PXS

Maroussi, Greece, August 31, 2026 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international diversified shipping company, today announced unaudited results for the three and six months ended June 30, 2026. For the three months ended June 30, 2026, our revenues, net, were $12.1 million, compared to $9.2 million for the same period in 2025. During the second quarter of 2026, our time charter equivalent (“TCE”) revenues were $11.5 million, an increase of $2.7 million, or 30.4%, over the comparable period in 2025. Our net income attributable to common shareholders for the second quarter ended June 30, 2026, was $2.8 million, compared to a net loss of $2.0 million for the same period in 2025. For the second quarter of 2026, net income per common share was $0.27 basic and diluted, compared to a net loss per common share of $0.19 basic and diluted for the same period in 2025. Our adjusted EBITDA for the three months ended June 30, 2026, was $6.5 million, an increase of $5.3 million over the comparable period in 2025. Please see “Non-GAAP Measures and Definitions” below. Our Chairman & CEO, Valentios Valentis, commented: Strongest Quarter in Seven Quarters “We are pleased to report our strongest quarterly performance in the last seven quarters, with fleet-wide TCE earnings increasing by approximately 24% year-over-year and adjusted EBITDA rising to $6.5 million. This improvement reflected high fleet utilization, disciplined commercial execution and stronger contributions from both our dry-bulk and product tanker fleets. Our dry-bulk fleet was a particularly important contributor to the quarter’s performance, achieving an average daily TCE rate of $20,245, approximately 58% higher than in the comparable period last year. Market conditions strengthened during the quarter as grain and coal trades, longer-haul Atlantic-to-Asia routes and changing commodity-sourcing patterns supported tonne-mile demand. Looking ahead, gas-to-coal switching, potential post-conflict reconstruction activity and the effects of El Niño could provide further support to the freight market. Our MR tanker fleet also performed well, achieving 100% utilization during the quarter. Product tanker markets experienced an exceptional quarter, driven by geopolitical disruption and related trade inefficiencies. While we expect part of the second-quarter freight premium to moderate as conditions normalize, we believe the sector should continue to benefit from elevated refinery margins, trade dislocation, longer-haul trade routes and inventory replenishment. As certain charters approach expiration, prevailing market conditions may provide opportunities to further enhance fleet earnings. Nevertheless, rising vessel values, a growing orderbook and accelerating fleet deliveries warrant a measured outlook. We were also pleased that the “Pyxis Karteria” safely transited the Strait of Hormuz on June 23, 2026. The safety of our crew and vessel remained our highest priority throughout the regional disruption, and we are grateful for the professionalism of the crew, our managers and all parties involved. The vessel subsequently completed its in-water intermediate survey, minimizing off-hire, and remains employed under its existing fixed-rate time charter. Our financial position remains a significant competitive advantage. With approximately $103 million of total liquidity (including cash and cash equivalents and amounts available under our existing debt facilities) and low net leverage at quarter-end, we have the financial flexibility to pursue attractive opportunities. We will continue to evaluate selective and accretive growth opportunities as they arise, but we intend to remain patient and highly disciplined in our capital allocation decisions. Any investment must meet our return thresholds, enhance long-term shareholder value and compare favorably with alternative uses of capital. In the current asset-price environment, maintaining this discipline is particularly important. We will continue to prioritize safe operations, disciplined execution, balance-sheet strength and long-term shareholder value creation.” Forward Fixture Update All of our MR tankers and dry-bulk carriers are currently employed under short and medium-term charters. As of August 31, 2026, our overall fleet had contracted employment for approximately 87% of its available days in the third quarter of 2026, at an average estimated TCE rate of approximately $22,250 per day. Our MR tanker fleet had contracted employment for 100% of its available days in the third quarter of 2026, at an average estimated TCE rate of approximately $22,000 per day. As of the same date, our dry-bulk fleet had contracted employment for approximately 75% of its available days in the third quarter of 2026, at an average estimated TCE rate of approximately $22,600 per day. Operational Update On June 23, 2026, the M/T “Pyxis Karteria” safely transited the Strait of Hormuz. Throughout the regional disruption, the vessel remained employed under her existing fixed-rate time charter and continued to operate safely in accordance with the charterer’s instructions. Subsequent to the end of the second quarter, the M/T “Pyxis Karteria” completed her intermediate survey, resulting in approximately 7.5 off-hire days. The M/V “Konkar Ormi” is scheduled to undergo her special survey in October 2026. Results for the three months ended June 30, 2026 and 2025Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted. For the three months ended June 30, 2026, we reported revenues, net, of $12.1 million, representing a 32.6% increase from $9.2 million in the comparable 2025 period. Our net income attributable to common shareholders was $2.8 million, compared to a net loss of $2.0 million for the same period in 2025. Net income per common share for the three months ended June 30, 2026 was $0.27, basic and diluted, compared to a net loss per common share of $0.19, basic and diluted for the same period in 2025. The weighted average number of common shares outstanding, basic and diluted, decreased to approximately 10.2 million during the three months ended June 30, 2026, due to the common share buyback program, which commenced in December 2025. Operationally, our MR tankers achieved an average TCE rate of $21,899 per day, a 5.9% increase from $20,686 during the three months ended June 30, 2025, reflecting higher charter rates in the product tanker sector. Our dry-bulk carriers recorded an average daily TCE rate of $20,245, 57.7% higher than $12,840 in the same period in 2025, driven by strengthening chartering conditions in the dry-bulk market, partially offset by negative bunker price differentials realized upon charter redeliveries and deliveries of our dry-bulk fleet. In the second quarter of 2026, all revenue from our MR tanker and dry-bulk fleets was generated under short and medium-term time charters. We operated an average of three MR tankers and three dry-bulk carriers in both periods. Adjusted EBITDA increased by $5.3 million to $6.5 million in the second quarter of 2026 from $1.2 million for the same period in 2025. Results for the six months ended June 30, 2026 and 2025Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted. For the six months ended June 30, 2026, we reported revenues, net of $22.1 million, an increase of $3.3 million, or 17.9%, from $18.8 million in the comparable period of 2025. Our net income attributable to common shareholders was $5.2 million, compared to a net loss attributable to common shareholders of $1.2 million for the same period in 2025. Net income per common share was $0.51, basic and diluted, compared to a net loss per common share of $0.12, basic and diluted, for the same period in 2025. During the six months ended June 30, 2026, our MR tankers were employed for 491 days under short-term time charters and 50 days in the spot market. The MR fleet achieved an average daily TCE rate of $20,435 and utilization of 99.6%, compared to an average daily TCE rate of $22,049 and utilization of 94.7%, respectively, in the same period in 2025. During the six months ended June 30, 2026, our dry-bulk carriers were employed entirely under short-term time charters. The dry-bulk fleet achieved an average daily TCE rate of $19,672 and utilization of 96.7%, compared to $12,919 and 90.8%, respectively, in the same period in 2025. We operated an average of three MR tankers and three dry-bulk carriers in both periods. Adjusted EBITDA for the six months ended June 30, 2026 increased by $7.1 million to $11.9 million, compared to $4.7 million in the same period in 2025. 1  Subject to rounding, please see “Non-GAAP Measures and Definitions” below. Management’s Discussion & Analysis of Financial Results for the Three Months Ended June 30, 2026 and 2025 Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted. Revenues, net: Revenues, net, were $12.1 million for the three months ended June 30, 2026, representing an increase of $3.0 million, or 32.6%, from $9.2 million in the comparable period in 2025. The increase in revenues, net, primarily reflected higher dry-bulk charter rates and utilization, as well as higher MR charter rates. In the second quarter of 2026, our average daily TCE rate for our MR fleet was $21,899, a $1,213 per day increase from $20,686 for the same period in 2025. The increase in the MR fleet average daily TCE rate reflected higher charter rates compared to the same period in 2025. MR fleet utilization was 100.0% in both periods. For our dry-bulk fleet, the average daily TCE rate in the second quarter of 2026 was $20,245, a $7,405 per day increase from $12,840 for the same period in 2025. The increase in the dry-bulk fleet average daily TCE rate primarily reflected higher charter rates, partially offset by the negative impact of bunker price differentials recognized in voyage related costs and commissions upon charter redeliveries and deliveries of our dry-bulk fleet. Dry-bulk fleet utilization was 99.3%, compared to 93.2% in the same period in 2025. Total fleet ownership days in each of the second quarters of 2026 and 2025 were 546, or an average of 6.0 vessels. Voyage related costs and commissions, net: Voyage related costs and commissions, net, of $0.7 million in the second quarter of 2026 represented an increase of $0.3 million, or 86.4%, from $0.4 million in the same period in 2025. This increase was driven primarily by the negative impact of bunker price differentials realized upon charter redeliveries and deliveries, which contributed to voyage related costs and commissions of $0.5 million for our dry-bulk fleet, compared to $0.1 million in the respective prior-year period. This increase was partially offset by a $0.1 million decrease in voyage related costs and commissions for our MR fleet. Under time charters, substantially all voyage expenses are typically borne by the charterer rather than the Company. Vessel operating expenses: Vessel operating expenses were $3.8 million for the three months ended June 30, 2026, an increase of $0.4 million, or 11.5%, from $3.4 million in the same period in 2025. Total vessel ownership days for the three months ended June 30, 2026 and 2025 were the same, accordingly, vessel operating expenses increased on a per ownership day basis to approximately $6,925 per day from approximately $6,213 per day. The increase primarily reflected higher operating expenses for our dry-bulk fleet, including the timing of certain maintenance and spares expenses, partially offset by a decrease in daily vessel operating expenses for our MR fleet to $7,239 from $7,520 in the respective prior-year period. General and administrative expenses: General and administrative expenses of $0.7 million for the second quarter of 2026 represented a decrease of $3.0 million, or 80.2%, from $3.7 million in the same period in 2025. The decrease was primarily due to the absence in the current period of a one-time bonus of $3.0 million in respect of prior years’ performance, which was approved in June 2025 and paid to Pyxis Maritime Corp. (“Maritime”), our tanker ship management company. Administrative fees payable to Maritime in the second quarter of 2026 included the annual inflation adjustment of 2.48%, based on the inflation rate in Greece for 2025. Management fees: For the three months ended June 30, 2026, management fees charged by Maritime and Konkar Shipping Agencies S.A. (“Konkar Agencies”), our dry-bulk ship manager, both affiliates of Mr. Valentis, our Chairman and Chief Executive Officer, and by International Tanker Management Ltd. (“ITM”), the unaffiliated technical manager of our MRs, remained stable at $0.5 million compared to the same period in 2025. Amortization of special survey costs: Amortization of special survey costs remained stable at $0.2 million for the quarter ended June 30, 2026, compared to the same period in 2025. The amortization charge primarily reflected the capitalized dry-docking and special survey expenditures associated with the Company’s vessels. Depreciation: Depreciation remained substantially unchanged at $1.9 million for the quarter ended June 30, 2026 compared to the same period in 2025. Interest and finance costs: Interest and finance costs for the quarter ended June 30, 2026 were $1.3 million, representing a decrease of $0.2 million, or 11.5%, compared to $1.5 million for the same period in 2025. This decrease was primarily driven by lower Term SOFR-based interest rates and reduced margins on certain floating rate bank debt, partially offset by higher average debt balances following the additional amounts drawn in connection with the December 2025 refinancing of the secured loans for the “Pyxis Lamda” and “Pyxis Theta”. The lower margins resulted from the January 2026 amendments to the existing secured loans for the “Pyxis Karteria,” “Konkar Ormi” and “Konkar Venture,” which reduced the applicable margin over Term SOFR to 1.80% from a range of 2.15% to 2.70%, and the December 2025 refinancing of the secured loans for the “Pyxis Lamda” and “Pyxis Theta,” which reduced the applicable margin over Term SOFR to 1.90% from 2.40%. Interest income: Interest income of $0.5 million earned during the quarter ended June 30, 2026, increased slightly by $0.1 million, primarily due to higher average time deposit balances compared to the same period in 2025. Income attributable to non-controlling interests: Income attributable to the non-controlling interest holders (the “NCI”) for the quarter ended June 30, 2026, was $0.8 million, compared to income of $0.1 million for the same period in 2025. This amount reflects the share of results attributable to the NCI in the two joint ventures that own the dry-bulk carriers “Konkar Ormi” and “Konkar Venture”. Management’s Discussion & Analysis of Financial Results for the Six Months ended June 30, 2026 and 2025 Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted. Revenues, net: Revenues, net, of $22.1 million for the six months ended June 30, 2026 represented an increase of $3.3 million, or 17.9%, from $18.8 million in the comparable period of 2025. The increase in revenues, net, primarily reflected higher dry-bulk charter rates and higher fleet utilization, partially offset by lower MR charter rates. In the first half of 2026, our average daily TCE rate for our MR fleet was $20,435, a $1,614 per day decrease from $22,049 for the same period in 2025. The decrease in the MR fleet average daily TCE rate reflected lower charter rates, partially offset by higher utilization of 99.6%, compared to 94.7% in the same period of 2025. MR operating days increased to 541 in the first half of 2026 from 514 in the same period of 2025. On the other hand, in the first half of 2026, our dry-bulk average daily TCE rate was $19,672, a $6,753 per day increase from $12,919 for the same period in 2025. This increase was due to higher dry-bulk charter rates and higher utilization of 96.7%, compared to 90.8% in the same period of 2025. Total fleet ownership days in the first half of 2026 were 1,086, or an average of 6.0 vessels, unchanged from 1,086 days, or an average of 6.0 vessels, for the same period of 2025. Voyage related costs and commissions, net: Voyage related costs and commissions, net of $0.7 million in the first half of 2026 represented a decrease of $0.9 million, or 53.7%, from $1.6 million in the same period of 2025. The decrease was primarily attributable to lower spot voyage charter employment for our MR fleet and the net positive impact of bunker price differentials realized upon charter redeliveries and deliveries for our dry-bulk fleet, partially offset by higher commissions, primarily due to higher charter revenues. Under spot charters, all voyage expenses are typically borne by us rather than the charterer, therefore, lower spot employment generally results in lower voyage related costs. Vessel operating expenses: Vessel operating expenses of $7.1 million for the six-month period ended June 30, 2026 represented an increase of $0.1 million, or 2.1%, from $7.0 million in the same period of 2025. Total vessel ownership days remained unchanged at 1,086, accordingly, vessel operating expenses increased on a per ownership day basis to approximately $6,553 per day from approximately $6,414 per day. The increase primarily reflected higher operating expenses for our dry-bulk fleet, including the timing of certain maintenance and spares expenses, partially offset by a decrease in daily vessel operating expenses for our MR fleet to $7,325 from $7,421 in the respective prior-year period. General and administrative expenses: General and administrative expenses of $1.5 million for the six-month period ended June 30, 2026 represented a decrease of $3.1 million, or 68.2%, from $4.6 million in the same period of 2025. The first half of 2025 included a one-time bonus of $3.0 million in respect of prior years’ performance, which was approved in June 2025 and paid to Maritime. Excluding this item, general and administrative expenses remained relatively consistent with the prior-year period. Administrative fees payable to Maritime in 2026 also reflected the annual inflation adjustment of 2.48%, based on the inflation rate in Greece for 2025. Management fees: For the six months ended June 30, 2026, management fees charged by Maritime, Konkar Agencies and ITM increased slightly by less than $0.1 million to $1.0 million from $0.9 million in the same period of 2025. The increase was primarily driven by the annual inflation adjustment of 2.48%, based on the inflation rate in Greece for 2025, applied to the fees charged by the two affiliated ship managers. Amortization of special survey costs: Amortization of special survey costs of $0.3 million for the six months ended June 30, 2026, represented an increase of $0.1 million, or 28.0%, compared to the same period in 2025. This increase primarily reflected the higher level of capitalized dry-docking and special survey expenditures for two dry-bulk vessels following their second special surveys completed in 2025. During the first quarter of 2025, “Konkar Venture” successfully completed her second special survey over 22 days. In addition, “Konkar Asteri” completed her second special survey, also in 22 days, by early April 2025, resulting in a higher amortizable balance and, consequently, a higher quarterly amortization charge. Depreciation: Depreciation remained substantially unchanged at $3.8 million for the six-month period ended June 30, 2026 compared to the same period in 2025. Interest and finance costs: Interest and finance costs for the six months ended June 30, 2026 were $2.6 million, representing a decrease of $0.3 million, or 10.7%, compared to $2.9 million in the same period of 2025. This reduction was primarily driven by lower Term SOFR-based interest rates and reduced margins on certain floating-rate bank debt, partially offset by higher average debt balances following the drawdown of additional amounts in connection with the December 2025 refinancing of the secured loans for the “Pyxis Lamda” and “Pyxis Theta”. The lower margins resulted from the January 2026 amendments to the secured loans relating to the “Pyxis Karteria,” “Konkar Ormi” and “Konkar Venture,” which reduced the applicable margins over Term SOFR to 1.80% from a range of 2.15% to 2.70%, and the December 2025 refinancing of the secured loans relating to the “Pyxis Lamda” and “Pyxis Theta,” which reduced the applicable margins over Term SOFR to 1.90% from 2.40%. Interest income: Interest income of $1.0 million earned during the six months ended June 30, 2026, increased by $0.1 million compared to the same period in 2025, primarily due to higher average deposit balances. Income attributable to non-controlling interests: Income attributable to the NCI for the six months ended June 30, 2026, was $0.9 million, compared to a loss of $0.2 million in the same period of 2025. This reflected the share of results attributable to the NCI in the joint ventures that own the bulkers “Konkar Ormi” and “Konkar Venture”. Unaudited Interim Consolidated Statements of Comprehensive Income/(Loss)For the three months ended June 30, 2025 and 2026(Expressed in thousands of U.S. dollars, except for share and per share data) Unaudited Interim Consolidated Statements of Comprehensive Income/(Loss)For the six months ended June 30, 2025 and 2026(Expressed in thousands of U.S. dollars, except for share and per share data) Unaudited Interim Consolidated Balance SheetsAs of December 31, 2025 and June 30, 2026(Expressed in thousands of U.S. dollars, except for share and per share data) Unaudited Interim Consolidated Statements of Cash FlowsFor the six months ended June 30, 2025 and 2026(Expressed in thousands of U.S. dollars) Liquidity, Debt and Capital Structure Our total funded debt, net of deferred financing costs, as of June 30, 2026 was $83.2 million. Pursuant to our loan agreements, as of June 30, 2026, we maintained $1.35 million of restricted cash in respect of fixed minimum deposit requirements under certain loan agreements. Cash and cash equivalents and restricted cash aggregated $59.5 million as of June 30, 2026. As of June 30, 2026, we had total liquidity of approximately $103 million, consisting of $58.2 million of cash and cash equivalents and $45.0 million of undrawn availability under a committed acquisition facility (“Hunting License”) that may be used to finance eligible vessel acquisitions, subject to the terms and conditions of the facility. Our weighted average interest rate on our total funded debt for the six months ended June 30, 2026 was 5.62%. Our next loan maturity is scheduled for September 2028, when an aggregate principal payment of $8.6 million, consisting of a scheduled installment of $0.3 million and a balloon payment of $8.3 million, will be due under the loan secured by the 2013-built “Pyxis Karteria”. On May 27, 2026, we filed an initial registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed public offering of up to 920,000 of our 7.00% Series B Cumulative Redeemable Perpetual Convertible Preferred Shares, including the underwriters’ over-allotment option. We filed Amendment No. 1 and Amendment No. 2 to the registration statement on June 29, 2026 and July 23, 2026, respectively. The registration statement is currently under review by the U.S. Securities and Exchange Commission and has not yet become effective. The Series B Cumulative Redeemable Perpetual Convertible Preferred Shares covered thereunder may not be sold nor may offers to buy be accepted before effectiveness, and this release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Accordingly, no Series B Preferred Shares had been issued as of June 30, 2026 or the date hereof and thus, no offering proceeds were reflected in our June 30, 2026 balance sheet. During the quarter ended June 30, 2026, we repurchased 17,445 common shares for an aggregate purchase price of $75,288, excluding brokerage commissions, at an average price of $4.32 per share. Since the commencement of the program, and through June 30, 2026, we have repurchased a total of 245,669 common shares for an aggregate purchase price, including brokerage commissions, of approximately $0.9 million under our authorized $3.0 million common share repurchase program. As of June 30, 2026, approximately $2.1 million remained available under the program, which expires in November 2026. On June 30, 2026, we had a total of 11,215,546 common shares issued and 10,239,194 common shares outstanding, of which Mr. Valentis, our Chairman and Chief Executive Officer, beneficially owned 58.67%. Subsequent Events Subsequent to June 30, 2026 and through August 31, 2026, we repurchased an additional 30 common shares at an average price of $4.18 per share, excluding brokerage commissions. As a result, $2.1 million remains available under the current authorized share repurchase program. As of August 31, 2026, we had 10,239,164 common shares outstanding, of which Mr. Valentis, our Chairman and Chief Executive Officer, beneficially owned 58.7%. Non-GAAP Measures and Definitions Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income, interest and finance costs, depreciation and amortization, and income taxes, if any, during a period. Adjusted EBITDA represents EBITDA as adjusted to exclude certain items that may not be indicative of our core operating performance in a given period, such as interest income, loss on debt extinguishment, gain or loss on financial derivative instruments, and gain or loss on sale of vessels. Such items may have occurred in the periods presented and may occur in future periods and, accordingly, may vary over time and may not recur. EBITDA and adjusted EBITDA are not measures recognized under U.S. GAAP. EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with a means of evaluating and understanding how our management evaluates operating performance. We also believe these non-GAAP measures are useful to management and investors because they highlight trends in our core operating performance and facilitate comparisons of our operating results across periods by excluding the impact of certain items that management does not consider indicative of our ongoing operating performance. Management uses EBITDA and Adjusted EBITDA, among other things, to evaluate the performance of our core operations, to assist in financial and operational decision-making, in preparing our annual operating budgets and forecasts and, in certain cases, in evaluating management performance for compensation purposes. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation or as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect: our cash expenditures, or future requirements for capital expenditures or contractual commitments, changes in, or cash requirements for, our working capital needs, and cash requirements necessary to service interest and principal payments on our funded debt. In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net income/(loss), as reflected in the unaudited interim Consolidated Statements of Comprehensive Income/(Loss), to EBITDA and Adjusted EBITDA: Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel during the relevant period. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters and time charters) under which our vessels may be employed between the periods. We also believe that TCE revenues and daily TCE provide useful information to investors because they reflect the revenue we retain from voyages after deducting voyage related costs and commissions, net, thereby facilitating comparisons of our revenue performance across periods and against other companies, irrespective of differences in charter types, trading patterns and voyage expenses. Our management also utilizes daily TCE to assist them in making decisions regarding the employment of our vessels. TCE revenues are calculated as revenues, net, less voyage related costs and commissions, net. We calculate daily TCE by dividing TCE revenues by operating days for the relevant period. Voyage related costs and commissions, net, primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, net of related credits or recoveries, including bunker price differentials realized upon charter redeliveries and deliveries. Port, canal and fuel costs would otherwise typically be paid by the charterer under a time charter contract. TCE revenues and daily TCE are not recognized measures under U.S. GAAP. Vessel operating expenses (“Opex”) represent the costs we incur to operate our vessels, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes, as well as repairs and maintenance. Opex per day represents vessel operating expenses attributable to vessels owned during the applicable period divided by ownership days in that period. We monitor both total Opex and Opex per day to assess and compare the underlying operating cost efficiency of our fleet across periods and vessels. We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys, intermediate dry-dockings or vessel positioning for such reasons. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or intermediate dry-dockings, and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances. EBITDA, Adjusted EBITDA, Opex per day and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for revenues, net, or net income/(loss). Our presentation of EBITDA, Adjusted EBITDA, Opex per day and daily TCE does not imply, and should not be construed as implying, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. As of August 31, 2026, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture”. During 2025 and 2026, our vessels were employed under a mix of time charters and spot voyage charters. Company Presentation A presentation of our results is available on our website (https://www.pyxistankers.com). However, none of the information contained on our website is incorporated into or forms a part of this release. Pyxis Tankers Fleet (as of August 31, 2026) 1) These tables present gross rates in U.S.$ and do not reflect any commissions payable. 2) “Pyxis Lamda” is fixed on a time charter for 12 months -40/+60 days, at $23,000 per day. 3) “Pyxis Theta” is fixed on a time charter for 18 months -30/+30 days, at an average rate of approximately $25,000 per day, comprising $35,000 per day for the first two months and $23,750 per day thereafter.4) “Pyxis Karteria” is fixed on a time charter for 12 months -30/+60 days, at $19,500 per day.5) “Konkar Ormi” is fixed on a time charter for 30–35 days, at $19,500 per day.6) “Konkar Asteri” is fixed on a time charter for 90–100 days, at $23,000 per day.7) “Konkar Venture” is fixed on a time charter for 90–100 days, at $22,250 per day. About Pyxis Tankers Inc. The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: https://www.pyxistankers.com. The information on or accessible through the Company’s website is not incorporated into and does not form a part of this release. Forward Looking Statements This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals, financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. Company Pyxis Tankers Inc.59 K. Karamanli StreetMaroussi, 15125 [email protected] Visit our website at https://www.pyxistankers.com Company Contact Fotis GiannakoulisChief Financial OfficerTel: +1 917 291 7142 / +30 (210) 638 0200  Email: [email protected]

Maroussi, Greece, May 18, 2026 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international diversified shipping company, today announced unaudited results for the three months ended March 31, 2026. For the three months ended March 31, 2026, our revenues, net, were $10.0 million, compared to $9.6 million for the same period in 2025. During the first quarter of 2026, our time charter equivalent (“TCE”) revenues were $9.9 million, an increase of $1.5 million, or 18.2%, over the comparable period in 2025. Our net income attributable to common shareholders and available to common shareholders for the first quarter ended March 31, 2026 was $2.4 million, compared to net income of $0.8 million for the same period in 2025. For the first quarter of 2026, net income per common share was $0.23 basic and diluted, compared to net income per common share of $0.07 basic and diluted for the same period in 2025. Our adjusted EBITDA for the three months ended March 31, 2026 was $5.4 million, an increase of $1.9 million over the comparable period in 2025. Please see “Non-GAAP Measures and Definitions” below. Our Chairman & CEO, Valentios Valentis, commented: Strong quarterly results supported by disciplined execution and favorable market conditions “We are pleased to report another strong quarter, driven by robust market conditions, disciplined commercial execution, and the quality of our fleet and operating platform. For the quarter ended March 31, 2026, our fleet achieved higher TCE rates, improved utilization, and lower operating expenses per day. Our operating performance continues to be supported by evolving global energy trade flows, longer-haul transportation demand, and elevated ton-mile activity, particularly across Atlantic Basin routes. In this environment, we remain focused on maintaining a strong balance sheet and a disciplined capital allocation framework while preserving flexibility to pursue accretive growth opportunities. As of March 31, 2026, our cash and cash equivalents and short term investment in time deposits increased to $54.4 million. Including our recently secured $45 million “Hunting License” loan facility, total available liquidity now approaches $100 million. Given our strong liquidity position, we continue to evaluate prudent capital deployment opportunities across selective fleet growth, balance sheet optimization, and opportunistic share repurchases. We continue to actively monitor the evolving situation in the Middle East and assess the potential implications for global shipping markets. One of our MR tankers, the Pyxis Karteria, currently operates in the Persian Gulf and remains safe and employed under an existing fixed-rate time charter through August 2026. The safety of our crews and vessels remains our primary consideration. Looking ahead, while macroeconomic and geopolitical risks remain elevated, we believe shipping market fundamentals remain constructive, supported by longer-haul trade patterns, constrained fleet growth, and ongoing supply-chain inefficiencies. As certain existing time charters expire during the coming quarters, we believe current market conditions may provide opportunities to secure renewed employment at improved rates for portions of our fleet. We remain focused on disciplined execution, prudent risk management, and long-term shareholder value creation.” Forward Fixture UpdateAs of May 15, 2026, our MR tanker fleet had secured employment at an average estimated TCE rate of approximately $21,850 per day, with 100% of available days booked for the second quarter ending June 30, 2026. As of May 15, 2026, our dry-bulk fleet had secured employment at an average estimated TCE rate of approximately $19,130 per day, with approximately 46% of available days booked for the second quarter ending June 30, 2026. All of our dry-bulk carriers are currently employed under shorter-term time charters. Results for the three months ended March 31, 2026 and 2025 Amounts referenced in period–to–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. For the three months ended March 31, 2026, we reported revenues, net, of $10.0 million, representing a 3.9% increase from $9.6 million in the comparable 2025 period. Our net income attributable to common shareholders was $2.4 million, compared to $0.8 million for the same period in 2025. Net income per common share for the three months ended March 31, 2026 was $0.23, basic and diluted, compared to net income per common share of $0.07, basic and diluted for the same period in 2025. The weighted average number of common shares outstanding, basic and diluted, decreased to approximately 10.3 million during the three months ended March 31, 2026, mainly due to the common share buyback program, which commenced in December 2025. Operationally, our MR tankers achieved an average TCE rate of $18,944 per day, a 19.7% decline from $23,593 during the three months ended March 31, 2025, reflecting lower charter rates in the product tanker sector. Our dry-bulk carriers recorded an average daily TCE rate of $19,601, 50.6% higher than $13,013 in the same period in 2025, driven by strengthening chartering conditions in the dry-bulk market and the positive impact from bunker price differentials realized upon charter redeliveries and deliveries. The increase in dry-bulk TCE revenues was further supported by higher utilization of 91.5%, compared to 88.1% in the same period in 2025. In the first quarter of 2026, 81% of MR tanker revenue was generated under short-term time charters, and our dry-bulk carriers were employed entirely under short-term time charters. Adjusted EBITDA increased by $1.9 million to $5.4 million in the first quarter of 2026 from $3.5 million for the same period in 2025. 1  Subject to rounding; please see “Non-GAAP Measures and Definitions” below. Management’s Discussion & Analysis of Financial Results for the Three Months Ended March 31, 2026 and 2025 (Amounts presented in millions of U.S. dollars, rounded to the nearest one hundred thousand, unless otherwise noted)Amounts referenced in period–to–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. Revenues, net: Revenues, net, were $10.0 million for the three months ended March 31, 2026, representing an increase of $0.4 million, or 3.9%, from $9.6 million in the comparable period in 2025. In the first quarter of 2026, our average daily TCE rate for our MR fleet was $18,944, a $4,649 per day decrease from $23,593 for the same period in 2025. The decrease in the MR fleet average daily TCE rate was the result of softer charter rates compared to the same period in 2025. The impact of this decrease on revenues was partially offset by higher MR fleet utilization of 99.3% compared to 89.3% for the same period in 2025. In addition, in the first quarter of 2026, our dry-bulk average daily TCE rate was $19,601, a $6,588 per day increase from $13,013 for the same period in 2025. This increase was due to higher dry-bulk charter rates, the positive impact from bunker price differentials realized upon charter redeliveries and deliveries, and higher utilization of 91.5% compared to 88.1% in the same period in 2025. Total fleet ownership days in each of the first quarters of 2026 and 2025 were 540, or an average of 6.0 vessels. Voyage related costs and commissions, net: Voyage related costs and commissions, net, of $0.1 million in the first quarter of 2026 represented a decrease of $1.1 million, or 95.2%, from $1.2 million in the same period in 2025. This decrease was driven primarily by $0.7 million of net credits from bunker price differentials realized upon charter redeliveries and deliveries for our dry-bulk fleet, which more than offset related voyage costs and commissions during the period. The decrease was also attributable to lower spot voyage charter employment in the first quarter of 2026 compared to the same period of 2025. Under time charters, substantially all voyage expenses are typically borne by the charterer rather than the Company; therefore, a lower level of spot voyage charter employment generally results in lower voyage related costs. Vessel operating expenses: Vessel operating expenses were $3.3 million for the three months ended March 31, 2026, a decrease of $0.3 million, or 6.8%, from $3.6 million in the same period in 2025. Total vessel ownership days for the three months ended March 31, 2026 and 2025 were the same; accordingly, vessel operating expenses decreased on a per ownership day basis to approximately $6,178 per day from approximately $6,616 per day. The decrease primarily reflected the timing of certain operating expenses, including maintenance and spares. General and administrative expenses: General and administrative expenses of $0.7 million for the first quarter of 2026 represented a slight decrease of $0.1 million from $0.8 million in the same period in 2025. The decrease was primarily due to the timing of certain administrative expenses and was partially offset by the annual inflation adjustment of 2.48% applied to administrative fees payable to Pyxis Maritime Corp. (“Maritime”), our tanker ship manager, based on the inflation rate in Greece for 2025. Management fees: For the three months ended March 31, 2026, management fees charged by Maritime and Konkar Shipping Agencies S.A. (“Konkar Agencies”), our dry-bulk ship manager, both affiliates of Mr. Valentis, our Chairman and Chief Executive Officer, and by International Tanker Management Ltd. (“ITM”), the unaffiliated technical manager of our MRs, remained stable at $0.5 million compared to the same period in 2025. Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the quarter ended March 31, 2026, represented an increase of $0.1 million compared to the same period in 2025. This increase primarily reflected the higher level of capitalized dry-docking and special survey expenditures for two dry-bulk vessels following their second special surveys completed in 2025. During the first quarter of 2025, “Konkar Venture” successfully completed her second special survey over 22 days. In addition, “Konkar Asteri” completed her second special survey, also in 22 days, by early April 2025, resulting in a higher amortizable balance and, consequently, a higher quarterly amortization charge. Depreciation: Depreciation of $1.9 million for the quarter ended March 31, 2026, remained unchanged from the same period in 2025. Interest and finance costs: Interest and finance costs for the quarter ended March 31, 2026 were $1.3 million, representing a decrease of $0.2 million, or 10.0%, compared to the same period in 2025. This decrease was primarily driven by lower Term SOFR-based interest rates and reduced margins on certain floating rate bank debt, partially offset by higher average debt balances. The decrease reflected the benefit of recent financing actions, including the January 2026 amendments to the existing secured loans for the “Pyxis Karteria,” “Konkar Ormi” and “Konkar Venture,” which reduced the applicable margin over Term SOFR to 1.80% from a range of 2.15% to 2.70%, and the December 2025 refinancing of the secured loans for the “Pyxis Lamda” and “Pyxis Theta,” which reduced the applicable margin over Term SOFR to 1.90% from 2.40%. Interest income: Interest income of $0.5 million earned during the quarter ended March 31, 2026, increased slightly by $0.1 million due to higher time deposit balances compared to the same period in 2025. Loss/(Income) attributable to non-controlling interests: Income attributable to the non-controlling interest holders (the “NCI”) for the quarter ended March 31, 2026, was $0.1 million, compared to a loss of $0.2 million for the same period in 2025. This amount reflects the share of results attributable to the NCI in the two joint ventures that own the dry-bulk carriers “Konkar Ormi” and “Konkar Venture”. Unaudited Consolidated Statements of Comprehensive IncomeFor the three months ended March 31, 2025 and 2026(Expressed in thousands of U.S. dollars, except for share and per share data) Unaudited Consolidated Balance SheetsAs of December 31, 2025 and March 31, 2026(Expressed in thousands of U.S. dollars, except for share and per share data) Unaudited Consolidated Statements of Cash FlowsFor the three months ended March 31, 2025 and 2026(Expressed in thousands of U.S. dollars) Liquidity, Debt and Capital Structure Our total funded debt, net of deferred financing costs, as of March 31, 2026 was $85.2 million. Pursuant to our loan agreements, as of March 31, 2026, we were required to maintain a minimum cash balance of $1.35 million. Cash and cash equivalents, restricted cash and short-term investments in time deposits aggregated $55.7 million as of March 31, 2026. Our weighted average interest rate on our total funded debt for the three months ended March 31, 2026 was 5.65%. As of March 31, 2026, we had short-term interest-bearing investments of $28.0 million. Our next loan maturity is scheduled for September 2028 with a balloon principal payment of $8.6 million due on the 2013-built “Pyxis Karteria”. On January 26, 2026, we completed amendments to certain existing secured loans with Piraeus Bank S.A. for the Tenthone Corp. (the “Pyxis Karteria”), the Dryone Corp. (the “Konkar Ormi”) and the Drythree Corp. (the “Konkar Venture”), with aggregate outstanding principal borrowings of $42.1 million. The maturity of each loan was extended by six months, with an interest rate reduction to Term SOFR plus 1.80%, representing weighted average margin savings of 58 basis points compared to the prior loan agreements. All other material terms and conditions remain in full force and effect. On March 31, 2026, we had a total of 11,215,546 common shares issued and 10,256,639 common shares outstanding, of which Mr. Valentis, our CEO and Chairman, beneficially owned 58.57%. The outstanding share count reflects the cancellation of 1,000 previously granted but unvested shares upon the resignation of an employee. Subsequent Events Subsequent to March 31, 2026 and through May 15, 2026, we repurchased an additional 17,445 common shares for approximately $0.08 million at an average price of $4.32 per share, excluding commissions. As a result, $2.1 million remains available under the current authorized share repurchase program. As of May 15, 2026, we had 10,239,194 common shares outstanding, of which Mr. Valentis, our Chairman and Chief Executive Officer, beneficially owned 58.7%. Updates to the Board of Directors At the scheduled 2026 annual shareholder meeting on May 14, 2026, the Company’s shareholders re-elected Mr. Robin P. Das and Mr. Basil G. Mavroleon as Class III Directors to serve for a term of three years until the 2029 annual meeting. Mr. Mavroleon thereafter provided his resignation as a director of the Company effective May 18, 2026.  Mr. Mavroleon’s decision to resign was for personal reasons and was not related to any disagreement with the Company on any matter relating to its operations, policies or practices. The Company will commence a search process for a suitable replacement to fill the vacancy on the board of directors in due course. Non-GAAP Measures and Definitions Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income, interest and finance costs, depreciation and amortization, and income taxes, if any, during a period. Adjusted EBITDA represents EBITDA as adjusted to exclude certain items that may not be indicative of our core operating performance in a given period, such as interest income, loss on debt extinguishment, gain or loss on financial derivative instruments, and gain or loss on sale of vessels. Such items may have occurred in the periods presented and may occur in future periods and, accordingly, may vary over time and may not recur. EBITDA and adjusted EBITDA are not measures recognized under U.S. GAAP. EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with a means of evaluating and understanding how our management evaluates operating performance. We also believe these non-GAAP measures are useful to management and investors because they highlight trends in our core operating performance and facilitate comparisons of our operating results across periods by excluding the impact of certain items that management does not consider indicative of our ongoing operating performance. Management uses EBITDA and Adjusted EBITDA, among other things, to evaluate the performance of our core operations, to assist in financial and operational decision-making, in preparing our annual operating budgets and forecasts and, in certain cases, in evaluating management performance for compensation purposes. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation or as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect: our cash expenditures, or future requirements for capital expenditures or contractual commitments; changes in, or cash requirements for, our working capital needs; and cash requirements necessary to service interest and principal payments on our funded debt. In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net income, as reflected in the Unaudited Consolidated Statements of Comprehensive Income, to EBITDA and Adjusted EBITDA: Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel during the relevant period. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters and time charters) under which our vessels may be employed between the periods. We also believe that TCE Revenues and daily TCE provide useful information to investors because they reflect the revenue we retain from voyages after deducting voyage related costs and commissions, net, thereby facilitating comparisons of our revenue performance across periods and against other companies, irrespective of differences in charter types, trading patterns and voyage expenses. Our management also utilizes daily TCE to assist them in making decisions regarding the employment of our vessels. TCE Revenues are calculated as revenues, net, less voyage related costs and commissions, net. We calculate daily TCE by dividing TCE Revenues by operating days for the relevant period. Voyage related costs and commissions, net, primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, net of related credits or recoveries, including bunker price differentials realized upon charter redeliveries and deliveries. Port, canal and fuel costs would otherwise typically be paid by the charterer under a time charter contract. TCE Revenues and daily TCE are not recognized measures under U.S. GAAP. Vessel operating expenses (“Opex”) represent the costs we incur to operate our vessels, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes, as well as repairs and maintenance. Opex per day represents vessel operating expenses divided by ownership days in the applicable period. We monitor both total Opex and Opex per day to assess and compare the underlying operating cost efficiency of our fleet across periods and vessels. We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys, intermediate dry-dockings or vessel positioning for such reasons. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or intermediate dry-dockings, and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances. EBITDA, Adjusted EBITDA, Opex per day and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net, Net income. Our presentation of EBITDA, Adjusted EBITDA, Opex per day and daily TCE does not imply, and should not be construed as implying, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. As of May 15, 2026, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture”. During 2025 and 2026, our vessels were employed under a mix of time charters and spot voyage charters. Company Presentation A presentation of our results is available on our website (https://www.pyxistankers.com). However, none of the information contained on our website is incorporated into or forms a part of this report. Pyxis Tankers Fleet (as of May 15, 2026) 1) These tables present gross rates in U.S.$ and do not reflect any commissions payable. 2) “Pyxis Lamda” is fixed on a time charter for 12 months -40/+60 days, at $23,000 per day. 3) “Pyxis Theta” is fixed on a time charter for 18 months -30/+30 days, at $35,000 per day for the first two months and $23,750 thereafter.4) “Pyxis Karteria” is fixed on a time charter for 12 months -30/+60 days, at $19,500 per day.5) “Konkar Ormi” is fixed on a time charter for 20–25 days, at $25,700 per day.6) “Konkar Asteri” is fixed on a time charter for 55–65 days, at $20,500 per day.7) “Konkar Venture” is fixed on a time charter for 20–25 days, at $24,000 per day. About Pyxis Tankers Inc. The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: https://www.pyxistankers.com. The information on or accessible through the Company’s website is not incorporated into and does not form a part of this release. Forward Looking Statements This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals, financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in Ukraine and the conflicts in the Middle East and the Red Sea region, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. Company Pyxis Tankers Inc.59 K. Karamanli StreetMaroussi, 15125 [email protected] Visit our website at https://www.pyxistankers.com Company Contact Fotis GiannakoulisChief Financial OfficerTel: +30 (210) 638 0200Email: [email protected]

Maroussi, Greece, March 5, 2026 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international diversified shipping company, today announced unaudited results for the three months and year ended December 31, 2025. For the three months ended December 31, 2025, our revenues, net, were $10.5 million. For the same period, our time charter equivalent (“TCE”) revenues were $10.2 million, an increase of $2.2 million, or 28.2%, over the comparable period in 2024. Our net income attributable to common shareholders for the fourth quarter ended December 31, 2025 was $2.0 million, compared to net loss of $2.4 million for the same period in 2024. For the fourth quarter of 2025, the net income per common share was $0.20 basic and diluted compared to a net loss per common share of $0.23 basic and diluted for the same period of 2024. Our adjusted EBITDA for the three months ended December 31, 2025 was $5.2 million, an increase of $1.9 million over the comparable period in 2024. Please see “Non-GAAP Measures and Definitions” below. On December 17, 2025, we closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. (the “Pyxis Lamda”) and the Seventhone Corp. (the “Pyxis Theta”) in the amounts of $18.6 million and $14.75 million, respectively. Each amended loan agreement has a 5-year maturity with quarterly principal repayments of $0.375 million and $0.450 million, respectively, with the final installment accompanied by balloon payments of $11.1 million for the Pyxis Lamda and $5.75 million for the Pyxis Theta, each due in December 2030. Both existing loans were refinanced at a reduced interest rate of term secured overnight financing rate (“SOFR”) plus a margin of 1.90%. After repayment of existing principal, the Alpha Bank refinancings generated incremental net proceeds of $9.9 million, which we expect to deploy for fleet expansion. Our Chairman & CEO, Valentios Valentis, commented: “Solid results for 2025 further position the Company for strategic opportunities We are pleased to report solid operating and financial results for 2025. For the year ended December 31, 2025, we generated total revenues, net of $39.0 million and adjusted EBITDA of $14.1 million. Despite softer charter rates in both sectors compared to 2024, we reported better utilization and lower operating expenses per day for our fleet. Given the heightened level of geopolitical conditions worldwide, including trade restrictions, and the potential fall-out from these events, we decided to increase our time charter exposure during the year in order to generate more predictable cash flows. In 2025, 95% of our revenues, net was derived from short-term time charters and the balance in the spot voyage market. In the fourth quarter, 2025 revenues, net were $10.5 million, adjusted EBITDA $5.2 million and adjusted net income $2.0 million. In Q4 2025, our MR tankers generated an average TCE rate of $20,766 per day, which declined about $320 per day sequentially from the third quarter of 2025, and 6.0% lower from the fourth quarter of 2024. As of March 3, 2026, our MRs were employed at an average estimated TCE of $23,500 per day, with 99% of our MR available days booked in the first quarter ending March 31, 2026. Given ongoing market uncertainties caused by unprecedented geopolitical events and moderating macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under staggered short-term time charters. In the dry-bulk market, chartering conditions improved noticeably since the summer of 2025, sustained by worldwide demand for key commodities, particularly led by China. For example, the Baltic Dry Index has risen by 52% from June 30 until March 3, 2026, a good indicator of better market conditions. For the quarter ended December 31, 2025, our three mid-sized bulkers generated an average daily TCE rate of $16,766 which increased about $3,250 per day sequentially from the third quarter of 2025, and almost 45% higher compared to Q4 2024. As of March 3, 2026, our bulkers were employed at an average estimated TCE of $ 13,300 per day, with 89% of available days booked in the first quarter ending March 31, 2026. All of our dry-bulk carriers are currently employed under shorter-term time charters. Our operating strategy and the refinancing of two of our bank loans has resulted in an expanding cash position to almost $54 million in total at year end, including short-term time deposits. Our balance sheet strength and available credit facility of up to $45 million puts Pyxis Tankers in a solid position to pursue value enhancing opportunities. Positive outlook despite various uncertainties In 2026, we expect the chartering environment for both the product tankers and the dry-bulk carriers to remain firm. Global demand for seaborne cargoes including a broad range of refined petroleum products and dry-bulk commodities is expected to post modest growth this year. Historically, demand growth has been reasonably correlated with global GDP growth. In January, the International Monetary Fund revised its annual global growth forecast to approximately 3.25% through 2027. However, the unpredictable trajectory of tariffs, sanctions and policy shifts may continue to impact global trade, contributing to inflationary pressures, increasing unemployment and ongoing supply chain dislocations. The expanding scope of severe sanctions against Russia and Iran by the U.S. and EU as well as damages caused by ongoing Ukrainian drone attacks on Russian energy infrastructure may further alter cargo volumes and trade routes, re-new the expansion of cargo ton-miles as well as create arbitrage opportunities in various consuming markets and drive demand for compliant tankers. The armed conflict between Iran and the Israel-U.S. has the risk of spreading regionally, but has already resulted in significant restrictions on transits through the Straits of Hormuz, a major sea passage of petroleum cargoes, which could have a significant impact on the world’s energy sector and macroeconomic conditions. Global refinery activity remains healthy and, at this point, oil markets are adequately-supplied. As to vessel supply, deliveries are anticipated to increase this year amid continued low scrapping activity. According to Arrow Shipbrokering Group (February, 2026), the MR orderbook stood at 282 tankers, or 14.4% of the global fleet, while 388 MRs, or 19.8%, were 20 years of age or older, creating a large pool of scrapping candidates and contributing to a more balanced long-term product tanker supply outlook. With respect to the dry-bulk side, fleet growth for the remainder of 2026 and next year is expected to outpace modest demand growth. However, potential scrapping and slow-steaming of a large number of older, less efficient bulkers could potentially mitigate a softer chartering environment. Given the hightened level of macroeconomic and geopolitical uncertainties, we will continue to maintain a prudent and disciplined approach to operational and financial management, including capital allocation. We expect there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels across both the product tanker and dry-bulk sectors. With capital sources on-hand approaching $100 million, we have the capabilities to aggressively pursue the right assets, while continuing our common share repurchase program.” Results for the three months ended December 31, 2024 and 2025 Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. For the three months ended December 31, 2025, we reported revenues, net of $10.5 million, or a 12.4% decrease from $12.0 million in the comparable 2024 period. Our net income attributable to Pyxis Tankers Inc. was $2.0 million, compared to $0.3 million for the same period in 2024. The net income per common share for the three months ended December 31, 2025 was $0.20 basic and diluted, compared to a net loss per common share of $0.23 basic and diluted for the same period in 2024. Adjusted net income was $2.0 million or $0.20 basic and diluted per common share, compared to $0.3 million, or $0.03 basic and diluted, for the same period in 2024. The weighted average number of basic and diluted shares reduced to approximately 10.4 million, in the three months ended December 31, 2025, mainly due to the new common share buyback program which commenced in December 2025. Operationally, our MR tankers achieved an average TCE rate of $20,766 per day, a 6.0% decline from $22,084 during the three months ended December 31, 2024, reflecting lower charter rates in the product tanker sector. Our dry-bulk carriers recorded an average daily TCE of $16,766, 44.8% higher than $11,582 in the same period last year, driven by strengthening chartering conditions in the dry-bulk market. In the fourth quarter of 2025, 100% of the MR tankers' revenue was generated under short-term time charters, and similarly the bulk carriers were also employed under short-term time charters. Adjusted EBITDA increased by $1.9 million to $5.2 million in the fourth quarter of 2025 from $3.3 million for the same period in 2024. Results for the twelve months ended December 31, 2024 and 2025 Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. For the twelve months ended December 31, 2025, we reported revenues, net of $39.0 million, a decrease of $12.5 million, or 24.3%, from $51.5 million in the comparable period of 2024. Our net income attributable to Pyxis Tankers Inc. was $2.0 million, compared to $12.9 million for the same period in 2024. The net income per common share for the twelve months ended December 31, 2025 was $0.19 basic and diluted, compared to $0.91 basic and diluted for the same period in 2024. Adjusted net income per common share was $0.19 basic and diluted, compared to $1.17 basic and $0.96 diluted, for the same period in 2024. Adjusted EBITDA for the year ended December 31, 2025 declined by $9.9 million to $14.1 million, compared to $24.0 million in the 2024 period. During the year ended December 31, 2025, our MRs were contracted for 1,005 days or 92% of their ownership days under short-term time charters, with the remainder employed in the spot voyage market, including 31 idle days. During the year ended December 31, 2025, we generated a lower MR daily TCE rate of $21,469 and higher MR fleet utilization of 97.2%, compared to a daily TCE rate of $29,289 and utilization of 96.1% in the same period in 2024. Also, during the same period, our bulkers were contracted under short-term time charters, resulting in an overall lower dry-bulk average daily TCE rate of $14,149, and higher utilization of 90.6%, compared to a daily TCE rate of $15,353 and utilization of 82.9% in the same period in 2024. We operated an average of 3 MR tankers and 2.4 dry-bulk carriers, respectively, in both periods. 1 Subject to rounding; please see “Non-GAAP Measures and Definitions” below. 2 Voyage related costs and commissions of $18 thousand attributable to sold vessels have been excluded for the three months ended December 31, 2025 and the year ended December 31, 2025. 3 a) The dry-bulk “Konkar Asteri” was delivered on February 15, 2024. b) The dry-bulk “Konkar Venture” was delivered on June 28, 2024. Management’s Discussion & Analysis of Financial Results for the Three Months ended December 31, 2024 and 2025 (Amounts presented in millions U.S. dollars, rounded to the nearest one hundred thousand, unless as otherwise noted) Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. Revenues, net: Revenues, net of $10.5 million for the three months ended December 31, 2025, represented a decrease of $1.5 million, or 12.4%, from $12.0 million in the comparable period of 2024. In the fourth quarter of 2025, our average daily TCE rate for our MR fleet was $20,766, a $1,318 per day decrease from $22,084 for the same period in 2024. This decline in revenues, net, was the result of softer charter rates in comparison to the relatively strong market of 2024. On the other hand, in the fourth quarter of 2025, our dry-bulk average daily TCE rate was $16,766, a $5,184 per day increase from $11,582 for the same period in 2024. This increase was the result of higher dry-bulk charter rates and higher utilization to 97.5% in comparison to 77.9% in the same period of 2024. Total fleet ownership days in each of the fourth quarters of 2025 and 2024 were 552, or an average of 6.0 vessels. Voyage related costs and commissions: Voyage related costs and commissions of $0.4 million in the fourth quarter of 2025, represented a decrease of $3.7 million, or 91.3%, from $4.1 million in the same period of 2024. This decline was driven by the strategic absence of spot employment for our MRs in the fourth quarter in 2025 versus 195 spot charter days, including the idle days, in the fourth quarter of 2024. For our MR tankers, voyage related costs and commissions decreased by $3.4 million, from $3.5 million in the fourth quarter of 2024 to $0.1 million in the same period of 2025. In addition, the higher utilization of our dry-bulk vessels, which increased from 77.9% in the fourth quarter of 2024 to 97.5% in the same period of 2025, and favorable changes in bunker fuel pricing between charters contributed to the decrease in voyage related costs and commissions. Under spot voyage charters substantially all voyage expenses are typically borne by us rather than the charterer, therefore, a lower level of spot voyage charter employment generally results in lower voyage related costs. Vessel operating expenses: Vessel operating expenses were $3.8 million for the three months ended December 31, 2025, higher by $0.3 million, or 9.5%, from $3.5 million in the same period of 2024. Total vessel ownership days for the three months ended December 31, 2025 and 2024 were the same; accordingly, vessel operating expenses increased on a per ownership day basis to approximately $6,914 per day from approximately $6,313 per day. The increase primarily reflected the timing of certain operating expenses, including maintenance and spares, partially offset by the absence of non-recurring repairs incurred in the prior year period. General and administrative expenses: General and administrative expenses of $0.7 million for the fourth quarter of 2025 represented a slight decrease of $0.1 million, from $0.8 million in the same period of 2024. Administrative fees payable to Pyxis Maritime Corp. (“Maritime”), our tanker ship manager, for the fourth quarter of 2025 also included the inflation adjustment rate of 2.74% in Greece for 2024. Management fees: For the three months ended December 31, 2025, management fees charged by Maritime and Konkar Shipping Agencies S.A. (“Konkar Agencies”), our dry-bulk ship manager, both affiliates of Mr. Valentis, and by International Tanker Management Ltd. (“ITM”), the unaffiliated technical manager of our MRs, remained stable at $0.5 million versus the same period of 2024. Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the quarter ended December 31, 2025, represented an increase of $0.1 million compared to the same period in 2024. This increase primarily reflected the higher level of capitalized dry-docking and special survey expenditures for two dry-bulk vessels following their second special surveys performed in 2025. During the first quarter of 2025, “Konkar Venture” successfully completed her second special survey over 22 days. In addition, “Konkar Asteri” completed her second special survey also in 22 days by early April 2025, resulting in a higher amortizable balance and, consequently, a higher quarterly amortization charge. Depreciation: Depreciation of $1.9 million for the quarter that ended December 31, 2025, remained unchanged from the same period of 2024. Interest and finance costs: Interest and finance costs for the quarter ended December 31, 2025, were $1.4 million, representing a decrease of $0.2 million, or 14.6%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower SOFR based interest rates paid on all the floating rate bank debt. On December 17, 2025, we refinanced Alpha Bank’s secured loans for the “Pyxis Lamda” and “Pyxis Theta”, extending maturities to five years with quarterly principal repayments of $0.375 million and $0.45 million, respectively, and importantly, reducing the margin to Term SOFR + 1.90%. Interest income: Interest income of $0.5 million received during the quarter ended December 31, 2025, remained unchanged from the same period of 2024. (Gain)/Loss attributable to non-controlling interest: Gain attributable to the non-controlling interest (the “NCI”) for the quarter ended December 31, 2025, was $0.1 million, compared to loss of $0.2 million from the same period in 2024. This amount reflects the share of results attributable to the NCI in the two joint ventures that own the dry-bulk carriers “Konkar Ormi” and “Konkar Venture”. Management’s Discussion & Analysis of Financial Results for the years ended December 31, 2024 and 2025 (Amounts presented in millions U.S. dollars, rounded to the nearest one hundred thousand, unless as otherwise noted) Amounts referenced in period–on–period comparisons in this section are derived from the unaudited consolidated financial statements presented below. Revenues, net: Revenues, net were $39.0 million for the twelve months ended December 31, 2025, a decrease of $12.5 million, or 24.3%, compared to $51.5 million in the same period of 2024. The decline primarily reflected lower charter rates for both sectors. During the twelve months of 2025, our MR average daily TCE rate was $21,469, a $7,820 per day decrease from $29,289 in the comparable robust market of 2024 primarily due to lower charter rates, partially offset by slightly higher operating days for the MR fleet of 1,064 days in 2025 compared to 1,055 days in the same period of 2024 that contribute to revenue generation from this segment. In contrast, revenues from our dry-bulk vessels increased compared to previous year, as higher ownership days and improved utilization offset the impact of lower market rates. During the twelve months of 2025, our dry-bulk average daily TCE rate was $14,149, a $1,204 per day decline from $15,353 in the corresponding period of 2024; however, dry-bulk utilization increased to 90.6% from 82.9%, and the expansion of our dry-bulk fleet following the acquisitions of “Konkar Asteri” and “Konkar Venture” in February and June 2024, respectively, led to higher dry-bulk revenues. Total fleet ownership days in the twelve months of 2025 were 2,190, representing an average of 6.0 vessels, compared to 1,971 ownership days, or an average of 5.4 vessels, in the same period of 2024. Voyage related costs and commissions: Voyage related costs and commissions of $2.7 million in the twelve months ended December 31, 2025, represented a decrease of $6.8 million, or 71.7%, from $9.5 million in the same period of 2024. This decline was primarily driven by the significantly lower spot voyage employment of our MRs of 92 days, including idle days, in the twelve-month period in 2025 compared to 472 days in the same period of 2024, as well as higher utilization of our MR tankers from 96.1% in the twelve-month period in 2024 to 97.2% in the same period of 2025 and bulkers from 82.9% in the twelve-month period in 2024 to 90.6% in the same period of 2025. Under spot voyage charters, substantially all voyage expenses are typically borne by us rather than the charterer, therefore, a lower level of spot voyage charter employment generally results in lower voyage related costs. Vessel operating expenses: Vessel operating expenses of $14.2 million for the year ended December 31, 2025, represented an increase of $0.9 million, or 6.6%, from $13.4 million in the same period of 2024, primarily reflecting the expansion of our dry-bulk fleet in 2024, which increased vessel ownership days from 1,971 for the year ended in December 31, 2024 to 2,190 in 2025. On a total fleet basis, vessel operating expenses per day decreased to $6,503 from $6,772 in the corresponding period of 2024, mainly due to lower Opex per day for our dry-bulk vessels, partially offset by higher Opex per day for our MR tankers. General and administrative expenses: General and administrative expenses were $6.1 million for the year ended December 31, 2025, representing an increase of $3.1 million, compared to $3.0 million in the same period of 2024. The increase primarily reflected a one-time long term prior performance bonus paid to Maritime in 2025. Other general and administrative expenses were relatively consistent with the prior year period. Administrative fees payable to Maritime in 2025 also reflected inflationary cost pressures, including the 2024 inflation adjustment rate of 2.74% in Greece. Management fees: For the year ended December 31, 2025, management fees charged by Maritime, Konkar Agencies and ITM, were $1.9 million, an increase of $0.2 million compared to the same period of 2024. The increase primarily reflected the further expansion of our fleet in the dry-bulk sector as well as inflationary cost pressures, including the application of the 2024 Greek inflation adjustment rate of 2.74% to the fees charged by the two affiliated ship managers. Amortization of special survey costs: Amortization of special survey costs of $0.6 million for the year ended December 31, 2025, represented an increase of $0.2 million compared to the same period of 2024. This increase primarily reflected the higher level of capitalized dry-docking and special survey expenditures for our dry-bulk vessels following the second special surveys of “Konkar Venture” and “Konkar Asteri,” which were completed in spring 2025, resulting in a higher amortizable balance and, consequently, a higher amortization charge for the period. Depreciation: Depreciation of $7.6 million for the year ended December 31, 2025, represented an increase of $0.7 million, or 9.7%, compared to $6.9 million in 2024. The increase reflected additional depreciation related to the acquired bulkers “Konkar Asteri” and “Konkar Venture”. Interest and finance costs: Interest and finance costs for the year ended December 31, 2025, were $5.8 million, representing a decrease of $0.7 million, or 11.5%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower SOFR based interest rates paid on all the floating rate bank debt, as well as amendments made in 2024 to the loan agreements relating to the “Pyxis Lamda” and the “Pyxis Theta” which reduced interest rate margins. Further, in December, 2025, we refinanced the secured loans for these vessels with the same bank to extend debt maturities, modify quarterly principal amortization and reduce interest rate margins. Interest income: Interest income of $1.8 million during the year ended December 31, 2025, decreased by $0.5 million compared to the same period in 2024, due to lower interest rates on deposits, partially offset by a higher level of time deposit placements during the twelve months ended December 31, 2025 compared to the corresponding period in 2024. Loss attributable to non-controlling interest: Loss attributable to the NCI for the year ended December 31, 2025, was $0.1 million, compared to loss attributable to the NCI of $0.4 million for the same period of 2024. These amounts reflected the share of results attributable to the NCI in the joint ventures that own the bulkers “Konkar Ormi” and “Konkar Venture”. Unaudited Consolidated Statements of Comprehensive Income For the three months ended December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) (1) Adjusted net income attributable to common shareholders and Adjusted income per common share are Non-GAAP measures and are defined and reconciled under the “Non-GAAP Measures” section. Unaudited Consolidated Statements of Comprehensive Income For the years ended December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) (1) Adjusted net income attributable to common shareholders and Adjusted income per common share are Non-GAAP measures and are defined and reconciled under the “Non-GAAP Measures” section. Unaudited Consolidated Balance Sheets As of December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) Unaudited Consolidated Statements of Cash Flows For the years ended December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars) Liquidity, Debt and Capital Structure Our total funded debt, net of deferred financing costs, at December 31, 2025 was $87.2 million. Pursuant to our loan agreements, as of December 31, 2025, we were required to maintain a minimum cash balance of $1.35 million. Total cash and cash equivalents, including the minimum liquidity classified as restricted cash and cash that has been classified as a short-term investment in time deposits, aggregated $54.9 million as of December 31, 2025. Our weighted average interest rate on our total funded debt for the twelve months ended December 31, 2025 was 6.59%. At that date, we had short-term interest-bearing investments of $18.0 million. Our next loan maturity is scheduled for September 2028 with a balloon principal payment of $8.6 million due on the 2013-built “Pyxis Karteria”. On January 30, 2025, we fully utilized the remaining availability under our previously authorized $3.0 million common share repurchase program. From January 1, 2025 through January 30, 2025, we repurchased 67,534 common shares in the open market at an average price of $3.91 per share, excluding brokerage commissions, for an aggregate purchase price of $0.264 million. Since summer 2023, we have repurchased an aggregate of 730,683 common shares in the open market at an average cost of $4.03 per share, excluding commissions. On October 13, 2025, the 1,592,465 detachable warrants (formerly NASDAQ Cap Mkts: PXSAW) issued in connection with the Company’s October 13, 2020 public offering expired worthless in accordance with their original terms and ceased to trade on Nasdaq. No common shares were issued and no cash or non-cash proceeds were received by the Company as a result of the expiration. The expiration had no impact on the Company’s share capital or additional paid-in capital. On November 19, 2025, our Board of Directors authorized the repurchase of up to $3.0 million of our common shares. Under this authorization, when in force and available, purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods for a period of up to one year. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interests of our shareholders, and market conditions. From November 19, 2025 through December 31, 2025, we repurchased 67,004 common shares in the open market at an average price of $2.95 per share, excluding commissions, for an aggregate purchase price of approximately $0.2 million. This authorization expires in November 2026. On December 17, 2025, we closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. (the “Pyxis Lamda”) and the Seventhone Corp. (the “Pyxis Theta”) in amounts of $18.6 million and $14.75 million, respectively. Each amended loan agreement has a maturity in 5 years with quarterly principal repayments of $375,000 and $450,000, respectively. Both existing loans were refinanced at a reduced interest rate of Term SOFR plus a margin of 1.90%, representing a weighted average margin savings of 50 basis points from the prior loan agreements. After repayment of existing principal, the Alpha Bank refinancings generated an incremental $9.9 million in net proceeds which we expect to deploy for fleet expansion. On December 31, 2025, we had a total of 10,418,859 common shares issued and outstanding of which Mr. Valentis, our CEO and Chairman, beneficially owned 57.7%. Subsequent Events On January 26, 2026, we completed amendments to the existing secured loans with Piraeus Bank S.A. for the Tenthone Corp. (the “Pyxis Karteria”), the Dryone Corp. (the “Konkar Ormi”) and the Drythree Corp. (the “Konkar Venture”) relating to outstanding principal borrowings of $42.1 million in the aggregate. The maturity of each loan was extended by six months, with an interest rate reduction to Term SOFR + 1.80%, representing a weighted average margin savings of 58 basis points in margin from the prior loan agreements. All other terms and conditions remain in full force and effect. Subsequent to year-end 2025 and through March 3, 2026, we have repurchased an additional 82,330 shares for approximately $0.26M at an average price of $3.10 per share, exclusive of commissions. Thus, $2.54M remains under the current authorized buy-back program. As of this recent date, we have 10,335,529 PXS shares outstanding of which Mr. Valentis owned 58.1%. Non-GAAP Measures and Definitions Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income, interest and finance costs, depreciation and amortization and, income taxes, if any, during a period. Adjusted EBITDA represents EBITDA as adjusted to exclude certain items that may not be indicative of our core operating performance in a given period, such as interest income, loss from debt extinguishment, gain or loss on financial derivative instruments, and gain or loss on sale of vessels. Such items may have occurred in the periods presented and may occur in future periods and, accordingly, may vary over time and may not recur. EBITDA and adjusted EBITDA are not measures recognized under U.S. GAAP. EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with a means of evaluating and understanding how our management evaluates operating performance. We also believe these non-GAAP measures are useful to management and investors because they highlight trends in our core operating performance and facilitate comparisons of our operating results across periods by excluding the impact of certain items that management does not consider indicative of our ongoing operating performance. Management uses EBITDA and Adjusted EBITDA, among other things, to evaluate the performance of our core operations, to assist in financial and operational decision-making, in preparing our annual operating budgets and forecasts and, in certain cases, in evaluating management performance for compensation purposes. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect: our cash expenditures, or future requirements for capital expenditures or contractual commitments; changes in, or cash requirements for, our working capital needs; and cash requirements necessary to service interest and principal payments on our funded debt. In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net income, as reflected in the Unaudited Consolidated Statements of Comprehensive Income, to EBITDA and Adjusted EBITDA: Adjusted net income excludes the non-recurring effect of the full redemption of Preferred Shares. The earnings are adjusted to exclude $2.7 million, which was recognized as a reduction in the retained earnings by a deemed dividend. The following table reconciles net income attributable to common shareholders and adjusted net income. Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters and time charters) under which our vessels may be employed between the periods. We also believe that TCE Revenues and daily TCE provide useful information to investors because they reflect the revenue we retain from voyages after deducting voyage related costs and commissions, thereby facilitating comparisons of our revenue performance across periods and against other companies, irrespective of differences in charter types, trading patterns and voyage expenses. Our management also utilizes daily TCE to assist them in making decisions regarding the employment of the vessels. TCE Revenues are calculated by presenting revenues, net after deducting Voyage related costs and commissions. We calculate daily TCE by dividing TCE Revenues by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. TCE Revenues and daily TCE are not recognized measurements under U.S. GAAP. Vessel operating expenses (“Opex”) represent the costs we incur to operate our vessels, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes, as well as repairs and maintenance. Opex per day represents vessel operating expenses divided by the ownership days in the applicable period. We monitor both total Opex and Opex per day to assess and compare the underlying operating cost efficiency of our fleet across periods and vessels. We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimize the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning for such reasons. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances. EBITDA, adjusted EBITDA, adjusted net income attributable to common shareholders, adjusted income per common share basic and diluted, Opex per day and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net, Net income, Net income attributable to common shareholders and net income/(loss) per common share basic and diluted. Our presentation of EBITDA, adjusted EBITDA, adjusted net income attributable to common shareholders, Opex and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP. As of March 3, 2026, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture”. During 2024 and 2025, the vessels in our fleet were employed under time and spot voyage charters. * a) The dry-bulk “Konkar Asteri” was delivered to our joint venture on February 15, 2024. b) The dry-bulk “Konkar Venture” was delivered to our joint venture on June 28, 2024. Company Presentation A presentation of our results is available on our website (https://www.pyxistankers.com). However, none of the information contained on our website is incorporated into or forms a part of this report. Pyxis Tankers Fleet (as of March 3, 2026) 1) These tables present gross rates in U.S.$ and do not reflect any commissions payable. 2) “Pyxis Lamda” is fixed on a time charter for 12 months -40/+60 days, at $23,000 per day. 3) “Pyxis Theta” is fixed on a time charter for 18 months -30/+30 days, at $35,000 per day for the first two months and $23,750 thereafter. 4) “Pyxis Karteria” is fixed on a time charter for 12 months -30/+60 days, at $19,500 per day. 5) “Konkar Ormi” is fixed on a time charter for 55–65 days, at $16,000 per day. 6) “Konkar Asteri” is fixed on a time charter for 18–25 days, at $20,000 per day. 7) “Konkar Venture” is fixed on a time charter for 90–100 days, at $16,800 per day. About Pyxis Tankers Inc. The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: https://www.pyxistankers.com. The information on or accessible through the Company’s website is not incorporated into and does not form a part of this release. Forward Looking Statements This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals, financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in the Ukraine and the conflicts in the Middle East and the Red Sea region, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. Company Pyxis Tankers Inc. 59 K. Karamanli Street Maroussi, 15125 Greece [email protected] Visit our website at https://www.pyxistankers.com Company Contact Henry Williams Chief Financial Officer Tel: +30 (210) 638 0200 / +1 (516) 455-0106 Email: [email protected]

Maroussi, Greece, November 20, 2025 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international diversified shipping company, today announced unaudited results for the three and nine month periods ended September 30, 2025. For the three months ended September 30, 2025, our revenues, net, were $9.7 million. For the same period, our time charter equivalent (“TCE”) revenues were $8.9 million, a decrease of $2.7 million, or 23.5%, over the comparable period in 2024. Our net income attributable to common shareholders for the third quarter ended September 30, 2025 was $1.2 million, compared to net income of $3.6 million for the same period in 2024. For the third quarter of 2025, the net income per common share was $0.11 basic and diluted compared to a net income per common share of $0.34 basic and $0.31 diluted for the same period of 2024. Our Adjusted EBITDA for the three months ended September 30, 2025 was $4.2 million, a decrease of $2.5 million over the comparable period in 2024. Please see “Non-GAAP Measures and Definitions” below. Our Chairman & CEO, Valentios Valentis, commented: “Improving markets support our results We reported results for the third fiscal quarter, 2025 with revenues, net of $9.7 million, Adjusted EBITDA of $4.2 million and net income per common share of $0.11. In comparison to 2024 market conditions, recent quarterly results were largely impacted by a $2.7 million decline in TCE revenues. As 2025 progressed, the product tanker sector has experienced healthier charter rates, supported by resilient global economic activity and continued trade disruptions caused by major armed conflicts and geopolitical conditions. For the quarter ended September 30, 2025, our MR tankers generated an average TCE rate of $21,085 per day, which increased about $400 per day sequentially from the second quarter of 2025, but 29% lower than the exceptional industry conditions of the third quarter of last year. As of November 20, 2025, our MRs were employed at an average estimated TCE of $20,700 per day, with 93% of our MR available days booked in the fourth quarter ending December 31, 2025. Given ongoing market uncertainties caused by unprecedented geopolitical events and moderating macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under staggered short-term time charters. In the dry-bulk market, chartering conditions have improved noticeably since the summer of 2025, sustained by worldwide demand for key commodities, led by China. For example, the Baltic Dry Index has risen by 48% from June 30 until November 17, 2025, a solid indicator of better market conditions. For the quarter ended September 30, 2025, our three mid-sized bulkers generated an average daily TCE rate of $13,513 which increased about $700 per day sequentially from the second quarter of 2025, but slightly lower by 2.4% compared to Q3 2024. As of November 20, 2025, our bulkers were employed at an improving average estimated TCE of $17,150 per day, with 78% of available days booked in the fourth quarter ending December 31, 2025. All of our dry-bulk carriers are currently employed under short-term time charters. Guarded optimism despite various uncertainties For the near-term, we expect the chartering environment for both product tankers and the dry-bulk carriers to remain firm. Global demand for seaborne cargoes including a broad range of refined petroleum products and dry-bulk commodities is expected to post modest growth through 2026. While worldwide economic activity has shown resilience in the first nine months of 2025, the unpredictable trajectory of tariffs, sanctions and policy shifts may continue to weigh on global trade, contributing to inflationary pressures, increasing unemployment and ongoing dislocation of supply chains. However, surprising positive developments may occur. For example, increasing severe sanctions against Russia by the U.S. and EU as well as damages caused by Ukrainian drone attacks on Russian refineries may further alter cargo volumes and trade routes, re-new the expansion of cargo ton-miles as well as create arbitrage opportunities in various consuming markets. As refinery maintenance programs wind down this fall and we move into the stronger winter season, crack spreads remain healthy. The accelerated return by OPEC+ of another 0.4 million barrels per day (Mb/d) of crude oil production in the fourth quarter, 2025 on top of the return of all of its voluntary cuts of 2.2 Mb/d earlier this year, offer further signs of a well-supplied market. Historically, demand growth for many refined petroleum products and dry-bulk commodities has been reasonably correlated to global GDP growth. In October, the International Monetary Fund revised its annual global growth forecast to approximately 3.1% through 2026. On the supply side, vessel deliveries are anticipated to increase through 2026 amid continued low scrapping activity. According to Arrow Shipbrokering Group (November 4, 2025), the MR orderbook stood at 294 tankers, or 15.2% of the global fleet, while 319 MRs, or 16.5%, were 20 years of age or older, creating a large pool of scrapping candidates and contributing to a more balanced long-term tanker supply outlook. On the dry-bulk side, fleet growth for the remainder of 2025 and next year is expected to outpace modest demand growth. However, potential scrapping and slow-steaming of a large number of older, less efficient bulkers could potentially mitigate challenging chartering conditions. Given the high degree of macroeconomic and geopolitical uncertainties, we will continue to maintain a prudent and disciplined approach to operational and financial management. However, we believe there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels in both the product tanker and dry-bulk sectors. The closing of debt refinancing of two of our tankers in December 2025 will increase available cash by an incremental $10 million, which combined with our hunting license loan facility of up to $45 million, will enable us to promptly fund the possible acquisition of at least 3 vessels by January, 2027. Lastly, we believe our current share price does not reflect the value proposition of Pyxis Tankers, let alone the significant operational progress, financial performance as well as future prospects. We continue to trade at a substantial discount to our peers based on standard industry valuation metrics, including price to net asset value. Consequently, the Board of Directors has authorized a new common stock repurchase program of up to $3.0 million through open-market transactions for a period of up to one year.” Results for the three months ended September 30, 2024 and 2025 Amounts referenced in period–on–period comparisons in this section are derived from the interim consolidated financial statements presented below. For the three months ended September 30, 2025, we reported revenues, net of $9.7 million, or a 29.7% decrease from $13.8 million in the comparable 2024 period. Our net income attributable to common shareholders was $1.2 million for the three months ended September 30, 2025, compared to a net income attributable to common shareholders of $3.6 million for the same period in 2024. The reported net income per common share was $0.11 basic and diluted, compared to net income per common share of $0.34 basic and $0.31 diluted, for the same period in 2024. The weighted average number of basic and diluted shares reduced to 10.4 million and 10.5 million, respectively, in the three months ended September 30, 2025, mainly due to the common share buyback program which was completed in January 2025. Operationally, our MR tankers achieved an average TCE rate of $21,085 per day, a 29.3% decline from $29,826 during the three months ended September 30, 2024, reflecting weaker charter rates in the product tanker sector. Our dry-bulk carriers recorded an average daily TCE of $13,513, down 2.4% from $13,841 for the same period last year, due to continued softness in the dry-bulk market. In the third quarter of 2025, 100% of the MR tankers' revenue was generated under short-term time charters, and similarly the bulk carriers were also employed under short-term time charters. Adjusted EBITDA decreased by $2.5 million to $4.2 million in the third quarter of 2025 from $6.7 million for the same period in 2024. Results for the nine months ended September 30, 2024 and 2025 Amounts referenced in period–on–period comparisons in this section are derived from the interim consolidated financial statements presented below. For the nine months ended September 30, 2025, we reported revenues, net of $28.5 million, a decrease of $11.0 million, or 28.0%, from $39.5 million in the comparable period of 2024. Our net loss attributable to common shareholders was $0.04 million, compared to a net income attributable to common shareholders of $12.0 million for the same period in 2024. The reported net loss per common share was $0.00 basic and diluted, compared to net income per common share of $1.14 basic and $1.06 diluted, for the same period in 2024. During the nine months of 2025, our MRs were contracted for 729 days or 89% of their ownership days under short-term time charters, with the remainder employed in the spot voyage market, including 29 idle days. Also, during the same period, our bulkers were contracted under short-term time charters resulting in an overall dry-bulk average daily TCE rate of $13,119. During the nine months ended September 30, 2025, we generated a lower MR daily TCE rate of $21,712 and lower MR fleet utilization of 96.5%, compared to a daily TCE rate of $31,492 and utilization of 98.3% in the same period in 2024. We operated an average of 3 MR tankers in both periods. Our dry-bulk vessels achieved a daily TCE rate of $13,119 and utilization of 88.1% in the nine months of 2025, compared to a daily TCE rate of $16,946 and utilization of 85.3% in the same period of 2024. In 2025, we operated an average of 3 bulk carriers, up from 2.2 in the prior year. Adjusted EBITDA for the nine months ended September 30, 2025 declined by $11.8 million to $8.9 million, compared to $20.7 million in the 2024 period. 1 a) The dry-bulk “Konkar Asteri” was delivered on February 15, 2024. b) The dry-bulk “Konkar Venture” was delivered on June 28, 2024. 2 Subject to rounding; please see “Non-GAAP Measures and Definitions” below. Management’s Discussion & Analysis of Financial Results for the Three Months ended September 30, 2024 and 2025 (Amounts presented in millions U.S. dollars, rounded to the nearest one hundred thousand, unless as otherwise noted) Amounts referenced in period–on–period comparisons in this section are derived from the interim consolidated financial statements presented below. Revenues, net: Revenues, net of $9.7 million for the three months ended September 30, 2025, represented a decrease of $4.1 million, or 29.7%, from $13.8 million in the comparable period of 2024. In the third quarter of 2025, our average daily TCE rate for our MR fleet was $21,085, a $8,741 per day decrease from $29,826 for the same period in 2024. This decline in revenues, net, was the result of softer charter rates in comparison to the relatively strong market of 2024. Also, in the most recent quarter, our dry-bulk average daily TCE rate was $13,513, a $328 per day decrease from $13,841 for the same period in 2024. This decrease was the result of slightly lower dry-bulk charter rates and lower utilization to 83.3% in comparison to 93.1% in the same period of 2024. Total fleet ownership days in each of the third quarters of 2025 and 2024 were 552, or an average of 6.0 vessels. Voyage related costs and commissions: Voyage related costs and commissions of $0.8 million in the third quarter of 2025, represented a decrease of $1.3 million, or 63.6%, from $2.1 million in the same period of 2024. This decline was driven by the absence of spot employment for our MRs in the third quarter in 2025 versus 114 days, including the idle days, in the third quarter of 2024. For our MR tankers, voyage related costs and commissions decreased by $1.4 million, from $1.5 million in the third quarter of 2024 to $0.1 million in the same period of 2025, more than offsetting the impact of the lower utilization of our bulkers from 93.1% in the third quarter of 2024 to 83.3% in the same period of 2025. Under spot voyage charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in spot employment results in decreased voyage related costs. Vessel operating expenses: Vessel operating expenses were $3.5 million for the three-month period ended September 30, 2025, a decrease of $0.3 million, or 8.1%, from $3.8 million in the same period of 2024. The decrease primarily reflected the timing of certain operating expenses, including maintenance and spares, as well as the absence of non-recurring repairs incurred in the prior year period. Vessel ownership days for the three-month period ended September 30, 2025 and 2024 were 552 days. General and administrative expenses: General and administrative expenses of $0.8 million for the third quarter of 2025 represented an increase of $0.1 million, from $0.7 million in the same period of 2024. Administrative fees payable to Pyxis Maritime Corp. (“Maritime”), our tanker ship manager, for the third quarter of 2025 also included the prior year 2024 inflation adjustment rate of 2.74% in Greece. Management fees: For the three months ended September 30, 2025, management fees charged by Maritime, Konkar Shipping Agencies S.A. (“Konkar Agencies”), our dry-bulk ship manager, both affiliates of Mr. Valentis, and by International Tanker Management Ltd. (“ITM”), the unaffiliated technical manager of our MRs, remained stable at $0.5 million in line with the same period of 2024. Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the quarter ended September 30, 2025, represented an increase of $0.1 million compared to the same period in 2024. This increase primarily reflects the higher level of capitalized dry-docking and special survey expenditures for our dry-bulk vessels following the second special surveys performed in 2025. During the first quarter of 2025, “Konkar Venture” successfully completed her second special survey over 22 days. In addition, “Konkar Asteri” commenced her second special survey in the same quarter, with 12 days completed during the first quarter of 2025 and the remaining 10 days concluded in April 2025, resulting in a higher amortizable balance and, consequently, a higher quarterly amortization charge. Depreciation: Depreciation of $1.9 million for the quarter that ended September 30, 2025, remained unchanged from the same period of 2024. Interest and finance costs: Interest and finance costs for the quarter ended September 30, 2025, were $1.4 million, representing a decrease of $0.4 million, or 21.2%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower secured overnight financing rate (“SOFR”) based interest rates paid on all the floating rate bank debt. Interest income: Interest income of $0.5 million received during the quarter ended September 30, 2025, decreased by $0.1 million compared to the same period in 2024, due to lower interest rates on deposits. Loss attributable to non-controlling interest: Loss attributable to the non-controlling interest (the “NCI”) for the quarter ended September 30, 2025, was $0.025 million, compared to loss of $0.2 million from the same period in 2024. This amount reflects the share of results attributable to the NCI in the joint ventures that own the dry-bulk carriers “Konkar Ormi” and “Konkar Venture”. Management’s Discussion & Analysis of Financial Results for the Nine Months ended September 30, 2024 and 2025 (Amounts presented in millions U.S. dollars, rounded to the nearest one hundred thousand, unless as otherwise noted) Amounts referenced in period–on–period comparisons in this section are derived from the interim consolidated financial statements presented below. Revenues, net: Revenues, net were $28.5 million for the nine months ended September 30, 2025, a decrease of $11.1 million, or 28.0%, compared to $39.5 million in the same period of 2024. The decline primarily reflected softer charter market conditions for both MRs and dry-bulk vessels. During the nine months of 2025, our MR average daily TCE rate was $21,712, a $9,780 per day decrease from $31,492 in the comparable strong period of 2024. Operating days for the MR fleet declined to 790 in the nine months of 2025 compared to 808 in the same period of 2024, contributing to lower revenue generation from this segment. By contrast, revenues from our dry-bulk vessels increased slightly compared to previous year, as higher ownership days and improved utilization more than offset the impact of lower market rates. Our dry-bulk average daily TCE rate was $13,119, a $3,827 per day decrease from $16,946 in the corresponding period of 2024; however, dry-bulk utilization increased to 88.1% from 85.3%, and the expansion of our dry-bulk fleet following the acquisitions of “Konkar Asteri” and “Konkar Venture” in February and June 2024, respectively, led to higher dry-bulk revenues. Total fleet ownership days in the nine months of 2025 were 1,638, representing an average of 6.0 vessels, compared to 1,419 ownership days, or an average of 5.2 vessels, in the same period of 2024. Voyage related costs and commissions: Voyage related costs and commissions of $2.3 million in the nine months ended September 30, 2025, represented a decrease of $3.1 million, or 56.9%, from $5.4 million in the same period of 2024. This decline was primarily driven by the significantly lower spot voyage employment of our MRs from 78 days, including idle days, in the nine-month period in 2025 compared to 364 days in the same period of 2024, as well as higher utilization of our bulkers from 85.3% in the nine-month period in 2024 to 88.1% in the same period of 2025. Under spot voyage charters, voyage expenses are typically borne by us rather than the charterer and therefore reduced spot employment results in lower voyage related costs. Vessel operating expenses: Vessel operating expenses of $10.4 million for the nine months ended September 30, 2025, represented an increase of $0.5 million, or 5.5%, from $9.9 million in the same period of 2024, primarily reflecting the expansion of our dry-bulk fleet in 2024, which increased vessel ownership days from 1,418 to 1,638. On a total fleet basis, vessel operating expenses per day decreased to $6,365 from $6,951 in the corresponding period of 2024, mainly due to lower Opex per day for our dry-bulk vessels, partially offset by higher Opex per day for our MR tankers. General and administrative expenses: General and administrative expenses were $5.4 million for the nine months ended September 30, 2025 representing an increase of $3.2 million, compared to $2.2 million in the same period of 2024. The increase primarily reflected a one-off long term prior performance bonus paid to Maritime in 2025. Excluding this non-recurring item, General and administrative expenses were relatively consistent with the prior year period. Administrative fees payable to Maritime also reflect inflationary cost pressures, including the 2024 inflation adjustment rate of 2.74% in Greece. Management fees: For the nine months ended September 30, 2025, management fees charged by Maritime, Konkar Agencies and ITM, were $1.4 million, an increase of $0.2 million compared to the same period of 2024. The increase primarily reflected the further expansion of our fleet in the dry-bulk sector as well as inflationary cost pressures, including the application of the 2024 Greek inflation adjustment rate of 2.74% to the fees charged by the two affiliated ship managers. Amortization of special survey costs: Amortization of special survey costs of $0.4 million for the nine months ended September 30, 2025, represented an increase of $0.1 million compared to the same period of 2024. This increase primarily reflects the higher level of capitalized dry-docking and special survey expenditures for our dry-bulk vessels following the second special surveys of “Konkar Venture” and “Konkar Asteri,” which were completed in spring 2025, resulting in a higher amortizable balance and, consequently, a higher amortization charge for the period. Depreciation: Depreciation of $5.7 million for the nine months ended September 30, 2025, represented an increase of $0.7 million, or 13.3%, compared to $5.0 million in 2024. The increase reflected additional depreciation related to the acquired bulkers “Konkar Asteri” and “Konkar Venture”. Interest and finance costs: Interest and finance costs for the nine months ended September 30, 2025, were $4.4 million, representing a decrease of $0.5 million, or 10.5%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower SOFR based interest rates paid on all the floating rate bank debt, as well as amendments made in 2024 to two of our loan agreements relating to the “Pyxis Lamda” and the “Pyxis Theta” which reduced interest rate margins. Interest income: Interest income of $1.3 million received during the nine months ended September 30, 2025, decreased by $0.5 million compared to the same period in 2024, due to lower interest rates on deposits. Loss attributable to non-controlling interest: Loss attributable to the NCI for the nine months ended September 30, 2025, was $0.2 million, unchanged from the same period of 2024. This amount reflects the share of results attributable to the NCI in the joint ventures that own the bulkers “Konkar Ormi” and “Konkar Venture”. Interim Consolidated Statements of Comprehensive Income For the three months ended September 30, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) Interim Consolidated Statements of Comprehensive Income/(Loss) For the nine months ended September 30, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) Consolidated Balance Sheets As of December 31, 2024 and September 30, 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) Interim Consolidated Statements of Cash Flows For the nine months ended September 30, 2024 and 2025 (Expressed in thousands of U.S. dollars) Liquidity, Debt and Capital Structure Our total funded debt, net of deferred financing costs, at September 30, 2025 was $78.9 million. Pursuant to our loan agreements, as of September 30, 2025, we were required to maintain a minimum cash balance of $1.35 million. Total cash and cash equivalents, including the minimum liquidity classified as restricted cash and cash that has been classified as a short-term investment in time deposits, aggregated $44.3 million as of September 30, 2025. Our weighted average interest rate on our total funded debt for the nine months ended September 30, 2025 was 6.67%. At that date, we had short-term interest-bearing investments of $14.0 million. Our next loan maturity is scheduled for December 2026 with a balloon principal payment of $12.2 million due on the 2017-built “Pyxis Lamda”. On September 30, 2025, we had a total of 10,485,865 common shares issued and outstanding of which Mr. Valentis, our CEO and Chairman, beneficially owned 57.3%, and 1,592,465 outstanding warrants (NASDAQ Cap Mkts: PXSAW), which had an exercise price of $5.60 and thereafter expired on October 13, 2025. Subsequent Events On October 13, 2025, the 1,592,465 detachable warrants (formerly NASDAQ Cap Mkts: PXSAW) issued in connection with the Company’s October 13, 2020 public offering expired worthless in accordance with their original terms and ceased to trade on Nasdaq. No common shares were issued and no cash or non-cash proceeds were received by the Company as a result of the expiration. The expiration had no impact on the Company’s share capital or additional paid-in capital. On November 17, 2025, the Company signed two commitment letters with Alpha Bank, the existing lender to the Eleventhone Corp. (the “Pyxis Lamda”) and the Seventhone Corp. (the “Pyxis Theta”) for the refinancing of both secured loans which have current outstanding balances of $14.37 million and $8.95 million, respectively. The amended loan agreements will mature in 5 years from drawdown which is expected to occur by December 19, 2025. Alpha Bank has agreed to advance levels up to 50% of the current market value of each vessel that should result in the increase of borrowings to approximately $18.6 million for the “Pyxis Lamda” and $14.75 million for the “Pyxis Theta”. It is contemplated that the incremental $9.9 million in net proceeds we receive from these debt refinancing will be used for fleet expansion. Both loans will continue to amortize principal on a quarterly basis and will be priced at reduced interest rate of Term SOFR plus a margin of 1.90%. The closing of the two amended loan agreements will be subject to satisfactory execution of customary loan documentation. On November 19, 2025, our Board of Directors authorized the repurchase of up to $3.0 million of our common shares. Under this authorization, when in force and available, purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods for a period of up to one year. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interests of our shareholders, and market conditions. Non-GAAP Measures and Definitions Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represent the sum of net income, interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating items, such as interest income, loss from debt extinguishment, loss from financial derivative instruments and, if any, gain on the sale of vessels. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP. EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with a means of evaluating and understanding how our management evaluates operating performance. We also believe these non-GAAP measures are useful to management and investors because they highlight trends in our core operating performance and facilitate comparisons of our operating results across periods by excluding the impact of certain items that management does not consider indicative of our ongoing operating performance. Management uses EBITDA and Adjusted EBITDA, among other things, to evaluate the performance of our core operations, to assist in financial and operational decision-making, in preparing our annual operating budgets and forecasts and, in certain cases, in evaluating management performance for compensation purposes. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect: our cash expenditures, or future requirements for capital expenditures or contractual commitments; changes in, or cash requirements for, our working capital needs; and cash requirements necessary to service interest and principal payments on our funded debt. In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net income, as reflected in the Unaudited Consolidated Statements of Comprehensive Income, to EBITDA and Adjusted EBITDA: Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. We also believe that TCE Revenues and daily TCE provide useful information to investors because they reflect the revenue we retain from voyages after deducting voyage related costs and commissions, thereby facilitating comparisons of our revenue performance across periods and against other companies, irrespective of differences in charter types, trading patterns and voyage expenses. Our management also utilizes daily TCE to assist them in making decisions regarding the employment of the vessels. TCE Revenues are calculated by presenting revenues, net after deducting Voyage related costs and commissions. We calculate daily TCE by dividing TCE Revenues by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. TCE Revenues and daily TCE are not recognized measurements under U.S. GAAP. Vessel operating expenses (“Opex”) represent the costs we incur to operate our vessels, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes, as well as repairs and maintenance. Opex per day represents vessel operating expenses divided by the ownership days in the applicable period. We monitor both total Opex and Opex per day to assess and compare the underlying operating cost efficiency of our fleet across periods and vessels. We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimize the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning for such reasons. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances. EBITDA, Adjusted EBITDA, Opex per day, Utilization and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for revenues, net and net income. Our presentation of EBITDA, Adjusted EBITDA, Opex, Opex per day and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP. As of November 20, 2025, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture”. During 2024 and 2025, the vessels in our fleet were employed under time and spot voyage charters. * a) The dry-bulk “Konkar Asteri” was delivered to our joint venture on February 15, 2024. b) The dry-bulk “Konkar Venture” was delivered to our joint venture on June 28, 2024. Company Presentation A presentation of our results is available on our website (https://www.pyxistankers.com). However, none of the information contained on our website is incorporated into or forms a part of this report. Pyxis Tankers Fleet (as of November 20, 2025) About Pyxis Tankers Inc. The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: https://www.pyxistankers.com. The information on or accessible through the Company’s website is not incorporated into and does not form a part of this release. Forward Looking Statements This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals, financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in the Ukraine and the conflicts in the Middle East and the Red Sea region, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. Company Pyxis Tankers Inc. 59 K. Karamanli Street Maroussi, 15125 Greece [email protected] Visit our website at https://www.pyxistankers.com Company Contact Henry Williams Chief Financial Officer Tel: +30 (210) 638 0200 / +1 (516) 455-0106 Email: [email protected] Source: Pyxis Tankers Inc.

Maroussi, Greece, August 8, 2025 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three and six month periods ended June 30, 2025. For the three months ended June 30, 2025, our revenues, net, were $9.2 million. For the same period, our time charter equivalent (“TCE”) revenues were $8.8 million, a decrease of $3.5 million, or 28.2%, over the comparable period in 2024. Our net loss attributable to common shareholders for the second quarter ended June 30, 2025 was $2.0 million. For the second quarter of 2025, the net loss per common share was $0.19 basic and diluted compared to the net income per common share of $0.48 basic and $0.43 diluted for the same period of 2024. Our Adjusted EBITDA for the three months ended June 30, 2025 was $1.2 million, a decrease of $6.8 million over the comparable period in 2024. Please see “Non-GAAP Measures and Definitions” below. Our Chairman & CEO, Valentios Valentis, commented: “Decelerating market environment continues to impact results We reported results for the second fiscal quarter, 2025 with Revenues, net of $9.2 million, Adjusted EBITDA of $1.2 million and net loss per share of $0.19. In comparison to the comparable 2024 period, quarterly results were largely impacted by a $3.5 million decline in TCE revenues and a $2.9 million increase in general and administrative expenses, substantially reflecting the payment of a non-recurring long-term prior performance bonus. In sharp contrast to a robust first half of last year, the product tanker sector continued to experience lower charter rates during 2025, largely due to slowing global economic activity as evidenced by softer global demand for transportation fuels. Still, charter rates remain reasonably healthy in comparison to long-term historical averages. For the period ended June 30, 2025, our MR tankers generated an average TCE rate of $20,686 per day, which declined about $2,900 per day sequentially from the first quarter of 2025 and decreased by 37% from the second quarter of last year. As of August 7, 2025, our MRs were employed at an average estimated TCE of $21,600 per day, with 91% of our MR available days booked in the third quarter ending September 30, 2025. Given ongoing market uncertainties caused by unprecedented geo-political events and subdued macro-economic conditions, we continue to employ our fleet of three modern, eco-efficient MRs under short-term time charters. In the dry-bulk market, chartering conditions remained depressed during the first half of 2025, weighed down by soft demand for key commodities and the continued deceleration of China’s economic growth. For the quarter ended June 30, 2025, our three mid-sized bulkers generated an average daily TCE rate of $12,840 which was a slight decline from the first quarter of 2025 but lower by over 42% compared to Q2 2024. As of August 7, 2025, our bulkers were employed at an improving average estimated TCE of $15,250 per day, with 66% of available days booked in the third quarter ending September 30, 2025. All of our dry-bulk carriers are currently employed under short-term time charters. Measured optimism with greater uncertainty For the remainder of 2025, we expect the chartering environment for both product tankers and the dry-bulk carriers to remain challenging. Global demand for seaborne cargoes including a broad range of refined petroleum products and dry-bulk commodities are expected to see modest growth for the year, accompanied by a normalization of ton-mile activity. While world-wide economic activity has shown resilience in the first half of 2025, the unpredictable path of tariffs is expected to adversely affect the global economy with slowing trade, rising inflation and unemployment. However, surprising positive developments may occur. Notably, last week’s announcement of a $750 billion energy trade agreement by the 27 bloc of countries within the European Union to purchase U.S. energy products over the next three years represents a potential tailwind for tanker demand. In the short-term, improved refinery margins and the accelerated return of all of the voluntary OPEC+ crude oil production cuts of 2.2 million barrels per day offer further encouragement for the tanker market. Historically, demand growth for many refined petroleum products and dry-bulk commodities has been reasonably correlated to global GDP growth. In July, the International Monetary Fund revised its annual global growth forecast to average ~ 3% through 2026. Vessel supply is anticipated to increase in the second half of 2025 due to a pick-up in scheduled new build deliveries and historically -low scrapping activity. According to Arrow Shipbrokering Group (June 3, 2025), the MR orderbook stood at 319 tankers, or 16.9% of the global fleet, while 320 MRs, or 17.2%, were already 20 years of age or more, creating a large pool of scrapping candidates and contributing to a more balanced long-term supply outlook. On the dry-bulk side, fleet growth for 2025 is expected to outpace sluggish demand growth, despite the normal seasonal uplift in trade of certain minor bulk commodities anticipated this Fall. However, potential scrapping and slow-steaming of a large number of older, less efficient bulkers could mitigate some of the pressure on chartering conditions. Overall fundamental cargo demand continues to be supported by the ton-mile effects stemming from the continued hostilities of the Russian-Ukrainian war and tensions in the Middle East, including the resurgence of deadly vessel attacks in the Red Sea. Meanwhile, a gradual shift towards more accommodative monetary policies by global central banks along with unpredictable prospect of peace in major conflict areas offer some optimism. But, heightened macroeconomic uncertainty exacerbated by tariffs and evolving trade restrictions underscore the importance of our maintaining a prudent and disciplined approach to operational and financial management. Looking ahead, we believe there will be compelling growth opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels in both the product tanker and dry-bulk sectors. Last week, we closed on the new bank commitment of up to $45 million, which combined with cash on hand, will enable us to promptly fund the potential acquisition of two vessels by January, 2027. In the meantime, we expect to continue to utilize our operating cash flow to further enhance balance sheet liquidity, repay scheduled debt and maintain strong technical and commercial performance of our high-quality fleet.” Results for the three months ended June 30, 2024 and 2025 Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited consolidated financials presented below. For the three months ended June 30, 2025, we reported revenues, net of $9.2 million, or a 34.2% decrease from $13.9 million in the comparable 2024 period. Our net loss attributable to common shareholders was $2.0 million, compared to a net income attributable to common shareholders of $5.0 million for the same period in 2024. The reported net loss per common share was $0.19 basic and diluted, compared to net income per common share of $0.48 basic and $0.43 diluted, for the same period in 2024. The weighted average number of basic and diluted shares reduced to 10.4 million, in the most recent period, mainly due to the common share buyback program which was completed in January, 2025. Operationally, our MR tankers achieved an average TCE rate of $20,686 per day, a 37.1% decline from $32,868 during the three months ended June 30, 2024, reflecting weaker charter rates in the product tanker sector. Similarly, our dry bulk carriers recorded an average daily TCE of $12,840, down 42.5% from $22,333 for the same period last year, due to continued softness in the dry bulk market. In the second quarter of 2025, 100% of the MR tankers' revenue was generated under short-term time charters, while the bulk carriers were also employed exclusively under short-term time charters. Adjusted EBITDA decreased by $6.8 million to $1.2 million in the second quarter of 2025 from $8.0 million for the same period in 2024. Results for the six months ended June 30, 2024 and 2025 Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited consolidated financials presented below. For the six months ended June 30, 2025, we reported Revenues, net of $18.8 million, a decrease of $7.0 million, or 27.1%, from $25.7 million in the comparable period of 2024. Our net loss attributable to common shareholders was $1.2 million, compared to a net income attributable to common shareholders of $8.5 million for the same period in 2024. The reported net loss per common share was $0.12 basic and diluted, compared to net income per common share of $0.81 basic and $0.73 diluted, for the same period in 2024. During the six months of 2025, our MRs were contracted for 453 days or 83% under short-term time charters, with the remainder employed in the spot market resulting in an overall MR average daily TCE rate of $22,049. Also, during the same period, our bulkers were contracted under short-term time charters resulting in an overall dry-bulk average daily TCE rate of $12,919. During the first half of 2025, we generated a lower MR daily TCE rate of $22,049 and lower MR fleet utilization of 94.7%, compared to a daily TCE rate of $32,337 and utilization of 98.2% in the same period in 2024. We operated an average of three MR tankers in both periods. Our dry-bulk vessels achieved a daily TCE rate of $12,919 and utilization of 90.8% in the first half of 2025, compared to a daily TCE rate of $20,111 and utilization of 78.5% in the same period of 2024. In 2025, we operated an average of 3.0 bulk carriers, up from 1.8 in the prior year. Adjusted EBITDA for the six months ended June 30, 2025 declined by $9.3 million to $4.7 million, compared to $14.0 million in the 2024 period. 1 a) The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024. b) The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and continued her employment under the existing time charter through mid-August, 2024 2 Subject to rounding; please see “Non-GAAP Measures and Definitions” below. Management’s Discussion & Analysis of Financial Results for the Three Months ended June 30, 2024 and 2025 Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted). Revenues, net: Revenues, net of $9.2 million for the three months ended June 30, 2025, represented a decrease of $4.8 million, or 34.2%, from $13.9 million in the comparable period of 2024. In the second quarter of 2025, our average daily TCE rate for our MR fleet was $20,686, a $12,182 per day decrease from $32,868 for the same period in 2024. This decline in Revenues, net, was the result of softer charter rates in comparison to the same period of 2024. Also, in the most recent quarter, our dry-bulk average daily TCE rate was $12,840, a $9,493 per day decrease from $22,333 for the same period in 2024. This decrease was the result of lower dry-bulk charter rates offset by higher utilization to 93.2% in comparison to 80.0% in the same period of 2024. Total fleet ownership days in the second quarter of 2025 were 546, or an average of 6.0 vessels, compared with 457 days, or an average of 5.0 vessels, for the same period of 2024. This increase was due to the acquisition of the Kamsarmax dry-bulk vessel, “Konkar Venture” in June 2024. Voyage related costs and commissions: Voyage related costs and commissions of $0.4 million in the second quarter of 2025, represented a decrease of $1.3 million, or 78.4%, from $1.7 million in the same period of 2024, primarily as a result of lower spot employment for our MRs from 90 days in the second quarter in 2024 to nil days in the same period of 2025 and higher utilization of bulkers from 80.0% in the second quarter of 2024 to 93.2% in the same period of 2025. Under spot charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in spot employment results in decreased voyage related costs. Vessel operating expenses: Vessel operating expenses were $3.4 million for the three-month period ended June 30, 2025, an increase of $0.3 million, or 11.2%, from $3.0 million in the same period of 2024. The increase primarily reflected the expansion of our fleet due to the dry-bulk vessel acquisitions in 2024. Vessel ownership days for the three-month period ended June 30, 2025 were 546 days compared to 457 for the same period of 2024. General and administrative expenses: General and administrative expenses of $3.7 million for the second quarter of 2025 represented an increase of $2.9 million, from $0.8 million in the same period of 2024. The second quarter of 2025, included a one-off long-term prior performance bonus paid to our tanker ship management company, Pyxis Maritime Corp. (“Maritime”), an entity affiliated with our Chairman and Chief Executive Officer, Mr. Valentis. Excluding this item, General and administrative expenses were $0.1 million lower than the prior year period. Administrative fees payable to Maritime also included the 2024 inflation adjustment rate of 2.74% in Greece. Management fees: For the three months ended June 30, 2025, management fees charged by our tanker ship manager, Maritime, our dry-bulk ship manager, Konkar Shipping Agencies S.A. (“Konkar Agencies”), both affiliates of Mr. Valentis, and by International Tanker Management Ltd. (“ITM”), the unaffiliated technical manager of our MRs, increased by $0.1 million to $0.5 million. The increase was primarily driven by the expansion of our dry-bulk fleet and the impact of inflationary conditions, including the application of the 2024 Greek inflation rate adjustment of 2.74% to the fees charged by the affiliated ship managers. Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the quarter ended June 30, 2025, represented an increase of $0.1 million compared to the same period in 2024. The increase reflected the commencement of amortization for two special surveys performed on our dry-bulk vessels in Spring, 2025. During the first quarter of 2025, “Konkar Venture” successfully completed her second special survey over 22 days. In addition, “Konkar Asteri” commenced her second special survey in the same quarter, with 12 days completed during the first quarter of 2025 and the remaining 10 days concluded in April 2025. Depreciation: Depreciation of $1.9 million for the quarter that ended June 30, 2025, represented an increase of $0.3 million, or 15.6%, compared to $1.6 million in 2024. The increase reflected additional depreciation related to the acquired bulker “Konkar Venture”. Interest and finance costs, net: Interest and finance costs for the quarter ended June 30, 2025, were $1.5 million, represented a decrease of $0.1 million, or 7.2%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower SOFR based interest rates paid on all the floating rate bank debt, as well as amendments made in 2024 to two of our loan agreements relating to the “Pyxis Lamda” and the “Pyxis Theta” which included reduced interest rate margins. Interest income: Interest income of $0.4 million received during the quarter ended June 30, 2025, decreased $0.2 million compared to the same period in 2024, due to lower interest rates on deposits. Gain attributable to non-controlling interest: Gain attributable to the non-controlling interest (the “NCI”) for the quarter ended June 30, 2025, was $0.1 million, unchanged from the same period in 2024. This reflects the share of results attributable to the NCI in the joint ventures that own the dry-bulk carriers “Konkar Ormi” and “Konkar Venture”. Management’s Discussion & Analysis of Financial Results for the Six Months ended June 30, 2024 and 2025 Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted). Revenues, net: Revenues, net of $18.8 million for the six months ended June 30, 2025, represented a decrease of $7.0 million, or 27.1%, from $25.7 million in the comparable period of 2024. In the first half of 2025, our average daily TCE rate for our MR fleet was $22,049, a $10,288 per day decrease from $32,337 for the same period in 2024. The decline in Revenues, net, was the result of softer charter rates as well as lower operating days of 514 in the first half of 2025 in comparison to 536 in the same period of 2024. Also, in the most recent period, our dry-bulk average daily TCE rate was $12,919, a $7,192 per day decrease from $20,111 for the same period in 2024. This decrease was the result of lower dry-bulk charter rates offset by higher utilization to 90.8% in comparison to 78.5% in the same period of 2024. Total fleet ownership days in the first half of 2025 were 1,086 or an average of 6.0 vessels, compared with 867 days, or an average of 4.8 vessels, for the same period of 2024. This increase was due to the acquisition of the two Kamsarmax dry-bulk vessels, “Konkar Asteri” and “Konkar Venture” in February and June, 2024. Voyage related costs and commissions: Voyage related costs and commissions of $1.6 million in the first half of 2025, represented a decrease of $1.7 million, or 52.6%, from $3.3 million in the same period of 2024, primarily as a result of lower spot employment for our MRs from 172 days in the six-month period in 2024 to 61 days in the same period of 2025 as well as by higher utilization in bulkers from 78.5% in the six-month period in 2024 to 90.8% in the same period of 2025. Under spot charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in spot employment results in decreased voyage related costs. Vessel operating expenses: Vessel operating expenses of $7.0 million for the six-month period ended June 30, 2025, represented an increase of $0.8 million, or 13.9%, from $6.1 million in the same period of 2024, reflecting the expansion of our dry-bulk fleet in 2024. Vessel ownership days for the six-month period ended June 30, 2025 were 1,086 days compared to 867 for the same period of 2024. General and administrative expenses: General and administrative expenses were $4.6 million for the six-month period ended June 30, 2025 represented an increase of $3.0 million, from $1.5 million in the same period of 2024. The first half of 2025 included a one-off long-term prior performance bonus paid to Maritime. Excluding this item, General and administrative expenses remained relatively consistent with the prior year period. Administrative fees payable to Maritime also reflect inflationary cost pressures, including the 2024 inflation adjustment rate of 2.74% in Greece. Management fees: For the six months ended June 30, 2025, management fees charged by Maritime, Konkar Agencies and ITM, increased by $0.2 million to $0.9 million. The increase was primarily driven by the further expansion of our fleet in the dry-bulk sector and the impact of inflationary conditions, including the application of the 2024 Greek inflation rate adjustment of 2.74% to the fees charged by the two affiliated ship managers. Amortization of special survey costs: Amortization of special survey costs of $0.3 million for the six months ended June 30, 2025, represented an increase of $0.1 million compared to the same period in 2024. The increase reflected the commencement of amortization for two special surveys performed on our dry-bulk vessels, “Konkar Venture” and “Konkar Asteri” which were completed in the Spring of 2025. Depreciation: Depreciation of $3.8 million for the six-month period ended June 30, 2025, represented an increase of $0.7 million, or 21.2%, compared to $3.1 million in 2024. The increase reflected additional depreciation related to the acquired bulkers “Konkar Asteri” and “Konkar Venture”. Interest and finance costs, net: Interest and finance costs for the six months ended June 30, 2025, were $2.9 million, represented a decrease of $0.1 million, or 4.2%, compared to the same period of 2024. This reduction was primarily driven by lower average debt levels and lower SOFR based interest rates paid on all the floating rate bank debt, as well as amendments made in 2024 to two of our loan agreements relating to the “Pyxis Lamda” and the “Pyxis Theta” which reduced interest rate margins. Interest income: Interest income of $0.9 million received during the six months ended June 30, 2025, decreased $0.4 million compared to the same period in 2024, due to lower interest rates on deposits. Loss attributable to non-controlling interest: Loss attributable to the NCI for the six months ended June 30, 2025, was $0.16 million, compared to a gain of $0.05 million in the same period of 2024. This reflected the share of results attributable to the NCI in the joint ventures that own the bulkers “Konkar Ormi” and “Konkar Venture”. Interim Consolidated Statements of Comprehensive Income/(Loss) For the three months ended June 30, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) Interim Consolidated Statements of Comprehensive Income/(Loss) For the six months ended June 30, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) Consolidated Balance Sheets As of December 31, 2024 and June 30, 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) Interim Consolidated Statements of Cash Flows For the six months ended June 30, 2024 and 2025 (Expressed in thousands of U.S. dollars) Liquidity, Debt and Capital Structure Our total funded debt, net of deferred financing costs, at June 30, 2025 was $80.7 million. Pursuant to our loan agreements, as of June 30, 2025, we were required to maintain a minimum cash balance of $1.35 million. Total cash and cash equivalents, including the minimum liquidity classified as restricted cash and cash that has been classified as a short-term investment in time deposits, aggregated $42.8 million as of June 30, 2025. Our weighted average interest rate on our total funded debt for the six months ended June 30, 2025 was 6.66%. At that date, we had short-term interest-bearing investments of $14.0 million. Our next loan maturity is scheduled for December 2026 with a balloon principal payment of $12.2 million due on the 2017-built “Pyxis Lamda”. On June 30, 2025, we had a total of 10,485,865 common shares issued and outstanding of which Mr. Valentis, our CEO and Chairman, beneficially owned 57.3%, and 1,592,465 outstanding warrants (NASDAQ Cap Mkts: PXSAW), which have an exercise price of $5.60 and expire October 13, 2025. Subsequent Events On July 30, 2025 the Company closed on a commitment from an existing bank for a “hunting license” loan facility of up to $45 million (the “Facility”) to finance the potential acquisition of up to two modern vessels, consisting of product tankers between 45-115K dwt. and/or dry bulk carriers between 60-85K dwt. Advances under the Facility, which can be as much as 62.5% of vessel purchase value, can be drawn-down anytime for a period of up to 18 months after closing of the Facility. The balance of the purchase consideration for the vessel(s) would consist of cash equity on hand from the Company. Borrowings under the Facility would have an interest rate of SOFR + average margin of 1.9%. Each advance under the Facility would be repaid on a quarterly basis over five years from drawdown. The Facility would be secured by, among other things, any vessels acquired with the proceeds of the Facility and contains certain standard financial and other covenants. The Company will incur a nominal fee payable to the lender during the drawdown period of the Facility. Non-GAAP Measures and Definitions Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represent the sum of net income, interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating charges, such as interest income, loss from debt extinguishment, loss from financial derivative instrument and gain from sales of vessels. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP. EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with a means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect: our cash expenditures, or future requirements for capital expenditures or contractual commitments; changes in, or cash requirements for, our working capital needs; and cash requirements necessary to service interest and principal payments on our funded debt. In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net income, as reflected in the Unaudited Consolidated Statements of Comprehensive Income, to EBITDA and Adjusted EBITDA: Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes daily TCE to assist them in making decisions regarding the employment of the vessels. TCE Revenues are calculated by presenting Revenues, net after deducting Voyage related costs and commissions. We calculate daily TCE by dividing TCE Revenues by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. TCE Revenues and daily TCE are not calculated in accordance with U.S. GAAP. Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period. We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimize the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances. EBITDA, Adjusted EBITDA, Opex, Utilization and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA, Opex and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP. As of August 8, 2025, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture”. During 2024 and 2025, the vessels in our fleet were employed under time and spot charters. * a) The dry-bulker “Konkar Asteri” was delivered to our joint venture on February 15, 2024 and commenced her initial charter on February 29, 2024. b) The dry-bulker “Konkar Venture” was delivered to our joint venture on June 28, 2024 and continued her employment under the existing time charter through mid-August 2024. Company Presentation A presentation of our results is available on our website (http://www.pyxistankers com). However, none of the information contained on our website is incorporated into or forms a part of this report. Pyxis Tankers Fleet (as of August 7, 2025) About Pyxis Tankers Inc. The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information on or accessible through the Company’s website is not incorporated into and does not form a part of this release. Forward Looking Statements This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals, financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will, “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in the Ukraine and the conflicts in the Middle East and the Red Sea region, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. Company Pyxis Tankers Inc. 59 K. Karamanli Street Maroussi, 15125 Greece [email protected] Visit our website at www.pyxistankers.com Company Contact Henry Williams Chief Financial Officer Tel: +30 (210) 638 0200 / +1 (516) 455-0106 Email: [email protected] Source: Pyxis Tankers Inc.