Pamt Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 1 May 2026: press release. The quarter’s numbers.

Key takeaways

Revenue fell 8.7% from prior year: Operating revenue was $141.9 million, down 8.7% from $155.3 million. Revenue before fuel surcharge was $122.7 million, against $136.7 million. Source
Operating loss narrowed to $0.3 million: Operating loss was $0.3 million against $9.2 million a year earlier. Operating ratio was 100.2%. Net loss was $0.01 million, or $0.00 per diluted share. Source
Laredo property sale added one-time gain: The operating results include a one-time $12.7 million pre-tax gain on the sale of certain real property in Laredo, Texas. Source
Revenue per total mile declined: Revenue per total mile before fuel surcharge was $1.90, against $2.04. Total loads were 85,541, against 94,644. Total miles were 40,703 thousand, against 41,217 thousand. Source
Debt fell $13.2 million in quarter: Outstanding debt was $320.7 million, a $13.2 million decrease from December 31, 2025. Source
Operating cash flow was negative: The company used $2.7 million of operating cash flow in the first three months of 2026. Source

“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.”
Pamt Corp., press release

What changed from last quarter

New: A one-time $12.7 million pre-tax gain from the sale of Laredo, Texas real property was recorded in the quarter. Source
New: The company announced it intends to more actively implement share repurchases in the second quarter of 2026 under the existing authorization. Source

Quarter results and one-time gain

Revenue fell 8.7% from prior year: Operating revenue was $141.9 million, down 8.7% from $155.3 million. Revenue before fuel surcharge was $122.7 million, against $136.7 million. Source
Operating loss narrowed to $0.3 million: Operating loss was $0.3 million against $9.2 million a year earlier. Operating ratio was 100.2%. Net loss was $0.01 million, or $0.00 per diluted share. Source
Laredo property sale added one-time gain: The operating results include a one-time $12.7 million pre-tax gain on the sale of certain real property in Laredo, Texas. Source
Prior-year net loss was $8.1 million: The first quarter of 2025 showed a consolidated net loss of $8.1 million, or $0.37 per diluted share, for comparison. Source

Truckload operations

Revenue per total mile declined: Revenue per total mile before fuel surcharge was $1.90, against $2.04. Total loads were 85,541, against 94,644. Total miles were 40,703 thousand, against 41,217 thousand. Source
Truckload operating ratio was 103.0%: Truckload operating ratio was 103.0%, against 110.9%. The ratio is calculated on expenses net of fuel surcharge and includes the Laredo gain, which reduced operating expenses. Source
Fleet count and empty miles both declined: Average company-driver trucks were 1,551, against 1,667. Average owner-operator trucks were 453, against 514. Empty miles factor was 7.9%, against 9.0%. Source
Revenue per truck fell: Revenue per truck per work day was $620, against $673. Revenue per truck per week was $3,100, against $3,363. Source

“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.”
Pamt Corp., press release

Logistics and fuel surcharge mix

Logistics operating ratio fell to 95.4%: Logistics total revenue was $44.4 million, against $44.3 million. Logistics operating ratio was 95.4%, against 98.0%. Source
Fuel surcharge revenue rose: Fuel surcharge revenue was $19.2 million, against $18.6 million, while revenue before fuel surcharge was $122.7 million, against $136.7 million. Source
Truckload miles exclude power-only carriers: Truckload total miles exclude miles driven by third-party power-only carriers, as noted in the company's footnote to the miles data. Source

Operating costs and expense lines

Rent and purchased transportation fell: Rent and purchased transportation was $56.6 million, against $63.0 million. Depreciation was $19.2 million, against $22.6 million. Source
Disposition gain offset expenses: Gain on disposition of assets was $15.1 million, against $3.0 million. The line includes the one-time $12.7 million Laredo gain. Source
Salaries and supplies declined: Salaries, wages and benefits were $39.1 million, against $40.8 million. Operating supplies and expenses were $30.5 million, against $31.4 million. Source
Insurance and other costs rose: Insurance and claims were $5.2 million, against $4.8 million. Other operating expenses were $6.6 million, against $5.0 million. Source
Interest expense and non-operating income rose: Interest expense was $4.5 million, against $4.0 million. Non-operating income was $4.8 million, against $2.5 million. Source

Liquidity, debt and cash flow

Liquidity and equity at quarter end: Cash, marketable equity securities and available line liquidity totaled $141.1 million, and stockholders’ equity was $210.4 million, as of March 31, 2026. Source
Debt fell $13.2 million in quarter: Outstanding debt was $320.7 million, a $13.2 million decrease from December 31, 2025. Source
Operating cash flow was negative: The company used $2.7 million of operating cash flow in the first three months of 2026. Source
Cash rose while securities fell: Cash and cash equivalents rose to $40.5 million from $35.2 million. Trade receivables rose to $79.8 million. Marketable equity securities fell to $40.8 million from $48.5 million. Source

Share repurchase authorization

Authorization reauthorized in July 2023: The board reauthorized purchase of up to 500,000 shares in July 2023, the most recent extension and expansion of the program. Source
472,845 shares remained available: As of March 31, 2026, 472,845 shares remained available for repurchase under the stock repurchase program. Source
Program has no expiration date: The program has no stated expiration date. It may be suspended or discontinued at the company's discretion at any time, without prior notice. Source

Coming up, as management said on 1 May 2026

Q2 2026 repurchases planned: Management said it intends to implement share repurchases more actively in the second quarter of 2026, under the existing authorization. Source
Repurchase execution methods listed: Repurchases may run through the open market, Rule 10b5-1 programs, block trades, or privately negotiated transactions, including with related parties. Source

Figures management reported

Figure	Reported
Total loads Source	85,541 vs 94,644
Revenue per total mile, before fuel surcharge Source	$1.90 vs $2.04
Truckload operating ratio Source	103.0% vs 110.9%
Logistics operating ratio Source	95.4% vs 98.0%
Empty miles factor Source	7.9% vs 9.0%
Fuel surcharge revenue Source	$19,218 thousand vs $18,641 thousand
Average company-driver trucks Source	1,551 vs 1,667
Average owner-operator trucks Source	453 vs 514
Total miles (thousands) Source	40,703 vs 41,217
Revenue per truck per work day Source	$620 vs $673

Risks management discussed

Financial: Timing and amount of repurchases depend on market conditions, cash flows, securities law limitations and other factors. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

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

Forward-looking statements notice

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

Includes a one-time $12.7 million gain on the sale of certain real property in Laredo, Texas.
Includes approximately $3.0 million of income tax expense related to the gain described in Note (1).
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. 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