Pyxis Tankers Announces Financial Results for the Three Months and Year Ended December 31, 2024

Pyxis Tankers Inc. (NASDAQ: PXS), an international shipping company, has announced its unaudited financial results for the fourth quarter and full year ending December 31, 2024.

Fourth Quarter 2024 Highlights:

• Revenues: The company reported net revenues of $12.0 million, a decrease of 9.2% compared to $13.2 million in the same period of 2023.

• Time Charter Equivalent (TCE) Revenues: TCE revenues stood at $7.9 million, marking a 33.6% decline from the previous year's $11.9 million.

• Net Income: Adjusted net income for the quarter was $0.3 million, translating to an adjusted income of $0.03 per common share basic and diluted. This is a significant drop from the adjusted net income of $1.9 million, or $1.76 per share, reported in Q4 2023.

• TCE Rates: The company's Medium Range (MR) tanker fleet achieved an average daily TCE rate of $22,084, a decrease from $30,484 in the same quarter of the previous year.

Full Year 2024 Highlights:

• Revenues: Net revenues for the year were $51.5 million, up 13.4% from $45.5 million in 2023.

• Net Income: The company reported a net income attributable to Pyxis Tankers Inc. of $12.9 million, or an adjusted income of $1.17 per common share basic and $0.96 per common share diluted. This compares to a net income of $37.0 million, or $3.38 per share basic and $2.94 per share diluted, in 2023. The previous year's higher net income was significantly influenced by an aggregate gain of $25.1 million from vessel sales.

• MR Fleet Performance: The MR fleet's average daily TCE rate improved to $29,289, with a fleet utilization of 96.1%, up from a daily TCE rate of $26,633 and utilization of 95.7% in 2023.

Company Initiatives and Outlook:

• Fleet Expansion: In 2024, Pyxis Tankers expanded its fleet by acquiring three dry-bulk vessels: 'Konkar Asteri' in February and 'Konkar Venture' in June.

• Operational Efficiency: The company plans to enhance vessel efficiency by installing fuel-saving devices across its fleet.

• Financial Strategy: Pyxis Tankers completed $13.1 million in equity repurchases, including common share buybacks and preferred stock redemptions, effectively preventing a 19.4% share dilution.

• Future Bookings: For the first quarter of 2025, the company has secured strong booking rates, with MR tankers booked at $25,079 per day (covering 85% of available days) and dry-bulk carriers at $15,028 per day (covering 78% of available days).

Despite facing challenges in the fourth quarter, Pyxis Tankers remains committed to strategic initiatives aimed at enhancing operational efficiency and shareholder value. The company's proactive approach to fleet management and financial strategies positions it well for potential recovery in the upcoming quarters.