Pamt Corp.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 4 August 2026: press release. The quarter’s numbers.

Key takeaways

Revenue rose 8.9% year over year: Operating revenue was $164.7 million, up from $151.1 million a year earlier and from $141.9 million in the first quarter. Fuel surcharge revenue was $27.8 million against $17.3 million. Source
Net loss narrowed year over year: Net loss was $7.4 million, or $0.36 per diluted share, against $9.6 million, or $0.46. Six-month net loss was $7.5 million against $17.8 million. Source
Insurance accrual added to net loss: A one-time $3.1 million accrual for prior-year auto liability claims increased net loss by $2.3 million after tax, or $0.11 per diluted share. The accrual is included in second quarter operating results. Source
First sequential rate increase in years: Management said rate per total mile rose sequentially for the first time in more than three years. Revenue per total mile before fuel surcharge was $1.98, against $1.90 in the first quarter and $2.04 a year earlier. Source
Truck productivity up 12.8%: Miles per truck per day rose 12.8% year over year. Uncompensated empty miles improved to 7.4% from 8.9%, and the empty miles factor was 7.35% against 8.90%. Source
Liquidity was $116.7 million: Cash, marketable equity securities and available line liquidity totaled $116.7 million. Stockholders' equity was $203.1 million at June 30, 2026. Source
Operating cash used in first half: The company used $16.7 million in operating cash flow in the first half of 2026. Operating cash used in the first quarter was $2.7 million. Source

“We are pleased with the measurable progress reported in several key operating metrics during the second quarter.”
Lance Stewart, President of the Company

What changed from last quarter

New: Daniel C. Kleine appointed Chief Financial Officer effective July 30, 2026. Source

Results and growth drivers

Revenue rose 8.9% year over year: Operating revenue was $164.7 million, up from $151.1 million a year earlier and from $141.9 million in the first quarter. Fuel surcharge revenue was $27.8 million against $17.3 million. Source
Net loss narrowed year over year: Net loss was $7.4 million, or $0.36 per diluted share, against $9.6 million, or $0.46. Six-month net loss was $7.5 million against $17.8 million. Source
Operating loss and operating ratio: Operating loss was $10.4 million against $11.1 million a year earlier. Consolidated operating ratio was 106.3%. Source
Insurance accrual added to net loss: A one-time $3.1 million accrual for prior-year auto liability claims increased net loss by $2.3 million after tax, or $0.11 per diluted share. The accrual is included in second quarter operating results. Source
Non-operating income and interest rose: Non-operating income was $5.1 million against $2.3 million, while interest expense was $4.6 million against $4.0 million a year earlier. Source

Segments and regions

Truckload operating ratio higher: Truckload Operations operating ratio was 114.2% against 112.5% a year earlier. The six-month ratio was 108.9% against 111.7%. Source
Logistics revenue and ratio: Logistics Operations revenue was $50.8 million against $41.0 million, with an operating ratio of 96.4% against 98.7%. Source
Truckload miles increased: Truckload total miles were 43.6 million against 40.4 million. Miles driven by third-party power-only carriers are excluded. Source

“This marks an important step toward addressing rates that have been pressured lower while inflationary cost pressures have persisted.”
Lance Stewart, President of the Company

Costs and claims

Operating supplies expense rose: Operating supplies and expenses were $36.5 million against $29.0 million. The release does not separately break out fuel cost. Source
Insurance and claims expense up: Insurance and claims expense was $8.7 million against $5.2 million. The $3.1 million accrual is described as part of second quarter operating results. Source
Depreciation expense declined: Depreciation was $19.3 million against $21.7 million. Gross property and equipment was $758.9 million at June 30, 2026, against $792.4 million at December 31, 2025. Source
Gain on asset sales smaller: Gain on disposition of assets was $0.6 million against $4.4 million a year earlier. Source
Rent and purchased transportation steady: Rent and purchased transportation was $64.6 million against $64.9 million. Salaries, wages and benefits were $41.4 million against $40.9 million. Source

Pricing and demand

First sequential rate increase in years: Management said rate per total mile rose sequentially for the first time in more than three years. Revenue per total mile before fuel surcharge was $1.98, against $1.90 in the first quarter and $2.04 a year earlier. Source
Further rate correction in view: Management said industry dynamics continue to constrain driver supply and that further rate correction remains possible, with additional progress made through the release date. Source
Total loads declined: Total loads were 90,844 against 98,814 a year earlier. Six-month loads were 176,384 against 193,458. Source
Revenue per truck lower year over year: Revenue per truck per week was $3,375 against $3,485. Revenue per truck per workday was $675 against $697. Source

Operating efficiency and fleet

Truck productivity up 12.8%: Miles per truck per day rose 12.8% year over year. Uncompensated empty miles improved to 7.4% from 8.9%, and the empty miles factor was 7.35% against 8.90%. Source
Underutilized equipment being removed: Management said it continues to remove costs, including underutilized equipment, from the network. Source
Cost control credited for results: Management attributed the results to disciplined cost control. Source
Fleet slightly smaller: Average company-driver trucks were 1,540 against 1,579. Average owner-operator trucks were 454 against 505. Source

Capital, cash and returns to shareholders

Liquidity was $116.7 million: Cash, marketable equity securities and available line liquidity totaled $116.7 million. Stockholders' equity was $203.1 million at June 30, 2026. Source
Debt edged lower: Outstanding debt was $332.8 million, down $1.1 million from December 31, 2025. Current portion was $64.6 million and long-term debt $268.2 million. Source
Operating cash used in first half: The company used $16.7 million in operating cash flow in the first half of 2026. Operating cash used in the first quarter was $2.7 million. Source
Cash down, receivables up: Cash and equivalents were $18.2 million, against $35.2 million at December 31, 2025. Trade receivables rose to $88.9 million from $66.9 million. Source
Repurchase authority remaining: As of March 31, 2026, 472,845 shares remained available under the repurchase program. The second-quarter release does not mention repurchases.

People and leadership

Kleine's background at the company: Kleine joined in June 2023 as Vice President of Tax at P.A.M. Transport, and has served as Senior Vice President of Finance and Treasurer since August 2025. Source
Prior tax and accounting roles: Before joining, Kleine held tax accounting roles at George’s, Inc. from June 2017 to June 2023 and at Frost, PLLC from August 2013 to June 2017. He is a Certified Public Accountant. Source
Employee loyalty acknowledged: Management said it appreciates employees' loyalty and dedication, which it described as essential to sustainable success. Source

Prior-quarter comparison

First-quarter Laredo property gain: The first quarter included a $12.7 million pre-tax gain on Laredo, Texas real property, with about $3.0 million of income tax expense.
Operating ratio higher than first quarter: The first quarter had an operating loss of $0.3 million and a consolidated operating ratio of 100.2%. The second quarter had an operating loss of $10.4 million and 106.3%.
Net loss versus first quarter: First-quarter net loss was $0.01 million, or $0.00 per diluted share, against second-quarter net loss of $7.4 million.

Coming up, as management said on 4 August 2026

Buybacks at management's discretion: Any repurchases will be made at management's discretion using existing liquidity and free cash flow, through open market, Rule 10b5-1, block or privately negotiated transactions.

Figures management reported

Figure	Reported
Total miles (thousands), Truckload Source	43,567 vs 40,355
Truckload operating ratio Source	114.2% vs 112.5%
Revenue per total mile, before fuel surcharge Source	$1.98 vs $2.04
Total loads Source	90,844 vs 98,814
Fuel surcharge revenue Source	$27,758 thousand vs $17,328 thousand
Average company-driver trucks Source	1,540 vs 1,579
Average owner operator trucks Source	454 vs 505

Risks management discussed

Operational: Management said industry dynamics continue to constrain driver supply. Source
Demand: Management said rates had been pressured lower while inflationary cost pressures persisted. Source
Financial: A one-time accrual relates to prior-year auto liability claims that may exceed insurance limits. Source

Earlier plans management reported on

Not stated: The first-quarter release said the company intended to more actively implement repurchases during the second quarter of 2026. The second-quarter release does not state the status.
Not stated: Management said it is committed to a well-defined freight network and expects it to keep supporting operational efficiencies. 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 SECOND QUARTER

ENDED JUNE 30, 2026

Second Quarter 2026 Summary Results

Total revenues of $164.7 million, up 8.9% YoY
Operating loss of $10.4 million
Operating ratio of 106.3%
Net loss of $7.4 million
Diluted loss per share of $0.36

Tontitown, Arkansas, August 4, 2026...... PAMT CORP (NASDAQ: PAMT) (“we” or the “Company”) today reported consolidated net loss of $7.4 million, or diluted and basic loss per share of $0.36, for the quarter ended June 30, 2026. These results compare to consolidated net loss of $9.6 million, or diluted and basic loss per share of $0.46, for the quarter ended June 30, 2025. The second quarter 2026 operating results include a one-time accrual of $3.1 million related to auto liability claims from prior years that may exceed insurance limits, which increased net loss by $2.3 million on an after-tax basis, or $0.11 per diluted share.

Consolidated operating revenues increased 8.9% to $164.7 million for the second quarter of 2026 when compared to $151.1 million for the second quarter of 2025.

Lance Stewart, President of the Company, commented, “We are pleased with the measurable progress reported in several key operating metrics during the second quarter. Truck productivity, measured in miles per truck per day, increased 12.8% year over year, while uncompensated empty miles improved from 8.9% in the second quarter of 2025 to 7.4% in the second quarter of 2026. We also continue to remove costs, including underutilized equipment, from the network. These results reflect our disciplined focus on cost control and our commitment to a well-defined freight network, which we expect to continue supporting operational efficiencies.

“For the first time in more than three years, market conditions enabled a meaningful sequential increase in rate per total mile. This marks an important step toward addressing rates that have been pressured lower while inflationary cost pressures have persisted. As industry dynamics continue to constrain driver supply, we believe opportunities for further rate correction remain, and we have achieved additional progress through the date of this release.

“As always, we appreciate our employees’ loyalty and dedication to our mission, which remain essential to sustainable success.”

Liquidity, Capitalization, and Cash Flow

As of June 30, 2026, we had an aggregate of $116.7 million of cash, marketable equity securities, and available liquidity under our line of credit and $203.1 million of stockholders’ equity. Outstanding debt was $332.8 million as of June 30, 2026, which represents a $1.1 million decrease from December 31, 2025. During the first half of 2026, we used $16.7 million in operating cash flow.

Chief Financial Officer Appointment

The Company also announced that Daniel C. Kleine has been appointed Chief Financial Officer of the Company effective July 30, 2026. Mr. Kleine joined the Company in June 2023 as Vice President of Tax of P.A.M. Transport, Inc., the Company’s primary operating subsidiary, and has served as the Company’s Senior Vice President of Finance and Treasurer since August 2025 and as Senior Vice President of Finance of P.A.M. Transport since June 2025. Prior to joining the Company, Mr. Kleine served in various tax accounting roles at George’s, Inc., a privately owned poultry processing company headquartered in Northwest Arkansas, from June 2017 to June 2023. He previously served as Senior Tax Accountant at Frost, PLLC in Little Rock, Arkansas from August 2013 to June 2017. Mr. Kleine is a Certified Public Accountant and holds bachelor’s degrees in accounting and finance, with a minor in economics, from the University of Arkansas, Fayetteville, and a master’s degree in accounting from the University of Arkansas, Little Rock.

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 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 CORPKey Financial and Operating Statistics(unaudited)

	Quarter Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in thousands, except earnings per share)		(in thousands, except earnings per share)
Revenue, before fuel surcharge	$136,894	$133,806	$259,556	$270,506
Fuel surcharge	27,758	17,328	46,976	35,969
Operating Revenue	164,652	151,134	306,532	306,475
Operating expenses and costs:
Salaries, wages and benefits	41,351	40,851	80,433	81,665
Operating supplies and expenses	36,516	29,028	67,062	60,413
Rent and purchased transportation	64,645	64,866	121,249	127,838
Depreciation	19,337	21,719	38,581	44,315
Insurance and claims	8,738	5,167	13,946	9,948
Other	5,029	4,986	11,642	9,985
Gain on disposition of assets	(556)	(4,414)	(15,702)	(7,428)
Total operating expenses and costs	175,060	162,203	317,211	326,736
Operating loss	(10,408)	(11,069)	(10,679)	(20,261)
Interest expense	(4,615)	(4,032)	(9,151)	(8,075)
Non-operating income	5,078	2,263	9,875	4,749
Loss before income taxes	(9,945)	(12,838)	(9,955)	(23,587)
Income tax benefit	(2,501)	(3,211)	(2,503)	(5,817)
Net loss	$(7,444)	$(9,627)	$(7,452)	$(17,770)
Diluted loss per share	$(0.36)	$(0.46)	$(0.36)	$(0.83)
Average shares outstanding - Diluted	20,943	21,095	20,940	21,498

	Quarter Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Truckload Operations
Total miles (in thousands) (1)	43,567	40,355	84,270	81,571
Operating ratio (2)	114.2%	112.5%	108.9%	111.7%
Empty miles factor	7.35%	8.90%	7.61%	8.97%
Revenue per total mile, before fuel surcharge (1)	$1.98	$2.04	$1.94	$2.04
Total loads	90,844	98,814	176,384	193,458
Revenue per truck per workday	$675	$697	$647	$685
Revenue per truck per week	$3,375	$3,485	$3,235	$3,423
Average company-driver trucks	1,540	1,579	1,545	1,623
Average owner operator trucks	454	505	454	509
Logistics Operations
Total revenue (in thousands)	$50,820	$40,982	$95,225	$85,254
Operating ratio	96.4%	98.7%	95.9%	98.3%

PAMT CORPCondensed Consolidated Balance Sheets(unaudited)

	June 30,	December 31,
	2026	2025
	(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$18,210	$35,234
Trade accounts receivable, net	88,930	66,882
Other receivables	4,125	6,757
Inventories	2,610	2,332
Prepaid expenses and deposits	7,728	9,807
Marketable equity securities	38,732	48,488
Income taxes refundable	1,042	1,732
Total current assets	161,377	171,232
Property and equipment	758,944	792,391
Less: accumulated depreciation	259,476	275,554
Total property and equipment, net	499,468	516,837
Other non-current assets	9,486	9,843
Total Assets	$670,331	$697,912
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$27,421	$32,752
Accrued expenses and other liabilities	30,599	41,078
Current portion of long-term debt	64,592	65,542
Total current liabilities	122,612	139,372
Long-term debt, net of current portion	268,230	268,327
Deferred income taxes	70,741	73,689
Other long-term liabilities	5,658	6,040
Total liabilities	467,241	487,428
STOCKHOLDERS’ EQUITY
Common stock	224	224
Additional paid-in capital	41,788	41,682
Treasury stock, at cost	(28,972)	(28,924)
Retained earnings	190,050	197,502
Total stockholders’ equity	203,090	210,484
Total liabilities and stockholders’ equity	$670,331	$697,912

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 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