C3is Inc. (NASDAQ:CISS) shares are down on Friday morning. The stock reversed after trading higher on Thursday after the company reported its fourth-quarter and full-year financial results.
• C3is stock is taking a hit today. What’s behind CISS decline?
Earnings Snapshot
The company reported adjusted loss per share of $4.86, which narrowed from a loss of $24.90 a year ago quarter, as adjusted net income more than doubled to $2.7 million from $1.1 million in the prior year quarter.
Voyage revenues rose to $10.6 million from $9.4 million in the prior year, led by higher average TCE rates for the vessels and the decrease in idle days. Average daily TCE increased by 24% in the quarter.
Fleet operational utilization stood at 93.5% in the quarter, better than 90.2% in the prior year, thanks to fewer idle days.
Additionally, C3 highlights its strong liquidity position, ending the year with $14.9 million in cash, despite repaying …