Pyxis Tankers (PXS) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenues were $9.7M, net income $1.2M ($0.11 EPS), and adjusted EBITDA $4.2M, all down year-over-year due to weaker charter rates and lower TCE revenues.

• Nine-month 2025 net revenues totaled $28.5M, with net income $(0.2)M and adjusted EBITDA $8.9M.

• Sequential improvement in Q3 2025, with total fleet TCE of $17,643; MR2 tankers averaged $21,085/day, bulkers $13,513/day.

• 93% of MR available days and 78% of dry-bulk days for Q4 2025 are booked at strong TCE rates, all under short-term charters.

• Fleet consists of three MR tankers and three dry-bulk vessels, all employed under short-term time charters.

Financial highlights

• Q3 2025 net revenues: $9.7M (down from $13.8M in Q3 2024); TCE revenues: $8.9M (down 23.5% year-over-year).

• Q3 2025 net income per share was $0.11, down from $0.34 in Q3 2024.

• Adjusted EBITDA for Q3 2025 was $4.2M, down $2.5M from Q3 2024.

• MR fleet utilization at 100% in Q3 2025; dry-bulk fleet utilization at 83.3%.

• Cash and cash equivalents at September 30, 2025, totaled $28.9M, with total liquidity (including time deposits) at $44.3M.

Outlook and guidance

• Q4 2025 bookings: 93% of MR days at $20,700/day, 78% of dry-bulk days at $17,150/day, all short-term.

• Management expects firm chartering conditions for both product tankers and dry-bulk carriers in the near term, with modest global demand growth through 2026.

• Well-positioned to acquire three modern eco-vessels using non-dilutive capital and a $45M bank loan commitment.

• Planned debt refinancing in December 2025 to increase available cash by $10M for fleet expansion.

• Near-term instability expected due to inflation, monetary policy, and geopolitical events.