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

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.

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)

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

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,

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

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)

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)

Less: impairment loss

(6,406)

Less: change in accounting estimates - depreciation charge

(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)

Net loss (GAAP)

($29,251)

($31,578)

($52,607)

($31,795)

Adjustments:

Specific auto liability reserve increase

26,500

Impairment charge

6,406

Change in accounting estimates - depreciation charge

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

Change in accounting estimates - depreciation charge

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)

Excludes miles driven by third party power only carriers.

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.

The tax benefit is calculated using the effective tax rates for each respective period prior to any adjustments for non-GAAP amounts.