Lucide Ledger

A filing-first public record from Lucide House.

Issue 004 | U.S. Pilot | US

CISS

C3is Inc.

Screen state: Passing Source state: Verified 20-F | 2026-04-22 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 99.6%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
20,838,709USD
Total Liabilities
3,387,016USD
NCAV
17,451,693USD
Cash
616,640USD
NCAV per share
-6.83USD/share
Evidence
3 annual | 5 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
3
Unavailable
4
Supporting observation Positive OCF 4,001,822
Latest
4,001,8222025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations > 0

Source periods: SEC 20-F 2025-12-31 · 0001193125-26-170448

Supporting observation Share Count Reduced 659,668
Latest
659,6682025-12-31
Comparison
706,5002024-12-31
Change
-6.6%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001193125-26-170448; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 6.21
Latest
6.212025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001193125-26-170448

4 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
High NCAV Burn since the previous filing NCAV burn since previous filing >= 10%; previous NCAV must be positive
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001193125-26-170448 2026-04-22 20-F Verified Data Vault | sec/cleaned/cik=0001951067/accession=0001193125-26-170448/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 5 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
USD
2024-12-31
20-F
USD
2023-12-31
20-F
USD
Revenue 34,755,612 42,296,101 28,738,982
Operating Income 1,364,430 10,061,966 10,427,961
Net Income 10,473,210 -2,748,367 9,291,912
Cash From Operations 4,001,822 24,976,137 5,639,144
Capex -161,900 -1,623,125 -4,300,000
Free Cash Flow 3,839,922 23,353,012 1,339,144
Cash And Equivalents 616,640 4,640,343 695,288
Accounts Receivable n/a n/a n/a
Inventory 1,312,062 884,148 689,269
Total Current Assets 20,838,709 16,339,358 20,310,584
Total Assets 98,486,630 100,489,163 95,472,015
Total Current Liabilities 3,357,855 18,690,874 39,928,166
Total Liabilities 3,387,016 29,127,908 39,928,166
Shareholders Equity 95,099,614 71,361,255 55,543,849
Shares Outstanding 659,668 706,500 87,423
Shares Outstanding Diluted n/a n/a n/a
Weighted Avg Shares Diluted 350,055 314,341 146,116
Weighted Avg Shares Basic 89,967 314,341 54,217
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 5 quarterly periods available from Data Vault for this company.

Metric
2025-06-30
6-K
USD
2024-12-31
6-K
USD
2024-06-30
6-K
USD
2023-12-31
6-K
USD
2023-06-30
6-K
USD
Revenue 19,408,005 42,296,101 23,619,205 28,738,982 4,855,097
Operating Income 2,291,844 10,061,966 8,546,707 10,427,961 387,474
Net Income 2,588,391 -2,748,367 -7,970,332 9,291,912 388,125
Cash From Operations 2,947,983 24,976,137 21,392,996 5,639,144 1,694,917
Capex n/a -1,623,125 -1,623,125 -4,300,000 n/a
Free Cash Flow n/a 23,353,012 19,769,871 1,339,144 n/a
Cash And Equivalents 675,771 4,640,343 32,317,158 695,288 n/a
Total Current Assets 9,204,772 16,339,358 50,007,438 20,310,584 n/a
Total Liabilities 15,512,020 29,127,908 71,096,936 39,928,166 n/a
Shares Outstanding 923,943 706,500 10,257,634 87,423 n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 1,804,320 314,341 234,474 146,116 74,683
Weighted Avg Shares Basic 733,370 314,341 234,474 54,217 31,826
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 9,204,772USD us-gaap:AssetsCurrent 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Total Liabilities 15,512,020USD us-gaap:Liabilities 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Cash 675,771USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Shares Outstanding 923,943 us-gaap:CommonStockSharesOutstanding 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
NCAV -6,307,248USD derived 2025-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share -6.83USD derived 2025-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 99.6% derived 2025-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001951067
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001951067/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
5
Imported At
2026-08-15T12:51:47+00:00
Rendered At
2026-08-16T03:29:54+00:00

Run Audit

Mary Run
29510e1968ca4fb386d55ebe1e97a5de
Mary As Of
2026-08-01
Accession
0001193125-26-170448
CIK
0001951067
Mary Filing Date
2026-04-22
Filing Currency
USD
Internal Discount
99.6%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=29510e1968ca4fb386d55ebe1e97a5de; mary_as_of=2026-08-01; mary_filing_date=2026-04-22; mary_accession=0001193125-26-170448; mary_cik=0001951067; gnni_supporting_filing_date=2026-04-22; internal_discount=0.995502; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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