Pyxis Tankers Inc 6-K, filed Aug 23, 2024

Pyxis Tankers Inc. (PXS)

6-K 2024-08-23 For: 2024-06-30

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Added on April 07, 2026

About this 6-K

Pyxis Tankers Inc filed this 6-K on August 23, 2024.

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Exhibit Number		Document

99.1		Press Release, dated August 7, 2024
99.2		Press Release, dated August 12, 2024
99.3		Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed Consolidated Financial Statements as of December 31, 2023 and June 30, 2024 and for the three month periods ended June 30, 2023 and 2024

	PYXIS TANKERS INC.

Dated: August 23, 2024	By:	/s/ Henry Williams
		Henry Williams
		Chief Financial Officer

Tanker fleet		Three months ended June 30,						Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates)		2023			2024			2023			2024

MR Revenues, net ¹	$		9,505			10,137			21,121			19,824
MR Voyage related costs and commissions ¹			(855	)		(1,197	)		(3,257	)		(2,492	)
MR Time charter equivalent revenues ^{1, 3}	$		8,650			8,940			17,864			17,332

MR Total operating days ¹			346			272			738			536
MR Daily Time Charter Equivalent rate ^{1, 3}	$/d		25,000			32,868			24,207			32,337
Average number of MR vessels ¹			4.0			3.0			4.5			3.0

Dry-bulk fleet		Three months ended June 30,					Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates)		2023		2024			2023		2024

Dry-bulk Revenues, net ²	$		n/a		3,774			n/a		5,891
Dry-bulk Voyage related costs and commissions ²			n/a		(468	)		n/a		(823	)
Dry-bulk charter equivalent revenues ^{2, 3}	$		n/a		3,306			n/a		5,068

Dry-bulk Total operating days ²			n/a		148			n/a		252
Dry-bulk Daily Time Charter Equivalent rate ^2,3	$/d		n/a		22,333			n/a		20,111
Average number of Dry-bulk vessels ²			n/a		2.0			n/a		1.8

Total fleet		Three months ended June 30,						Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates)		2023			2024			2023			2024

Revenues, net ^{1, 2}	$		9,505			13,911			21,121			25,715
Voyage related costs and commissions ^{1, 2}			(855	)		(1,665	)		(3,257	)		(3,315	)
Charter equivalent revenues ^{1, 2, 3}	$		8,650			12,246			17,864			22,400

Total operating days ^{1, 2}			346			420			738			788
Daily Time Charter Equivalent rate ^{1, 2, 3}	$/d		25,000			29,156			24,207			28,427
Average number of vessels ^1,2			4.0			5.0			4.5			4.8


	Three months ended June 30,
	2023			2024

Revenues, net	$	9,505		$	13,910

Expenses:
Voyage related costs and commissions		(873	)		(1,665	)
Vessel operating expenses		(2,453	)		(3,049	)
General and administrative expenses		(697	)		(815	)
Management fees, related parties		(164	)		(272	)
Management fees, other		(149	)		(122	)
Amortization of special survey costs		(91	)		(97	)
Depreciation		(1,232	)		(1,634	)
Allowance for credit losses		75			—
Loss from the sale of vessels, net		(1	)		—
Operating income		3,920			6,256

Other expenses:
Interest and finance costs		(1,317	)		(1,580	)
Interest income		352			607
Total other expenses, net		(965	)		(973	)

Net income	$	2,955		$	5,283

Gain attributable to non-controlling interest		—			(91	)
Net income attributable to Pyxis Tankers Inc.	$	2,955		$	5,192

Dividend Series A Convertible Preferred Stock		(199	)		(174	)
Net income attributable to common shareholders	$	2,756		$	5,018

Net income per common share, basic	$	0.25		$	0.48
Net income per common share, diluted	$	0.23		$	0.43

Weighted average number of common shares, basic		10,801,316			10,451,364
Weighted average number of common shares, diluted		12,624,301			12,095,610


	Six months ended June 30,
	2023			2024

Revenues, net	$	21,121		$	25,715

Expenses:
Voyage related costs and commissions		(3,273	)		(3,315	)
Vessel operating expenses		(5,790	)		(6,116	)
General and administrative expenses		(2,002	)		(1,546	)
Management fees, related parties		(330	)		(498	)
Management fees, other		(397	)		(244	)
Amortization of special survey costs		(176	)		(194	)
Depreciation		(2,634	)		(3,095	)
Allowance for credit losses		75			—
Gain from the sale of vessels, net		8,017			—
Operating income		14,611			10,707

Other expenses, net:
Loss from debt extinguishment		(287	)		—
Loss from financial derivative instruments		(59	)		—
Interest and finance costs		(2,808	)		(3,073	)
Interest income		413			1,261
Total other expenses, net		(2,741	)		(1,812	)

Net income	$	11,870		$	8,895

Gain attributable to non-controlling interest		—			(53	)
Net income attributable to Pyxis Tankers Inc.	$	11,870		$	8,842

Dividend Series A Convertible Preferred Stock		(418	)		(383	)
Net income attributable to common shareholders	$	11,452		$	8,459

Net income per common share, basic	$	1.06		$	0.81
Net income per common share, diluted	$	0.94		$	0.73

Weighted average number of common shares, basic		10,754,405			10,479,962
Weighted average number of common shares, diluted		12,577,390			12,124,208

	December 31,			June 30,
	2023			2024
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	34,539		$	25,411
Short-term investment in time deposits		20,000			17,000
Inventories		957			2,111
Trade accounts receivable, net		4,964			5,216
Due from related parties		194			—
Prepayments and other current assets		226			1,359
Total current assets		60,880			51,097

FIXED ASSETS, NET:
Vessels, net		99,273			143,833
Advance for vessel acquisition		2,663			—
Total fixed assets, net		101,936			143,833

OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion		1,800			2,150
Deferred dry-dock and special survey costs, net		1,622			1,432
Prepayments and other non-current assets		75			75
Total other non-current assets		3,497			3,657
Total assets	$	166,313		$	198,587

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	$	5,580		$	7,637
Trade accounts payable		1,695			1,936
Due to related parties		990			975
Hire collected in advance		1,173			877
Accrued and other liabilities		646			1,429
Total current liabilities		10,084			12,854

NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs		55,370			80,846
Total non-current liabilities		55,370			80,846

COMMITMENTS AND CONTINGENCIES		—			—

STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 403,631 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2023 and 303,631 at June 30, 2024)		—			—
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,542,547 shares issued and outstanding as at December 31, 2023 and 10,458,767 at June 30, 2024, respectively)		11			11
Additional paid-in capital		110,799			103,993
Accumulated deficit		(14,270	)		(5,819	)
Total equity attributable to Pyxis Tankers Inc. and subsidiaries		96,540			98,185
Non-controlling interest		4,319			6,702
Total stockholders’ equity		100,859			104,887
Total liabilities and stockholders’ equity	$	166,313		$	198,587

	●	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.

	Three months ended June 30,						Six months ended June 30,
(Amounts in thousands of U.S. dollars)	2023			2024			2023			2024
Reconciliation of Net income to EBITDA and Adjusted EBITDA

Net income	$	2,955		$	5,283		$	11,870		$	8,895

Depreciation		1,232			1,634			2,634			3,095

Amortization of special survey costs		91			97			176			194

Interest and finance costs		1,317			1,580			2,808			3,073

EBITDA	$	5,595		$	8,594		$	17,488		$	15,257

Interest income		(352	)		(607	)		(413	)		(1,261	)

Loss from debt extinguishment		—			—			287			—

Loss from financial derivative instrument		—			—			59			—

Gain from the sale of vessels, net		1			—			(8,017	)		—

Adjusted EBITDA	$	5,244		$	7,987		$	9,404		$	13,996

(Amounts in U.S. dollars per day)		Three months ended June 30,						Six months ended June 30,
		2023			2024			2023			2024
Eco-Efficient MR2: (2024: 3 vessels)
(2023: 4 vessels)	Daily TCE :		24,980			32,868			24,897			32,337
	Opex per day:		6,629			7,130			6,953			7,175
	Utilization % :		98.6	%		99.6	%		95.2	%		98.2	%
Eco-Modified MR2: (2023: 1 vessel)
	Daily TCE :		n/a			n/a			17,064			n/a
	Opex per day:		n/a			n/a			9,236			n/a
	Utilization % :		n/a			n/a			79.3	%		n/a
MR Fleet: (2024: 3 vessels) *
(2023: 5 vessels) *	Daily TCE :		25,000			32,868			24,207			32,337
	Opex per day:		6,786			7,130			7,185			7,175
	Utilization % :		98.6	%		99.6	%		93.5	%		98.2	%

Average number of MR vessels *			4.0			3.0			4.5			3.0

Dry-bulk : (2024: 3 vessels)
	Daily TCE :		n/a			22,333			n/a			20,111
	Opex per day:		n/a			5,952			n/a			6,789
	Utilization % :		n/a			80.0	%		n/a			78.5	%

Average number of Dry bulk vessels *			n/a			2.0			n/a			1.8

Total Fleet: (2024: 6 vessels) *
(2023: 5 vessels) *	Daily TCE :		25,000			29,156			24,207			28,427
	Opex per day:		6,786			6,654			7,185			7,032
	Utilization % :		98.6	%		91.7	%		93.5	%		90.9	%

Average number of vessels *			4.0			5.0			4.5			4.8

	●	changes in governmental rules and regulations or actions and compliance, including environmental and securities matters, taken by regulatory authorities;
	●	changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters;
	●	our future operating or financial results;
	●	the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates;
	●	our continued borrowing availability under our existing and future debt agreements and compliance with the covenants contained therein;
	●	our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations;
	●	our ability to successfully employ our vessels, including under time charters;
	●	changes in our operating expenses, including bunker fuel prices, crewing expenses, dry docking costs, general and administrative expenses and insurance costs, including adequacy of coverage;
	●	our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue);
	●	planned, pending or recent acquisitions and divestitures, business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs;
	●	vessel breakdowns and instances of off-hire;

	●	potential claims or liability from future litigation, government inquiries and investigations and potential costs due to environmental damage and vessel collisions;
	●	the arrest or detention of our vessels by maritime claimants or governmental authorities;
	●	any disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach;
	●	general product tanker and dry-bulk shipping market trends, including fluctuations in charter hire rates and vessel values and their useful lives;
	●	changes in supply and demand in the product tanker and dry-bulk shipping sectors, including the market for our vessels and the number of new buildings under construction;
	●	changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters;
	●	disruption of world trade due to rising protectionism, breakdown of multilateral trade agreements, acts of piracy, terrorism, political events, public health threats, international hostilities, including the recent conflicts between Russia and Ukraine as well as between Israel and Hamas and related instability;
	●	changes in interest rates, including the impact on our debt from movements in Secured Overnight Financing Rate, or SOFR, and foreign exchange rates;
	●	changes in seaborne and other transportation;
	●	Severe and potentially extended weather disruptions, such as, the extreme drought conditions in Panama which has restricted the number of vessel transits through its canal;
	●	business disruptions due to natural disasters and the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation in the tanker and dry-bulk sectors;
	●	impacts of supply chain disruptions that began during the Coronavirus pandemic and the resulting inflationary environment;
	●	any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery or corruption;
	●	the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance policies and the impact of climate change;
	●	general domestic and international political conditions; the length and number of off-hire periods and dependence on key employees and third-party managers; and
	●	other factors discussed under “Item 3. Key Information – D. Risk Factors” of the 2023 Annual Report.

	●	SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);
	●	TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);
	●	ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone”);
	●	DRYTWO CORP., established under the laws of the Republic of the Marshall Islands (“Drytwo”)

	●	SECONDONE CORPORATION LTD., established under the laws of the Republic of the Marshal Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;
	●	THIRDONE CORPORATION LTD., established under the laws of the Republic of the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
	●	FOURTHONE CORPORATION LTD., established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;
	●	SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020;
	●	EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”) that owned the vessel “Pyxis Epsilon” that was sold to an unaffiliated third party on December 15, 2023 and
	●	MARITIME TECHNOLOGIES CORP., established under the laws of Delaware.

Interim Condensed Consolidated Statements of Comprehensive Income Data	Six months ended June 30,
(Amounts in thousands of U.S. dollars, except per share data)	2023			2024

Revenues, net	$	21,121		$	25,715
Voyage related costs and commissions		(3,273	)		(3,315	)
Vessel operating expenses		(5,790	)		(6,116	)
General and administrative expenses		(2,002	)		(1,546	)
Management fees, related parties		(330	)		(498	)
Management fees, other		(397	)		(244	)
Amortization of special survey costs		(176	)		(194	)
Depreciation		(2,634	)		(3,095	)
Allowance for credit losses		75			—
Gain from the sale of vessels, net		8,017			—
Operating income		14,611			10,707

Other expenses, net:
Loss from debt extinguishment		(287	)		—
Loss from financial derivative instruments		(59	)		—
Interest and finance costs		(2,808	)		(3,073	)
Interest income		413			1,261
Total other expenses, net		(2,741	)		(1,812	)

Net income	$	11,870		$	8,895
Gain attributable to non-controlling interest		—			(53	)
Net income attributable to Pyxis Tankers Inc.	$	11,870		$	8,842

Dividend Series A Convertible Preferred Stock		(418	)		(383	)
Net income attributable to common shareholders	$	11,452		$	8,459

Net Income per common share, basic	$	1.06		$	0.81
Net Income per common share, diluted	$	0.94		$	0.73
Weighted average number of shares, basic		10,754,405			10,479,962
Weighted average number of shares, diluted		12,577,390			12,124,208

Interim Condensed Consolidated Balance Sheets Data	December 31,		June 30,
(Amounts in thousands of U.S. dollars)	2023		2024

Total current assets	$	60,880	$	51,097
Total other non-current assets		3,497		3,657
Total fixed assets, net		101,936		143,833
Total assets	$	166,313	$	198,587
Total current liabilities		10,084		12,854
Total non-current liabilities		55,370		80,846
Total stockholders’ equity		100,859		104,887
Total liabilities and stockholders’ equity	$	166,313	$	198,587

	Six months ended June 30,
MR vessels	2023			2024

Ownership days (1)		806			546
Available days (2)		789			546
Operating days (3)		738			536
Utilization % (4)		93.5	%		98.2	%
Daily time charter equivalent rate (5)	$	24,207		$	32,337
Daily vessel operating expenses (6)	$	7,185		$	7,175
Average number of vessels (7)		4.5			3.0
Number of vessels at period end		4			3
Weighted average age of vessels at period end (8)		8.8			9.9

	Six months ended June 30,
Dry-bulk vessels	2023		2024

Ownership days (1)		n/a		321
Available days (2)		n/a		321
Operating days (3)		n/a		252
Utilization % (4)		n/a		78.5	%
Daily time charter equivalent rate (5)	$	n/a	$	20,111
Daily vessel operating expenses (6)	$	n/a	$	6,789
Average number of vessels (7)		n/a		1.8
Number of vessels at period end		n/a		3
Weighted average age of vessels at period end (8)		n/a		8.7

	(1)	Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues generated and the amount of expenses incurred during the respective period.
	(2)	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. Available days measures the aggregate number of days in a period during which vessels should be capable of generating revenues.
	(3)	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. Operating days measures the aggregate number of days in a period during which vessels actually generate revenues.

	(4)	We calculate fleet utilization by dividing the number of Operating days during a period by the number of Available days during the same period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its 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.
	(5)	Daily TCE rate is a standard shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. TCE is not calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). We utilize 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 TCE to assist them in making decisions regarding employment of the vessels. We believe that our method of calculating TCE is consistent with industry standards and is calculated by dividing voyage revenues after deducting voyage expenses, including commissions, by Operating days for the relevant period. Voyage expenses primarily consist of brokerage commissions, port, canal and bunker costs that are unique to a particular voyage, which would otherwise be paid by the charter under a time charter contract.
	(6)	Daily vessel operating expenses are direct operating expenses such as crewing, provisions, repairs and maintenance, insurance, deck and engine stores, lubricating oils and tonnage tax divided by Ownership days.
	(7)	Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during such period divided by the number of calendar days in the period.
	(8)	Weighted average age of the fleet is the sum of the ages of our vessels, weighted by the DWT of each vessel on the total fleet DWT.

²	a)	The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.
	b)	The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
	c)	The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and is continuing its employment under the existing time charter through mid-August.

	a)	The Eco-Modified MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.
	b)	The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.
	c)	The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
	d)	The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and is continuing its employment under the existing time charter through mid-August.

	●	payments of interest and other debt-related expenses and the repayment of principal on our loans;
	●	payment of technical and commercial management fees for our daily vessel operations;
	●	maintenance of cash reserves to provide for contingencies and to adhere to minimum liquidity for loan covenants including potential dry-docking reserves; and
	●	potential vessel acquisitions and joint ventures.

	1)	These tables present gross rates in U.S.$ and do not reflect any commissions payable.
	2)	“Pyxis Theta” is fixed on a time charter for a minimum of 11 maximum of 15 months, at $29,000 per day.
	3)	“Pyxis Karteria” was fixed on a time charter for a minimum of 6 maximum of 9 months, at $34,500 per day.
	4)	“Konkar Ormi” was fixed on a time charter for 55 – 65 days, at $18,250 per day.
	5)	“Konkar Asteri” was fixed on time charter for 90 – 105 days, at $16,250 per day, plus scrubber premium of $168,828.
	6)	“Konkar Venture” was fixed on time charter for 95 – 105 days, at $18,000 per day.

	Page

Consolidated Balance Sheets as of December 31, 2023 and June 30, 2024 (unaudited)	F-1
Unaudited Interim Consolidated Statements of Comprehensive Income for the six month periods ended June 30, 2023 and 2024	F-2
Unaudited Interim Consolidated Statements of Stockholders’ Equity for the six month periods ended June 30, 2023 and 2024	F-3
Unaudited Interim Consolidated Statements of Cash Flows for the six month periods ended June 30, 2023 and 2024	F-4
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	F-5

		December 31,			June 30,
	Note	2023			2024
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	1	$	34,539		$	25,411
Short-term investment in time deposits			20,000			17,000
Inventories	4		957			2,111
Trade accounts receivable, net	1		4,964			5,216
Due from related parties	3		194			—
Prepayments and other current assets			226			1,359
Total current assets			60,880			51,097

FIXED ASSETS, NET:
Vessels, net	5		99,273			143,833
Advance for vessel acquisition	5		2,663			—
Total fixed assets, net			101,936			143,833

OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion	1, 7		1,800			2,150
Deferred dry-dock and special survey costs, net	6		1,622			1,432
Prepayments and other non-current assets			75			75
Total other non-current assets			3,497			3,657
Total assets		$	166,313		$	198,587

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	7	$	5,580		$	7,637
Trade accounts payable			1,695			1,936
Due to related parties	3		990			975
Hire collected in advance			1,173			877
Accrued and other liabilities			646			1,429
Total current liabilities			10,084			12,854

NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs	7		55,370			80,846
Total non-current liabilities			55,370			80,846

COMMITMENTS AND CONTINGENCIES	12		—			—

STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 403,631 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2023 and 303,631 at June 30, 2024)	8		—			—
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,542,547 shares issued and outstanding as at December 31, 2023 and 10,458,767 at June 30, 2024, respectively)	8		11			11
Additional paid-in capital	8		110,799			103,993
Accumulated deficit			(14,270	)		(5,819	)
Total equity attributable to Pyxis Tankers Inc. and subsidiaries			96,540			98,185
Non-controlling interest	9		4,319			6,702
Total stockholders’ equity			100,859			104,887
Total liabilities and stockholders’ equity		$	166,313		$	198,587

	# of shares			Par Value		# of shares			Par Value		Capital			Deficit			Equity			interest		Equity
	Series A Convertible Preferred Shares					Common Stock					Additional						Pyxis Tankers Inc			Non-
	# of shares			Par Value		# of shares			Par Value		Paid-in Capital			Accumulated Deficit			Total Equity			controlling interest		Total Equity
Balance January 1, 2023		449,473			—		10,614,319		$	11	$	111,869		$	(50,509	)	$	61,371			—	$	61,371
Conversion of Series A Convertible Preferred Shares to common stock		(45,642	)		—		203,924			—		—			—			—			—		—
Preferred stock dividends paid		—			—		—			—		—			(405	)		(405	)		—		(405	)
Common stock re-purchase program		—			—		(23,431	)		—		(91	)		—			(91	)				(91	)
Restricted common stock grants		—			—		—			—		48			—			48			—		48
Net income		—			—		—			—		—			11,870			11,870			—		11,870
Balance June 30, 2023		403,831			—		10,794,812		$	11	$	111,826		$	(39,044	)	$	72,793			—	$	72,793

	Series A Convertible Preferred Shares					Common Stock					Additional						Pyxis Tankers Inc			Non-
	# of shares			Par Value		# of shares			Par Value		Paid-in Capital			Accumulated Deficit			Total Equity			controlling interest			Total Equity
Balance January 1, 2024		403,631			—		10,542,547		$	11	$	110,799		$	(14,270	)	$	96,540		$	4,319		$	100,859
Preferred stock dividends paid		—			—		—			—		—			(391	)		(391	)		—			(391	)
Common stock re-purchase program		—			—		(83,780	)		—		(380	)		—			(380	)		—			(380	)
Restricted common stock grants		—			—		—			—		17			—			17			—			17
Net income		—			—		—			—		—			8,842			8,842			53			8,895
Common stock issued for vessel acquisition		—			—		—			—		1,382			—			1,382			—			1,382
Deemed dividend		—			—		—			—		(5,325	)		—			(5,325	)		(3,550	)		(8,875	)
Contributions from non-controlling interest		—			—		—			—		—			—			—			5,880			5,880
Partial redemption of Series A Convertible Preferred shares		(100,000	)		—		—			—		(2,500	)		—			(2,500	)		—			(2,500	)
Balance June 30, 2024		303,631			—		10,458,767		$	11	$	103,993		$	(5,819	)	$	98,185		$	6,702		$	104,887

	Note	2023			2024
		Six months ended June 30,
	Note	2023			2024
Cash flows from operating activities:
Net income		$	11,870		$	8,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5		2,634			3,095
Amortization and write-off of special survey costs	6		176			194
Allowance for credit losses			(75	)		—
Amortization and write-off of financing costs	13		126			114
Amortization of restricted common stock grants	8		47			17
Loss from debt extinguishment			287			—
Loss from financial derivative instrument	11		59			—
Gain on sale of vessels, net			(8,017	)		—
Changes in assets and liabilities:
Inventories			1,053			(1,154	)
Due from related parties			50			178
Trade accounts receivable, net			6,398			(253	)
Prepayments and other assets			(339	)		(1,133	)
Insurance claim receivable			608			—
Special survey cost			(814	)		(4	)
Trade accounts payable			(491	)		241
Hire collected in advance			(1,215	)		(296	)
Accrued and other liabilities			(88	)		785
Net cash provided by operating activities		$	12,269		$	10,679

Cash flow from investing activities:
Proceeds from the sale of vessel, net			24,291			—
Vessel acquisitions	5		—			(44,969	)
Vessel additions			(21	)		(24	)
Short-term investment in time deposits			—			3,000
Net cash (used in)/provided by investing activities		$	24,270		$	(41,993	)

Cash flows from financing activities:
Proceeds from long-term debt			15,500			31,000
Repayment of long-term debt			(21,697	)		(3,313	)
Contributions from non-controlling interests to Joint Venture			—			5,880
Partial redemption of Series A Convertible Preferred shares	8		—			(2,500	)
Repayment of promissory note			(6,000	)		—
Financial derivative instrument	11		561			—
Payment of financing costs			(148	)		(267	)
Preferred stock dividends paid	8		(405	)		(391	)
Common stock re-purchase program	8		(91	)		(380	)
Deemed dividend	5		—			(7,493	)
Net cash provided by/(used in) financing activities		$	(12,280	)	$	22,536

Net (decrease)/increase in cash and cash equivalents and restricted cash			24,259			(8,778	)
Cash and cash equivalents and restricted cash at the beginning of the period			10,189			36,339
Cash and cash equivalents and restricted cash at the end of the period		$	34,448		$	27,561

SUPPLEMENTAL INFORMATION:
Cash paid for interest		$	2,598		$	2,815
Non-cash financing activities – issuance of common stock financing acquisition of vessel “Konkar Venture”			—			1,382

●	SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;
●	THIRDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
●	FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;
●	SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020;
●	EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”) that owned the vessel “Pyxis Epsilon” that was sold to an unaffiliated third party on December 15, 2023 and
●	MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.

	2023			2024
Charterer	Six months ended June 30,
	2023			2024
A		13	%		30	%
B		50	%		27	%
C		—			20	%
D		31	%		—
Total		94	%		77	%

	Vessel		Accumulated			Net Book
	Cost		Depreciation			Value

Balance January 1, 2024	$	119,303	$	(20,030	)	$	99,273

Vessel acquisition - “Konkar Asteri”		26,625		—			26,625
Vessel acquisition - “Konkar Venture”		21,007		—			21,007
Vessel additions		23		—			23
Depreciation		—		(3,095	)		(3,095	)
Balance June 30, 2024	$	166,958	$	(23,125	)	$	143,833

	2024

Balance January 1,	$	1,622
Additions		4
Amortization of special survey costs		(194	)
Balance June 30,	$	1,432

	December 31,		June 30,
Vessel (Borrower)	2023		2024
(a) “Pyxis Theta” (Seventhone)	$	11,350	$	10,750
(b) “Pyxis Karteria” (Tenthone)		14,150		13,400
(c) “Pyxis Lamda” (Eleventhone)		17,390		16,527
(d) “Konkar Ormi” (Dryone Corp.)		18,600		17,800
(e) “Konkar Asteri” (Drytwo Corp.)		—		14,200
(f) “Konkar Venture” (Drythree Corp.)		—		16,500
Total	$	61,490	$	89,177