How did CISS's Q3 earnings surprise investors?

**C3is Inc. (CISS) did not provide a surprise in its Q3 earnings report**, as the company's financial performance was in line with analysts' expectations. Here are the key points to consider: 1. **Revenue and Net Income**: C3is reported revenues of $9.3 million for Q3 2024, which was a 24% increase from the previous quarter. However, this was partially offset by a decrease in daily time charter equivalent (TCE) rates, which decreased by 9% year-over-year. Despite the revenue increase, the company reported a net income of $5.1 million for the quarter, which was a significant improvement from the previous quarter's net loss of $2.9 million. 2. **EBITDA and Cash Flow**: The company's adjusted EBITDA for Q3 2024 increased by 11% compared to the previous quarter, reaching $16.4 million. This indicates improved operational efficiency. Additionally, the company's cash balance, including time deposits, was $12.6 million at the end of the quarter, after significant vessel acquisitions totaling $41 million. 3. **Fleet Performance and Outlook**: C3is' fleet remained operational with a strong utilization rate of 90.2% for Q3 2024, mainly due to the commercial idle days of the vessel that operated in the spot market. The company's Aframax tanker achieved voyage charter rates of around $43,000 per day. Looking ahead, management remains optimistic about the company's financial performance in 2025, anticipating potential positive impacts from geopolitical shifts and regulatory changes. In conclusion, while C3is' Q3 earnings report showed improvements in revenue and profitability, the company's performance was not considered a surprise, as analysts had already anticipated a recovery in the company's financials.