Revenue has faced significant contraction, with quarterly figures hovering around $10M in 2026Q1, while gross margins remain highly unstable, fluctuating between 30.8% and 54.6% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 39.37M | 38.99M | 51.54M | 45.47M | 58.34M | 25.34M | 21.71M | 27.75M | 28.46M | 29.83M | 30.71M | 33.2M | 27.76M | 21.98M | 21.14M |
| Revenue Growth % | -20.22% | -24.35% | 13.36% | -22.07% | 130.24% | 16.72% | -21.77% | -2.47% | -4.59% | -2.88% | -7.5% | 19.6% | 26.3% | 3.98% | - |
| Cost of Goods Sold | 21.38M | 25.11M | 23.28M | 18.36M | 35.94M | 26.94M | 19.57M | 23.2M | 24.49M | 21.47M | 19.48M | 17.9M | 21.09M | 14.04M | 13.2M |
| COGS % of Revenue | - | 64.41% | 45.16% | 40.39% | 61.6% | 106.31% | 90.12% | 83.59% | 86.05% | 71.99% | 63.44% | 53.92% | 75.99% | 63.86% | 62.44% |
| Gross Profit | 17.98M | 13.88M | 28.27M | 27.11M | 22.41M | -1.6M | 2.15M | 4.55M | 3.97M | 8.36M | 11.23M | 15.3M | 6.67M | 7.94M | 7.94M |
| Gross Margin % | 45.68% | 35.59% | 54.84% | 59.61% | 38.4% | -6.31% | 9.88% | 16.41% | 13.95% | 28.01% | 36.56% | 46.08% | 24.01% | 36.14% | 37.56% |
| Gross Profit Growth % | - | -50.9% | 4.28% | 20.97% | 1500.38% | -174.59% | -52.91% | 14.71% | -52.47% | -25.59% | -26.61% | 129.52% | -16.08% | 0.04% | - |
| Operating Expenses | 10.27M | 7.96M | 11.54M | -14.76M | 4.63M | 4.52M | 4.09M | 4.33M | 9.57M | 10.7M | 10.23M | 9.4M | 7.28M | 6.14M | 4.86M |
| OpEx % of Revenue | - | 20.42% | 22.39% | -32.47% | 7.93% | 17.85% | 18.82% | 15.59% | 33.62% | 35.88% | 33.32% | 28.31% | 26.21% | 27.94% | 22.98% |
| Selling, General & Admin | 6.44M | 6.1M | 4.64M | 4.86M | 2.51M | 2.54M | 2.38M | 2.41M | 4.05M | 4.83M | 4.23M | 3.5M | 1.63M | 1.46M | 1.31M |
| SG&A % of Revenue | - | 15.63% | 9% | 10.68% | 4.3% | 10.02% | 10.95% | 8.67% | 14.25% | 16.19% | 13.77% | 10.54% | 5.86% | 6.66% | 6.18% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.91M | 1.86M | 6.9M | -19.62M | 2.12M | 1.99M | 1.71M | 1.92M | 2.18M | 5.87M | 6M | 5.88M | 5.65M | 4.68M | 0 |
| Operating Income | 7.71M | 5.92M | 16.72M | 41.87M | 17.31M | -8.51M | -2.27M | 228K | -8.01M | -2.35M | -3M | 5.9M | -17.54M | 1.99M | 3.28M |
| Operating Margin % | 19.6% | 15.18% | 32.45% | 92.08% | 29.67% | -33.59% | -10.46% | 0.82% | -28.15% | -7.87% | -9.78% | 17.77% | -63.18% | 9.07% | 15.54% |
| Operating Income Growth % | - | -64.61% | -60.06% | 141.85% | 303.38% | -274.98% | -1095.61% | 102.85% | -241.47% | 21.88% | -150.9% | 133.64% | -979.59% | -39.28% | - |
| EBITDA | 15.29M | 14.09M | 23.63M | 47.76M | 23.8M | -3.21M | 2.4M | 5.79M | -2.38M | 3.29M | 3M | 11.6M | -12.09M | 6.51M | 7.4M |
| EBITDA Margin % | 38.85% | 36.14% | 45.84% | 105.04% | 40.79% | -12.66% | 11.06% | 20.86% | -8.36% | 11.04% | 9.77% | 34.94% | -43.56% | 29.64% | 35.03% |
| EBITDA Growth % | -27.98% | -40.36% | -50.53% | 100.71% | 841.77% | -233.61% | -58.52% | 343.4% | -172.19% | 9.76% | -74.13% | 195.92% | -285.65% | -12.02% | - |
| D&A (Non-Cash Add-back) | 7.58M | 8.17M | 6.9M | 5.89M | 6.48M | 5.3M | 4.67M | 5.56M | 5.63M | 5.64M | 6M | 5.7M | 5.45M | 4.52M | 4.12M |
| EBIT | 8.8M | 5.92M | 18.77M | 42.39M | 17.83M | -9.38M | -2.26M | -2.56M | -4.17M | -2.35M | -3.17M | 5.86M | -17.68M | 2.75M | 3.28M |
| Net Interest Income | -3.47M | -3.98M | -4.22M | -4.59M | -4.44M | -3.29M | -4.96M | -5.78M | -4.49M | -2.9M | -2.65M | -2.53M | -1.7M | -402K | 0 |
| Interest Income | 1.85M | 1.79M | 2.04M | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.92M |
| Interest Expense | 5.33M | 5.77M | 6.26M | 5.83M | 4.44M | 3.29M | 4.96M | 5.78M | 4.49M | 2.74M | 2.65M | 2.36M | 1.7M | 1.15M | 0 |
| Other Income/Expense | -3.77M | -3.98M | -4.22M | -5.03M | -3.92M | -3.83M | -4.96M | -5.8M | -203K | -2.9M | -2.81M | -2.46M | -1.7M | -210K | -2.13M |
| Pretax Income | 3.94M | 1.94M | 12.51M | 36.84M | 13.39M | -12.34M | -6.9M | -8.33M | -8.21M | -5.24M | -5.81M | 3.5M | -19.24M | 1.59M | 1.16M |
| Pretax Margin % | 10.02% | 4.96% | 24.27% | 81.02% | 22.95% | -48.69% | -31.78% | -30.01% | -28.86% | -17.58% | -18.93% | 10.54% | -69.32% | 7.24% | 5.48% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.4M | 0 | 1.15M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 68.57% | 0% | 72.17% | 0% |
| Net Income | 3.65M | 1.99M | 12.87M | 37.04M | 13.39M | -15.62M | -11.54M | -14.11M | -8.21M | -5.24M | -5.81M | 3.5M | -19.24M | 1.59M | 1.16M |
| Net Margin % | 9.27% | 5.11% | 24.97% | 81.46% | 22.95% | -61.65% | -53.13% | -50.82% | -28.86% | -17.58% | -18.93% | 10.54% | -69.32% | 7.24% | 5.48% |
| Net Income Growth % | -63.44% | -84.5% | -65.26% | 176.56% | 185.72% | -35.43% | 18.21% | -71.72% | -56.67% | 9.81% | -266.09% | 118.19% | -1308.73% | 37.36% | - |
| Net Income (Continuing) | 3.94M | 1.94M | 12.51M | 36.84M | 13.39M | -12.34M | -6.9M | -8.33M | -8.21M | -5.24M | -5.81M | 3.5M | -19.24M | 1.59M | 1.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.33M | 6.23M | 6.29M | 4.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.35 | 0.19 | 0.91 | 2.88 | 0.99 | -1.62 | -1.82 | -2.66 | -1.57 | -1.14 | -1.27 | 0.76 | -4.29 | 0.35 | 0.26 |
| EPS Growth % | -36.77% | -79.12% | -68.4% | 190.91% | 161.11% | 10.99% | 31.58% | -69.43% | -37.72% | 10.24% | -267.11% | 117.72% | -1325.71% | 35.66% | - |
| EPS (Basic) | - | 0.19 | 0.91 | 3.39 | 1.18 | -1.63 | -1.82 | -2.66 | -1.57 | -1.14 | -1.28 | 0.76 | -4.29 | 0.35 | 0.26 |
| Diluted Shares Outstanding | 10.34M | 10.42M | 10.52M | 12.59M | 12.64M | 9.65M | 6.35M | 5.31M | 5.22M | 4.62M | 4.57M | 4.57M | 4.49M | 4.49M | 4.49M |
| Basic Shares Outstanding | 10.34M | 10.42M | 10.52M | 10.7M | 10.61M | 9.6M | 6.35M | 5.31M | 5.22M | 4.62M | 4.54M | 4.56M | 4.49M | 4.49M | 4.49M |
| Dividend Payout Ratio | - | - | 58.23% | - | - | - | - | - | - | - | - | - | - | 845.29% | - |
Fleet scale and concentration
As reported in recent financial statements, Pyxis Tankers experienced a notable revenue decline, with quarterly figures fluctuating around $10M compared to historical peaks, reflecting a broader trend of contraction that appears tied to the company's limited fleet size and the inherent volatility of spot market chartering.
The consistent revenue volatility suggests that the company lacks the scale to smooth out cyclical downturns in the product tanker market. Investors should monitor whether this contraction is a deliberate strategy to optimize asset utilization or a symptom of an aging fleet struggling to secure premium long-term charters.
Based on the provided income statement data, gross margins have demonstrated significant instability, swinging from a high of 54.6% in 2025Q3 to a low of 30.8% in 2025Q1, which highlights the company's high sensitivity to fluctuating bunker fuel costs and varying time charter equivalent rates.
The lack of margin consistency suggests that Pyxis Tankers is highly exposed to spot market pricing, which lacks the protective buffer of a larger, more diversified fleet. This volatility warrants further investigation into the company's chartering mix and its ability to pass through rising voyage-related expenses to customers.
According to the company's income statement, operating income has shown extreme sensitivity to revenue shifts, with the 2025Q2 period resulting in a negative operating margin of -9.5%, indicating that the firm's fixed cost structure provides little protection during periods of lower vessel utilization.
The inability to maintain positive operating margins during revenue dips suggests that general and administrative expenses remain disproportionately high relative to the small fleet size. This implies that the company may struggle to achieve meaningful operating leverage without a significant expansion of its active vessel count.
As evidenced by the 2023Q4 net margin spike to 164.7%, reported net income is frequently influenced by non-operating items such as vessel sales, which complicates the assessment of core operational performance and masks the underlying profitability of the company's maritime transportation services.
Investors should be cautious when interpreting net income figures, as the inclusion of one-time gains from asset disposals can create a misleading picture of recurring earnings power. A focus on operating income, stripped of these non-recurring items, appears necessary to gauge the true health of the business.
While the company maintains a fortress-like balance sheet with negligible debt, the persistent revenue contraction and inconsistent operating margins suggest that the market may be correctly pricing the firm as a liquidating asset play rather than a sustainable, growth-oriented shipping operator.
Short-term performance metrics indicate that the company's current business model may be unsustainable in its present form, as it lacks the scale to compete effectively with larger peers. The primary risk remains that the company's cash reserves may be eroded by operational losses if the tanker market enters a prolonged cyclical downturn.
Quick answers to the most common questions about buying PXS stock.
For fiscal year 2025, Pyxis Tankers Inc. (PXS) reported total revenue of $39.0M. This represents a 84.5% increase compared to $21.1M in 2012.
Pyxis Tankers Inc. (PXS) is profitable, generating $2.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.1%.
Pyxis Tankers Inc. (PXS) reported an operating income of $5.9M, resulting in an operating profit margin of 15.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Pyxis Tankers Inc. (PXS) generated $13.9M in gross profit for the year, representing a gross profit margin of 35.6%. This demonstrates the company's core pricing power and production efficiency.