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0000798287
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2026-11-02
2026-11-02
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 2, 2026
PAMT CORP
(Exact name of registrant as specified in its charter)
Nevada | | 0-15057 | | 71-0633135 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
297 West Henri De Tonti, Tontitown, Arkansas72770
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (479) 361-9111
| N/A | |
| (Former name or former address, if changed since last report) | |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $.01 par value | PAMT | NASDAQ Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
The information contained in Item 2.02 of this report and Exhibit 99.1 hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
The information herein (including the exhibit hereto) may contain "forward-looking statements" that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995 and otherwise may be protected. Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those anticipated by forward-looking statements.
Please refer to the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission for information concerning risks, uncertainties and other factors that may affect future results.
Item 2.02 | Results of Operations and Financial Condition. |
On November 2, 2026, PAMT CORP (the “Company”) issued a news release announcing its financial results for the third quarter ended September 30, 2026. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 99.1 News release issued by the Registrant on November 2, 2026. |
| 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | PAMT CORP |
| | (Registrant) |
| | |
Date: November 2, 2026 | By: | /s/ Daniel C. Kleine |
| | Daniel C. Kleine Senior Vice President of Finance, Chief Financial Officer and Treasurer |
Exhibit 99.1
PAMT CORP
ANNOUNCES RESULTS FOR THE THIRD QUARTER
ENDED SEPTEMBER 30, 2026
Third Quarter 2026 Summary Results
| ● | Total revenues of $162.5 million, up 8.2% YoY |
| ● | Operating loss of $5.0 million |
| ● | Operating ratio of 103.1% |
| ● | Net loss of $8.1 million |
| ● | Diluted loss per share of $0.38 |
Nine months ended September 30, 2026 Summary Results
| ● | Total revenues of $469.1 million, up 2.7% YoY |
| ● | Operating loss of $15.7 million |
| ● | Operating ratio of 103.3% |
| ● | Net loss of $15.5 million |
| ● | Diluted loss per share of $0.74 |
Tontitown, Arkansas, November 2, 2026...... PAMT CORP (NASDAQ: PAMT) (“we” or the “Company”) today reported consolidated net loss of $8.1 million, or diluted and basic loss per share of $0.38, for the quarter ended September 30, 2026 and a consolidated net loss of $15.5 million, or diluted and basic loss per share of $0.74, for the nine months ended September 30, 2026. These results compare to a consolidated net loss of $5.6 million, or diluted and basic loss per share of $0.27 for the quarter ended September 30, 2025, and a consolidated net loss of $23.4 million, or diluted and basic loss per share of $1.10 for the nine months ended September 30, 2025.
Consolidated operating revenues increased 8.2% to $162.5 million for the third quarter of 2026 when compared to $150.3 million for the third quarter of 2025.
Lance Stewart, President of the Company, commented, “The ongoing exit of industry capacity, influenced in part by heightened enforcement and evolving legal and regulatory developments, continues to contribute to tightening market conditions. This shift has provided us with opportunities to improve our rate per mile by 11% sequentially and 6% compared to the third quarter of 2025.
“While this rate improvement represents a positive step toward aligning customer rates with the inflationary cost increases experienced over the past four years, cumulative cost increases continue to outpace the pricing improvements achieved to date. We remain optimistic that rates will continue to improve as the market adjusts to ongoing cost pressures and reduced industry capacity.
“Unfortunately, the improvements achieved in customer rates during the quarter were offset by higher net fuel costs, increased expenses associated with attracting and retaining qualified drivers, and reduced gains on the sale of used equipment. Higher net fuel costs were primarily attributable to the timing difference between significant weekly increases in national diesel fuel prices and the corresponding adjustments to customer fuel surcharges, which typically lag changes in fuel prices by one week or more. We anticipate continued pressure on driver recruitment and retention costs as heightened enforcement and regulatory requirements further constrain the pool of qualified drivers. Gains on the sale of used equipment will continue to fluctuate based on the timing, type, and market values of equipment sold.
“While I am disappointed that the progress achieved in customer pricing was offset by these cost pressures, I am encouraged by the continued sequential improvement in our operating performance. I remain confident that our ongoing initiatives, combined with improving market conditions, will contribute to stronger financial results as we move forward.
“As always, the success of our efforts is attributable to the hard work and dedication of our employees. I want to thank them for their continued commitment and contributions throughout the quarter.”
Liquidity, Capitalization, and Cash Flow
As of September 30, 2026, the Company had total available liquidity of $102.0 million, consisting of cash, marketable equity securities, and available borrowing capacity under its line of credit, and stockholders’ equity of $195.0 million. Total outstanding debt was $323.1 million as of September 30, 2026, a decrease of $10.7 million from December 31, 2025. Net cash used in operating activities was $1.0 million for the third quarter of 2026 and $17.7 million for the nine months ended September 30, 2026.
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 constitutes “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, increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators, including as a result of recent regulatory initiatives impacting driver capacity, to meet available freight demand; 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 labor or international trade disruptions; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; excess capacity in the trucking industry; surplus inventories; 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 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; our ability to develop, implement and govern suitable information technology systems and prevent failures in or breaches, disruptions or unauthorized use 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; the impacts of ongoing or future military conflicts and other major domestic or international events; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; 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
Key Financial and Operating Statistics
(unaudited)
| | Quarter Ended September 30, | | | Nine Months Ended September 30, | |
| | 2026 | | | 2025 | | | 2026 | | | 2025 | |
| | (in thousands, except earnings per share) | | | (in thousands, except earnings per share) | |
| | | | | | | | | | | | | | | | |
Revenue, before fuel surcharge | | $ | 135,982 | | | $ | 132,948 | | | $ | 395,538 | | | $ | 403,455 | |
Fuel surcharge | | | 26,566 | | | | 17,316 | | | | 73,542 | | | | 53,285 | |
Operating Revenue | | | 162,548 | | | | 150,264 | | | | 469,080 | | | | 456,740 | |
| | | | | | | | | | | | | | | | |
Operating expenses and costs: | | | | | | | | | | | | | | | | |
Salaries, wages and benefits | | | 41,746 | | | | 39,677 | | | | 122,179 | | | | 121,342 | |
Operating supplies and expenses | | | 41,204 | | | | 29,115 | | | | 108,266 | | | | 89,529 | |
Rent and purchased transportation | | | 54,670 | | | | 61,512 | | | | 175,919 | | | | 189,351 | |
Depreciation | | | 19,477 | | | | 19,805 | | | | 58,058 | | | | 64,119 | |
Insurance and claims | | | 5,051 | | | | 5,047 | | | | 18,997 | | | | 14,995 | |
Other | | | 5,738 | | | | 4,822 | | | | 17,380 | | | | 14,806 | |
Gain on disposition of assets | | | (316 | ) | | | (4,003 | ) | | | (16,018 | ) | | | (11,431 | ) |
Total operating expenses and costs | | | 167,570 | | | | 155,975 | | | | 484,781 | | | | 482,711 | |
| | | | | | | | | | | | | | | | |
Operating loss | | | (5,022 | ) | | | (5,711 | ) | | | (15,701 | ) | | | (25,971 | ) |
| | | | | | | | | | | | | | | | |
Interest expense | | | (4,849 | ) | | | (4,479 | ) | | | (14,000 | ) | | | (12,553 | ) |
Non-operating (expense) income | | | (631 | ) | | | 2,528 | | | | 9,244 | | | | 7,277 | |
| | | | | | | | | | | | | | | | |
Loss before income taxes | | | (10,502 | ) | | | (7,662 | ) | | | (20,457 | ) | | | (31,247 | ) |
Income tax benefit | | | (2,446 | ) | | | (2,075 | ) | | | (4,949 | ) | | | (7,891 | ) |
| | | | | | | | | | | | | | | | |
Net loss | | $ | (8,056 | ) | | $ | (5,587 | ) | | $ | (15,508 | ) | | $ | (23,356 | ) |
| | | | | | | | | | | | | | | | |
Diluted loss per share | | $ | (0.38 | ) | | $ | (0.27 | ) | | $ | (0.74 | ) | | $ | (1.10 | ) |
| | | | | | | | | | | | | | | | |
Average shares outstanding – Diluted | | | 20,939 | | | | 20,926 | | | | 20,939 | | | | 21,305 | |
| | Quarter Ended September 30, | | | Nine Months Ended September 30, | |
| | 2026 | | | 2025 | | | 2026 | | | 2025 | |
Truckload Operations | | | | | | | | | | | | | | | | |
Total miles (in thousands) (1) | | | 41,700 | | | | 41,521 | | | | 125,969 | | | | 123,092 | |
Operating ratio (2) | | | 109.1 | % | | | 106.7 | % | | | 108.9 | % | | | 110.1 | % |
Empty miles factor | | | 7.73 | % | | | 8.07 | % | | | 7.65 | % | | | 8.66 | % |
Total loads | | | 89,066 | | | | 93,853 | | | | 263,738 | | | | 284,185 | |
Revenue per truck per workday | | $ | 698 | | | $ | 689 | | | $ | 665 | | | $ | 686 | |
Revenue per truck per week | | $ | 3,490 | | | $ | 3,443 | | | $ | 3,325 | | | $ | 3,428 | |
Average truck count | | | 2,010 | | | | 2,069 | | | | 2,003 | | | | 2,111 | |
| | | | | | | | | | | | | | | | |
Logistics Operations | | | | | | | | | | | | | | | | |
Total revenue (in thousands) | | $ | 44,788 | | | $ | 41,759 | | | $ | 140,013 | | | $ | 127,012 | |
Operating ratio | | | 92.6 | % | | | 99.1 | % | | | 94.9 | % | | | 98.6 | % |
PAMT CORP
Condensed Consolidated Balance Sheets
(unaudited)
| | September 30, | | | December 31, | |
| | 2026 | | | 2025 | |
| | (in thousands) | |
ASSETS | | | | | | | | |
Current Assets: | | | | | | | | |
Cash and cash equivalents | | $ | 5,427 | | | $ | 35,234 | |
Trade accounts receivable, net | | | 94,013 | | | | 66,882 | |
Other receivables | | | 4,104 | | | | 6,757 | |
Inventories | | | 3,287 | | | | 2,332 | |
Prepaid expenses and deposits | | | 8,966 | | | | 9,807 | |
Marketable equity securities | | | 36,751 | | | | 48,488 | |
Income taxes refundable | | | 588 | | | | 1,732 | |
Total current assets | | | 153,136 | | | | 171,232 | |
| | | | | | | | |
Property and equipment | | | 746,054 | | | | 792,391 | |
Less: accumulated depreciation | | | 262,977 | | | | 275,554 | |
Total property and equipment, net | | | 483,077 | | | | 516,837 | |
| | | | | | | | |
Other non-current assets | | | 9,298 | | | | 9,843 | |
Total Assets | | $ | 645,511 | | | $ | 697,912 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 26,938 | | | $ | 32,752 | |
Accrued expenses and other liabilities | | | 26,829 | | | | 41,078 | |
Current portion of long-term debt | | | 66,281 | | | | 65,542 | |
Total current liabilities | | | 120,048 | | | | 139,372 | |
| | | | | | | | |
Long-term debt, net of current portion | | | 256,865 | | | | 268,327 | |
Deferred income taxes | | | 68,167 | | | | 73,689 | |
Other long-term liabilities | | | 5,461 | | | | 6,040 | |
Total liabilities | | | 450,541 | | | | 487,428 | |
| | | | | | | | |
STOCKHOLDERS’ EQUITY | | | | | | | | |
Common stock | | | 224 | | | | 224 | |
Additional paid-in capital | | | 41,934 | | | | 41,682 | |
Treasury stock, at cost | | | (29,142 | ) | | | (28,924 | ) |
Accumulated other comprehensive loss | | | (40 | ) | | | - | |
Retained earnings | | | 181,994 | | | | 197,502 | |
Total stockholders’ equity | | | 194,970 | | | | 210,484 | |
Total liabilities and stockholders’ equity | | $ | 645,511 | | | $ | 697,912 | |
| 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 used 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. |
FROM: PAMT CORP
P.O. BOX 188
Tontitown, AR 72770
Daniel C. Kleine
(479) 361-9111
