JACKSONVILLE, Fla., May 07, 2026 (GLOBE NEWSWIRE) -- Proficient Auto Logistics, Inc. (NASDAQ: PAL) (the "Company" or "Proficient") today reported its financial results for the three months ended March 31, 2026.
First Quarter 2026 Summary
Total Operating Revenue of $93.7 million, decreased (1.6%) from Q1 2025
Total Operating Loss of ($6.9) million, versus ($2.4) million in Q1 2025
Adjusted Operating Income((1) (Loss) of ($3.2) million, versus $1.2 million in Q1 2025
Adjusted Operating Ratio((1) of 103.4% compared to 98.7% in Q1 2025
Total Units delivered of 501,850, an increase of 1.5% from Q1 2025
Rick O'Dell, Proficient's Chief Executive Officer, commented, "As previously communicated in early March, the year began with challenges from lower-than-expected volumes and weather disruptions, and more recent fuel cost headwinds further impacted the quarter. Encouragingly, underlying demand trends improved exiting the quarter, and with more consistent seasonal volumes and improved fuel cost recovery, we believe we are positioned for improved performance as the second quarter progresses."
The Company is providing the below summary unaudited financial information for the three months ended March 31, 2026 and 2025. Please refer to footnote 1 in the table for a description of periods included for more recently acquired entities.
(1 ) Adjusted Operating Income and Adjusted Operating Ratio
are non-GAAP financial measures. See "Summary Unaudited
Financial Information" on the following pages for
additional information regarding the use of Adjusted
Operating Income and Adjusted Operating Ratio and
a reconciliation to the most comparable GAAP measure.
Summary Unaudited Financial Information (1)
($000s) Three months ended
-------------------------
3/31/2026 3/31/2025
Total Operating Revenue $ 93,689 $ 95,206
Total Operating (Loss) Income (6,935) (2,363)
Addback:
Amortization of Intangibles 2,415 2,416
Stock Compensation Expense 1,352 1,183
------- -------
Adjusted Operating (Loss) Income(2) (3,168) 1,236
Adjusted Operating Ratio(2) 103.4% 98.7%
(Loss) Income before income taxes (8,297) (3,894)
Addback:
Depreciation & Amortization 10,022 8,904
Stock Compensation Expense 1,352 1,183
Interest Expense 1,397 1,571
------- -------
Adjusted EBITDA(3) 4,474 7,764
Adjusted EBITDA Margin(3) 4.8% 8.2%
------- -------
(1 ) The amounts shown reflect the unaudited summary financial
results for the full three-month periods presented.
Amounts related to Brothers Auto Transport, LLC ("Brothers")
are included only since the April 1, 2025, date of
acquisition.
(2 ) Our management team reviews Adjusted Operating Income
and the related Adjusted Operating Ratio, both of
which are non-GAAP financial measures, as a basis
for comparing the results of financial reporting periods
excluding the impact of non-cash expenses related
to stock-based compensation expense, amortization
of intangibles, and other non-recurring items that
management does not consider indicative of ongoing
operating performance. These measures provide management
with insight regarding progress on operating and integration
initiatives. The table above provides a reconciliation
of Adjusted Operating Income to Total Operating (Loss)
Income, the most comparable GAAP measure, and Adjusted
Operating Ratio flows from that.
(3 ) Our management team reviews Adjusted EBITDA and Adjusted
EBITDA Margin, both of which are non-GAAP financial
measures, to measure the operating performance and
financial condition of our business and to make strategic
decisions. See the Appendix for additional information
regarding the use of Adjusted EBITDA. The table above
provides a reconciliation of Adjusted EBITDA to (Loss)
Income before income taxes, the most comparable GAAP
measure, and Adjusted EBITDA Margin flows from that.
Revenue and Profitability (1)
Three months ended
-----------------------------------
Select Operating Metrics 3/31/2026 3/31/2025 % Chg
----------- ----------- -----
Unit Volume - Company Deliveries 187,117 163,754 14.3%
Revenue / Unit - Company Deliveries 182.11 185.38 (1.8)%
Unit Volume - Subhaulers 314,733 330,755 (4.8)%
Revenue / Unit - Subhaulers 165.61 173.14 (4.3)%
Percent Revenue, Company Deliveries 40% 35%
Percent Revenue, Subhaulers 60% 65%
(1 ) Amounts related to Brothers are included only since
the April 1, 2025, date of acquisition.
First quarter revenue decreased ($1.5) million, or (1.6%), compared to the same quarter of 2025, while total unit deliveries were up 1.5% versus the same period of 2025, as volume growth from Brothers was offset by lower revenue per unit driven by portfolio mix. Absent the impact of the Brothers acquisition, volume was down (4.0%) in the quarter versus last year, demonstrating a weaker underlying automotive market. Company unit deliveries increased 14.3% year-over-year for the quarter while Subhauler deliveries declined (4.8%) versus the same period, reflecting prioritization of Company-owned truck asset utilization for units delivered, particularly in a slower seasonal period.
The first two months of the quarter were affected by extended automotive plant shutdowns, weak industry seasonally adjusted annual rate (SAAR), which was down year-over-year, severe winter weather, and a slower than anticipated recovery in rail and ocean transportation tenders. These factors constrained core volumes and resulted in revenue levels below fixed-cost coverage. While revenue and volume trends improved in March, meaningfully higher diesel fuel prices and the timing lag to associated higher fuel-surcharge recoveries created an unplanned cost and margin headwind in March. Recent trends indicate more stable volumes and improved fuel cost recovery as the second quarter progresses.
Balance Sheet
The Company ended the first quarter with $9.8 million of cash and $69.1 million of debt. The resulting net debt of approximately $59.3 million as of March 31, 2026, equates to a net leverage ratio of 1.6x when compared to Adjusted EBITDA of $36.3 million for the trailing twelve months. Total debt was reduced by approximately $5.3 million during the quarter; however, cash balances declined as elevated fuel costs and rising purchased transportation near quarter end drew down cash in advance of the receipt of higher fuel surcharge reimbursements and customer payments.
On March 2, 2026, the Company announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $15 million of its common stock. The repurchase program authorizes the Company to purchase its common stock from time to time in the open market, in block transactions, in privately negotiated transactions, through accelerated stock repurchase programs, through option or other forward transactions or otherwise, all in compliance with applicable laws, rules, regulations and other restrictions. As of the end of the first quarter, we have repurchased 82,877 shares of common stock at an average price of $6.25.
Conference Call
The Company will host an investor conference call at 5:00 p.m. EDT to discuss the results. Those interested in participating via teleconference may dial (800) 715-9871 toll-free. Participants should dial in 10 minutes prior to the call and use 8765468 as the conference ID. You may also join the listen-only Webcast via https://edge.media-server.com/mmc/p/jcdm5ym8.
About Proficient Auto Logistics
We are a leading specialized freight company focused on providing auto transportation and logistics services. Through the combination of seven industry-leading operating companies since our initial public offering in May 2024, we operate one of the largest auto transportation fleets in North America. We offer a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, and regional rail yards to auto dealerships around the country.
Investor Relations:
Brad Wright
Chief Financial Officer and Secretary
Phone: 904-506-4317
email: Investor.relations@proautologistics.com
Cautionary Statement Regarding Forward-Looking Statements
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