Pyxis Tankers (PXS) Company presentation summary

Investment highlights

• Series B preferred shares offer a 7.0% annual dividend, paid monthly, with a $25 liquidation preference and $15 conversion price.

• Asset-backed downside protection supported by a $189M fleet market value and $54.4M in liquid cash.

• High dividend coverage with annualized Q1 2026 adjusted EBITDA of $21.6M, covering the preferred dividend by ~15.4x.

• Founder-led alignment with 59% insider ownership and disciplined capital allocation.

• Conversion feature allows upside participation if NAV grows, with auto-conversion at $22.50 per share.

Financial and operational performance

• Q1 2026 adjusted EBITDA reached $5.4M, up 53% YoY, and net income was $2.4M, up 216% YoY.

• Fleet utilization improved to 95.4%, and TCE revenue increased 18% YoY to $9.9M.

• Annualized Q1 2026 adjusted EBITDA of $21.6M supports both preferred and common equity value creation.

• Strong balance sheet with $99M+ in total liquidity and moderate leverage.

• Series B preferred represents a small portion of enterprise value, with substantial common equity protection.

Fleet and market positioning

• Operates 6 eco-efficient vessels: 3 MR2 product tankers and 3 mid-size dry bulk carriers, with an average age of 11.8 and 10.5 years, respectively.

• Q2 2026 charter coverage at 97.4% with average rates of $20,900/day.

• Strong historical customer base includes major commodity traders and oil companies.

• Exposure to both product tanker and dry bulk sectors enhances earnings resilience.