Proficient Auto Logistics Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Proficient Auto Logistics (NASDAQ: PAL) reported Q1 2026 results on May 7, 2026. Total operating revenue was $93.7M, down 1.6% year-over-year; total units delivered were 501,850, up 1.5% year-over-year. Adjusted operating loss was ($3.2M); adjusted EBITDA for the quarter was $4.5M. Balance sheet: $9.8M cash, $69.1M debt, net debt ~$59.3M and net leverage ~1.6x (TTM Adjusted EBITDA $36.3M). Board authorized a $15M share repurchase program; 82,877 shares bought at an average $6.25.
Management cited weather, plant shutdowns, and fuel-cost timing as quarter headwinds, with improving volume and fuel recovery trends into Q2.
Positive
- Total units delivered 501,850 (+1.5% YoY)
- Company deliveries up 14.3% YoY
- Authorized $15M share repurchase program
- Repurchased 82,877 shares at $6.25 average
Negative
- Total operating revenue $93.7M (down 1.6% YoY)
- Adjusted operating loss ($3.2M) for Q1 2026
- Cash balance declined to $9.8M at quarter end
- Higher diesel fuel costs created margin headwinds in March
Key Figures
Market Reality Check
Peers on Argus
PAL is up 4.27% while 3 momentum-screened peers (FWRD, NCEW, JYD) are all down (median about -3.5%). This divergence points to earnings being company-specific rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 09 | Q4/FY25 earnings | Negative | -25.6% | GAAP operating loss driven by large goodwill impairment despite solid revenue. |
| Nov 11 | Q3 2025 earnings | Positive | +29.9% | Strong revenue and unit growth with improved adjusted operating ratio and EBITDA. |
| Aug 11 | Q2 2025 earnings | Positive | +23.9% | Revenue and unit growth plus positive adjusted operating income despite margin pressure. |
| May 07 | Q1 2025 earnings | Neutral | -4.9% | Mixed revenue trends and continued operating loss amid market weakness and integration. |
| Feb 11 | Prelim Q4 2024 | Neutral | +1.9% | Preliminary results with revenue growth but year-over-year decline and operating loss. |
Earnings releases have produced sizable moves, with strong quarters rewarded and weak ones sold, generally aligning price with the qualitative tone.
Over the past five earnings-related releases from Feb 2024–Feb 2026, Proficient Auto Logistics has alternated between growth and profitability pressure. Strong Q3 and Q2 2025 results with revenue and unit expansion saw large positive moves, while Q4 2025 earnings with a $27.8M goodwill impairment triggered a sharp selloff. Earlier Q1 2025 and preliminary Q4 2024 results showed mixed trends in revenue and margins. Today’s Q1 2026 report, with lower margins and operating loss, follows that pattern of earnings driving stock-specific reactions.
Historical Comparison
Past earnings releases moved PAL shares by an average of 5.05%. Today’s Q1 2026 results and the pre-news setup fit within that historically earnings-sensitive profile.
Earnings updates show Proficient moving from mixed Q4 2024 into stronger mid-2025 quarters, then back to pressured Q4 2025 results with impairment, and now Q1 2026 margin compression, highlighting ongoing cyclicality in profitability.
Market Pulse Summary
This announcement highlights softer Q1 2026 profitability for Proficient Auto Logistics, with revenue down slightly year-over-year and adjusted EBITDA and margins notably lower, even as total units delivered ticked higher. Management cites weather, plant shutdowns, and fuel costs as key headwinds. Historically, earnings updates have produced meaningful stock reactions, both positive and negative, around changes in margins and leverage. Investors may watch upcoming quarters for trends in adjusted operating ratio, EBITDA, and debt reduction progress.
Key Terms
adjusted operating income financial
adjusted operating ratio financial
non-gaap financial measures financial
adjusted ebitda financial
adjusted ebitda margin financial
net leverage ratio financial
fuel surcharge financial
AI-generated analysis. Not financial advice.
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
Total Operating Loss of (
Adjusted Operating Income(1) (Loss) of (
Adjusted Operating Ratio(1) of
Total Units delivered of 501,850, an increase of
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)
| ( | 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 (
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
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
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
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to possible or assume future results of our business, financial condition, results of operations, liquidity, plans and objectives. You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions. We have based these forward-looking statements largely on our current expectations and projections regarding future events and trends that we believe may affect our business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2026 (the “Annual Report”), and elsewhere in the Annual Report. Accordingly, you should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding: our expectations regarding our future performance, results of operations, and our ability to improve our leverage position and balance sheet; the economic conditions in the global markets in which we operate; expectations and impact related to fuel price volatility; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and customer preferences, and achieve the anticipated benefits and associated cost savings of such strategies and actions; our ability to recruit and retain qualified driving associates, independent contractors and third-party auto transportation and logistics companies; an increase in the frequency or severity of accidents or other claims; our expectations regarding the successful implementation of our acquisitions; geopolitical developments and additional changes in international trade policies and relations; the effect of any international conflicts or terrorist activities, on the United States and global economies in general, the transportation industry, or us in particular, and what effects these events will have on our costs and the demand for our services; our ability to manage our network capacity and cost structure for capital expenditures and operating expenses, and match it to shifting and future customer volume levels; our ability to compete effectively against current and future competitors; our ability to maintain our profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; and our future financial and operating results; our expectations regarding the period during which we will qualify as an emerging growth company under the JOBS Act; and the sufficiency of our existing cash to fund our future operating expenses and capital expenditure requirements.
The forward-looking statements made in this document relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Appendix
Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that certain non-GAAP measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, and Adjusted Operating Ratio, provide useful information in measuring operating performance, generating future operating plans and making strategic decisions regarding allocation of capital. Management believes this information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-cash and non-recurring items.
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, and Adjusted Operating Ratio do not have a standardized meaning prescribed by GAAP and therefore it may not be comparable to similarly titled measures presented by other companies, and it should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
EBITDA is defined as net income (loss) for the period adjusted for interest expense, income tax expense (benefit) and depreciation expense and intangible amortization expense.
Adjusted EBITDA is defined as net income (loss) for the period adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization expense, stock compensation expense and any non-recurring items that management does not consider indicative of ongoing operating performance, including restructuring charges of
Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of operating revenue.
Operating income is calculated as total operating revenue less total operating expenses.
Adjusted operating income is calculated as total operating revenue less total operating expenses adjusted to exclude amortization of intangibles, stock compensation expense, and non-recurring items that management does not consider indicative of ongoing operating performance, including restructuring charges of
Operating ratio is calculated as total operating expenses as a percentage of operating revenue.
Adjusted operating ratio is calculated as total operating expenses adjusted to exclude amortization of intangibles, stock compensation expense, and any non-recurring items that management does not consider indicative of ongoing operating performance, as a percentage of operating revenue. Adjusted items including restructuring charges of
Summary Unaudited Financial Information (1)
| Trailing Twelve months ending- | 3/31/2026 | |||
| ( | ||||
| Net (Loss) Income before income taxes | $ | (45,302 | ) | |
| Addback: | ||||
| Depreciation & Amortization | 40,423 | |||
| Stock Compensation Expense | 5,697 | |||
| Interest Expense | 6,416 | |||
| Goodwill Impairment | 27,787 | |||
| Restructuring Charge | 1,243 | |||
| Adjusted EBITDA | $ | 36,264 | ||
| (1 | ) | The amounts shown above reflect the unaudited summary financial results for the full twelve-month period presented. Amounts related to Brothers are included only since the April 1, 2025, date of acquisition. |
| PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (unaudited) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 9,755,547 | $ | 14,285,745 | ||||
| Accounts receivable, less allowance for credit losses (2026 - | 49,011,373 | 42,188,909 | ||||||
| Net investment in leases, current portion | 101,362 | 126,730 | ||||||
| Maintenance supplies | 1,833,880 | 1,714,238 | ||||||
| Assets held for sale | 10,000 | 28,500 | ||||||
| Income tax receivable | 1,266,663 | 1,791,544 | ||||||
| Prepaid expenses and other current assets | 7,629,465 | 11,261,497 | ||||||
| Total current assets | 69,608,290 | 71,397,163 | ||||||
| Property and equipment, net of accumulated depreciation and amortization (2026 - | 109,007,448 | 115,850,061 | ||||||
| Operating lease right-of-use assets | 12,023,542 | 12,633,834 | ||||||
| Net investment in leases, less current portion | 5,592 | 21,781 | ||||||
| Deposits | 6,154,989 | 6,124,946 | ||||||
| Goodwill | 148,643,673 | 148,476,407 | ||||||
| Intangible assets, net (2026 - | 120,390,138 | 122,804,891 | ||||||
| Other long-term assets | 602,336 | 668,426 | ||||||
| Total Assets | $ | 466,436,008 | $ | 477,977,509 | ||||
| Liabilities, and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,900,722 | $ | 8,305,255 | ||||
| Accrued liabilities | 33,495,656 | 33,030,001 | ||||||
| Finance lease liabilities, current portion | — | 8,758 | ||||||
| Operating lease liabilities, current portion | 2,425,617 | 2,249,651 | ||||||
| Long-term debt, current portion | 19,692,275 | 20,303,077 | ||||||
| Total current liabilities | 65,514,270 | 63,896,742 | ||||||
| Long-term liabilities: | ||||||||
| Operating lease liabilities, less current portion | 10,041,385 | 10,689,839 | ||||||
| Long-term debt, less current portion | 49,384,284 | 54,026,968 | ||||||
| Deferred tax liability, net | 32,688,452 | 34,900,440 | ||||||
| Other long-term liabilities | 3,073,049 | 3,073,049 | ||||||
| Total Liabilities | 160,701,440 | 166,587,038 | ||||||
| Stockholders’ Equity: | ||||||||
| Common stock, 27,834,799 shares issued and 27,770,074 and 27,834,799 shares outstanding as of March 31, 2026 and December 31, 2025, respectively | 278,529 | 278,347 | ||||||
| Additional paid in capital | 357,531,687 | 356,179,787 | ||||||
| Accumulated deficit | (51,557,764 | ) | (45,067,663 | ) | ||||
| Treasury stock at cost 82,877 and 0 shares, as of March 31, 2026 and December 31, 2025, respectively | (517,884 | ) | — | |||||
| Total Stockholders’ Equity | 305,734,568 | 311,390,471 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 466,436,008 | $ | 477,977,509 | ||||
| PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (unaudited) | ||||||||
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||
| Operating Revenue | ||||||||
| Revenue, before fuel surcharge | $ | 86,196,954 | $ | 87,615,128 | ||||
| Fuel surcharge and other reimbursements | 5,664,451 | 5,427,840 | ||||||
| Other Revenue | 1,104,200 | 1,305,745 | ||||||
| Lease Revenue | 724,064 | 857,308 | ||||||
| Total Operating Revenue | 93,689,669 | 95,206,021 | ||||||
| Operating Expenses | ||||||||
| Salaries, wages and benefits | 20,892,844 | 19,288,103 | ||||||
| Stock-based compensation | 1,352,082 | 1,183,009 | ||||||
| Fuel and fuel taxes | 6,875,998 | 6,065,255 | ||||||
| Purchased transportation | 44,614,009 | 47,208,843 | ||||||
| Truck expenses | 7,230,793 | 5,849,846 | ||||||
| Depreciation | 7,607,007 | 6,488,579 | ||||||
| Intangible amortization | 2,414,753 | 2,415,830 | ||||||
| (Gain) Loss on sale of equipment | (10,263 | ) | 8,781 | |||||
| Insurance premiums and claims | 5,287,345 | 4,958,679 | ||||||
| General, selling, and other operating expenses | 4,359,655 | 4,101,602 | ||||||
| Total Operating Expenses | 100,624,223 | 97,568,527 | ||||||
| Operating Loss | (6,934,554 | ) | (2,362,506 | ) | ||||
| Other income and expense | ||||||||
| Interest expense | (1,397,021 | ) | (1,570,920 | ) | ||||
| Acquisition Costs | — | (37,102 | ) | |||||
| Other income, net | 33,827 | 76,222 | ||||||
| Total other expense, net | (1,363,194 | ) | (1,531,800 | ) | ||||
| Loss before income taxes | (8,297,748 | ) | (3,894,306 | ) | ||||
| Income tax benefit | (1,807,647 | ) | (702,621 | ) | ||||
| Net Loss | $ | (6,490,101 | ) | $ | (3,191,685 | ) | ||
| Loss Per Share | ||||||||
| Basic & Diluted | $ | (0.23 | ) | $ | (0.12 | ) | ||
| Weighted Average Shares | ||||||||
| Basic & Diluted | 27,826,452 | 27,069,114 | ||||||
