UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of: May 2022

Commission File Number: 001-37611

Pyxis Tankers Inc.

59 K. Karamanli Street

Maroussi 15125 Greece

+30 210 638 0200

(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXPLANATORY NOTE

Attached as Exhibit 99.1 to this Report on Form 6-K is the press release of Pyxis Tankers Inc. (the “Company”) entitled “Pyxis Tankers Announces Financial Results for the Three Months Ended March 31, 2022”.

Attached as Exhibit 99.2 to this Report on Form 6-K is Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim consolidated financial statements and the accompanying notes thereto of the Company as of March 31, 2022 and for the three month periods ended March 31, 2022 and 2021.

The information contained in this report on Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No 333256167), initially filed with the U.S. Securities and Exchange Commission on May 14, 2021.

Exhibit Index

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 19, 2022

Exhibit 99.1

Pyxis Tankers Announces Financial Results for the Three Months Ended March 31, 2022

Maroussi, Greece, May 16, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international pure play product tanker company, today announced unaudited results for the three months ended March 31, 2022.

Summary

For the three months ended March 31, 2022, our Revenues, net were $6.9 million, while our time charter equivalent (“TCE”) revenues were $3.8 million, a decrease of $0.4 million, or 10.1%, compared to the same period in 2021. Net loss attributable to common shareholders for the three months ended March 31, 2022 was $3.7 million, or a loss per share (basic and diluted) of $0.09, which was greater than the results from the comparable period of 2021. Our Adjusted EBITDA was negative $0.7 million which represented a decrease of $1.5 million over the comparable 2021 quarter. For a definition and a reconciliation of Adjusted EBITDA, please see “Non-GAAP Measures and Definitions” below.

Valentios Valentis, our Chairman and CEO commented:

“Our results for the three months ended March 31, 2022 reflected the lingering effects from the Covid-19 Omicron variant on mobility and economic activity which resulted in a continuation of a soft spot chartering environment. Moreover, our quarterly results were impacted by non-recurring operational events, including the sale of two vessels and an accidental grounding of one of our medium range product tankers (“MR”), which resulted in reduced operating days for revenue opportunities. Consequently, the average daily TCE and utilization for our MR’s were lower than the same period in the prior year.

As previously discussed, we completed various initiatives over the last couple of years to position the Company to take advantage of better markets. Just as the recovery of global economies was gradually picking-up since the outbreak of Omicron, the war in the Ukraine created new challenges and opportunities which have been positive for our sector and the Company. Improving demand for refined petroleum products and low global inventories have been met by the effects of the war which has resulted in market dislocation, arbitrage opportunities, ton-mile expansion and higher charter rates for product tankers starting in March. After a prolonged, difficult period, we began to see a recovery of the sector with healthier rates that initially occurred in the Atlantic basin. Furthermore, over the last month, most of the Pacific basin has also shown significant improvement. In order to address high demand for transportation fuels, many refineries, including those located in the U.S. Gulf Coast, are running at high utilization and achieving near-record crack spreads. Greater global demand of diesel/gasoil, especially from Europe and Latin America, is competing with rising demand of jet fuel and gasoline as summer travel unfolds in the northern hemisphere, further stressing tight inventory positions. Increasing cargoes from U.S., Middle East and certain Asian refineries to end markets reflect expanding ton-mile voyages. This situation has been further compounded by the closure of older, less efficient refineries, primarily located in the Organization for Economic Co-operation and Development countries (OECD).

The recent dramatic improvement in demand for product tankers is further supported by long-term fundamentals. Despite recent headwinds of slowing economic activity, including the impact of Covid-19 on China, rising inflation and tightening monetary policies, we believe the chartering environment should remain favourable for the near-term given demand for refined products. Reasonable economic activity is supported by data from the International Monetary Fund (IMF) which still forecasts annual global GDP growth of 3.6% for this year and 2023. A leading research firm recently estimated that seaborne trade of refined products would grow 4% to 1.05 billion tons in 2022. The vessel supply outlook continues to look very positive with little new ordering of product tankers. We estimate that annual net supply growth for MR’s should be approximately 2% over the next two years.

From a risk/return standpoint, we continue to employ a mixed chartering strategy of short-term time and spot charters on a staggered basis to a diverse customer base. Three of our MR’s are currently trading spot and the remaining two tankers are under time charters. We have chosen not to pursue any Russian cargoes. With improving market conditions, we are pleased to report that as of May 13, 2022, 67% of our available days for the second quarter were booked at an average estimated daily TCE of $27,900. While our optimism for the charter market has improved, the uncertainties surrounding the global economy and the impact of the war as well as other geo-political events, temper our enthusiasm.”

Results for the three months ended March 31, 2021 and 2022

For the three months ended March 31, 2022, we reported Revenues, net of $6.9 million, an increase of $1.7 million, or 31.7%, from $5.2 million in the comparable period of 2021 primarily due to higher spot employment for our fleet. During the first quarter of 2022, two of our MR’s were under short time charters and three under spot voyages resulting in a daily TCE for our MR fleet of $11,227.

Our net loss attributable to common shareholders for the period ended March 31, 2022, was $3.7 million, or a loss per share of $0.09 (basic and diluted), compared to a net loss of $2.1 million, or a loss per share of $0.07 (basic and diluted) for the same period in 2021. Lower daily TCE of $11,227 and lower MR fleet utilization of 74.3% for our MR’s during the quarter ended March 31, 2022, were compared to $12,738 and 100%, respectively, during the same period in 2021. Operating expenses and vessel management fees were comparatively higher in the 2022 period as a result of the vessel additions in the second half of 2021, the “Pyxis Karteria” and “Pyxis Lamda”. The first quarter of 2022 was further negatively impacted by a $0.5 million non-recurring loss, or $0.01 per share, associated with repositioning costs for the sale of the two small tankers, the “Northsea Alpha” and “Northsea Beta”. The vessels were delivered to their buyer on January 28, and March 1, 2022, respectively. Furthermore, the Q1 2022 results were impacted by the absence of revenues from unscheduled off-hire days, substantially associated with the grounding of the Pyxis Epsilon in February and resultant vessel repairs. The Company’s 2015 built vessel returned to commercial employment at the end of March.

Our Adjusted EBITDA was negative $0.7 million for the three months ended March 31, 2022, which represented a decrease of $1.5 million from $0.8 million for the same period in 2021.

¹ Subject to rounding; please see “Non-GAAP Measures and Definitions” below.

² “Northsea Alpha” and “Northsea Beta” which were sold on January 28, 2022 and March 1, 2022 respectively, have been excluded in the above table. Both vessels have been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer.

Management’s Discussion and Analysis of Financial Results¹ for the Three Months ended March 31, 2021 and 2022

(Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)

Revenues, net: Revenues, net of $6.9 million for the three months ended March 31, 2022, represented an increase of $1.7 million, or 31.7%, from $5.2 million in the comparable period of 2021 as a result of higher spot employment for our MR’s, a 320-day increase in spot operating days, from 4 days in 2021 to 324 days during the same period in 2022. The increase in Revenues, net was partially counterbalanced by a decrease of 25.7% in fleet utilization from 100% in the comparable period of 2021 to 74.3% for the three months ended March 31, 2022. In Q1 2022, our daily TCE rate for our MR tankers was $11,227, a $1,511 per day decline from the comparable 2021 period as a result of the lower market rates, and the $2.1 million increase in the voyage related costs and commissions discussed below.

Voyage related costs and commissions: Voyage related costs and commissions of $3.1 million in the first quarter of 2022, represented an increase of $2.1 million, or 218.1%, from $1.0 million in the comparable period of 2021. This increase was substantially due to the 320-day increase in our MR’s spot employment and a decline in MR’s fleet utilization as well as significantly higher bunker fuel costs. Under spot charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in time chartering results in increased voyage related costs and commissions

Vessel operating expenses: Vessel operating expenses of $3.4 million for the three months ended March 31, 2022, represented an increase of $0.9 million, or 34.4%, compared to the same period in 2021 which was mainly attributed to the addition of the “Pyxis Karteria” and “Pyxis Lamda” to our fleet in the second half of 2021, partially offset by the sales of “Northsea Alpha” and “Northsea Beta” which occurred during the first quarter, 2022. Fleet ownership days for the three months ended March 31, 2022 was 536 days compared to 450 days for the same period in 2021.

General and administrative expenses: General and administrative expenses of $0.6 million for the quarter ended March 31, 2022 were 5.3% lower than the same period in 2021 primarily due to lower professional fees.

Management fees: For the three months ended March 31, 2022, management fees were paid to our ship manager, Pyxis Maritime Corp. (“Maritime”), an entity affiliated with our Chairman and Chief Executive Officer, Mr. Valentis, and to International Tanker Management Ltd. (“ITM”), our fleet’s technical manager, increased by $0.2 million to $0.5 million as a result of the increased average number of vessels in our fleet, versus the comparable period in 2021, and the increase in the daily management fee paid to Maritime which increases annually in line with the inflation in Greece.

Amortization of special survey costs: Amortization of special survey costs of $0.1 million for the quarter ended March 31, 2022, remained flat compared to the same period in 2021.

Depreciation: Depreciation of $1.5 million for the quarter ended March 31, 2022, increased by $0.4 million or 37.8% compared to $1.1 million in the comparable period of 2021. The increase was attributed to the acquisition of vessels “Pyxis Karteria” and “Pyxis Lamda” after the first quarter of 2021 partly offset by the seizure of depreciation for vessels “Northsea Alpha” and “Northsea Beta” which were classified as held for sale at the end of 2021.

Loss from the sale of vessels, net: During the three months ended March 31, 2022, we recorded a non-recurring loss from the sale of the “Northsea Alpha” and “Northsea Beta” of $0.5 million related to the reposition costs for the delivery of the vessels to their buyer. No such expense was recorded for the comparable quarter in 2021.

Loss from debt extinguishment: In the first quarter of 2022, we recorded a loss from debt extinguishment of approximately $34,000 reflecting the write-off of the remaining unamortized balance of deferred financing costs, which were associated with the repayment of the “Northsea Alpha” and “Northsea Beta” loans during the most recent period. For the three months ended March 31, 2021 we recorded a loss from debt extinguishment of $0.5 million primarily reflecting a prepayment fee and the write-off of the remaining unamortized balance of deferred financing costs, both of which were associated with the loan on the “Pyxis Epsilon” (the “Eighthone Loan”) that was refinanced at the end of the first quarter in 2021.

Gain from financial derivative instruments: During the three months ended March 31, 2022, we recorded a gain from financial derivative instruments amounted to $0.2 million related to the valuation of the interest rate cap purchased in July 2021, for the amount of $9.6 million at a cap rate of 2% with a termination date of July 8, 2025.

Interest and finance costs, net: Interest and finance costs, net, for the quarter ended March 31, 2022, were $0.9 million, compared to $1.1 million in the comparable period in 2021, a decrease of $0.3 million, or 23.4%. This decrease was primarily attributable to lower interest costs derived from the refinancing on March 29, 2021, of the Eighthone Loan, which was partially counterbalanced by higher LIBOR rates paid on all the floating rate bank debt.

¹ Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated financials presented below.

Unaudited Interim Consolidated Statements of Comprehensive Loss

For the three months ended March 31, 2021 and 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)

Consolidated Balance Sheets

As of December 31, 2021 and March 31, 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)

Unaudited Interim Consolidated Statements of Cash Flows

For the three months ended March 31, 2021 and 2022

(Expressed in thousands of U.S. dollars)

Liquidity, Debt and Capital Structure

Pursuant to our loan agreements, as of March 31, 2022, we were required to maintain a minimum liquidity of $2.25 million. Total cash and cash equivalents, including restricted cash and the retention account of $0.3 million for one of our loans, aggregated $4.5 million as of March 31, 2022.

Total debt (in thousands of U.S. dollars), net of deferred financing costs:

Our weighted average interest rate on our total funded debt for the three months ended March 31, 2022 was 4.0%.

On January 28, and on March 1, 2022, pursuant to the sale agreement that we entered into on December 23, 2021, our small tankers “Northsea Alpha” and “Northsea Beta” respectively, were delivered to their buyers. The aggregate gross sale price was $8.9 million from which $5.8 million was used for the prepayment of the respective loan facilities and the balance for working capital purposes.

On March 31, 2022, we had a total of 42,455,857 common shares (the “Common Shares”) issued and outstanding of which Mr. Valentis beneficially owned 54.0%.

Following the Company’s Annual Shareholder Meeting of May 11, 2022, the board of directors of the Company approved the implementation of a reverse-split of our Common Shares at the ratio of one share for four existing Common Shares, effective May 13, 2022 (the “Reverse Stock Split”). Following the Reverse Stock Split, our Common Shares continued trading on the Nasdaq Capital Markets under its existing symbol, “PXS”, with a new CUSIP number, 71726130. The payment for fractional share interests in connection with the Reverse Stock Split reduced the outstanding Common Shares to 10,613,424 post-Reverse Stock Split. The Reverse Stock Split was undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the Common Shares on the Nasdaq Capital Markets. Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the Certification of Designation of the Company’s 7.75% Series A Cumulative Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s Warrants to purchase Common Shares (NASDAQ Cap Mkts: PXSAW), was adjusted from $1.40 to $5.60.

Non-GAAP Measures and Definitions

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating or non-recurring charges, such as vessel impairment charges, gain or loss from debt extinguishment, gain or loss on sale of vessel, gain or loss from financial derivative instruments and stock compensation. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.

EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect:

In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net loss, as reflected in the Unaudited Interim Consolidated Statements of Comprehensive Loss to EBITDA and Adjusted EBITDA:

Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. Daily TCE is not calculated in accordance with U.S. GAAP. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes daily TCE to assist them in making decisions regarding the employment of the vessels. We calculate daily TCE by dividing Revenues, net after deducting Voyage related costs and commissions, by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract.

Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period.

We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the amount of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances.

EBITDA, Adjusted EBITDA and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.

Recent Daily Fleet Data:

As of March 31, 2022 our fleet consisted of four eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria” and “Pyxis Epsilon”, and one eco-modified MR2, “Pyxis Malou”. During 2021 and 2022, the vessels in our fleet were employed under time and spot charters.

Conference Call and Webcast

Today, Monday, May 16, 2022, at 8:30 a.m. Eastern Time, the Company’s management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: [1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In).] Please quote “Pyxis Tankers.”

A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Monday, May 23, 2022. To listen to the archived audio file, visit our website http://www.pyxistankers.com and click on Events & Presentations under our Investor Relations page.

A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events & Presentations page.

Webcast participants of the conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:

https://events.q4inc.com/attendee/321712399

An archived version of the webcast will be available on the website within approximately two hours of the completion of the call. The information discussed on the conference call, or that can be accessed through, Pyxis Tankers Inc.’s website is not incorporated into, and does not constitute part of this report.

About Pyxis Tankers Inc.

We own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this report.

Pyxis Tankers Fleet (as of May 13, 2022)

Forward Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words “expected’’, “estimated”, “scheduled”, “could”, “should”, “anticipated”, “long-term”, “opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”, “expand” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking information or statements. But the absence of such words does not mean that a statement is not forward-looking. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 or any variant thereof, or the war in the Ukraine, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Although we believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, those are not guarantees of our future performance and you should not place undue reliance on the forward-looking statements and information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events could differ materially from those anticipated or implied in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2021 and our other filings with the Securities and Exchange Commission. The forward-looking statements and information contained in this presentation are made as of the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other applicable securities laws.

Company

Pyxis Tankers Inc.

59 K. Karamanli Street

Maroussi 15125 Greece

info@pyxistankers.com

Visit our website at www.pyxistankers.com

Company Contact

Henry Williams

Chief Financial Officer

Tel: +30 (210) 638 0200 / +1 (516) 455-0106

Email: hwilliams@pyxistankers.com

Source: Pyxis Tankers Inc.

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of our financial condition and results of operations for the three month periods ended March 31, 2021 and 2022. On May 13, 2022, we effected a one-for-four reverse stock split on our common shares. All share and per share amounts have been described or retroactively adjusted to reflect the reverse stock split. The par value of the common shares remained unchanged at $0.001 per share. Unless otherwise specified herein, references to the “Company,” “we” or “our” shall include PYXIS TANKERS INC. and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim condensed Consolidated Financial Statements as of March 31, 2022 and for the three month periods ended March 31, 2021 and 2022, and the accompanying notes thereto, included elsewhere in this report. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 1, 2022 (the “2021 Annual Report”).

Forward-Looking Statements

Our disclosure and analysis pertaining to our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business and making acquisitions, include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “seeks,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “could,” “projects,” “forecasts,” “potential”, “may,” and similar expressions are forward-looking statements. All statements herein that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19, including variants thereto, such as, Omicron, and the Russian-Ukrainian war, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as our future operating or financial results, global and regional economic and political conditions, including piracy, pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs, competition in the product tanker industry, statements about shipping market trends, including charter rates and factors affecting supply and demand, our financial condition and Liquidity and Capital Resources, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities, our ability to enter into fixed-rate charters after our current charters expire and our ability to earn income in the spot market and our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels’ useful lives. Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully under the “Item 3. Key Information – D. Risk Factors” section of the 2021 Annual Report and our other public filings with the SEC. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements.

Factors that might cause future results to differ include, but are not limited to, the following:

You should not place undue reliance on forward-looking statements contained herein because they are statements about events that are not certain to occur as described or at all. All forward-looking statements herein are qualified in their entirety by the cautionary statements contained herein. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, we undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Overview

We are PYXIS TANKERS INC., a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. We currently own, directly or indirectly, 100% ownership interest in the following vessel owning companies:

Pyxis also currently own 100% ownership interest in the following non-vessel owning companies:

All of the Vessel-owning Companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel Management

PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentios (“Eddie”) Valentis, our Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning Companies, including but not limited to chartering, financing and accounting, sale and purchase, insurance, operations, dry-docking and construction supervision, for a fixed daily fee per vessel, under a head management agreement (the “Head Management Agreement”).

With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM continues by its terms until it is terminated by either party. The ship-management agreements may be cancelled by us or ITM for any reason at any time upon three months’ advance notice.

Results of Operations

Our revenues consist of earnings under the charters on which we employ our vessels. We believe that the important measures for analyzing trends in the results of our operations consist of the following:

Revenues, net

We generate revenues by chartering our vessels for the transportation of petroleum products and other liquid bulk items, such as organic chemicals and vegetable oils. Revenues are generated primarily by the number of vessels in our fleet, the number of voyage days employed and the amount of daily charter hire earned under vessels’ charters. These factors, in turn, can be affected by a number of decisions by us, including the amount of time spent positioning a vessel for charter, dry-dockings, repairs, maintenance and upgrading, as well as the age, condition and specifications of our ships and supply and demand factors in the product tanker market. As of May 19, 2022, two of the vessels in our fleet were employed in time charters, and three in the spot market. Revenues from time charter agreements providing for varying daily rates are accounted for as operating leases and thus are recognized on a straight line basis over the term of the time charter as service is performed. Revenue under spot charters is recognized from loading of the current spot charter to discharge of the current spot charter. Vessels operating on time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot market during periods characterized by favorable market conditions. The vessel owner generally pays commissions on both types of charters on the gross charter rate. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter and is presented as a reduction in revenues.

Time Charters

A time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially all of the voyage expenses, including port and canal charges and the cost of bunker (fuel oil), but the vessel owner pays vessel operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores and tonnage taxes. Time charter rates are usually set at fixed rates during the term of the charter. Prevailing time charter rates fluctuate on a seasonal and on a year-to-year basis and, as a result, when employment is being sought for a vessel with an expiring or terminated time charter, the prevailing time charter rates achievable in the time charter market may be substantially higher or lower than the expiring or terminated time charter rate. Fluctuations in time charter rates are influenced by changes in spot charter rates, which are in turn influenced by a number of factors, including vessel supply and demand. The main factors that could increase total vessel operating expenses are crew salaries, insurance premiums, spare parts orders, repairs that are not covered under insurance policies and lubricant prices.

Spot Charters

Generally, a spot charter refers to a contract to carry a specific cargo for a single voyage, which commonly lasts from several days up to three months. Spot charters typically involve the carriage of a specific amount and type of cargo on a load-port to discharge-port basis, subject to various cargo handling terms, and the vessel owner is paid on a per-ton basis. Under a spot charter, the vessel owner is responsible for the payment of all expenses including its capital costs, voyage expenses (such as port, canal and bunker costs) and vessel operating expenses. Fluctuations in spot charter rates are caused by imbalances in the availability of cargoes for shipment and the number of vessels available at any given time to transport these cargoes at a given port.

Voyage Related Costs and Commissions

We incur voyage related costs for our vessels operating under spot charters, which mainly include port and canal charges and bunker expenses. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on spot charters because these expenses are for the account of the vessel owner. Brokerage commissions payable for both spot and time charter contracts, if any, depend on a number of factors, including, among other things, the number of shipbrokers involved in arranging the charter and the amount of commissions charged by brokers related to the charterer. Such commissions are deferred and amortized over the related period in a charter to the extent revenue has been deferred since commissions are earned as revenues are earned.

Vessel Operating Expenses

We incur vessel operating expenses for our vessels operating under time and spot charters. Vessel operating expenses primarily consist of crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses necessary for the operation of the vessel. All vessel operating expenses are expensed as incurred.

General and Administrative Expenses

The primary components of general and administrative expenses consist of the annual fee payable to Maritime for the administrative services under our Head Management Agreement, which is described in more detail in our 2021 Annual Report and provides for the services of our senior executive officers, and the expenses associated with being a public company. Such public company expenses include the costs of preparing public reporting documents, legal and accounting costs, including costs of legal and accounting professionals and staff, and costs related to compliance with the rules, regulations and requirements of the SEC, the rules of the Nasdaq Stock Market (“Nasdaq”), the Company’s board of directors’ (the “Board”) compensation and investor relations.

Management Fees

We pay management fees to Maritime and ITM for commercial and technical management services, respectively, for our vessels. These services include: obtaining employment for our vessels and managing our relationships with charterers; strategic management services; technical management services, which include managing day-to-day vessel operations, ensuring regulatory and classification society compliance, arranging our hire of qualified officers and crew, arranging and supervising dry-docking and repairs and arranging insurance for vessels; and providing shoreside personnel who carry out the management functions described above. As part of their ship management services, Maritime provides us with supervision services for new construction of vessels; these costs are capitalized as part of the total delivered cost of the vessel.

Depreciation

We depreciate the cost of our vessels after deducting the estimated residual value, on a straight-line basis over the expected useful life of each vessel, which is estimated to be 25 years from the date of initial delivery from the shipyard. During the fourth quarter of 2021, we adjusted the scrap rate which is used to calculate the salvage value of our vessels, from $300/ton to $340/ton due to the increased scrap rates worldwide.

Special Survey and Dry-docking

We are obliged to periodically drydock each of our vessels for inspection, and to make significant modifications to comply with industry certification or governmental requirements. Generally, each vessel is drydocked every 30 to 60 months for scheduled inspections, depending on its age. The capitalized costs of dry-dockings for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.

Interest and Finance Costs

We have historically incurred interest expense and financing costs in connection with the debt incurred to partially finance the acquisition of our existing fleet. We have also incurred interest expense in relation to the $6.0 million Amended and Restated Promissory Note we issued on October 28, 2015, in favor of Maritime Investors Corp. (the “Promissory Note”). Except for the interest payments under our Promissory Note that is based on a fixed rate, the interest rate under our debt agreements is linked to the LIBOR rate. In order to hedge our variable interest rate exposure, on January 19, 2018, we, via one of our vessel-owning subsidiaries, purchased an interest rate cap with one of our lenders for a notional amount of $10.0 million and a cap rate on LIBOR of 3.5%. The interest rate cap will terminate on July 18, 2022. Similarly, on July 16, 2021, the same subsidiary purchased an additional interest rate cap for the amount of $9.6 million at a cap rate on LIBOR of 2% with a termination date of July 8, 2025. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

In evaluating our financial condition, we focus on the above financial and operating measures as well as fleet and vessel type for utilization, time charter equivalent rates and operating expenses to assess our operating performance. We also monitor our cash position and outstanding debt to assess short-term liquidity and our ability to finance further fleet expansion. Discussions about possible acquisitions or sales of existing vessels are based on our financial and operational criteria which depend on the state of the charter market, availability of vessel investments, employment opportunities, anticipated dry-docking costs and general economic prospects.

Selected Information

Our selected consolidated financial data as of March 31, 2022 and for the three months ended March 31, 2021 and 2022, presented in the tables below, have been derived from our unaudited interim condensed Consolidated Financial Statements and notes thereto included elsewhere herein. Our selected consolidated financial data as of December 31, 2021, presented in the tables below have been derived from our audited financial statements and notes thereto, included in our 2021 Annual Report.

As of March 31, 2022 our fleet consisted of four eco-efficient medium-range 2 (“MR2”) tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria” and “Pyxis Epsilon”, and one eco-modified MR2, “Pyxis Malou”. Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, 2022 and March 1, 2022, respectively. The following table presents the fleet data only for the MR2 tankers for the first quarter of 2021 and 2022.

The following table reflects the calculation of our medium range (“MR”) fleet daily TCE rates for the three month periods ended March 31, 2021 and 2022:

The following table reflects the daily TCE rate, daily operating expenses (“Opex”) and utilization rate on a per MR2 vessel type for the three month periods ended March 31, 2021 and 2022:

Results of Operations¹

Three months ended March 31, 2021 and 2022

(Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted.)

The average number of MR vessels in our fleet was 3.0 and 5.0 for the three months ended March 31, 2021 and 2022, respectively.)

1 Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated financials presented below.

Cash Flows

Our principal sources of funds for the three months ended March 31, 2022, have been cash from our investing activities. Our principal uses of funds have been the working capital requirements and the debt service payments on our loan agreements. Cash and cash equivalents and restricted cash as of March 31, 2022, amounted to $4.5 million, compared to $9.9 million as of December 31, 2021. As of March 31, 2022, we had a working capital deficit of $7.7 million compared to working capital deficit of $3.7 million as of December 31, 2021. We define working capital as current assets minus current liabilities.

Operating Activities

Net cash used in operating activities was $2.9 million for the three months ended March 31, 2022, compared to $0.2 million for the same period in 2021. This net loss for the period was $3.4 million compared to $2.0 million for the three month period ended March 31, 2021, contributing $1.4 million less operating cash. Aggregate movements in working capital accounts, current assets and current liabilities, driven to decreased cash by $1.1 million. This decrease was largely attributable to $1.6 million increase in claim receivable accounts from the grounding of the “Pyxis Epsilon” (see footnote (d) above), $1.3 million increase from trade accounts receivable, net and $0.9 million from inventories offset by a $2.5 million increase from trade accounts payables, net.

Investing Activities

Net cash provided by investing activities during the three months ended March 31, 2022, was $5.1 million primarily a result of the $8.5 million proceeds, net of commissions, of the sale of the “Northsea Alpha” and “Northsea Beta” partially offset by the $3.0 million cash settlement of the balance related to “Pyxis Lamda” acquisition and $0.4 million payments for the Ballast Water Treatment System (“BWTS”) installed in “Pyxis Lamda” during the period. No investing cash flows recorded for the comparable quarter in 2021.

Financing Activities

Net cash used in financing activities was $7.6 million for the three month period ended March 31, 2022, mainly reflecting the aggregate of $7.4 million of debt principal payments, including the prepayments of the Secondone’s and Thirdone’s loan facilities of an aggregate $5.8 million to Amsterdam Trade Bank N.V.. Also, during the first quarter of 2022, we paid $0.2 million dividends related to the 7.75% Series A Cumulative Convertible Preferred Shares (the “Series A Preferred Shares”). For the three months ended March 31, 2021, net cash provided by financing activities of $15.2 million mainly reflected new long-term debt of $17 million for Eighthone, secured by the “Pyxis Epsilon”, counterbalanced by repayment of the financing fees payments of $0.4 million related to the new loan facilities and aggregate of $24.8 million of debt principal payments, including the prepayment of the Eighthone Loan. In addition, in the first quarter of 2021 we completed the private placement of Common Shares of $23.3 million in net proceeds and the exercise of Common Share warrants of $0.2 million counterbalanced by Series A Preferred Shares dividend payments of $0.1 million.

Debt Agreements

For information relating to our debt agreements, please see Note 7 to our financial statements included in our 2021 Annual Report for the year ended December 31, 2021 and Note 7 to our unaudited interim condensed Consolidated Financial Statements for the three month periods ended March 31, 2021 and 2022 included elsewhere herein.

Liquidity and Capital Resources

Our principal sources of liquidity have been cash flows from operations, borrowings from bank debt and our related parties, private placement of common stock and issuance of convertible preferred shares and we expect in the future, cash flow from operations, proceeds from further issuances of equity and debt as well as re-financings of debt. Recognizing the uncertainty caused by COVID-19 and the potential impact of the Russian-Ukrainian war, we expect that our future liquidity requirements should relate primarily to:

We expect to rely upon operating cash flows from the employment of our vessels on spot and time charters and, upon occasion, amounts due to related parties, long-term borrowings and the proceeds from future equity and debt offerings to fund our liquidity and capital needs and implement our growth plan. We perform on a regular basis cash flow projection to evaluate whether we will be in a position to cover our liquidity needs for the next 12-month period and be in compliance with the financial and security collateral cover ratio covenants under the existing debt agreements. In developing estimates of future cash flows, we make assumptions about the vessels’ future performance, with significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, our management fees, general and administrative expenses and debt servicing requirements. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations. As of March 31, 2022, we had a working capital deficit of $7.7 million, defined as current assets minus current liabilities. As of the filing date of the first quarter of 2022 unaudited interim condensed Consolidated Financial Statements, we expect that we will be in a position to cover our liquidity needs for the next 12-month period, through cash generated from operations and by managing our working capital requirements. In addition, the Company may consider the raising of capital including debt, equity securities, joint ventures and / or sale of assets.

Our business is capital intensive and our future success will depend on our ability to maintain a high-quality fleet through the acquisition of modern tanker vessels and the selective sale of older tanker vessels.

While we pay cash dividends on our outstanding Series A Preferred Stock, we do not intend to pay dividends to the holders of our Common Shares in the near future and expect to retain our cash flows primarily for the payment of vessel operating costs, dry-docking costs, debt servicing and other obligations, general corporate and administrative expenses and reinvestment in our business (such as to fund vessel or fleet acquisitions), in each case, as determined by our board of directors.

On February 24, 2021, we closed an equity private placement with a group of investors, which resulted in gross proceeds to the Company of $25.0 million, before deducting placement offering expenses. We issued 14,285,715 Common Shares at a price of $1.75 per share (effectively 3,571,429 shares at $7.00 per share for the subsequent Reverse Stock Split, as defined below). We used a portion of the net proceeds from the offering for the repayment of outstanding indebtedness and some of the remaining proceeds for the vessel acquisition of “Pyxis Karteria” on July 15, 2021. The securities offered and sold by us in the private placement were subsequently registered under the Securities Act of 1933, as amended, under a resale registration statement filed with the SEC which became effective on March 11, 2021.

On March 30, 2021, the $24 million Eighthone Loan for our vessel owning subsidiary that owns the “Pyxis Epsilon” was prepaid. The interest rate on this loan with Entrust Permal was 11% per annum. Upon repayment of this loan in full, we incurred a loss on debt extinguishment of approximately $0.5 million containing an early repayment fee and a write off of the unamortized deferred finance fees related to the extinguishment. On that date, we completed the refinancing of Eighthone Loan with a new $17 million secured loan which has an interest rate of LIBOR plus 3.35% and is repayable over 5 years. Approximately $7.275 million in cash was also used in this refinancing. This loan refinancing with Alpha Bank resulted in an interest rate savings of approximately 7.5% per annum with scheduled principal amortization of $1.2 million per year.

Upon repayment of the Eighthone Loan, the maturity date for the Promissory Note was changed to March 30, 2022. The existing Promissory Note was restructured and amended as of May 27, 2021 on the following basis: a) repayment on June 17, 2021 of $1 million in principal and $0.4 million for accrued interest; b) conversion on June 17, 2021 of $1 million of principal into 1,091,062 Common Shares computed on the volume weighted average closing share price for the 10 day period commencing one day after its public distribution of first quarter, 2021 financial results press release (i.e. the period from June 3 to June 16, 2021 at $0.9165); and c) remaining balance of $3 million in principal shall have a maturity date of April 1, 2023 and interest shall accrue at annual rate of 7.5%, since June 17, 2021, payable quarterly in cash, thereafter. These amendments were approved by the Company’s audit committee.

On May 14, 2021, we filed with the SEC a registration statement on Form F-3 (the “Shelf Registration Statement”), under which we may sell from time to time Common Shares, preferred stock, debt securities, warrants, purchase contracts and units, each as described therein, in any combination, in one or more offerings up to an aggregate dollar amount of $250.0 million. The Shelf Registration Statement was declared effective by the SEC on May 25, 2021.

On June 18, 2021 the Company announced that it received a deficiency notice from Nasdaq, on June 16, 2021, stating that, for a period of 30 consecutive business days, the Common Shares closed below the minimum bid price of $1.00 per share as required for continued listing on Nasdaq (the “Minimum Bid Price Requirement”). The Company had until December 13, 2021, to regain compliance with the Minimum Bid Price Requirement. If at any time during that period, the closing bid price of the Common Shares was at least $1 for a minimum of 10 consecutive business days, Nasdaq could have provided confirmation of the Company’s compliance with the Minimum Bid Price Requirement and the matter would have been closed. The Company did not regain compliance during the initial compliance period but was eligible for an additional 180 calendar day compliance period. In order to qualify for this additional compliance period, the Company was required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq, with the exception of the bid price requirement, and provided written notice of its intention to cure the deficiency during such additional compliance period, including by effecting a reverse stock split, if necessary. If the Nasdaq staff concludes that the Company will not be able to cure the deficiency or if the Company is otherwise not eligible, the Common Shares will be subject to delisting by Nasdaq. This notice will have no effect on the operations of the Company’s business, and the Company will take all reasonable measures to regain compliance with the exchange. During this time, Common Shares will continue to be listed and trade on the Nasdaq. On May 13, 2022, the Company implemented a Reverse Stock Split in the amount one for four Common Shares with the intent of complying with the Minimum Bid Price Requirement, as further noted below. The share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split.

On July 9, 2021, Tenthone, our vessel owning subsidiary that acquired the “Pyxis Karteria”, signed a loan agreement with a European bank for $13.5 million secured loan which is repayable over seven years. The facility is priced at LIBOR plus 4.8% with scheduled principal amortization of $0.35 million for the first four installments and annum principal amortization of $1.2 million thereafter.

On July 16, 2021, we closed a follow-on public offering of 308,487 shares of Series A Preferred Shares at a purchase price of $20.00 per Series A Preferred Share. The Company received gross proceeds of approximately $6.17 million from the offering, prior to deducting underwriting discounts and estimated offering expenses. The Company used the $5.56 million of the net proceeds from the offering for general corporate purposes, including working capital.

On November 15, 2021, we signed a Memorandum of Agreement to acquire from an affiliated company, the “Pyxis Lamda”, a 2017-built 50,296 dwt. eco-efficient MR that was constructed at SPP Shipbuilding Co. Ltd. in South Korea, for approximately to $31.7 million (the “Pyxis Lamda Acquisition”). The Company’s audit committee, consisting of independent and disinterested members of Board negotiated and approved the terms of the Pyxis Lamda Acquisition. On December 21, 2021, we announced the closing of the Pyxis Lamda Acquisition and a new secured bank loan of $29 million with an existing lender, of which $21.68 million was used to partially fund the Pyxis Lamda Acquisition and $7.32 million to fund the full repayment of the outstanding loan on the “Pyxis Malou”. The fair value of the consideration for the Pyxis Lamda Acquisition amounted to $31.17 million and consisted of $21.68 million senior loan facility that matures in five years and is secured by the vessel, assuming a liability of $3 million, at fair value, under the amended unsecured promissory note due 2024, the issuance of 4,139,003 of the Company’s common shares having a fair value of $2.17 million on the delivery date of the vessel on December 20, 2021 and $4.32 million cash on hand.

On December 23, 2021, we entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta”, for an aggregate gross sales price of $8.9 million. The vessels were delivered to their buyers on January 28, 2022 and on March 1, 2022, respectively. After the repayment of $5.8 million outstanding indebtedness securing these vessels and the payment of various transaction costs, we received aggregated net cash proceeds of approximately $2.7 million and $0.6 million from the lender’s release of the minimum liquidity deposits which was used for working capital purposes.

During the months of January through March 2022, the Company paid monthly cash dividends of $0.1615 per share for each outstanding Series A Preferred Share, which aggregated to $217,867 for the 3 month period ended as of March 31, 2022. On April 20, 2022 we paid cash dividends of $0.1615 per Series A Preferred Share or an aggregate of $73,622 for the month of April, 2022.

As of March 31, 2022, we had 42,455,857 or 10,613,424 after the Reverse Stock Split effective May 13, 2022, issued and outstanding Common Shares, 449,673 Series A Preferred Shares and 1,590,540 warrants (excluding non-tradeable underwriter’s common stock purchase warrants of which 428,571 and 16,000 have exercise prices of $2.1875 and $1.40 per share (or $8.75 and $5.60 after the reverse stock split effective May 13, 2022), respectively, and 2,000 and 2,683 Series A Preferred Shares purchase warrants which have an exercise price of $24.92 and $25 per share, respectively). As of the date of this filing, Mr. Valentis beneficially owned 5,731,942 (or 22,927,770 prior to the Reverse Stock Split) or approximately 54.0% of our outstanding shares.

Subsequent Events

On May 11, 2022 the Company held the 2022 Annual Meeting of Shareholders (the “AMS”) in London, U.K. At the AMS, the following proposals were approved and adopted:

Following the AMS, the Board approved the filing of an Amendment to effect a Reverse Stock Split in the ratio of one for four outstanding Common Shares, effective May 13, 2022. Beginning on such date, the Company’s Common Shares traded on a split-adjusted basis on the Nasdaq Capital Markets with a new assigned CUSIP number of Y71726130. On the effective date of the Reverse Stock Split, every four of the Company’s issued and outstanding Common Shares were combined into one issued and outstanding Common Share, without any change to the par value of $0.001 per share or any shareholder’s ownership percentage of the Common Shares. No fractional shares were issued in connection with the Reverse Stock Split. Shareholders who would have otherwise received a fraction of a Common Share of the Company received a cash payment in lieu thereof. The number of outstanding Common Shares was reduced from 42,455,857 shares to 10,613,424 following the payment of cash in exchange for fractional shares resulting from the Reverse Stock Split.

Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the Certification of Designation of the Series A Preferred Shares (NASDAQ Cap Mkts: PXSAP), of the Series A Preferred Shares was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s Warrants to purchase Common Shares (NASDAQ Cap Mkts: PXSAW) (the “Warrant”) was adjusted from $1.40 to $5.60.

Recent Developments

For information relating to our recent developments, please refer to section “Liquidity and Capital Resources” above and to Note 14 to our unaudited interim condensed Consolidated Financial Statements as of March 31, 2022 and for the three month periods ended March 31, 2021 and 2022 included elsewhere herein.

Fleet Information (as of May 19, 2022)

⁽¹⁾ These tables are dated as of May 19, 2022 and show gross rates and do not reflect commissions payable.

pYXIS TANKERS INC.

INDEX TO unaudited interim CONDENSED cONSOLIDATED FINANCIAL STATEMENTS

PYXIS TANKERS INC.

Consolidated Balance Sheets

As of December 31, 2021 and March 31, 2022 (unaudited)

(Expressed in thousands of U.S. dollars, except for share and per share data)

The accompanying notes are an integral part of these unaudited interim condensed Consolidated Financial Statements

PYXIS TANKERS INC.

Unaudited Interim Consolidated Statements of Comprehensive Loss

For the three month periods ended March 31, 2021 and 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)

The accompanying notes are an integral part of these unaudited interim condensed Consolidated Financial Statements

PYXIS TANKERS INC.

Unaudited Interim Consolidated Statements of Stockholders’ Equity

For the three month periods ended March 31, 2021 and 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)