Pyxis Tankers (PXS) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenues were $12.0M, down 9.2% year-over-year; adjusted net income was $0.3M, with adjusted EPS of $0.03.

• Full year 2024 revenues rose 13.4% to $51.5M, but net income attributable to Pyxis Tankers fell to $12.9M from $37.0M in 2023, reflecting lower vessel sales gains.

• Completed full redemption of Series A Convertible Preferred Stock, eliminating potential dilution and future dividends.

• Completed $3.0M share repurchase program, acquiring over 730,000 shares since 2023.

Financial highlights

• Q4 2024 adjusted EBITDA was $3.3M, down from $7.7M in Q4 2023; net loss attributable to common shareholders was $2.4M due to a $2.7M deemed dividend from preferred share redemption.

• Full year 2024 adjusted net income was $12.3M, with adjusted EPS of $1.17 basic and $0.96 diluted.

• Q4 2024 MR2 tanker TCE rate averaged $22,084/day (down 27.6% YoY); dry-bulk TCE averaged $11,582/day (down 31.6% YoY).

• Full year 2024 MR2 TCE rate was $29,289/day (up 10% YoY); dry-bulk TCE was $15,353/day (flat YoY).

• Q4 2024 fleet utilization: MR2 at 89.5%, dry-bulk at 77.9%.

Outlook and guidance

• Chartering environment for both product tankers and dry-bulk expected to remain challenging in 2025 due to increasing vessel supply.

• Stable global demand anticipated, but newbuild deliveries may pressure rates; net MR2 supply growth estimated at 5% for 2025.

• As of March 13, 2025, 85% of MR available days for Q1 2025 booked at $25,079/day; 78% of bulkers booked at $15,028/day.

• Company plans disciplined capital allocation, focusing on balance sheet liquidity, debt repayment, and selective fleet expansion.