Property gain narrows PAMT CORP (NASDAQ: PAMT) Q1 loss as buybacks ramp

Rhea-AI Filing Summary

PAMT CORP reported a near break-even consolidated net loss of $0.01 million, or $0.00 diluted loss per share, for the quarter ended March 31, 2026. Results include a one-time $12.7 million gain on the sale of Laredo, Texas real property, producing about $9.7 million net after tax.

Compared with a $8.1 million net loss a year earlier, consolidated operating revenue declined 8.7% to $141.9 million from $155.3 million. As of March 31, 2026, the company held $141.1 million in cash, marketable equity securities and available credit, $210.4 million of stockholders’ equity, and $320.7 million of outstanding debt, having used $2.7 million in operating cash flow during the quarter.

The company plans to more actively repurchase shares in the second quarter of 2026 under its existing stock repurchase authorization. The program permits multiple transaction types and had 472,845 shares remaining available for repurchase as of March 31, 2026.

Insights

Equity & earnings analyst

One-time gain drives breakeven quarter as revenue softens and buybacks increase.

PAMT CORP moved from a $8.1 million loss to near breakeven on a large one-time property gain of $12.7 million, yielding about $9.7 million after tax. Underlying operations remain pressured, with operating revenue down 8.7% to $141.9 million.

Leverage is meaningful, with $320.7 million of debt versus $210.4 million of equity as of March 31, 2026, and the company used $2.7 million of operating cash in the quarter. Management intends to step up use of its existing repurchase authorization, with 472,845 shares still available; actual capital deployment will depend on cash flows and market conditions.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net loss Q1 2026: $0.01 million Net loss Q1 2025: $8.1 million Operating revenue Q1 2026: $141.9 million +5 more

8 metrics

Net loss Q1 2026 $0.01 million Consolidated net loss for quarter ended March 31, 2026

Net loss Q1 2025 $8.1 million Consolidated net loss for quarter ended March 31, 2025

Operating revenue Q1 2026 $141.9 million Consolidated operating revenue; down 8.7% year over year

Property sale gain $12.7 million One-time gain on sale of Laredo, Texas real property in Q1 2026

After-tax benefit from gain $9.7 million Approximate net benefit after about $3.0 million income tax expense

Liquidity and credit $141.1 million Cash, marketable equity securities, and available credit as of March 31, 2026

Outstanding debt $320.7 million Total debt as of March 31, 2026, down $13.2 million from December 31, 2025

Shares available for repurchase 472,845 shares Remaining under stock repurchase authorization as of March 31, 2026

Key Terms

forward-looking statements, operating ratio, fuel surcharge, stock repurchase program, +2 more

6 terms

forward-looking statements regulatory

"The information herein ... may contain "forward-looking statements" that are made pursuant to the safe-harbor provisions"

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.

operating ratio financial

"Truckload Operations ... Operating ratio (4) ... 103.0% ... 110.9%"

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.

fuel surcharge financial

"Revenue, before fuel surcharge ... Fuel surcharge ... Operating revenue"

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.

stock repurchase program financial

"The Company’s stock repurchase program was most recently extended and expanded in July 2023"

A stock repurchase program is when a company buys back its own shares from the market. This can make each remaining share more valuable and shows that the company believes its stock is a good investment. It’s like a business treating its shares like a limited resource, hoping to boost confidence and share prices.

Rule 10b5-1 programs regulatory

"Repurchases may be made in the open market, through Rule 10b5-1 programs, block trades"

A Rule 10b5-1 program is a prearranged plan that lets company insiders automatically buy or sell their employer’s stock at specified times or prices, even when they later possess nonpublic information. Think of it like setting a timed autopilot for trades so decisions are made in advance rather than in the moment; investors care because such plans increase transparency and reduce insider-trading risk, but trades made under a plan may not reflect an insider’s current view of the business.

emerging growth company regulatory

"Emerging growth company The information contained in this report"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

Earnings Snapshot

Operating revenue: $141.9 million

Q1 2026

Operating revenue $141.9 million -8.7% year over year

Net loss $0.01 million vs $8.1 million prior-year loss

Diluted EPS $0.00 loss per share vs $0.37 loss per share prior year

Understanding 8-K Material Events →

false 0000798287 0000798287 2026-05-01 2026-05-01

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): May 1, 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, Arkansas 72770

(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))
☐	Pre-commencement communications pursuant to Rule 13c-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 this report and the exhibit 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 May 1, 2026, PAMT CORP (the “Company”) issued a news release announcing its financial results for the first quarter ended March 31, 2026. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On May 1, 2026, the Company announced its intention to more actively implement share repurchases during the second quarter of 2026 under the Company’s existing stock repurchase authorization. More information regarding the Company’s stock repurchase program and authorization is set forth in the news release attached hereto as Exhibit 99.1, which is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1  News release issued by the Registrant on May 1, 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: May 1, 2026	By:	/s/ Daniel C. Kleine
		Daniel C. Kleine Senior Vice President of Finance and Treasurer

Exhibit 99.1

PAMT CORP

ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2026

AND SHARE REPURCHASE IMPLEMENTATION

First Quarter 2026 Summary Results

● Total revenues of $141.9 million

● Operating loss of $0.3 million

● Operating ratio of 100.2%

● Net loss of $0.01 million

● Diluted loss per share of $0.00

Tontitown, Arkansas, May 1, 2026...... PAMT CORP (NASDAQ: PAMT) (“we” or the “Company”) today reported consolidated net loss of $0.01 million, or diluted and basic loss per share of $0.00, for the quarter ended March 31, 2026. The operating results for the first quarter of 2026 include the impact of a one-time $12.7 million gain on the sale of certain real property located in Laredo, Texas. The gain resulted in approximately $3.0 million of income tax expense, for a net after-tax benefit of approximately $9.7 million during the quarter. These results compare to a consolidated net loss of $8.1 million, or diluted and basic loss per share of $0.37, for the quarter ended March 31, 2025.

Consolidated operating revenues decreased 8.7% to $141.9 million for the first quarter of 2026 compared to $155.3 million for the first quarter of 2025.

Liquidity, Capitalization, and Cash Flow

As of March 31, 2026, we had an aggregate of $141.1 million of cash, marketable equity securities, and available liquidity under our line of credit and $210.4 million of stockholders’ equity. Outstanding debt was $320.7 million as of March 31, 2026, which represents a $13.2 million decrease from December 31, 2025. During the first three months of 2026, we used $2.7 million in operating cash flow.

Share Repurchases

The Company also announced that it intends to more actively implement share repurchases during the second quarter of 2026 under the Company’s existing stock repurchase authorization. The specific timing and amount of the repurchases will depend upon prevailing market conditions, cash flows, securities law limitations and other factors. Repurchases, if any, under the program will be made at the discretion of management and will be made using the Company’s existing liquidity and free cash flow. Repurchases may be made in the open market, through Rule 10b5-1 programs, block trades or in privately negotiated transactions, including with related parties. The Company’s stock repurchase program was most recently extended and expanded in July 2023, when the Board of Directors reauthorized the Company’s purchase of up to 500,000 shares of its common stock. As of March 31, 2026, 472,845 shares remained available for repurchase under the stock repurchase program. The repurchase program has no stated expiration date but may be suspended or discontinued in the Company’s discretion at any time without prior notice.

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; 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 and Subsidiaries

Key Financial and Operating Statistics

(unaudited)

		Quarter ended March 31,
		2026				2025
		(in thousands, except per share amounts)
Revenue, before fuel surcharge		$	122,662			$	136,701
Fuel surcharge			19,218				18,641
Operating revenue			141,880				155,342
Operating expenses and costs:
Salaries, wages and benefits			39,082				40,814
Operating supplies and expenses			30,546				31,385
Rent and purchased transportation			56,604				62,973
Depreciation			19,244				22,595
Insurance and claims			5,208				4,781
Other			6,613				4,999
Gain on disposition of assets (1)			(15,146	)			(3,014	)
Total operating expenses and costs			142,151				164,533
Operating loss			(271	)			(9,191	)
Interest expense			(4,536	)			(4,042	)
Non-operating income			4,797				2,486
Loss before income taxes			(10	)			(10,747	)
Income tax expense benefit (2)			(2	)			(2,605	)
Net loss		$	(8	)		$	(8,142	)
Diluted loss per share		$	(0.00	)		$	(0.37	)
Average shares outstanding – Diluted			20,936				21,787

		Quarter ended March 31,
Truckload Operations		2026				2025
Total miles (in thousands) (3)			40,703				41,217
Operating ratio (4)			103.0%				110.9%
Empty miles factor (3)			7.9%				9.0%
Revenue per total mile, before fuel surcharge (3)			$1.90				$2.04
Total loads			85,541				94,644
Revenue per truck per work day			$620				$673
Revenue per truck per week			$3,100				$3,363
Average company-driver trucks			1,551				1,667
Average owner operator trucks			453				514
Logistics Operations
Total revenue (in thousands)			$44,405				$44,272
Operating ratio			95.4%				98.0%

PAMT CORP and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

		March 31,				December 31,
		2026				2025
		(in thousands)
ASSETS
Current assets
Cash and cash equivalents		$	40,525			$	35,234
Trade accounts receivable, net			79,802				66,882
Other receivables			7,113				6,757
Inventories			2,561				2,332
Prepaid expenses and deposits			8,591				9,807
Marketable equity securities			40,756				48,488
Income taxes refundable			1,643				1,732
Total current assets			180,991				171,232
Property and equipment			759,996				792,391
Less: accumulated depreciation			269,633				275,554
Total property and equipment, net			490,363				516,837
Other non-current assets			9,671				9,843
Total assets		$	681,025			$	697,912
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	27,981			$	32,752
Accrued expenses and other liabilities			42,424				41,078
Current portion of long-term debt			68,675				65,542
Total current liabilities			139,080				139,372
Long-term debt, net of current portion			251,976				268,327
Deferred income taxes			73,686				73,689
Other long-term liabilities			5,857				6,040
Total liabilities			470,599				487,428
STOCKHOLDERS’ EQUITY
Common stock			224				224
Additional paid-in capital			41,643				41,682
Treasury stock, at cost			(28,935	)			(28,924	)
Retained earnings			197,494				197,502
Total stockholders’ equity			210,426				210,484
Total liabilities and stockholders’ equity		$	681,025			$	697,912

1) Includes a one-time $12.7 million gain on the sale of certain real property in Laredo, Texas.

2) Includes approximately $3.0 million of income tax expense related to the gain described in Note (1).

3) Excludes miles driven by third party power only carriers.

4) 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. In addition, for the quarter ended March 31, 2026, the Truckload Operations operating ratio includes the effect of a one-time $12.7 million pre-tax gain on the sale of certain real property in Laredo, Texas, which reduced total operating expenses in the above Key Financial and Operating Statistics.

FROM: PAMT CORP

P.O. BOX 188

Tontitown, AR 72770

Daniel C. Kleine

(479) 361-9111

FAQ

How did PAMT (PAMT CORP) perform financially in Q1 2026?

PAMT CORP reported a near break-even consolidated net loss of $0.01 million, or $0.00 per diluted share, for Q1 2026. This compares with a $8.1 million net loss a year earlier, helped significantly by a one-time $12.7 million property sale gain.

What happened to PAMT CORP’s revenue in the first quarter of 2026?

PAMT CORP’s consolidated operating revenue fell 8.7% to $141.9 million in Q1 2026 from $155.3 million in Q1 2025. Revenue before fuel surcharge was $122.7 million, with an additional $19.2 million from fuel surcharges, reflecting softer trucking market conditions and volumes.

What one-time items affected PAMT CORP’s Q1 2026 results?

Results included a one-time $12.7 million gain on the sale of Laredo, Texas real property, creating about $3.0 million of income tax expense and a net after-tax benefit of roughly $9.7 million. This nonrecurring gain largely drove the move toward breakeven for the quarter.

What is PAMT CORP’s liquidity and debt position as of March 31, 2026?

As of March 31, 2026, PAMT CORP held $141.1 million in cash, marketable equity securities, and available credit and reported $210.4 million of stockholders’ equity. Outstanding debt totaled $320.7 million, down $13.2 million from December 31, 2025, while operating activities used $2.7 million of cash.

What are PAMT CORP’s plans for share repurchases in 2026?

PAMT CORP intends to more actively implement share repurchases during Q2 2026 under its existing authorization. The board previously reauthorized purchases of up to 500,000 shares, with 472,845 shares remaining available as of March 31, 2026, using existing liquidity and free cash flow.

How did PAMT CORP’s trucking operations metrics change year over year?

For truckload operations in Q1 2026, PAMT CORP’s operating ratio improved to 103.0% from 110.9%. However, revenue per total mile before fuel surcharge declined to $1.90 from $2.04, and total loads dropped to 85,541 from 94,644, showing weaker freight demand.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 144.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
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