PAMT CORP Announces Results for the Fourth Quarter and Year Ended December 31, 2025

Key Terms

non-GAAP financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

operating ratio financial

A company's operating ratio is a simple percentage that shows how much of its revenue is eaten up by the costs of running the business — calculated by dividing operating expenses by operating revenue. For investors it signals efficiency and profit potential: a lower operating ratio means the company keeps more of each dollar it earns (like a household with lower bills keeping more of its paycheck), while a higher ratio suggests tighter margins and less room to absorb shocks.

diluted loss per share financial

Diluted loss per share shows how much money a company lost for each share of stock, assuming all potential shares from things like stock options are also counted. It helps investors understand the worst-case scenario of a company's losses if all possible shares were in circulation, providing a more cautious measure of profitability or loss. This figure is important because it offers a clearer picture of a company's financial health, especially when future shares might increase.

auto-liability reserve financial

An auto-liability reserve is the money an insurance company sets aside to pay future claims and legal costs arising from car accidents for which its policyholders are responsible. Investors watch this number because it directly affects an insurer’s reported profits, cash flow and financial strength—too small a reserve is like underfunding a rainy-day fund and risks surprise losses, while too large a reserve can indicate weaker short-term earnings or overly cautious management.

impairment charge financial

An impairment charge is an accounting write-down taken when a company determines an asset—like a building, patent, or investment—is worth less than its recorded value, similar to lowering the price tag on a used car when damage reduces its resale value. It matters to investors because it reduces reported profits and the company’s asset base, can signal business challenges or one-time losses, and may affect future earnings, creditworthiness, and valuation.

fuel surcharge financial

A fuel surcharge is an extra fee added to shipping, freight, or travel charges to offset changes in fuel costs, so companies don’t have to absorb sudden spikes. It matters to investors because it affects revenue and profit margins—showing how well a business can pass higher costs to customers—and can signal exposure to energy price swings that influence demand, pricing power, and short-term earnings volatility, like adding a flexible "gas tax" to a bill.

forward-looking statements regulatory

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Regulation G regulatory

Regulation G is a U.S. securities rule that requires companies to show and explain how any highlighted financial numbers that differ from standard accounting figures were calculated, and to provide a clear bridge to the official results. For investors this acts like a recipe card: when a company presents a simplified or adjusted profit number, Regulation G forces them to show the original ingredients and steps so readers can judge whether the adjusted figure gives a clearer or misleading picture of financial health.

Fourth Quarter 2025 Summary Results

• Total revenues of $141.3 million
• Operating loss of $38.1 million; non-GAAP adjusted operating loss of $11.6 million
• Operating ratio of 127.0%; non-GAAP adjusted operating ratio of 109.4%⁽¹⁾
• Diluted loss per share of $1.40; non-GAAP adjusted diluted loss share of $0.45

Twelve months ended December 31, 2025 Summary Results

• Total revenues of $598.1 million
• Operating loss of $64.1 million; non-GAAP adjusted operating loss of $37.6 million
• Operating ratio of 110.7%; non-GAAP adjusted operating ratio of 107.1%⁽¹⁾
• Diluted loss per share of $2.48; non-GAAP adjusted diluted loss per share of $1.55

TONTITOWN, Ark.--(BUSINESS WIRE)-- PAMT CORP (NASDAQ: PAMT) (“we” or the “Company”) today reported a consolidated net loss of $29.3 million, or diluted and basic loss per share of $1.40, for the quarter ended December 31, 2025 and a consolidated net loss of $52.6 million, or diluted and basic loss per share of $2.48, for the year ended December 31, 2025. These results compare to a consolidated net loss of $31.6 million, or diluted and basic loss per share of $1.45, for the quarter ended December 31, 2024, and a consolidated net loss of $31.8 million, or diluted and basic loss per share of $1.45, for the year ended December 31, 2024.

The Company increased its auto-liability reserve by approximately $26.5 million during the quarter ended December 31, 2025 reflecting the recognition of a liability associated with a specific claim expected to settle in excess of insurance policy limits. Excluding the negative impact of this reserve increase, adjusted (non-GAAP) net loss for the quarter ended December 31, 2025 was $9.4 million, or adjusted (non-GAAP) diluted loss per share of $0.45 and adjusted (Non-GAAP) net loss for the year ended December 31, 2025 was $32.8 million, or adjusted (non-GAAP) diluted loss per share of $1.55.

In the prior year and quarter ended December 31, 2024, the Company made a change in accounting estimates related to salvage values and useful lives for revenue equipment that increased depreciation by approximately $24.7 million during those periods. In addition, an impairment charge of $6.4 million was recorded during the prior year and quarter ended December 31, 2024 to align the carrying value of revenue equipment to market values of used equipment, which declined throughout 2024. Excluding the negative impact of these one-time charges, adjusted (non-GAAP) net loss for the quarter ended December 31, 2024 was $7.8 million, or adjusted (non-GAAP) diluted loss per share of $0.36 and adjusted (non-GAAP) net loss for the year ended December 31, 2024 was $8.0 million, or adjusted (non-GAAP) diluted loss per share of $0.37.

Consolidated operating revenues decreased 15.1% to $141.3 million for the fourth quarter of 2025 compared to $166.5 million for the fourth quarter of 2024. For the year ended December 31, 2025, consolidated operating revenues decreased 16.3% to $598.1 million compared to $714.6 million for the year ended December 31, 2024.

(1)

Calculation of this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure are included in the schedules accompanying this release.

Liquidity, Capitalization, and Cash Flow

As of December 31, 2025, we had an aggregate of $143.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $210.5 million of stockholders’ equity. Outstanding debt was $333.9 million as of December 31, 2025, which represents an $8.3 million increase from December 31, 2024. This increase in debt was primarily driven by the addition of approximately $107.1 million in revenue equipment during the year, of which we financed $91.9 million, partially offset by regularly scheduled repayments on long-term debt totaling $83.6 million. During 2025, we generated $17.3 million in operating cash flow.

Non-GAAP Financial Measures

In addition to our results under United States generally accepted accounting principles (“GAAP”), this press release also includes non-GAAP financial measures termed adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share. The Company defines adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share as GAAP operating (loss) income, GAAP operating ratio, GAAP net (loss) income and GAAP diluted (loss) earnings per share, respectively, excluding certain significant items that management believes are not indicative of the Company’s ongoing operating performance, including impairment charges, changes in depreciation resulting from revisions to estimates of useful lives and salvage values of revenue equipment, significant auto liability claim developments, and the related tax effects of these items. Management believes that reporting adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share more clearly reflects the Company’s current operating results and provides investors with a better understanding of the Company’s overall financial performance. Management also believes that adjusted operating ratio is more representative of our operations when excluding the volatility of fuel prices, which we cannot control. In addition, the adjusted results, although not a financial measure under GAAP, may facilitate the ability to analyze the Company’s financial results in relation to those of its competitors and to the Company’s prior financial performance by excluding items which otherwise would distort the comparison. However, because not all companies use identical calculations, the Company's presentation of these measures may not be comparable to similarly titled measures of other companies. Adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share are not recognized terms under GAAP, do not purport to be alternatives to, and should be considered in addition to, and not as a substitute for or superior to, operating (loss) income, operating ratio, net (loss) income and diluted (loss) earnings per share, respectively, as defined under GAAP.

Pursuant to the requirements of Regulation G, we have provided tabular reconciliations of GAAP operating (loss) income and operating ratio to adjusted operating (loss) income and adjusted operating ratio, GAAP net (loss) income to adjusted net (loss) income and GAAP diluted (loss) earnings per share to adjusted diluted (loss) earnings per share at the end of this press release.

About PAMT CORP

PAMT CORP is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers.

Forward-Looking Statements

Certain information included in this document contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; general inflation, recessionary economic cycles and downturns in customers' business cycles; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of recent or future labor or international trade disruptions; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisitions and replacement plans; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors, including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, rules regarding the classification of independent contractors as employees, tariffs, import/export, trade and immigration regulations or policies; potential economic, business or operational disruptions or uncertainties that may result from any future public health crises; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

PAMT CORP and Subsidiaries
Key Financial and Operating Statistics
(unaudited)
	Quarter Ended December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
	(in thousands, except earnings per share)				(in thousands, except earnings per share)
Revenue, before fuel surcharge	$123,090		$147,035		$526,545		$629,015
Fuel surcharge	18,227		19,495		71,511		85,631
Operating Revenue	141,317		166,530		598,056		714,646
Operating expenses and costs:
Salaries, wages and benefits	38,964		41,933		160,306		174,491
Operating supplies and expenses	29,639		31,973		119,168		136,975
Rent and purchased transportation	58,227		68,182		247,578		289,393
Depreciation	19,179		43,883		83,298		99,264
Impairment Loss	-		6,406		-		6,406
Insurance and claims	31,785		4,642		46,780		19,778
Other	5,656		6,328		20,462		24,338
(Gain) loss on disposition of equipment	(4,043)		875		(15,474)		766
Total operating expenses and costs	179,407		204,222		662,118		751,411
Operating loss	(38,090)		(37,692)		(64,062)		(36,765)
Interest expense	(4,904)		(4,136)		(17,458)		(13,240)
Non-operating income	3,954		567		11,232		8,459
Loss before income taxes	(39,040)		(41,261)		(70,288)		(41,546)
Income tax benefit	9,789		9,683		17,681		9,751
Net loss	($29,251)		($31,578)		($52,607)		($31,795)
Diluted loss per share	($1.40)		($1.45)		($2.48)		($1.45)
Average shares outstanding – Diluted	20,926		21,783		21,209		21,878
	Quarter Ended December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
Truckload Operations
Total miles (in thousands) (1)	40,675		42,243		163,767		178,640
Operating ratio (2)	146.2%		137.5%		118.4%		111.2%
Empty miles factor (1)	8.3%		9.7%		8.6%		9.2%
Revenue per total mile, before fuel surcharge(1)	$1.94		$2.10		$2.02		$2.10
Total loads	88,543		93,778		377,248		400,018
Revenue per truck per workday	$635		$720		$673		$723
Revenue per truck per week	$3,175		$3,600		$3,365		$3,615
Average company-driver trucks	1,559		1,754		1,593		1,822
Average owner operator trucks	490		510		502		467
Logistics Operations
Total revenue (in thousands)	$39,967		$44,403		$166,979		$207,020
Operating ratio	99.2%		98.3%		98.7%		94.9%

PAMT CORP and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
	December 31,		December 31,
	2025		2024
	(in thousands)
ASSETS
Current assets
Cash and cash equivalents	$35,234		$68,060
Trade accounts receivable, net	66,882		79,967
Other receivables	6,757		4,854
Inventories	2,332		2,433
Prepaid expenses and deposits	9,807		11,555
Marketable equity securities	48,488		42,620
Income taxes refundable	1,732		2,281
Total current assets	171,232		211,770
Property and equipment	792,391		836,490
Less: accumulated depreciation	275,554		309,272
Total property and equipment, net	516,837		527,218
Other non-current assets	9,843		2,666
Total assets	$697,912		$741,654
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$32,752		$31,198
Accrued expenses and other liabilities	41,078		14,569
Current portion of long-term debt	65,929		73,017
Total current liabilities	139,759		118,784
Long-term debt, net of current portion	267,940		252,565
Deferred income taxes	73,689		92,547
Other long-term liabilities	6,040		250
Total liabilities	487,428		464,146
STOCKHOLDERS’ EQUITY
Common stock	224		224
Additional paid-in capital	41,682		41,171
Treasury stock, at cost	(28,924)		(13,996)
Retained earnings	197,502		250,109
Total stockholders’ equity	210,484		277,508
Total liabilities and stockholders’ equity	$697,912		$741,654

PAMT CORP and Subsidiaries
Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited)
Adjusted Operating Loss and Adjusted Operating Ratio
	Quarter Ended December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
	(Dollars in thousands)				(Dollars in thousands)
GAAP Presentation
Total operating revenue	$141,317		$166,530		$598,056		$714,646
Total operating expenses	(179,407)		(204,222)		(662,118)		(751,411)
Operating loss	($38,090)		($37,692)		($64,062)		($36,765)
Operating ratio	127.0%		122.6%		110.7%		105.1%
Non-GAAP Presentation
Total operating revenue	$141,317		$166,530		$598,056		$714,646
Fuel surcharge	(18,227)		(19,495)		(71,511)		(85,631)
Revenue, excluding fuel surcharge	123,090		147,035		526,545		629,015
Total operating expenses	179,407		204,222		662,118		751,411
Less: fuel surcharge	(18,227)		(19,495)		(71,511)		(85,631)
Less: specific auto liability reserve increase	(26,500)		-		(26,500)		-
Less: impairment loss	-		(6,406)		-		(6,406)
Less: change in accounting estimates - depreciation charge	-		(24,691)		-		(24,691)
Adjusted operating expenses	134,680		153,630		564,107		634,683
Adjusted operating loss	($11,590)		($6,595)		($37,562)		($5,668)
Adjusted operating ratio	109.4%		104.5%		107.1%		100.9%

PAMT CORP and Subsidiaries
Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited)
Reconciliation of Net Loss to Adjusted Net (Loss) Income
	Quarter Ended December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Net loss (GAAP)	($29,251)		($31,578)		($52,607)		($31,795)
Adjustments:
Specific auto liability reserve increase	26,500		-		26,500		-
Impairment charge	-		6,406		-		6,406
Change in accounting estimates - depreciation charge	-		24,691		-		24,691
Tax benefit of adjustments (3)	(6,645)		(7,298)		(6,666)		(7,298)
Adjusted net loss (non-GAAP)	($9,396)		($7,779)		($32,773)		($7,996)

PAMT CORP and Subsidiaries
Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited)
Reconciliation of Diluted (Loss) Earnings Per Share to Adjusted Diluted (Loss) Earnings Per Share
	Quarter Ended December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
Diluted loss per share (GAAP)	($1.40)		($1.45)		($2.48)		($1.45)
Adjustments:
Specific auto liability reserve increase	1.27		-		1.25		-
Impairment charge	-		0.29		-		0.29
Change in accounting estimates - depreciation charge	-		1.13		-		1.13
Tax benefit of adjustments (3)	(0.32)		(0.33)		(0.32)		(0.34)
Adjusted diluted loss per share (non-GAAP)	($0.45)		($0.36)		($1.55)		($0.37)

1)		Excludes miles driven by third party power only carriers.
2)		The Truckload Operations operating ratio has been calculated based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. We use revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period.
3)		The tax benefit is calculated using the effective tax rates for each respective period prior to any adjustments for non-GAAP amounts.

 

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FROM: PAMT CORP

P.O. BOX 188

Tontitown, AR 72770

Daniel C. Kleine

(479) 361-9111

Source: PAMT CORP