Pyxis Tankers (PXS) Q2 2026 earnings summary

Executive summary

• Achieved strongest quarterly performance in seven quarters, driven by high fleet utilization and improved rates across both product tankers and dry bulk segments.

• Net income for Q2 2026 was $2.8M, reversing a net loss of $2.0M in Q2 2025.

• Revenues for Q2 2026 rose 32.6% year-over-year to $12.1M, driven by higher charter rates and utilization.

• Adjusted EBITDA for Q2 2026 increased to $6.5M from $1.2M in Q2 2025, up 443% year-over-year.

• Founder-led platform with 58.7% CEO ownership, emphasizing alignment and disciplined capital allocation.

Financial highlights

• Q2 2026 net income of $2.8M and EPS of $0.27, compared to a loss of $2.0M and $(0.19) in Q2 2025.

• Q2 2026 revenues: $12.1M, up from $9.2M in Q2 2025.

• Adjusted EBITDA for six months ended June 30, 2026: $11.9M, up from $4.7M in 2025.

• Total liquidity reached ~$103M as of June 30, 2026, including $58.2M cash and $45M undrawn facility.

• Net leverage remains low; total funded debt at $83.2M as of June 30, 2026.

Outlook and guidance

• 87% of Q3 available days already fixed at higher rates, with total fleet days fixed at $22,250/day (+5.6% vs Q2 average).

• MR tanker fleet fully contracted for Q3 at $22,000/day; dry-bulk fleet 75% contracted at $22,600/day.

• Management expects some moderation in freight premiums but sees continued support from refinery margins, trade dislocation, and inventory replenishment.

• Disciplined capital allocation and focus on long-term shareholder value remain priorities.