Pyxis Tankers (PXS) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw strong financial and operational performance, with net income up 216% year-over-year to $2.4M and EPS rising 229% to $0.23.

• Adjusted EBITDA increased 53% year-over-year to $5.4M, driven by disciplined execution and favorable market conditions.

• Net revenues for Q1 2026 were $10.0M, up 3.9% year-over-year, with dry bulk TCE revenue up 79% and vessel opex per day declining.

• Liquidity remains robust at over $99M, with cash, equivalents, and short-term investments totaling $54.4M.

• Fleet achieved higher utilization and lower operating expenses per day, supported by favorable market conditions.

Financial highlights

• Net income attributable to shareholders reached $2.4M in Q1 2026, up from $0.8M in Q1 2025.

• Revenues increased 3.9% year-over-year to $9.98M, while operating income more than doubled to $3.36M.

• EPS (basic & diluted) rose to $0.23 from $0.07 year-over-year.

• Adjusted EBITDA was $5.4M, up from $3.5M in Q1 2025.

• Fleet utilization improved to 95.4%, up 6.7 percentage points year-over-year.

Outlook and guidance

• Earnings upside expected as legacy charters reset at higher market rates.

• Q2 2026: 100% of MR tanker days fixed at an average $21,850/day; 46% of dry-bulk days at $19,130/day.

• Management expects constructive market fundamentals, with opportunities for improved charter rates as existing contracts expire.

• Strong liquidity and moderate leverage position the company for opportunistic, non-dilutive growth.