Maroussi, Greece – November 21, 2025 – Pyxis Tankers Inc. (the “Company”) (NASDAQ Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international diversified shipping company, announced that on November 19, 2025, its Board of Directors authorized the repurchase of up to $3.0 million of our common shares. We believe our current share price does not reflect the value proposition of Pyxis Tankers, let alone the significant operational progress, financial performance as well as future pr ...

Third Quarter Ended September 30, 2025 Results November 20, 2025 FORWARD-LOOKING STATEMENTS & INFORMATION DISCLAIMER This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believ ...

Maroussi, Greece, November 20, 2025 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international diversified shipping company, today announced unaudited results for the three and nine month periods ended September 30, 2025. For the three months ended September 30, 2025, our revenues, net, were $9.7 million. For the same period, our time charter equivalent (“TCE”) revenues were $8.9 million, a decrease of $2.7 million, or 23.5%, over the comparable peri ...

Company Overview - Pyxis Tankers Inc. is an international shipping company focused on the seaborne transportation of refined petroleum products and dry bulk commodities [3] - The company owns 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 [3] - The company 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 [3] Financial Results Announcement - Pyxis Tankers will issue its unaudited results for the third quarter ended September 30, 2025, after the market closes in New York on November 20, 2025 [1] - An accompanying slide presentation of the third quarter 2025 financial results will be available on the Pyxis Tankers website under the Presentations section of the Investor Relations page [2]

Ownership and Fleet Composition - As of June 30, 2025, the company owns 100% of its vessel-owning companies and has a 60% ownership in DRYKON MARITIME Corp. and ACCUSHIP MARITIME Ltd., which own dry-bulk carriers[7][8]. - The average number of vessels in the fleet increased to 6.0 in 2025 from 4.8 in 2024, reflecting an expansion in fleet size[32]. - The company acquired two dry-bulk vessels, "Konkar Asteri" and "Konkar Venture," in February and June 2024, respectively, contributing to fleet expansion[39]. - The company completed the acquisition of an eco-efficient Kamsarmax vessel for $26.625 million, funded by $14.5 million in secured bank debt and cash on hand[61]. - In mid-September 2023, Pyxis acquired the 2016 Japanese built Ultramax dry-bulk carrier "Konkar Ormi" for $28.5 million, funded by a $19.0 million secured bank loan and cash[126]. - In mid-February 2024, Pyxis completed the acquisition of the "Konkar Asteri" for $26.625 million, funded by $14.5 million secured bank debt and cash[127]. Financial Performance - For the six months ended June 30, 2025, the company reported net revenues of $18,756,000, a decrease of 27.1% compared to $25,715,000 in the same period of 2024[30]. - Operating income for the same period was $694,000, down from $10,707,000 in 2024, indicating a significant decline in operational performance[30]. - The net loss attributable to common shareholders for the six months ended June 30, 2025, was $1,237,000, compared to a net income of $8,459,000 in the prior year[30]. - The daily time charter equivalent (TCE) rate for MR vessels decreased to $22,049 in 2025 from $32,337 in 2024, reflecting a decline of 31.9%[32]. - Net revenues for the six months ended June 30, 2025, were $18.8 million, a decrease of $7.0 million or 27.1% from $25.7 million in the same period of 2024[39]. - The average daily TCE rate for the MR fleet decreased by $10,288 to $22,049 in the first half of 2025, compared to $32,337 in the same period of 2024[39]. - Dry-bulk average daily TCE rate was $12,919, a decrease of $7,192 from $20,111 in the first half of 2024, despite an increase in utilization to 90.8% from 78.5%[39]. - Operating income significantly dropped to $694,000 in 2025, compared to $10,707,000 in 2024, reflecting a decline of 93.5%[80]. - The company reported a basic loss per common share of $(0.12) for the six months ended June 30, 2025, compared to a profit of $0.81 in the same period of 2024[148]. Cash Flow and Liquidity - Net cash provided by operating activities was $7.6 million for the six months ended June 30, 2025, down from $10.7 million in the same period of 2024[51]. - Cash and cash equivalents as of June 30, 2025, amounted to $28.8 million, compared to $22.6 million as of December 31, 2024[50]. - The company expects to cover its liquidity needs for the next 12 months through cash generated from operations and managing working capital[58]. - The company reported a working capital surplus of $30.8 million as of June 30, 2025, defined as current assets minus current liabilities[58]. - Cash provided by operating activities decreased from $10,679,000 in 2024 to $7,551,000 in 2025, representing a decline of approximately 29.9%[83]. Expenses and Liabilities - Daily vessel operating expenses for MR vessels increased to $7,421 in 2025 from $7,175 in 2024, representing a rise of 3.4%[32]. - General and administrative expenses increased to $4.6 million in the first half of 2025, up $3.0 million from $1.5 million in the same period of 2024[42]. - As of June 30, 2025, total current liabilities increased to $15,277,000 from $12,254,000 as of December 31, 2024, indicating a rise in short-term obligations[30]. - The company’s total assets decreased to $186,593,000 as of June 30, 2025, down from $188,881,000 at the end of 2024[30]. - Total liabilities increased to $88,450,000 as of June 30, 2025, compared to $89,226,000 as of December 31, 2024[78]. Risks and Market Conditions - The company is subject to various risks, including changes in governmental regulations, economic conditions, and competition in the shipping market, which could impact future results[4][10]. - The impact of geopolitical events, such as the Ukraine War and Middle East conflicts, is noted as a significant factor affecting market conditions and operational performance[10]. - Forward-looking statements regarding the company’s future performance are subject to various uncertainties and should be interpreted with caution[6]. Shareholder and Equity Information - The company has a total of 10,485,865 common shares issued and outstanding, with Mr. Valentis owning 57.3%[68]. - The company does not intend to pay dividends on common shares in the near future, focusing instead on reinvestment in vessel operating costs and acquisitions[60]. - The company has authorized an increase of $1.0 million in its share repurchase program, bringing the total to $3.0 million[63]. - The company repurchased 67,534 common shares at an average price of $3.91 per share, totaling $264 thousand during the six months ended June 30, 2025[63]. Debt and Financing - A "hunting license" loan facility of up to $45 million was closed to finance the potential acquisition of modern vessels, with an interest rate of SOFR + average margin of 1.9%[70]. - The company refinanced existing debt, reducing the interest margin from 3.15% to 2.40% for certain credit facilities[66]. - The total principal payments required after June 30, 2025, amount to $81.29 million, with the largest payment of $34.96 million due in 2029[132]. - As of June 30, 2025, the outstanding loan balance for "Konkar Ormi" is $16.5 million, repayable in 13 quarterly installments of $300, with a balloon payment of $12.6 million due in September 2028[126]. - The outstanding balance of the Seventhone loan was $9,550,000 as of June 30, 2025, with a repayment plan of 17 quarterly installments of $300,000 each[116]. Related Party Transactions - Total related party transactions increased from $1,782,000 in the first half of 2024 to $1,930,000 in the first half of 2025, representing an increase of 8.3%[101]. - Ship-management fees increased from $498,000 in 2024 to $686,000 in 2025, reflecting a 37.8% increase[101]. Asset Valuation and Depreciation - The net book value of vessels decreased from $140,024,000 at the beginning of 2025 to $136,728,000 by June 30, 2025, a decline of 2.3%[111]. - Depreciation expenses increased from $3,095,000 in 2024 to $3,752,000 in 2025, reflecting higher asset values[83]. - No impairment loss was recognized for the six months ended June 30, 2024, and 2025, indicating stable asset valuations[155].

Financial Performance - Time charter equivalent revenues were $88 million, a 282% decrease compared to Q2 2024[6] - Net loss was $19 million, resulting in a loss per share of $019[6] - Adjusted EBITDA was $12 million, down from $8 million in Q2 2024[6] - MR2 tankers reported an average daily TCE of $20686, while bulkers reported $12840 in Q2 2025[6] - For Q3 2025, 91% of MR available days are booked at an estimated average TCE rate of $21600/day, and 66% of dry-bulk carrier days are booked at $15250/day[6] Market Conditions and Outlook - The product tanker sector faces constructive but moderating conditions due to slower economic activity and increased tanker supply[12, 14] - Global GDP growth is forecasted at approximately 3% for 2025 and 2026, impacting seaborne trade of refined products[14] - Major geopolitical events, such as the Russia-Ukraine war and Red Sea conflicts, continue to influence chartering activities and trade routes[15] - The introduction/expansion of trade restrictions, led by the U S, is developing, including the effects on the energy markets[15] Fleet and Strategy - Approximately 46% of the remaining days of 2025 are covered by existing charters[7] - The company is well-positioned for opportunistic fleet expansion with cash items and a Hunting License bank loan commitment of up to $45 million[6] MR2 Tanker Supply - The MR2 orderbook stood at 319 vessels as of June 1, 2025, representing 169% of the worldwide fleet[16] - An estimated annual net growth of 5-6% in 2025 is expected in MR2 supply[16]

Core Insights - The company reported a significant decline in revenues and increased net losses for the second quarter of 2025 compared to the same period in 2024, primarily due to lower charter rates and increased administrative expenses [2][3][12] Financial Performance - For the three months ended June 30, 2025, net revenues were $9.2 million, a decrease of 34.2% from $13.9 million in the same period of 2024 [12] - The net loss attributable to common shareholders was $2.0 million, compared to a net income of $5.0 million for the same period in 2024 [12] - Adjusted EBITDA for the second quarter of 2025 was $1.2 million, down from $8.0 million in the same period of 2024, reflecting a decrease of $6.8 million [12][15] Market Conditions - The product tanker sector faced lower charter rates in 2025 due to slowing global economic activity, with average TCE rates for MR tankers declining by 37% year-over-year to $20,686 per day [4][12] - The dry-bulk market also experienced depressed chartering conditions, with average daily TCE rates for mid-sized bulkers falling over 42% compared to Q2 2024, reaching $12,840 [5][12] Operational Insights - The company operated an average of 6.0 vessels in Q2 2025, an increase from 5.0 vessels in the same period of 2024, contributing to higher total fleet ownership days [19][30] - 100% of MR tankers' revenue was generated under short-term time charters in Q2 2025, while dry-bulk carriers were also exclusively employed under short-term time charters [12][30] Future Outlook - The company anticipates a challenging chartering environment for both product tankers and dry-bulk carriers for the remainder of 2025, with modest growth expected in global demand for seaborne cargoes [6][9] - A recent $750 billion energy trade agreement by the European Union to purchase U.S. energy products over the next three years may provide a potential boost to tanker demand [6][9] - The company has secured a bank commitment of up to $45 million to finance the potential acquisition of two vessels by January 2027, indicating plans for fleet expansion [10][51]

Core Viewpoint - Pyxis Tankers Inc. is set to release its unaudited financial results for Q2 2025 on August 8, 2025, before the market opens in New York [1] 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 [3] - The company focuses on the seaborne transportation of refined petroleum products and dry bulk commodities, positioning itself for opportunistic expansion and maximizing its fleet of eco-efficient vessels [3] - Pyxis Tankers benefits from significant capital resources, a competitive cost structure, strong customer relationships, and an experienced management team aligned with shareholder interests [3]

Financial Performance - Time charter equivalent revenues were $84 million, a 174% decrease compared to Q1 2024[5] - Net income was $08 million, resulting in $007 EPS (basic and diluted)[5] - Adjusted EBITDA was $35 million, down $25 million from Q1 2024[5] Fleet and Chartering - In Q1 2025, the fleet TCE was $18,692, with MR2 tankers reporting an average daily TCE of $23,593 and bulkers at $13,013[5] - As of May 20, 2025, 100% of available MR days for Q2 were booked at an estimated average TCE rate of $21,600/day, and 62% of Q2 days for dry-bulk carriers were booked at an estimated average TCE rate of $12,300/day[5] - Approximately 38% of the remaining days of 2025 are covered by existing charters[6] Market Conditions and Outlook - Increasing pace of scheduled new build deliveries starting in the second half of the year through 2026 is expected to lead to significant supply growth, potentially offset by scrapping of older vessels[5] - Major regional conflicts have contributed to constructive chartering conditions worldwide, despite moderating cargo shipments[5] - The IMF lowered its forecast for annual global GDP growth to an average of 29% for 2025-26[12] - Drewry forecasts total dry bulk demand growth of 24% for 2025, with a compounded annual growth rate (CAGR) for 2024-30 of 25%[19]

Company Overview - Pyxis Tankers Inc. reported unaudited results for the three months ended March 31, 2025, with net revenues of $9.6 million, a decrease of 18.6% from $11.8 million in the same period of 2024 [2][11][16] - The net income attributable to common shareholders for Q1 2025 was $0.8 million, down from $3.4 million in Q1 2024, resulting in earnings per share of $0.07 compared to $0.33 in the prior year [2][11][16] - Adjusted EBITDA for the first quarter of 2025 was $3.5 million, a decrease of $2.5 million from $6.0 million in Q1 2024 [2][11][16] Financial Performance - Time charter equivalent (TCE) revenues for Q1 2025 were $8.4 million, a decrease of $1.8 million or 17.4% compared to the same period in 2024 [2][11] - The average daily TCE rate for MR tankers was $23,593, which is 25.8% lower than the $31,790 rate in Q1 2024 [11][16] - The dry-bulk fleet achieved an average daily TCE rate of $13,013, down 23.2% from $16,950 in the same period of 2024 [11][16] Market Conditions - The product tanker sector faced lower charter rates due to slowing global economic activity and reduced demand for transportation fuels, although market conditions improved sequentially supported by seasonal factors [5][7] - The dry-bulk market remained subdued, impacted by soft demand for certain commodities and the deceleration of the Chinese economy [6][9] - Global demand for seaborne cargoes is expected to see modest growth in 2025, with a normalization of ton-mile activity anticipated [7][9] Fleet and Operations - As of March 31, 2025, the company had a fleet of three modern eco-efficient MR tankers and three dry-bulk vessels, all employed under short-term time charters [5][6][51] - The company repurchased 67,534 common shares at an average price of $3.91 per share during the first quarter of 2025, completing its $3.0 million share repurchase program [3][35] - The average number of vessels increased from 4.5 in Q1 2024 to 6.0 in Q1 2025 due to the acquisition of two Kamsarmax dry-bulk vessels [11][16] Future Outlook - The chartering environment for both product tankers and dry-bulk carriers is expected to remain challenging for the remainder of 2025, with limited direct exposure to tariffs but an anticipated increase in vessel supply [7][9] - The International Monetary Fund revised its global growth forecast down to 2.8% for 2025, which may impact demand for refined products and dry-bulk commodities [8][9] - The company is exploring opportunities to expand its fleet of mid-sized, modern eco-efficient vessels in both sectors [10][38]