Proficient Auto Logistics Reports Third Quarter 2026 Financial Results
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Rhea-AI Summary
Proficient Auto Logistics (NASDAQ: PAL) reported third-quarter 2026 revenue of $149.0 million, up 30.3% from the prior-year quarter.
The operating loss widened to $3.870 million from $0.101 million. Adjusted operating income fell to $0.263 million from $4.224 million. Deliveries rose 38.6% to 839,036, primarily reflecting Hansen & Adkins, acquired August 13, 2026. Revenue per unit excluding fuel surcharge and other revenue fell 10.3%. Fuel surcharge under-recovery hurt the operating ratio by an estimated 200 to 250 basis points.
The company identified $20 million to $30 million in annual run-rate operating synergy opportunities, versus $6 million to $10 million initially, and expects integration to be substantially complete by the end of Q1 2027. Quarter-end cash was $11.8 million; senior secured debt was $140.6 million, with net debt of approximately $128.8 million. Seven-year convertible notes were also added at acquisition.
How this balance works
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 revenue rose 30.3% to $149.0 million, primarily reflecting Hansen & Adkins after its acquisition.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Annual run-rate operating synergy opportunities of $20 million to $30 million exceed the initial $6 million to $10 million.
- Minor pointQ3 deliveries increased 38.6% to 839,036, primarily reflecting Hansen & Adkins contributions beginning August 13, 2026.
- Minor pointNine-month revenue increased to $352.059 million from $325.047 million in the comparable 2025 period.
- Minor pointNine-month deliveries rose 11.0% to 1,921,847 versus the comparable 2025 period.
5 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.Initial synergy range's high end is expected by year-end 2026; further opportunities are expected in 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Hansen & Adkins integration remains on schedule for substantial completion by the end of Q1 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Further optimization and automation benefits are expected through 2029.
- Minor pointCompleted integration actions are generating incremental revenue, operating efficiencies and cost savings.
- Minor point181,678 shares repurchased at an average $5.89, totaling $1.1 million through Q3 under the existing program.
Negative
- Major pointSenior secured debt reached $140.6 million, including $9.9 million drawn on the credit line, following acquisition-related indebtedness.
- Moderate pointQ3 operating loss widened to $3.870 million from $0.101 million in Q3 2025.
- Moderate pointQ3 revenue per unit fell 10.3% to $155.40, excluding fuel surcharge and other revenue.
- Moderate pointFuel surcharge under-recovery hurt Q3 operating ratio by an estimated 200 to 250 basis points.
- Moderate pointInsurance, driver wages, recruiting, retention and maintenance costs remained elevated, outweighing pricing and productivity initiatives.
- Moderate pointSeven-year convertible notes were added at the acquisition, creating an additional financing obligation.
- Moderate pointQ3 acquisition/restructuring charges increased to $6.426 million from $1.901 million a year earlier. 7.5% of market cap
19 minor points
- Minor pointQ3 adjusted operating income fell to $0.263 million from $4.224 million a year earlier.
- Minor pointQ3 adjusted operating ratio worsened to 99.8% from 96.3%, reflecting costs relative to revenue.
- Minor pointQ3 pretax loss widened to $13.209 million from $3.666 million a year earlier.
- Minor pointQ3 adjusted EBITDA fell to $7.905 million from $11.960 million; margin declined to 5.3% from 10.5%.
- Minor pointNine-month operating loss widened to $14.040 million from $2.338 million in the comparable 2025 period.
- Minor pointNine-month adjusted operating loss was $2.378 million, versus $9.262 million adjusted operating income a year earlier.
- Minor pointNine-month adjusted operating ratio worsened to 100.7% from 97.2% in the comparable 2025 period.
- Minor pointNine-month pretax loss widened to $26.217 million from $9.442 million in the comparable 2025 period.
- Minor pointNine-month adjusted EBITDA fell to $20.057 million from $31.004 million; margin declined to 5.7% from 9.5%.
- Minor pointQ3 company-delivery revenue per unit fell 11.3% to $161.87, excluding fuel surcharge and other revenue.
- Minor pointQ3 subhauler revenue per unit fell 10.8% to $150.24, excluding fuel surcharge and other revenue.
- Minor pointNine-month revenue per unit fell 6.3% to $162.65, excluding fuel surcharge and other revenue.
- Minor pointNine-month company-delivery revenue per unit fell 5.7% to $171.46, excluding fuel surcharge and other revenue.
- Minor pointNine-month subhauler revenue per unit fell 7.3% to $156.84, excluding fuel surcharge and other revenue.
- Minor pointQ3 revenue per unit including fuel surcharge and other revenue fell 6.0% year over year.
- Minor pointAvailable subhauler capacity declined as supply exited the market.
- Minor pointQ3 interest expense increased to $3.049 million from $1.682 million a year earlier.
- Minor pointNine-month interest expense increased to $5.878 million from $5.091 million in the comparable 2025 period.
- Minor pointNine-month acquisition/restructuring charges increased to $6.450 million from $1.901 million in the comparable 2025 period.
News Explained
The board authorized Proficient Auto Logistics to repurchase up to
Details
Market move: PAL -6.86% vs previous close. Q3 2026 earnings report
On Nov 12, the day this news came out, the latest delayed price for PAL is 6.86% below the previous close. Our momentum scanner has recorded 14 alerts for this stock so far that day. The latest delayed price is $2.85.
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Key Figures
- Operating revenue
- $149.0 million, increased 30.3%
- Q3 2026 vs. Q3 2025
- Total operating loss
- ($3.9) million vs. ($0.1) million
- Q3 2026 vs. Q3 2025
- Adjusted operating income
- $0.3 million vs. $4.2 million
- Q3 2026 vs. Q3 2025
- Adjusted operating ratio
- 99.8% vs. 96.3%
- Q3 2026 vs. Q3 2025
- Adjusted EBITDA
- $7,905 thousand vs. $11,960 thousand
- Q3 2026 vs. Q3 2025
- Annual run-rate operating synergy opportunities
- $20 million to $30 million
- Identified total opportunities; initial range was $6 million to $10 million
- Fuel surcharge under-recovery impact
- Estimated 200 to 250 basis points
- Negative impact on Q3 operating ratio
- Integration completion
- By the end of the first quarter of 2027
- Substantial completion of Hansen & Adkins integration
Previous Earnings Reports
-
Operating revenue, adjusted operating income, adjusted EBITDA, and deliveries were below prior-year levels.
-
The company reported an adjusted operating loss and cited weather, plant shutdowns, and fuel-cost timing.
-
Revenue and deliveries increased, adjusted operating income improved, and the adjusted operating ratio declined.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
ebitda financial
convertible notes financial
senior secured debt financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
JACKSONVILLE, Fla., Nov. 12, 2026 (GLOBE NEWSWIRE) -- Proficient Auto Logistics, Inc. (NASDAQ: PAL) (the “Company” or “Proficient”) today reported its financial results for the three months ended September 30, 2026.
Third Quarter 2026 Summary
Total Operating Revenue of
Total Operating Income (Loss) of (
Adjusted Operating Income(1) of
Adjusted Operating Ratio(1) of
Total Units delivered of 839,036, an increase of
Rick O’Dell, Proficient’s Chief Executive Officer, commented, “While our third-quarter results reflected healthy underlying demand, performance today does not yet reflect the earnings potential of this business, and we are focused on closing that gap and delivering for shareholders. We are encouraged by the opportunities ahead and are taking decisive actions to strengthen profitability and cash generation. The combination with Hansen & Adkins is creating a stronger, more scalable platform, and the significant increase in the synergy opportunities we have identified reinforces our confidence in the potential of the combined company. As we execute on the integration, improve pricing and fuel recovery and drive greater efficiency across our network, we believe we have a clear path to improved financial performance and long-term value creation.”
Hansen & Adkins Integration and Synergies Update
The Hansen & Adkins integration is progressing on schedule, with the Company on track to substantially complete integration by the end of the first quarter of 2027. Proficient is executing 11 integration workstreams focused on leveraging the combined network, fleet and purchasing scale. To date, significant actions have been completed including increasing sister hauling to reduce empty miles and improve utilization, opening 20 maintenance locations across the combined fleet, implementing common fleet and maintenance systems and consolidating fuel, insurance and other purchasing programs. These efforts are already generating incremental revenue, operating efficiencies and cost savings.
Through this work, Proficient has identified total annual run-rate operating synergy opportunities of
Unaudited Financial Information
The Company is providing the below summary unaudited financial information for the three and nine months ended September 30, 2026 and 2025. On August 13, 2026, the Company completed its acquisition (the “H&A Acquisition”) of Hansen & Adkins and related entities (“H&A”). The Company’s consolidated results for each of the three and nine months ended September 30, 2026 include H&A’s results of operations only for the period from August 13, 2026 through September 30, 2026. The corresponding 2025 periods do not include H&A’s results. The summary unaudited financial information below does not give pro forma effect to the H&A Acquisition for periods before the acquisition date, and period-over-period comparisons are affected by the inclusion of H&A. Please refer to footnote 1 in the table for a description of periods included for recently acquired entities. Please refer to our Current Report on Form 8-K/A filed on October 23, 2026 for the unaudited pro forma condensed combined balance sheet of the Company as of June 30, 2026, giving effect to the H&A Acquisition and concurrent financing transactions as if they had occurred on June 30, 2026, and the unaudited pro forma condensed combined statements of operations of the Company for the year ended December 31, 2025 and the six months ended June 30, 2026, in each case giving effect to the H&A Acquisition and concurrent financing transactions as if they had occurred on January 1, 2025.
Summary Unaudited Financial Information (1)
($000s) | Three months ended | Nine months ended | |||||||||||||||
| 9/30/2026 | 9/30/2025 | 9/30/2026 | 9/30/2025 | ||||||||||||||
| Total Operating Revenue | $ | 148,970 | $ | 114,295 | $ | 352,059 | $ | 325,047 | |||||||||
| Total Operating (Loss) Income | (3,870 | ) | (101 | ) | (14,040 | ) | (2,338 | ) | |||||||||
| Addback: | |||||||||||||||||
| Amortization of Intangibles | 2,654 | 2,455 | 7,484 | 7,325 | |||||||||||||
| Stock Compensation expense | 1,479 | 1,870 | 4,178 | 4,275 | |||||||||||||
| Adjusted Operating Income (Loss) (2) | 263 | 4,224 | (2,378 | ) | 9,262 | ||||||||||||
| Adjusted Operating Ratio (2) | 99.8 | % | 96.3 | % | 100.7 | % | 97.2 | % | |||||||||
| Loss before income taxes | (13,209 | ) | (3,666 | ) | (26,217 | ) | (9,442 | ) | |||||||||
| Addback: | |||||||||||||||||
| Depreciation & Amortization | 10,160 | 10,173 | 29,768 | 29,179 | |||||||||||||
| Stock Compensation Expense | 1,479 | 1,870 | 4,178 | 4,275 | |||||||||||||
| Interest Expense | 3,049 | 1,682 | 5,878 | 5,091 | |||||||||||||
| Acquisition / Restructuring Charge | 6,426 | 1,901 | 6,450 | 1,901 | |||||||||||||
| Adjusted EBITDA (3) | 7,905 | 11,960 | 20,057 | 31,004 | |||||||||||||
| Adjusted EBITDA Margin (3) | 5.3 | % | 10.5 | % | 5.7 | % | 9.5 | % | |||||||||
| (1) | The amounts shown reflect the unaudited summary financial results for the full three- and nine-month periods presented. Amounts related to Brothers Auto Transport, LLC (“Brothers”) and H&A are included only from their respective acquisition dates of April 1, 2025, and August 13, 2026. | |
| (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 | Nine months ended | |||||||||||||||||||||||
| Select Operating Metrics | 9/30/2026 | 9/30/2025 | % Chg | 9/30/2026 | 9/30/2025 | % Chg | ||||||||||||||||||
| Unit Volume - Company Deliveries | 372,040 | 209,340 | 77.7 | % | 763,935 | 593,672 | 28.7 | % | ||||||||||||||||
| Revenue / Unit - Company Deliveries | 161.87 | 182.44 | (11.3 | )% | 171.46 | 181.91 | (5.7 | )% | ||||||||||||||||
| Unit Volume - Subhaulers | 466,996 | 396,001 | 17.9 | % | 1,157,912 | 1,137,604 | 1.8 | % | ||||||||||||||||
| Revenue / Unit - Subhaulers | 150.24 | 168.45 | (10.8 | )% | 156.84 | 169.11 | (7.3 | )% | ||||||||||||||||
| Unit Volume - Total | 839,036 | 605,341 | 38.6 | % | 1,921,847 | 1,731,276 | 11.0 | % | ||||||||||||||||
| Revenue / Unit - Total | 155.40 | 173.29 | (10.3 | )% | 162.65 | 173.50 | (6.3 | )% | ||||||||||||||||
| Percent Revenue, Company Deliveries | 46 | % | 36 | % | 42 | % | 36 | % | ||||||||||||||||
| Percent Revenue, Subhaulers | 54 | % | 64 | % | 58 | % | 64 | % | ||||||||||||||||
| (1) | Amounts related to Brothers and H&A are included only from their respective acquisition dates of April 1, 2025, and August 13, 2026. Revenue information presented excludes fuel surcharge and other revenue. | |
Third quarter revenue increased
The (
Adjusted Operating Ratio was
Balance Sheet
The Company ended the third quarter with
Share Repurchase Program
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 and Webcast
The Company will host an investor conference call and webcast today at 5:00 p.m. EST to discuss third quarter 2026 results. Investors are invited to join the conference call by registering through this link: https://register-conf.media-server.com/register/BIc2da8649a37c46c49f861e957053685f. Once registered, investors will receive a dial-in and a unique pin to join the conference. Investors may also join the listen-only Webcast via https://edge.media-server.com/mmc/p/3mqhd9aj. The accompanying presentation materials can be accessed through the Investor Relations section of the Company's website at https://ir.proficientautologistics.com/.
About Proficient Auto Logistics
Headquartered in Jacksonville, Florida, Proficient Auto Logistics (NASDAQ: PAL) is the leading specialized freight company focused on providing auto transportation and logistics services. Through the combination of nine industry-leading operating companies, including four since IPO debut May 2024, PAL operates the largest auto transportation fleet in North America, offering a broad range of services primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, and regional rail yards to auto dealerships around North America. For more information, visit www.proficientautologistics.com.
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 assumed 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: expectations related to synergies, capacity, units moved, geographic footprint and combined company performance; costs related to, and the inability to recognize the anticipated benefits of the acquisition of H&A; risks related to the business of H&A and unexpected liabilities that may arise in connection with the integration of H&A into our business, including our ability to apply our procedures regarding internal controls over financial reporting to H&A; the risk that disruptions from the acquisition will harm our business, including current plans and operations; the diversion of management’s time and attention from ordinary course business operations to integration of H&A; potential adverse reactions or changes to business relationships resulting from the acquisition of H&A; the outcome of any legal proceedings that may be instituted against the Company in connection with our acquisition of H&A; 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; our ability to adapt to and address changes to the capacity environment, driver compensation and market pricing; 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 non-cash goodwill impairment 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.
| PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | | | ||||||
| Current assets: | | | ||||||
| Cash and cash equivalents | $ | 11,830,484 | $ | 14,285,745 | ||||
| Accounts receivable, less allowance for credit losses (2026 - | 81,611,526 | 42,188,909 | ||||||
| Net investment in leases, current portion | 166,097 | 126,730 | ||||||
| Maintenance supplies | 2,218,736 | 1,714,238 | ||||||
| Assets held for sale | 1,228,932 | 28,500 | ||||||
| Income tax receivable | 1,470,239 | 1,791,544 | ||||||
| Prepaid expenses and other current assets | 12,928,967 | 11,261,497 | ||||||
| Total current assets | 111,454,981 | 71,397,163 | ||||||
| Property and equipment, net of accumulated depreciation and amortization (2026 - | 198,517,578 | 115,850,061 | ||||||
| Operating lease right-of-use assets | 11,562,747 | 12,633,834 | ||||||
| Net investment in leases, less current portion | 90,284 | 21,781 | ||||||
| Deposits | 7,418,432 | 6,124,946 | ||||||
| Goodwill | 158,571,420 | 148,476,407 | ||||||
| Intangible assets, net (2026 - | 138,121,961 | 122,804,891 | ||||||
| Other long-term assets | 464,371 | 668,426 | ||||||
| Total Assets | $ | 626,201,774 | $ | 477,977,509 | ||||
| | | |||||||
| Liabilities, and Stockholders’ Equity | | | ||||||
| Current liabilities: | | | ||||||
| Accounts payable | $ | 20,437,833 | $ | 8,305,255 | ||||
| Accrued liabilities | 60,718,594 | 33,030,001 | ||||||
| Finance lease liabilities, current portion | 26,618 | 8,758 | ||||||
| Operating lease liabilities, current portion | 3,058,587 | 2,249,651 | ||||||
| Long-term debt, current portion | 32,970,105 | 20,303,077 | ||||||
| Total current liabilities | 117,211,737 | 63,896,742 | ||||||
| | | |||||||
| Long-term liabilities: | | | ||||||
| Line of credit | 9,900,000 | — | ||||||
| Finance lease liabilities, less current portion | 16,607 | — | ||||||
| Operating lease liabilities, less current portion | 9,068,208 | 10,689,839 | ||||||
| Long-term debt, less current portion | 97,729,391 | 54,026,968 | ||||||
| Deferred tax liability, net | 33,594,364 | 34,900,440 | ||||||
| Convertible senior notes | 72,154,289 | — | ||||||
| Other long-term liabilities | 2,973,049 | 3,073,049 | ||||||
| Total Liabilities | 342,647,645 | 166,587,038 | ||||||
| | | |||||||
| Stockholders’ Equity: | | | ||||||
| Common stock, | 280,764 | 278,347 | ||||||
| Additional paid in capital | 349,414,807 | 356,179,787 | ||||||
| Accumulated deficit | (65,399,897 | ) | (45,067,663 | ) | ||||
| Accumulated other comprehensive (loss) income | (188,545 | ) | — | |||||
| Treasury stock at cost, 98,801 shares as of September 30, 2026 and 0 shares as of December 31, 2025 | (553,000 | ) | — | |||||
| Total Stockholders’ Equity | 283,554,129 | 311,390,471 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 626,201,774 | $ | 477,977,509 | ||||
| PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) | ||||||||||||||||
| Three months | Three months | Nine months | Nine months | |||||||||||||
| ended | ended | ended | ended | |||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating revenue | | | | | ||||||||||||
| Revenue, before fuel surcharge | $ | 130,381,608 | $ | 104,900,181 | $ | 312,594,172 | $ | 299,887,668 | ||||||||
| Fuel surcharge and other reimbursements | 16,006,722 | 7,442,725 | 32,922,759 | 19,672,820 | ||||||||||||
| Other revenue | 1,503,506 | 1,266,845 | 3,414,238 | 3,260,712 | ||||||||||||
| Lease revenue | 1,077,698 | 685,053 | 3,127,819 | 2,226,211 | ||||||||||||
| Total operating revenue | 148,969,534 | 114,294,804 | 352,058,988 | 325,047,411 | ||||||||||||
| | | | | |||||||||||||
| Operating Expenses | | | | | ||||||||||||
| Salaries, wages and benefits | 35,159,198 | 22,341,396 | 78,129,637 | 64,086,192 | ||||||||||||
| Stock-based compensation | 1,479,297 | 1,870,211 | 4,177,627 | 4,274,717 | ||||||||||||
| Fuel and fuel taxes | 16,306,884 | 6,497,935 | 32,120,692 | 19,343,046 | ||||||||||||
| Purchased transportation | 63,223,804 | 56,851,258 | 160,821,857 | 163,008,119 | ||||||||||||
| Truck expenses | 10,838,695 | 6,739,370 | 25,094,041 | 19,027,640 | ||||||||||||
| Depreciation | 7,505,530 | 7,718,519 | 22,283,776 | 21,854,078 | ||||||||||||
| Intangible amortization | 2,654,281 | 2,454,641 | 7,483,785 | 7,325,112 | ||||||||||||
| Gain on sale of equipment | (414,936 | ) | (52,597 | ) | (373,889 | ) | (278,911 | ) | ||||||||
| Insurance premiums and claims | 9,068,386 | 5,405,410 | 20,447,337 | 15,746,601 | ||||||||||||
| General, selling, and other operating expenses | 7,018,606 | 4,569,409 | 15,913,921 | 12,998,713 | ||||||||||||
| Total Operating Expenses | 152,839,745 | 114,395,552 | 366,098,784 | 327,385,307 | ||||||||||||
| Operating loss | (3,870,211 | ) | (100,748 | ) | (14,039,796 | ) | (2,337,896 | ) | ||||||||
| Other income and expense | | | | | ||||||||||||
| Interest expense | (3,049,275 | ) | (1,682,501 | ) | (5,878,342 | ) | (5,091,297 | ) | ||||||||
| Acquisition costs | (6,426,134 | ) | (94,738 | ) | (6,449,870 | ) | (406,545 | ) | ||||||||
| Restructuring charges | — | (1,901,103 | ) | — | (1,901,103 | ) | ||||||||||
| Foreign currency transaction loss | (3,748 | ) | — | (3,748 | ) | — | ||||||||||
| Other income, net | 140,313 | 113,150 | 155,051 | 294,441 | ||||||||||||
| Total other expense, net | (9,338,844 | ) | (3,565,192 | ) | (12,176,909 | ) | (7,104,504 | ) | ||||||||
| Loss before income taxes | (13,209,055 | ) | (3,665,940 | ) | (26,216,705 | ) | (9,442,400 | ) | ||||||||
| Income tax (benefit) expense | (3,262,370 | ) | (646,254 | ) | (5,884,471 | ) | (1,674,196 | ) | ||||||||
| Net loss | $ | (9,946,685 | ) | $ | (3,019,686 | ) | $ | (20,332,234 | ) | $ | (7,768,204 | ) | ||||
| | | | | |||||||||||||
| Other comprehensive loss, net of tax | | | | | ||||||||||||
| Foreign currency translation adjustment, net of tax | (188,545 | ) | — | (188,545 | ) | — | ||||||||||
| Total other comprehensive loss, net of tax | (188,545 | ) | — | (188,545 | ) | — | ||||||||||
| Comprehensive income loss | $ | (10,135,230 | ) | $ | (3,019,686 | ) | $ | (20,520,779 | ) | $ | (7,768,204 | ) | ||||
| | | | | |||||||||||||
| Loss Per Share | | | | | ||||||||||||
| Basic & Diluted | $ | (0.35 | ) | $ | (0.11 | ) | $ | (0.73 | ) | $ | (0.28 | ) | ||||
| | | | | |||||||||||||
| Weighted Average Shares | | | | | ||||||||||||
| Basic & Diluted | 28,285,966 | 27,796,148 | 28,033,351 | 27,494,922 | ||||||||||||
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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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Proficient Auto Logistics' Q3 2026 financial results?
Proficient reported $149.0 million in revenue, up 30.3% year over year, and an operating loss of $3.870 million versus $0.101 million. Adjusted operating income declined to $0.263 million from $4.224 million. Hansen & Adkins results are included only from August 13, 2026; the comparable 2025 quarter excludes that business.
How much does PAL expect from Hansen & Adkins integration synergies?
Proficient identified $20 million to $30 million in annual run-rate operating synergy opportunities, compared with $6 million to $10 million initially. The company expects to achieve the high end of the initial range by year-end 2026, with additional opportunities in 2027 and further optimization and automation benefits through 2029.
Why did PAL's revenue per unit decline in Q3 2026?
The company attributes the decline to portfolio mix and proportionally shorter hauls in Hansen & Adkins' business relative to the rest of Proficient. Revenue per unit excluding fuel surcharge and other revenue fell 10.3%. Including those items, it fell 6.0%, as higher fuel surcharge recoveries partly offset the mix effect.