Pyxis Tankers (PXS) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues were $10.5 million, with adjusted EBITDA of $5.2 million, both up significantly year-over-year; TCE revenues rose 28.5% to $10.2 million.

• Adjusted net income for Q4 2025 was $2.0 million, reversing a loss in Q4 2024.

• Full-year 2025 net revenues were $39.0 million, with adjusted EBITDA of $14.1 million and net income of $1.9 million.

• Fleet utilization improved, with MR tankers at 97.2% and dry bulkers at 90.6% in 2025.

• The company maintains a solid balance sheet, supporting strategic expansion and a share buy-back program.

Financial highlights

• Q4 2025 MR tanker TCE rate was $20,766/day, while dry-bulk TCE was $16,766/day, up 44.8% year-over-year.

• Voyage-related costs dropped 91.3% in Q4 2025 due to less spot employment.

• Vessel operating expenses per day increased to $6,914 in Q4 2025.

• General and administrative expenses for 2025 rose to $6.1 million, mainly due to a one-time bonus.

• Cash and equivalents at year-end 2025 totaled $54.9 million, with total funded debt at $87.2 million.

Outlook and guidance

• As of March 3, 2026, 99% of MR available days for Q1 2026 are booked at an estimated TCE of $23,500/day; 89% of dry bulk days are booked at $13,300/day.

• Chartering environment for both tankers and bulkers expected to remain firm in 2026.

• Global demand for seaborne cargoes projected to grow modestly, with IMF forecasting 3.25% global GDP growth through 2027.

• The company is well-positioned to acquire modern, eco-vessels using non-dilutive capital and a $45 million bank loan commitment.

• Fleet expansion opportunities anticipated, supported by nearly $100 million in available capital sources.