, CISS balance sheet. See the CISS stock overview for the latest quote and news.
CISS cash flow FAQ
What is C3is's free cash flow?
C3is's free cash flow was $3.8 million in fiscal 2025: $4.0 million of operating cash flow minus $0.2 million of capital expenditures It was $23.4 million a year earlier..
How much cash does C3is generate from operations?
C3is generated $4.0 million of cash from operating activities in fiscal 2025, 0.38 times its net income of $10.5 million.
How much does C3is spend on capital expenditures?
C3is spent $0.2 million on capital expenditures in fiscal 2025, 0.5% of revenue, compared with $1.6 million the year before.
How much does C3is pay in dividends?
C3is paid $0.6 million in dividends in fiscal 2025, 14.8% of free cash flow.