Maroussi, Greece, May 20, 2025 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an international shipping company with a focus on the seaborne transportation of refined petroleum products and dry bulk commodities, today announced the following: We will issue our unaudited results for the first quarter ending March 31, 2025, before the market opens in New York on Wednesday, May 21, 2025. A presentation of the first quarter 2025 financial results will be available on the Pyxis Tanker’s website, under the Present ...

The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competiti ...

Stock Performance and Market Conditions - The market price of the company's common stock has fluctuated widely, reaching a high of $26.72 per share in December 2017 and a low of $1.62 per share in January 2022, with 2024 highs of $5.53 and lows of $3.40[206] - The stock market for shipping companies has experienced extreme volatility, often unrelated to individual companies' operating performance, which may lead to substantial losses for investors[207] - The company’s stock may be negatively impacted by perceptions of mixed asset classes and the performance of its subsidiaries[213] - A continued decline in the closing price of common shares could lead to suspension or delisting, significantly impairing the company's ability to raise capital[229] Shareholder Dilution and Equity Issuance - The company may issue additional shares of common stock or other equity securities in the future, which could dilute existing shareholder ownership interests[209] - The company has approximately 1.6 million common stock purchase warrants with an exercise price of $5.60, which may dilute existing shareholder ownership upon exercise[214] Dividend Policy and Financial Ratios - As of December 31, 2024, the ratio of total liabilities over the market value of adjusted total assets was 40%, well below the 75% threshold required for dividend payments[222] - The company does not intend to pay cash dividends on common stock in the near future, and any future payments will depend on the board's discretion[224] - The company’s ability to pay dividends is contingent upon compliance with loan agreements, which may restrict dividend payments if certain financial ratios are not met[225] Regulatory and Tax Considerations - The company is subject to economic substance regulations in the Marshall Islands, and any changes could adversely affect its business and financial condition[218] - The company may be subject to a 4% U.S. federal income tax on shipping income attributable to voyages that begin or end in the United States, which could reduce earnings and cash flow[236] - If treated as a "passive foreign investment company" (PFIC), U.S. shareholders could face adverse tax consequences, including unfavorable tax regimes[239] - The company does not expect to be classified as a PFIC for the 2024 taxable year, treating income from time chartering activities as services income[241] - Pending and future tax law changes, including a potential global minimum tax of 15%, could materially impact the company's financial condition[243] Corporate Governance and Market Compliance - Anti-takeover provisions in the company's Articles of Incorporation may discourage acquisitions and affect the market price of common stock[233] - Nasdaq requires listed companies to maintain a minimum share price of $1.00 per share, with delisting procedures initiated if the price falls below this threshold for 30 consecutive trading days[226] - Following a reverse stock split on May 13, 2022, the company had 10,613,424 common shares outstanding, aimed at meeting the $1.00 per share requirement[227] - The company has not completed a reverse stock split in the past year, but future compliance with Nasdaq's minimum price requirement remains critical[226] - Management's inability to report on the effectiveness of internal controls could lead to decreased investor confidence and a decline in common share value[235]

Company Overview - Pyxis Tankers Inc. operates a modern fleet of six mid-sized eco-vessels, including three MR product tankers, one Kamsarmax bulk carrier, and controlling interests in two dry-bulk joint ventures [2] - The company focuses on the seaborne transportation of a wide range of refined petroleum products and dry-bulk commodities [2] - Pyxis Tankers is positioned to opportunistically expand its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships, and an experienced management team [2] Financial Reporting - The company has filed its Annual Report on Form 20-F for the year ended December 31, 2024, with the Securities and Exchange Commission [1] - Shareholders can access the report on the company's website or request a hard copy containing audited financial statements free of charge [1] Management and Contact Information - The Chief Financial Officer of Pyxis Tankers is Henry Williams, who can be contacted via phone or email for further inquiries [5] - The company's headquarters is located at 59 K. Karamanli Street, Maroussi, Greece [4]

Core Viewpoint - Pyxis Tankers Inc. reported a challenging financial performance for the fourth quarter of 2024, with significant declines in revenues and net income compared to the same period in 2023, attributed to deteriorating market conditions in the shipping industry [2][4][13]. Financial Performance - For the three months ended December 31, 2024, net revenues were $12.0 million, a decrease of 9.2% from $13.2 million in the same period of 2023 [13][22]. - Adjusted net income for the fourth quarter was $0.3 million, down from $21.8 million in the comparable period in 2023, resulting in a loss attributable to common shareholders of $2.4 million [3][13]. - Adjusted EBITDA for the fourth quarter decreased by $4.5 million to $3.3 million compared to $7.7 million in the same period in 2023 [2][13]. Tanker Sector Performance - The average Time Charter Equivalent (TCE) rate for MR tankers in the fourth quarter of 2024 was $22,084 per day, a decline of 27.6% from $30,484 per day in the same period of 2023 [13][22]. - The MR fleet's utilization rate was 89.5% in the fourth quarter of 2024, down from 97.7% in the same period of 2023 [22]. - As of March 13, 2025, the MR tankers were booked at an average estimated TCE of $25,079 per day, with 85% of available days booked for the quarter ending March 31, 2025 [5]. Dry-Bulk Sector Performance - The average TCE rate for dry-bulk carriers in the fourth quarter of 2024 was $11,582 per day, a decrease of 31.6% from $16,932 per day in the same period of 2023 [13][22]. - The dry-bulk fleet's utilization rate was 77.9% in the fourth quarter of 2024, compared to 95.7% in the same period of 2023 [22]. Market Outlook - The chartering environment for both product tankers and dry-bulk markets is expected to remain challenging in 2025, with stable global demand but increasing vessel supply due to newbuild deliveries [7][8]. - The International Monetary Fund (IMF) projects global economic growth of 3.3% annually for 2025 and 2026, which may support demand for seaborne cargoes [7]. Strategic Initiatives - The company completed a $3.0 million common share repurchase program, acquiring over 730,000 shares at an average cost of $4.03 per share, and fully redeemed its Series A Convertible Preferred Stock to prevent potential dilution [9][10]. - The company is exploring acquisition opportunities to expand its fleet of eco-efficient vessels, particularly in light of declining ship values [11]. Balance Sheet Highlights - As of December 31, 2024, total assets increased to $188.9 million from $166.3 million in 2023, with cash and cash equivalents decreasing to $21.2 million [52]. - Total liabilities increased to $84.2 million from $65.0 million in 2023, primarily due to increased long-term debt [52].

Core Viewpoint - Pyxis Tankers Inc. is set to release its unaudited financial results for Q4 and the full year of 2024 on March 13, 2025, after market close in New York [1]. Company Overview - Pyxis Tankers Inc. operates a modern fleet of six eco-vessels, including three MR product tankers, one Kamsarmax bulk carrier, and interests in two dry bulk joint ventures [3]. - The company focuses on the seaborne transportation of refined petroleum products and dry bulk commodities, positioning itself for opportunistic expansion and fleet maximization due to strong capital resources and competitive cost structure [3]. - The management team is experienced and aligned with shareholder interests, enhancing the company's operational effectiveness [3].

Core Viewpoint - Pyxis Tankers Inc. has announced significant updates regarding shareholder actions and chartering agreements, indicating a strategic focus on fleet management and shareholder value enhancement [1][4]. Company Updates - The company has completed a $3.0 million common share repurchase program, acquiring 730,683 shares at an average cost of $4.03 per share, which reduces the total outstanding shares to 10,485,865 [4]. - In 2024, the company redeemed all of its 7.75% Series A Cumulative Convertible Preferred Stock, preventing potential dilution of 1,799,871 common shares, resulting in a total expenditure of approximately $13.1 million for equity repurchases [4]. - As of January 29, 2025, 72% of available days for the company's three eco-MR product tankers in Q1 2025 were booked at an average estimated daily time charter equivalent (TCE) rate of $24,750 per vessel [4]. - For the same period, 68% of available days for the three dry-bulk vessels were booked at an average estimated daily TCE of $15,400 [4]. Fleet Information - The company operates a fleet of six eco-vessels, including three MR product tankers and one Kamsarmax bulk carrier, with a focus on transporting refined petroleum products and dry bulk commodities [6]. - The tanker fleet includes: - Pyxis Lamda (MR2, 50,145 dwt, built in 2017, on spot charter) - Pyxis Theta (MR2, 51,795 dwt, built in 2013, on time charter at $22,000 per day until December 2025) - Pyxis Karteria (MR2, 46,652 dwt, built in 2013, on time charter at $24,500 per day until September 2025) [2][3]. - The dry-bulk fleet includes: - Konkar Ormi (Ultramax, 63,520 dwt, built in 2016, on time charter at $13,650 per day plus bonuses) - Konkar Asteri (Kamsarmax, 82,013 dwt, built in 2015, on time charter at $12,850 per day plus bonuses) - Konkar (Kamsarmax, 82,099 dwt, built in 2015, on time charter at $10,000 per day) [2][5].

Financial Data and Key Metrics Changes - In Q3 2024, consolidated time charter equivalent revenues (TCE) reached $11.7 million, an increase of over 25% compared to the same period in 2023 [9][26] - Net income for the quarter was $3.5 million, or $0.34 basic EPS, reflecting a $0.05 per share improvement from Q3 2023 [9][27] - Adjusted EBITDA rose to $6.7 million, showing a $1.2 million improvement [9][27] - The consolidated leverage ratio of net funded debt was 22% of total capitalization, with a weighted average interest rate of approximately 7.8% [28] Business Line Data and Key Metrics Changes - Daily TCE for the fleet in Q3 2024 was approximately $22,000, with MR2 product tankers averaging almost $30,000 and mid-sized bulkers earning slightly less than $14,000 per day [9][26] - The average daily TCE for MR vessels improved by 6% to $29,826, while dry bulk carriers reported an average daily TCE of $13,841 [26] Market Data and Key Metrics Changes - As of November 20, 69% of available days in Q4 2024 were booked for MRs at an average estimated TCE rate of $24,630 per day, which is about $5,000 lower than Q3 2024 [12] - For dry bulk carriers, 55% of available days in Q4 were booked at an average estimated TCE of $13,190 per day, nearly 5% lower than Q3 2024 [13] Company Strategy and Development Direction - The company remains committed to pursuing value-enhancing investment opportunities while strengthening its balance sheet through debt amortization and share repurchases [14][33] - The company is focused on maintaining a mixed chartering strategy of time and spot charters to optimize working capital [15] Management's Comments on Operating Environment and Future Outlook - Management expressed guarded optimism about the chartering environment for product tankers and dry bulk carriers, citing modest global demand growth and manageable order books [31] - The potential for further interest rate cuts and continued moderate global economic growth was noted, although macroeconomic uncertainties remain [32] Other Important Information - The company redeemed all outstanding Series A convertible preferred stock, eliminating potential dilution of 1.8 million shares [29] - The average age of the vessels in the fleet is below industry averages, with MRs at 10 years and bulkers at nine years [15] Q&A Session Summary Question: What is the outlook for the product tanker sector? - Management indicated that the product tanker sector may benefit from greater restrictions against certain sanctioned countries, which could offset potential de-escalation effects from armed conflicts [32] Question: How is the company managing its financial position? - The company plans to utilize its solid financial position to selectively pursue investment opportunities while continuing its common share repurchase program and repaying debt as scheduled [33] Question: What are the expectations for the dry bulk sector? - The supply-demand fundamentals for the dry bulk sector are expected to remain balanced, with positive demand growth forecasted through 2025 [21]

Third Quarter Ended September 30, 2024 Results November 22, 2024 DISCLAIMER FORWARD-LOOKING STATEMENTS & INFORMATION This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believe", "expan ...

Core Viewpoint - Pyxis Tankers Inc. reported strong financial results for the third quarter of 2024, with significant increases in revenues and net income, driven by favorable market conditions in the product tanker sector and improved operational efficiency. Financial Performance - For the three months ended September 30, 2024, net revenues were $13.8 million, an increase of $2.7 million, or 24.3%, compared to $11.1 million in the same period of 2023 [2][8] - Time charter equivalent (TCE) revenues for the same period were $11.7 million, up $2.4 million, or 25.5%, from the prior year [2][8] - Net income attributable to common shareholders was $3.6 million, an increase of $0.4 million from $3.1 million in the comparable period of 2023 [2][8] - Adjusted EBITDA for the third quarter of 2024 was $6.7 million, an increase of $1.2 million from $5.5 million in the same period of 2023 [2][8] Operational Highlights - The average daily TCE for the MR fleet was $29,826, a 6.4% increase from $28,024 in the same quarter of 2023 [4][13] - The product tanker sector experienced a healthy chartering environment due to global demand for transportation fuels and tight inventories [4][5] - As of November 20, 2024, 69% of available MR days for the fourth quarter were booked at an estimated average TCE of $24,630 per day [4][5] Debt Management - On July 30, 2024, the company refinanced existing debt, resulting in a five-year amortizing bank loan with a reduced interest margin from 3.15% to 2.40% [3][20] - The outstanding balance of the two loans as of September 30, 2024, was $26.5 million, with an average reduction in interest margin of 85 basis points [3][20] Market Conditions - The product tanker sector is expected to benefit from modest global demand growth and manageable order books, despite potential market dislocation due to geopolitical events [5][6] - The dry bulk sector has seen lackluster chartering conditions, with average TCE for mid-sized eco-efficient bulk carriers at $13,841 per day for the third quarter of 2024 [4][5] Shareholder Value - The company has repurchased 581,000 common shares since June 2023, enhancing shareholder value by eliminating potential dilution from convertible preferred stock [6][7]