PXS Q2 2026 Earnings Report

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Pyxis Tankers Announces Financial Results for the Three &Six Months Ended June 30, 2026 Maroussi, Greece, August 31, 2026 – Pyxis Tankers Inc. (Nasdaq Cap Mkts: PXS), (the “Company”, “we”, “our”, “us” or “PyxisTankers”), an international diversiﬁed shipping company, today announced unaudited results for the three and six months endedJune 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 in2025. During the second quarter of 2026, our time charter equivalent (“TCE”) revenues were $11.5 million, an increase of $2.7million, or 30.4%, over the comparable period in 2025. Our net income attributable to common shareholders for the second quarterended 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 quarterof 2026, net income per common share was $0.27 basic and diluted, compared to a net loss per common share of $0.19 basic anddiluted for the same period in 2025. Our adjusted EBITDA for the three months ended June 30, 2026, was $6.5 million, an increaseof $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 increasingby 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 asgrain 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 furthersupport to the freight market. Our MR tanker ﬂeet also performed well, achieving 100% utilization during the quarter. Product tanker markets experienced anexceptional quarter, driven by geopolitical disruption and related trade inefﬁciencies. While we expect part of the second-quarterfreight premium to moderate as conditions normalize, we believe the sector should continue to beneﬁt from elevated reﬁnerymargins, trade dislocation, longer-haul trade routes and inventory replenishment. As certain charters approach expiration, prevailingmarket conditions may provide opportunities to further enhance ﬂeet earnings. Nevertheless, rising vessel values, a growingorderbook 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 andvessel remained our highest priority throughout the regional disruption, and we are grateful for the professionalism of the crew, ourmanagers and all parties involved. The vessel subsequently completed its in-water intermediate survey, minimizing off-hire, andremains employed under its existing ﬁxed-rate time charter. Our ﬁnancial position remains a signiﬁcant competitive advantage. With approximately $103 million of total liquidity (including cashand cash equivalents and amounts available under our existing debt facilities) and low net leverage at quarter-end, we have theﬁnancial ﬂexibility to pursue attractive opportunities. We will continue to evaluate selective and accretive growth opportunities asthey arise, but we intend to remain patient and highly disciplined in our capital allocation decisions. Any investment must meet ourreturn 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, disciplinedexecution, 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 averageestimated TCE rate of approximately $22,250 per day. Our MR tanker ﬂeet had contracted employment for 100% of its availabledays 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 averageestimated 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 vesselremained employed under her existing ﬁxed-rate time charter and continued to operate safely in accordance with the charterer’sinstructions. Subsequent to the end of the second quarter, the M/T “Pyxis Karteria” completed her intermediate survey, resulting in approximately7.5 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 interimconsolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to thenearest 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 $9.2million in the comparable 2025 period. Our net income attributable to common shareholders was $2.8 million, compared to a netloss of $2.0 million for the same period in 2025. Net income per common share for the three months ended June 30, 2026 was

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$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. Theweighted average number of common shares outstanding, basic and diluted, decreased to approximately 10.2 million during thethree 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 threemonths ended June 30, 2025, reﬂecting higher charter rates in the product tanker sector. Our dry-bulk carriers recorded an averagedaily TCE rate of $20,245, 57.7% higher than $12,840 in the same period in 2025, driven by strengthening chartering conditions inthe 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 andmedium-term time charters. We operated an average of three MR tankers and three dry-bulk carriers in both periods. AdjustedEBITDA 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 interimconsolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to thenearest 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 toa 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. Duringthe six months ended June 30, 2026, our MR tankers were employed for 491 days under short-term time charters and 50 days inthe spot market. The MR ﬂeet achieved an average daily TCE rate of $20,435 and utilization of 99.6%, compared to an averagedaily 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 dailyTCE rate of $19,672 and utilization of 96.7%, compared to $12,919 and 90.8%, respectively, in the same period in 2025. Weoperated an average of three MR tankers and three dry-bulk carriers in both periods. Adjusted EBITDA for the six months endedJune 30, 2026 increased by $7.1 million to $11.9 million, compared to $4.7 million in the same period in 2025. Tanker ﬂeet Three months ended June 30, Six months ended June 30, (Amounts in thousands of U.S. dollars, except for dailyTCE rates 2025 2026 2025 2026 which are presented in U.S. dollars per day) MR Revenues, net $ 5,920 6,143 12,353 12,008MR Voyage related costs and commissions, net (273) (164) (1,020) (953)MR Time Charter Equivalent revenues $ 5,647 5,979 11,333 11,055 MR Total operating days 273 273 514 541MR Daily Time Charter Equivalent rate $/d 20,686 21,899 22,049 20,435Average number of MR vessels 3.0 3.0 3.0 3.0 Dry-bulk ﬂeet Three months ended June 30, Six months ended June 30, (Amounts in thousands of U.S. dollars, except for dailyTCE rates 2025 2026 2025 2026 which are presented in U.S. dollars per day) Dry-bulk Revenues, net $ 3,231 5,991 6,403 10,102Dry-bulk Voyage related costs and commissions, net (86) (505) (551) 226Dry-bulk Time Charter Equivalent revenues $ 3,145 5,486 5,852 10,328 Dry-bulk Total operating days 245 271 453 525Dry-bulk Daily Time Charter Equivalent rate $/d 12,840 20,245 12,919 19,672Average number of Dry-bulk vessels 3.0 3.0 3.0 3.0 Total ﬂeet Three months ended June 30, Six months ended June 30, (Amounts in thousands of U.S. dollars, except for dailyTCE rates 2025 2026 2025 2026 which are presented in U.S. dollars per day) Revenues, net $ 9,151 12,134 18,756 22,110Voyage related costs and commissions, net (359) (669) (1,571) (727)Time Charter Equivalent revenues $ 8,792 11,465 17,185 21,383 Total operating days 518 544 967 1,066Daily Time Charter Equivalent rate $/d 16,975 21,075 17,772 20,059Average number of vessels 6.0 6.0 6.0 6.0 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 1 1 1 1 1 1 1 1 1 1 1 1 1

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Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interimconsolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to thenearest 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 $3.0million, 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 forour 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 ﬂeetaverage daily TCE rate reﬂected higher charter rates compared to the same period in 2025. MR ﬂeet utilization was 100.0% in bothperiods. For our dry-bulk ﬂeet, the average daily TCE rate in the second quarter of 2026 was $20,245, a $7,405 per day increasefrom $12,840 for the same period in 2025. The increase in the dry-bulk ﬂeet average daily TCE rate primarily reﬂected highercharter rates, partially offset by the negative impact of bunker price differentials recognized in voyage related costs andcommissions 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 of6.0 vessels. Voyage related costs and commissions, net: Voyage related costs and commissions, net, of $0.7 million in the second quarter of2026 represented an increase of $0.3 million, or 86.4%, from $0.4 million in the same period in 2025. This increase was drivenprimarily by the negative impact of bunker price differentials realized upon charter redeliveries and deliveries, which contributed tovoyage related costs and commissions of $0.5 million for our dry-bulk ﬂeet, compared to $0.1 million in the respective prior-yearperiod. 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 increaseof $0.4 million, or 11.5%, from $3.4 million in the same period in 2025. Total vessel ownership days for the three months endedJune 30, 2026 and 2025 were the same, accordingly, vessel operating expenses increased on a per ownership day basis toapproximately $6,925 per day from approximately $6,213 per day. The increase primarily reﬂected higher operating expenses forour dry-bulk ﬂeet, including the timing of certain maintenance and spares expenses, partially offset by a decrease in daily vesseloperating 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 2026represented a decrease of $3.0 million, or 80.2%, from $3.7 million in the same period in 2025. The decrease was primarily due tothe absence in the current period of a one-time bonus of $3.0 million in respect of prior years’ performance, which was approved inJune 2025 and paid to Pyxis Maritime Corp. (“Maritime”), our tanker ship management company. Administrative fees payable toMaritime in the second quarter of 2026 included the annual inﬂation adjustment of 2.48%, based on the inﬂation rate in Greece for2025. Management fees: For the three months ended June 30, 2026, management fees charged by Maritime and Konkar ShippingAgencies S.A. (“Konkar Agencies”), our dry-bulk ship manager, both afﬁliates of Mr. Valentis, our Chairman and Chief ExecutiveOfﬁcer, 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 endedJune 30, 2026, compared to the same period in 2025. The amortization charge primarily reﬂected the capitalized dry-docking andspecial 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 thesame period in 2025. Interest and ﬁnance costs: Interest and ﬁnance costs for the quarter ended June 30, 2026 were $1.3 million, representing adecrease of $0.2 million, or 11.5%, compared to $1.5 million for the same period in 2025. This decrease was primarily driven bylower Term SOFR-based interest rates and reduced margins on certain ﬂoating rate bank debt, partially offset by higher averagedebt balances following the additional amounts drawn in connection with the December 2025 reﬁnancing of the secured loans forthe “Pyxis Lamda” and “Pyxis Theta”. The lower margins resulted from the January 2026 amendments to the existing secured loansfor the “Pyxis Karteria,” “Konkar Ormi” and “Konkar Venture,” which reduced the applicable margin over Term SOFR to 1.80% froma range of 2.15% to 2.70%, and the December 2025 reﬁnancing of the secured loans for the “Pyxis Lamda” and “PyxisTheta,” 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 thequarter ended June 30, 2026, was $0.8 million, compared to income of $0.1 million for the same period in 2025. This amountreﬂects the share of results attributable to the NCI in the two joint ventures that own the dry-bulk carriers “Konkar Ormi” and “KonkarVenture”. 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 interimconsolidated Statements of Comprehensive Income/(Loss) below. Amounts are presented in millions of U.S. dollars, rounded to thenearest 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, or17.9%, from $18.8 million in the comparable period of 2025. The increase in revenues, net, primarily reﬂected higher dry-bulkcharter rates and higher ﬂeet utilization, partially offset by lower MR charter rates. In the ﬁrst half of 2026, our average daily TCErate 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 MRﬂeet average daily TCE rate reﬂected lower charter rates, partially offset by higher utilization of 99.6%, compared to 94.7% in thesame 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

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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 forthe 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, unchangedfrom 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 2026represented a decrease of $0.9 million, or 53.7%, from $1.6 million in the same period of 2025. The decrease was primarilyattributable to lower spot voyage charter employment for our MR ﬂeet and the net positive impact of bunker price differentialsrealized upon charter redeliveries and deliveries for our dry-bulk ﬂeet, partially offset by higher commissions, primarily due to highercharter revenues. Under spot charters, all voyage expenses are typically borne by us rather than the charterer, therefore, lower spotemployment 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 representedan increase of $0.1 million, or 2.1%, from $7.0 million in the same period of 2025. Total vessel ownership days remainedunchanged at 1,086, accordingly, vessel operating expenses increased on a per ownership day basis to approximately $6,553 perday from approximately $6,414 per day. The increase primarily reﬂected higher operating expenses for our dry-bulk ﬂeet, includingthe timing of certain maintenance and spares expenses, partially offset by a decrease in daily vessel operating expenses for ourMR 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 June30, 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 2025included a one-time bonus of $3.0 million in respect of prior years’ performance, which was approved in June 2025 and paid toMaritime. 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 ratein Greece for 2025. Management fees: For the six months ended June 30, 2026, management fees charged by Maritime, Konkar Agencies and ITMincreased slightly by less than $0.1 million to $1.0 million from $0.9 million in the same period of 2025. The increase was primarilydriven by the annual inﬂation adjustment of 2.48%, based on the inﬂation rate in Greece for 2025, applied to the fees charged bythe 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 thehigher level of capitalized dry-docking and special survey expenditures for two dry-bulk vessels following their second specialsurveys completed in 2025. During the ﬁrst quarter of 2025, “Konkar Venture” successfully completed her second special surveyover 22 days. In addition, “Konkar Asteri” completed her second special survey, also in 22 days, by early April 2025, resulting in ahigher 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, 2026compared 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 adecrease of $0.3 million, or 10.7%, compared to $2.9 million in the same period of 2025. This reduction was primarily driven bylower Term SOFR-based interest rates and reduced margins on certain ﬂoating-rate bank debt, partially offset by higher averagedebt balances following the drawdown of additional amounts in connection with the December 2025 reﬁnancing of the securedloans for the “Pyxis Lamda” and “Pyxis Theta”. The lower margins resulted from the January 2026 amendments to the securedloans relating to the “Pyxis Karteria,” “Konkar Ormi” and “Konkar Venture,” which reduced the applicable margins over Term SOFRto 1.80% from a range of 2.15% to 2.70%, and the December 2025 reﬁnancing of the secured loans relating to the “PyxisLamda” 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 millioncompared 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 NCIin 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) Three months endedJune 30, 2025 2026 Revenues, net $ 9,151$ 12,134 Expenses: Voyage related costs and commissions, net (359) (669)Vessel operating expenses (3,392) (3,781)General and administrative expenses (3,740) (740)Management fees, related parties (345) (354)Management fees, other (125) (132)Amortization of special survey costs (167) (170)

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Depreciation (1,889) (1,890)Operating (loss)/income (866) 4,398 Other expenses: Interest and ﬁnance costs (1,467) (1,299)Interest income 423 480Total other expenses, net (1,044) (819) Net (loss)/income $ (1,910)$ 3,579 Net income attributable to non-controlling interests (93) (764)Net (loss)/income attributable to Pyxis Tankers Inc. $ (2,003)$ 2,815 Net (loss)/income per common share, basic and diluted $ (0.19)$ 0.27 Weighted average number of common shares, basic and diluted 10,413,365 10,241,483 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) Six months ended June 30, 2025 2026 Revenues, net $ 18,756 $ 22,110 Expenses: Voyage related costs and commissions, net (1,571) (727)Vessel operating expenses (6,965) (7,111)General and administrative expenses (4,573) (1,452)Management fees, related parties (686) (704)Management fees, other (251) (264)Amortization of special survey costs (264) (338)Depreciation (3,752) (3,759)Operating income $ 694 $ 7,755 Other expenses, net: Interest and ﬁnance costs (2,944) (2,628)Interest income 857 977Total other expenses, net (2,087) (1,651) Net (loss)/income $ (1,393) $ 6,104 Net loss/(income) attributable to non-controlling interests 156 (867) Net (loss)/income attributable to Pyxis Tankers Inc. $ (1,237) $ 5,237 Net (loss)/income per common share, basic and diluted $ (0.12) $ 0.51Weighted average number of common shares, basic and diluted 10,417,915 10,290,343 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) December 31, June 30, 2025 2026ASSETS CURRENT ASSETS: Cash and cash equivalents $ 35,555 $ 58,153Short-term investment in time deposits 18,000 —Inventories 536 555Trade accounts receivable, net 2,007 3,361Prepayments and other current assets 552 578Total current assets 56,650 62,647 FIXED ASSETS, NET: Vessels, net 133,319 129,628

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Total ﬁxed assets, net 133,319 129,628 OTHER NON-CURRENT ASSETS: Restricted cash 1,350 1,350Deferred dry-dock and special survey costs, net 2,093 1,755Total other non-current assets 3,443 3,105Total assets $ 193,412 $ 195,380 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred ﬁnancing costs $ 7,967 $ 7,957Trade accounts payable 1,495 1,622Due to related parties 1,685 940Hire collected in advance 597 1,434Deferred charter hire revenue — 456Accrued and other liabilities 1,000 861Total current liabilities 12,744 13,270 NON-CURRENT LIABILITIES: Long-term debt, net of current portion and deferred ﬁnancing costs 79,279 75,225Deferred charter hire revenue, non-current — 55Total non-current liabilities 79,279 75,280 COMMITMENTS AND CONTINGENCIES — — STOCKHOLDERS' EQUITY: Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000authorized Series A Convertible Preferred Shares; nil Series A Convertible PreferredShares issued and outstanding as at December 31, 2025 and at June 30, 2026) — — Common stock ($0.001 par value; 450,000,000 shares authorized; 11,216,546 sharesissued and 10,418,859 shares outstanding as at December 31, 2025, and 11,215,546shares issued and 10,239,194 shares outstanding as at June 30, 2026, respectively) 10 10 Additional paid-in capital 97,826 97,163(Accumulated deﬁcit)/Retained earnings (2,676) 2,561Total equity attributable to Pyxis Tankers Inc. and subsidiaries 95,160 99,734Non-controlling interest 6,229 7,096Total stockholders' equity 101,389 106,830Total liabilities and stockholders' equity $ 193,412 $ 195,380 Unaudited Interim Consolidated Statements of Cash FlowsFor the six months ended June 30, 2025 and 2026(Expressed in thousands of U.S. dollars) Six months ended June 30, 2025 2026Cash ﬂows from operating activities: Net (loss)/income $ (1,393) $ 6,104Adjustments to reconcile net (loss)/income to net cash provided byoperating activities: Depreciation 3,752 3,759Amortization of special survey costs 264 338Amortization and write-off of deferred ﬁnancing costs 115 109Amortization of restricted common stock grants 142 —Changes in assets and liabilities: Inventories 455 (19)Due to related parties 2,128 (745)Trade accounts receivable 2,567 (1,353)Prepayments and other current assets 313 (26)Insurance claims receivable (95) —Deferred dry-dock and special survey costs (1,020) (21)Trade accounts payable (611) 148Hire collected in advance 1,191 837Accrued and other liabilities and deferred charter hire revenue, current and non-current (257) 371 Net cash provided by operating activities $ 7,551 $ 9,502 Cash ﬂows from investing activities:

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Additions and improvements to existing vessels (185) (68)Proceeds from maturities of short-term investments in time deposits, net 3,000 18,000Net cash provided by investing activities $ 2,815 $ 17,932 Cash ﬂows from ﬁnancing activities: Repayment of long-term debt (3,893) (4,080)Payment of ﬁnancing costs (1) (93)Common stock repurchases (270) (663)Net cash used in ﬁnancing activities $ (4,164) $ (4,836) Net increase in cash and cash equivalents and restricted cash 6,202 22,598Cash and cash equivalents and restricted cash at the beginning of the period 22,593 36,905Cash and cash equivalents and restricted cash at the end of the period $ 28,795 $ 59,503 SUPPLEMENTAL INFORMATION: Cash paid for interest $ 2,897 $ 2,411Unpaid portion of special survey cost 460 —Unpaid portion of additions and improvements to existing vessels $ 101 — 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, asof June 30, 2026, we maintained $1.35 million of restricted cash in respect of ﬁxed minimum deposit requirements under certainloan 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 millionof undrawn availability under a committed acquisition facility (“Hunting License”) that may be used to ﬁnance eligible vesselacquisitions, subject to the terms and conditions of the facility. (Amounts in thousands of U.S. dollars) December31, 2025 June 30,2026Total funded debt, net of deferred ﬁnancing costs $ 87,246 83,182 Our weighted average interest rate on our total funded debt for the six months ended June 30, 2026 was 5.62%. Our next loanmaturity is scheduled for September 2028, when an aggregate principal payment of $8.6 million, consisting of a scheduledinstallment of $0.3 million and a balloon payment of $8.3 million, will be due under the loan secured by the 2013-built “PyxisKarteria”. On May 27, 2026, we ﬁled an initial registration statement on Form F-1 with the U.S. Securities and Exchange Commission relatingto a proposed public offering of up to 920,000 of our 7.00% Series B Cumulative Redeemable Perpetual Convertible PreferredShares, including the underwriters’ over-allotment option. We ﬁled Amendment No. 1 and Amendment No. 2 to the registrationstatement 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 PerpetualConvertible Preferred Shares covered thereunder may not be sold nor may offers to buy be accepted before effectiveness, and thisrelease shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of thesesecurities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualiﬁcation under thesecurities laws of such jurisdiction. Accordingly, no Series B Preferred Shares had been issued as of June 30, 2026 or the datehereof 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 throughJune 30, 2026, we have repurchased a total of 245,669 common shares for an aggregate purchase price, including brokeragecommissions, 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 priceof $4.18 per share, excluding brokerage commissions. As a result, $2.1 million remains available under the current authorizedshare repurchase program. As of August 31, 2026, we had 10,239,164 common shares outstanding, of which Mr. Valentis, ourChairman 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 ﬁnancecosts, depreciation and amortization, and income taxes, if any, during a period. Adjusted EBITDA represents EBITDA as adjusted toexclude certain items that may not be indicative of our core operating performance in a given period, such as interest income, losson debt extinguishment, gain or loss on ﬁnancial derivative instruments, and gain or loss on sale of vessels. Such items may haveoccurred in the periods presented and may occur in future periods and, accordingly, may vary over time and may not recur. EBITDAand adjusted EBITDA are not measures recognized under U.S. GAAP.

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EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with a means ofevaluating and understanding how our management evaluates operating performance. We also believe these non-GAAP measuresare useful to management and investors because they highlight trends in our core operating performance and facilitatecomparisons of our operating results across periods by excluding the impact of certain items that management does not considerindicative of our ongoing operating performance. Management uses EBITDA and Adjusted EBITDA, among other things, toevaluate the performance of our core operations, to assist in ﬁnancial and operational decision-making, in preparing our annualoperating budgets and forecasts and, in certain cases, in evaluating management performance for compensation purposes. Thesenon-GAAP measures have limitations as analytical tools, and should not be considered in isolation or as a substitute for, or superiorto 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 similarmeasures presented by other companies. The following table reconciles net income/(loss), as reﬂected in the unaudited interimConsolidated Statements of Comprehensive Income/(Loss), to EBITDA and Adjusted EBITDA: Reconciliation of net (loss)/income to EBITDA andadjusted EBITDA Unaudited three monthsended June 30, Unaudited six months endedJune 30,(Amounts in thousands of U.S. dollars) 2025 2026 2025 2026 Net (loss)/income $ (1,910)$ 3,579 $ (1,393)$ 6,104 Depreciation 1,889 1,890 3,752 3,759 Amortization of special survey costs 167 170 264 338 Interest and ﬁnance costs 1,467 1,299 2,944 2,628 EBITDA $ 1,613 $ 6,938 $ 5,567 $ 12,829 Interest income (423) (480) (857) (977)Adjusted EBITDA $ 1,190 $ 6,458 $ 4,710 $ 11,852 Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel during the relevantperiod. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in ourperformance despite changes in the mix of charter types (i.e., spot charters and time charters) under which our vessels may beemployed between the periods. We also believe that TCE revenues and daily TCE provide useful information to investors becausethey reﬂect the revenue we retain from voyages after deducting voyage related costs and commissions, net, thereby facilitatingcomparisons 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 theemployment of our vessels. TCE revenues are calculated as revenues, net, less voyage related costs and commissions, net. Wecalculate 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 relatedcredits or recoveries, including bunker price differentials realized upon charter redeliveries and deliveries. Port, canal and fuel costswould otherwise typically be paid by the charterer under a time charter contract. TCE revenues and daily TCE are not recognizedmeasures under U.S. GAAP. Vessel operating expenses (“Opex”) represent the costs we incur to operate our vessels, which primarily consist of crew wages andrelated 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 byownership days in that period. We monitor both total Opex and Opex per day to assess and compare the underlying operating costefﬁciency 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 daysduring the same period. We use ﬂeet utilization to measure our efﬁciency in ﬁnding suitable employment for our vessels andminimizing 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 totalnumber of days in a period during which we owned each of the vessels in our ﬂeet. Available days are the number of ownershipdays in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs underguarantee, vessel upgrades, special surveys or intermediate dry-dockings, and the aggregate number of days that we spentpositioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number ofavailable 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 beregarded as substitutes for revenues, net, or net income/(loss). Our presentation of EBITDA, Adjusted EBITDA, Opex per day anddaily 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 accordancewith U.S. GAAP. (Amounts in U.S. dollars per day) Unaudited three monthsended June 30, Unaudited six monthsended June 30, 2025 2026 2025 2026Tanker Fleet: Eco-Efﬁcient MR2 Daily TCE : 20,686 21,899 22,049 20,435 Opex per day: 7,520 7,239 7,421 7,325

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Utilization % : 100.0% 100.0% 94.7% 99.6%Average number of MR vessels 3.0 3.0 3.0 3.0 Dry-bulk Fleet: Daily TCE : 12,840 20,245 12,919 19,672 Opex per day: 4,906 6,610 5,406 5,781 Utilization % : 93.2% 99.3% 90.8% 96.7%Average number of Dry-bulk vessels 3.0 3.0 3.0 3.0 Total Fleet: Daily TCE : 16,975 21,075 17,772 20,059 Opex per day: 6,213 6,925 6,414 6,553 Utilization % : 96.6% 99.6% 92.8% 98.2%Average number of vessels 6.0 6.0 6.0 6.0As of August 31, 2026, our ﬂeet consisted of three eco-efﬁcient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, andthree dry-bulk vessels, “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture”. During 2025 and 2026, our vessels were employedunder 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 informationcontained on our website is incorporated into or forms a part of this release. Pyxis Tankers Fleet (as of August 31, 2026) Vessel Name Shipyard Vessel typeCarryingCapacity(dwt) YearBuiltType ofcharterCharterRate($ per day) EstimatedRedelivery Date Tanker ﬂeet Pyxis Lamda SPP / S. Korea MR2 50,1452017 Time 23,000 Sep – Dec 2026 Pyxis Theta SPP / S. Korea MR2 51,7952013 Time 25,000 Jul – Sep 2027 Pyxis KarteriaHyundai / S. KoreaMR2 46,6522013 Time 19,500 Aug – Nov 2026 148,592 Dry-bulk ﬂeet Konkar Ormi SKD / Japan Ultramax 63,5202016 Time 19,500 Sep 2026 Konkar Asteri JNYS / ChinaKamsarmax82,0132015 Time 23,000 Sep 2026 Konkar VentureJNYS / ChinaKamsarmax82,0992015 Time 22,250 Aug - Sep 2026 227,632 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 abroad range of reﬁned petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmaxbulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company ispositioned to opportunistically expand and maximize its ﬂeet of eco-efﬁcient vessels due to signiﬁcant capital resources, competitivecost structure, strong customer relationships and an experienced management team whose interests are aligned with those of itsshareholders. For more information, visit: https://www.pyxistankers.com. The information on or accessible through the Company’swebsite 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 thePrivate Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about theirbusiness. These statements include statements about our plans, strategies, goals, ﬁnancial performance, prospects or futureevents or performance and involve known and unknown risks that are difﬁcult to predict. As a result, our actual results, performanceor achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, youcan 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 similarexpressions. All statements that are not statements of either historical or current facts, including among other things, our expectedﬁnancial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, generaldomestic and international political conditions, including risks associated with the continuing conﬂict between Russia and Ukraineand related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of theconﬂict in the Middle East, on our ﬁnancial condition and operations as well as the nature of the product tanker and dry-bulkindustries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates andassumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions (1) (2) (3) (4) (5) (6) (7)

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are inherently subject to signiﬁcant uncertainties and contingencies which are difﬁcult or impossible to predict and are beyond theCompany’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 resultof certain factors, including changes in the Company’s ﬁnancial resources and operational capabilities and as a result of certainother factors listed from time to time in the Company’s ﬁlings with the U.S. Securities and Exchange Commission. The Company isreliant 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 uncertaintiesassociated with our business, please refer to our ﬁlings with the U.S. Securities and Exchange Commission, including, withoutlimitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the ﬁscal year ended December 31, 2025. Wecaution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. Weundertake no obligation to update publicly any information in this press release, including forward-looking statements, to reﬂectactual results, new information or future events, changes in assumptions or changes in other factors affecting forward-lookingstatements, except to the extent required by applicable laws.

Earnings release