XML 54 R25.htm IDEA: XBRL DOCUMENT
v3.26.1

Segmental information | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segmental information | 15. Segmental information: The Company has two reportable segments from which it derives its revenues, tanker vessels and dry-bulk vessels, and has identified the Board of Directors as the CODM in accordance with ASC 280, Segment Reporting. The CODM is responsible for assessing performance, allocating resources, and making strategic decisions across the Company’s business segments. The table below presents information about the Company’s reportable segments for the years ended December 31, 2023, 2024 and 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s Consolidated Financial Statements. The CODM uses segment profit/(loss), which is determined based on segment revenues less voyage related costs and commissions, vessel operating expenses, directly attributable general and administrative expenses, management fees, depreciation and amortization of special survey costs, allowance reduction for credit losses, interest and finance costs, and plus interest income, and excludes non-segment reconciling items, to assess the operating performance and relative profitability of each segment, including trends in segment revenues and significant expenses included in that measure. Based on that review, the CODM allocates financial and capital resources between the segments and makes strategic decisions regarding vessel acquisitions, vessel disposals, and major capital expenditures, while also considering expected market conditions and the future prospects of each segment. Items included in the segment’s profit/(loss) are allocated to each segment to the extent that they are directly attributable to that segment. Schedule of Segment Information
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
|  | Year ended December 31, 2025 |
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
Revenues, net |  | $ | 24,123 |  |  | $ | 14,871 |  |  | $ | 38,994 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Voyage related costs and commissions (1) |  |  | (1,298 | ) |  |  | (1,401 | ) |  |  | (2,699 | )
Vessel operating expenses (1) |  |  | (8,235 | ) |  |  | (6,008 | ) |  |  | (14,243 | )
General and administrative expenses |  |  | 32 |  |  |  | (195 | ) |  |  | (163 | )
Management fees (1) |  |  | (931 | ) |  |  | (956 | ) |  |  | (1,887 | )
Depreciation and amortization of special survey costs |  |  | (4,206 | ) |  |  | (3,967 | ) |  |  | (8,173 | )
Allowance reduction for credit losses |  |  | 22 |  |  |  | — |  |  |  | 22 |
Gain from the sale of vessels, net |  |  |  |  |  |  |  |  |  |  |  |
Interest and finance costs (1) |  |  | (2,652 | ) |  |  | (3,057 | ) |  |  | (5,709 | )
Loss from debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |
Loss from financial derivative instrument |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 140 |  |  |  | 49 |  |  |  | 189 |
Segment profit/(loss) |  | $ | 6,995 |  |  | $ | (664 | ) |  | $ | 6,331 |
Non-segment reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  |  |  |  |  |  |  |  | $ | (5,933 | )
Interest and finance costs |  |  |  |  |  |  |  |  |  |  | (66 | )
Interest income |  |  |  |  |  |  |  |  |  |  | 1,603 |
Net income |  |  |  |  |  |  |  |  |  | $ | 1,935 |
(1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
|  | Year ended December 31, 2024 |
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
Revenues, net |  | $ | 38,400 |  |  | $ | 13,142 |  |  | $ | 51,542 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Voyage related costs and commissions (1) |  |  | (7,500 | ) |  |  | (2,027 | ) |  |  | (9,527 | )
Vessel operating expenses (1) |  |  | (7,920 | ) |  |  | (5,447 | ) |  |  | (13,367 | )
General and administrative expenses |  |  | (98 | ) |  |  | (181 | ) |  |  | (279 | )
Management fees (1) |  |  | (921 | ) |  |  | (759 | ) |  |  | (1,680 | )
Depreciation and amortization of special survey costs |  |  | (4,212 | ) |  |  | (3,074 | ) |  |  | (7,286 | )
Allowance reduction for credit losses |  |  | 38 |  |  |  | — |  |  |  | 38 |
Interest and finance costs (1) |  |  | (3,491 | ) |  |  | (3,027 | ) |  |  | (6,518 | )
Interest income |  |  | 32 |  |  |  | 22 |  |  |  | 54 |
Segment profit/(loss) |  | $ | 14,328 |  |  | $ | (1,351 | ) |  | $ | 12,977 |
Non-segment reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  |  |  |  |  |  |  |  | $ | (2,717 | )
Interest and finance costs |  |  |  |  |  |  |  |  |  |  | (11 | )
Interest income |  |  |  |  |  |  |  |  |  |  | 2,258 |
Net income |  |  |  |  |  |  |  |  |  | $ | 12,507 |
(1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 15. Segmental information: – Continued:
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
|  | Year ended December 31, 2023 |
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
Revenues, net |  | $ | 43,889 |  |  | $ | 1,579 |  |  | $ | 45,468 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Voyage related costs and commissions (1) |  |  | (6,121 | ) |  |  | (231 | ) |  |  | (6,352 | )
Vessel operating expenses (1) |  |  | (10,772 | ) |  |  | (851 | ) |  |  | (11,623 | )
General and administrative expenses |  |  | (120 | ) |  |  | (28 | ) |  |  | (148 | )
Management fees (1) |  |  | (1,388 | ) |  |  | (100 | ) |  |  | (1,488 | )
Depreciation and amortization of special survey costs |  |  | (5,485 | ) |  |  | (406 | ) |  |  | (5,891 | )
Allowance reduction for credit losses |  |  | 78 |  |  |  | — |  |  |  | 78 |
Gain from the sale of vessels, net |  |  | 25,125 |  |  |  | — |  |  |  | 25,125 |
Interest and finance costs (1) |  |  | (5,275 | ) |  |  | (478 | ) |  |  | (5,753 | )
Loss from debt extinguishment |  |  | (379 | ) |  |  | — |  |  |  | (379 | )
Loss from financial derivative instrument |  |  | (59 | ) |  |  | — |  |  |  | (59 | )
Segment profit/(loss) |  | $ | 39,493 |  |  | $ | (515 | ) |  | $ | 38,978 |
Non-segment reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  |  |  |  |  |  |  |  | $ | (3,300 | )
Interest and finance costs |  |  |  |  |  |  |  |  |  |  | (82 | )
Interest income |  |  |  |  |  |  |  |  |  |  | 1,240 |
Net income |  |  |  |  |  |  |  |  |  | $ | 36,836 |
(1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
A reconciliation of total segment assets to total assets presented in the accompanying Consolidated Balance Sheets of December 31, 2023, 2024 and 2025, is as follows:
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
|  | As of December 31, 2025 |
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
Cash and cash equivalents & restricted cash |  | $ | 4,451 |  |  | $ | 1,244 |  |  | $ | 5,695 |
Inventories |  |  | 307 |  |  |  | 229 |  |  |  | 536 |
Trade accounts receivable |  |  | 326 |  |  |  | 1,681 |  |  |  | 2,007 |
Claim receivable |  |  |  |  |  |  |  |  |  |  |  |
Prepayments and other current assets |  |  | 225 |  |  |  | 79 |  |  |  | 304 |
Vessels, net |  |  | 64,028 |  |  |  | 69,291 |  |  |  | 133,319 |
Deferred dry-dock and special survey costs, net |  |  | 829 |  |  |  | 1,264 |  |  |  | 2,093 |
Advance for vessel additions |  |  |  |  |  |  |  |  |  |  |  |
Segment assets |  | $ | 70,166 |  |  | $ | 73,788 |  |  | $ | 143,954 |
Non-segment reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  | $ | 31,210 |
Short-term investment in time deposits |  |  |  |  |  |  |  |  |  |  | 18,000 |
Prepayments and other current assets |  |  |  |  |  |  |  |  |  |  | 248 |
Total assets |  |  |  |  |  |  |  |  |  | $ | 193,412 |
PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 15. Segmental information: – Continued:
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
|  | As of December 31, 2024 |
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
Cash and cash equivalents & restricted cash |  | $ | 3,074 |  |  | $ | 2,299 |  |  | $ | 5,373 |
Inventories |  |  | 1,150 |  |  |  | 739 |  |  |  | 1,889 |
Trade accounts receivable, net |  |  | 4,587 |  |  |  | 453 |  |  |  | 5,040 |
Claim receivable |  |  | — |  |  |  | 245 |  |  |  | 245 |
Prepayments and other assets |  |  | 414 |  |  |  | 221 |  |  |  | 635 |
Vessels, net |  |  | 67,373 |  |  |  | 72,651 |  |  |  | 140,024 |
Deferred dry-dock and special survey costs |  |  | 1,214 |  |  |  | — |  |  |  | 1,214 |
Advance for vessel additions |  |  | — |  |  |  | 170 |  |  |  | 170 |
Segment assets |  | $ | 77,812 |  |  | $ | 76,778 |  |  | $ | 154,590 |
Non-segment reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  | $ | 17,220 |
Short-term investment in time deposits |  |  |  |  |  |  |  |  |  |  | 17,000 |
Prepayments and other current assets |  |  |  |  |  |  |  |  |  |  | 71 |
Total assets |  |  |  |  |  |  |  |  |  | $ | 188,881 |
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
|  | Year ended December 31, 2023 |
|  | Tanker vessels |  |  | Dry-bulk vessels |  |  | Total |
Cash and cash equivalents & restricted cash |  | $ | 4,237 |  |  | $ | 1,041 |  |  | $ | 5,278 |
Inventories |  |  | 904 |  |  |  | 53 |  |  |  | 957 |
Trade accounts receivable, net |  |  | 4,704 |  |  |  | 260 |  |  |  | 4,964 |
Due from related parties |  |  | — |  |  |  | 194 |  |  |  | 194 |
Prepayments and other assets |  |  | 180 |  |  |  | 24 |  |  |  | 202 |
Vessels, net |  |  | 71,179 |  |  |  | 28,094 |  |  |  | 99,273 |
Deferred dry-dock and special survey costs |  |  | 1,622 |  |  |  | — |  |  |  | 1,622 |
Prepayments for vessel acquisition |  |  | — |  |  |  | 2,663 |  |  |  | 2,663 |
Segment assets |  | $ | 82,826 |  |  | $ | 32,329 |  |  | $ | 115,153 |
Non-segment reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  | $ | 31,061 |
Short-term investment in time deposits |  |  |  |  |  |  |  |  |  |  | 20,000 |
Prepayments and other current assets |  |  |  |  |  |  |  |  |  |  | 99 |
Total assets |  |  |  |  |  |  |  |  |  | $ | 166,313 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration