The sharp earnings beat versus the prior year and strong forward fixture rates ($21,850/day MR, $19,130/day dry-bulk for Q2) suggest continued momentum. Watch for dry-bulk charter renewals in May 2026 (three vessels rolling) and the Pyxis Karteria time charter expiring in Aug-Nov 2026. The $45M undrawn facility provides optionality for fleet growth or further buybacks.
Price Chart
Executive Summary
Pyxis Tankers reported Q1 2026 earnings with net income of $2.4M ($0.23/share), up from $0.8M ($0.07/share) in Q1 2025, and revenue of $10.0M (+3.9% YoY). The beat was driven by strong dry-bulk charter rates (+50.6% TCE/day) and higher fleet utilization (95.4% vs 88.7%), partially offset by a 19.7% decline in MR tanker TCE rates. The company has $55.7M in cash/short-term investments and a $45M undrawn 'Hunting License' facility, with $2.1M remaining under its buyback program. A director resigned for personal reasons.
Key Facts
- Q1 2026 revenue $10.0M vs $9.6M YoY (+3.9%)
- Net income attributable to common shareholders $2.4M vs $0.8M YoY (+200%)
- EPS $0.23 basic/diluted vs $0.07 YoY
- Adjusted EBITDA $5.4M vs $3.5M YoY (+54%)
- MR tanker daily TCE $18,944 vs $23,593 YoY (-19.7%)
- Dry-bulk daily TCE $19,601 vs $13,013 YoY (+50.6%)
- Total fleet utilization 95.4% vs 88.7% YoY
- Cash and short-term investments $55.7M at March 31, 2026
- Total funded debt $85.2M, weighted avg interest rate 5.65%
- Share repurchases of $0.59M in Q1 2026 plus $0.08M post-quarter; $2.1M remaining under program
- Director Basil G. Mavroleon resigned May 18, 2026 for personal reasons
Financial Impact
Net income tripled to $2.4M on 3.9% revenue growth, with adjusted EBITDA up 54% to $5.4M. MR tanker weakness was more than offset by strong dry-bulk performance and cost controls.
Risk Factors
- MR tanker TCE rates declined 19.7% YoY, signaling sector weakness that could persist
- Three dry-bulk vessels have charters expiring in May 2026, creating near-term re-contracting risk
- Geopolitical risk from Middle East operations (Pyxis Karteria in Persian Gulf)
- CEO/Chairman beneficially owns 58.7%, limiting public float and liquidity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-025165 |
| Exhibit: ex99-1.htm | 0001493152-26-025165 |
| Document: form6-k.htm | 0001493152-26-025165 |
| Document: 0001493152-26-025165-index-headers.html | 0001493152-26-025165 |
| Document: 0001493152-26-025165-index.html | 0001493152-26-025165 |
| Document: 0001493152-26-025165.txt | 0001493152-26-025165 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | Press Release | $8.19 $8.18 | ▼ −0.12% | ▲ +0.96% | $7.22 (−11.90%) |
Aug 31, 2026 8w ago | Press Release | $6.23 $6.45 | ▲ +3.53% | ▲ +3.09% | $7.22 (+15.81%) |
Aug 26, 2026 8w ago | Press Release | $5.40 $5.36 | ▼ −0.74% | ▼ −0.51% | $7.22 (+33.61%) |
Jun 29, 2026 17w ago | F-1/A | $4.18 $4.16 | ▼ −0.48% | ▼ −1.26% | $7.22 (+72.61%) |
May 26, 2026 22w ago | 6-K | $4.75 $4.73 | ▼ −0.42% | ▼ −0.43% | $7.22 (+51.89%) |
May 18, 2026 23w ago | Press Release | $4.49 $4.67 | ▲ +4.01% | ▲ +2.97% | $7.22 (+60.69%) |
Apr 24, 2026 26w ago | 6-K | $4.54 $4.36 | ▼ −3.96% | ▼ −3.48% | $7.22 (+58.92%) |
Apr 24, 2026 26w ago | Press Release | $4.54 $4.36 | ▼ −3.96% | ▼ −3.48% | $7.22 (+58.92%) |
Apr 10, 2026 28w ago | 6-K | $4.45 $4.60 | ▲ +3.37% | ▲ +2.40% | $7.22 (+62.13%) |
Apr 1, 2026 29w ago | Press Release | $4.40 $4.30 | ▼ −2.27% | ▼ −2.75% | $7.22 (+63.98%) |
US Market Status
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