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Radiant Logistics, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 11 May 2026: press release. The quarter’s numbers.

Key takeaways

  • Revenue flat, gross profit slightly lower: Revenue was $214.1 million, up $0.1 million or less than 0.1% from $214.0 million a year earlier. Gross profit was $53.9 million, down $0.6 million or 1.1%. Source
  • Adjusted EBITDA down 17.0%: Adjusted EBITDA was $7.8 million, down $1.6 million or 17.0% from $9.4 million a year earlier. Adjusted gross profit was $56.3 million, down $1.9 million or 3.3%. Source
  • Navegate rollout to customers ahead: Management said Navegate, its global trade management platform, gains traction with deployment measured in weeks. The company plans to introduce it to current and prospective customers in the quarters ahead. Source
  • Adjusted EBITDA margin down 240 basis points: Adjusted EBITDA as a percentage of adjusted gross profit was 13.8%, against 16.2% a year earlier. Source
  • Tariff policy reshaping trade flows: Management cited a universal 10% import surcharge covering more than $1 trillion in goods and country-specific tariff investigations. Policy decisions on permanent tariff structures are expected before July. Source
  • Shipping disruption lifted air freight demand: Management said the Strait of Hormuz closure and Suez Canal disruption rerouted ocean freight and extended transit times. These events also triggered a surge in air freight demand. Source
  • Net debt position close to zero: Management said the company is essentially debt free on a net basis against its $200 million credit facility. Cash and cash equivalents were $39.7 million at March 31, 2026. Source

“We are pleased to report another quarter of solid financial results delivering $7.8 million in adjusted EBITDA for our third fiscal quarter ended March 31, 2026”

Bohn Crain, Founder and CEO

Results and growth drivers

  • Revenue flat, gross profit slightly lower: Revenue was $214.1 million, up $0.1 million or less than 0.1% from $214.0 million a year earlier. Gross profit was $53.9 million, down $0.6 million or 1.1%. Source
  • Adjusted EBITDA down 17.0%: Adjusted EBITDA was $7.8 million, down $1.6 million or 17.0% from $9.4 million a year earlier. Adjusted gross profit was $56.3 million, down $1.9 million or 3.3%. Source
  • Net income up, diluted EPS $0.10: Net income attributable to Radiant was $4.7 million, or $0.10 per basic and fully diluted share, against $2.5 million, or $0.05, a year earlier. Adjusted net income was $5.3 million, or $0.11 per share. Source

Segments and regions

  • Domestic and international markets diverged: Management described sharply divergent conditions across domestic and international markets. It said the company's results reflect the diversity of its service offering and the quality of its network. Source
  • Domestic truckload capacity leaving market: Management said capacity is exiting North American truckload and intermodal markets through carrier attrition and tighter driver availability. Spot rates and tender rejections are moving higher, and driver headcount is at multi-year lows. Source
  • China-to-U.S. lanes disrupted: Management described the China-to-U.S. corridor as one of the most consequential freight routes, now disrupted by trade policy. Sourcing shifts and nearshoring have followed the disruption. Source

“the domestic freight market appears to be approaching a genuine inflection point”

Bohn Crain, Founder and CEO

Products and customers

  • Navegate rollout to customers ahead: Management said Navegate, its global trade management platform, gains traction with deployment measured in weeks. The company plans to introduce it to current and prospective customers in the quarters ahead. Source
  • Ray AI agent in use for quotes: Ray, the AI agent launched earlier, is first being used to streamline international quote administration across the global agent network. Management is also reviewing wider automation of shipment workflows. Source

Costs, margins and pricing

  • Personnel costs up, SG&A down: Personnel costs were $21.5 million against $20.5 million a year earlier. Selling, general and administrative expenses were $9.3 million against $9.9 million. Source
  • Contingent consideration gain of $3.7 million: The change in fair value of contingent consideration was a $3.7 million gain this quarter, compared with a $250,000 expense a year earlier. Income from operations was $6.5 million, against $3.3 million. Source
  • Adjusted EBITDA margin down 240 basis points: Adjusted EBITDA as a percentage of adjusted gross profit was 13.8%, against 16.2% a year earlier. Source

“we believe Radiant is well-positioned to emerge from this period of market turbulence as a stronger and more competitive enterprise”

Bohn Crain, Founder and CEO

Demand and the order book

  • Tariff policy reshaping trade flows: Management cited a universal 10% import surcharge covering more than $1 trillion in goods and country-specific tariff investigations. Policy decisions on permanent tariff structures are expected before July. Source
  • Shipping disruption lifted air freight demand: Management said the Strait of Hormuz closure and Suez Canal disruption rerouted ocean freight and extended transit times. These events also triggered a surge in air freight demand. Source
  • Near-term volumes on affected lanes softer: Management said near-term volumes on affected lanes have softened. It said the complexity of new trade routes and customs regimes increases demand for experienced, technology-enabled partners. Source

Capital, cash and returns

  • Net debt position close to zero: Management said the company is essentially debt free on a net basis against its $200 million credit facility. Cash and cash equivalents were $39.7 million at March 31, 2026. Source
  • Notes payable rose from June 2025: Notes payable were $25.0 million at March 31, 2026, against $20.0 million at June 30, 2025. The prior release showed $30.0 million at December 31, 2025. Source
  • Share buyback totals $3.5 million: The company bought 585,050 shares at an average of $5.97 for $3.5 million in the nine months to March 31, 2026. Shares outstanding were 46,831,666 at quarter end. Source

Strategy and investment

  • Capital allocation priorities restated: Management listed strategic operating partner conversions, synergistic tuck-in acquisitions and share repurchases as the approach that has defined its capital allocation. Source
  • Automation of shipment workflows under review: Management said it is exploring how to automate more domestic and international shipment workflows, with the aim of faster response times and higher service quality for customers. Source

Nine-month results

  • Nine-month adjusted EBITDA $26.3 million: Nine-month adjusted EBITDA was $26.3 million, against $30.9 million a year earlier. Excluding the $1.3 million First Brands adjustment, it would have been $27.6 million. Source
  • Nine-month revenue and net income lower: Nine-month revenue was $672.9 million, against $682.1 million, and net income attributable to Radiant was $11.3 million, against $12.4 million. Source

Coming up, as management said on 11 May 2026

  • Navegate introductions to customers: Management plans to introduce Navegate to current and prospective customers in the quarters ahead. Source
  • Expanded Ray capabilities: Management said it looks forward to expanding Ray's capabilities and introducing additional AI-powered solutions. Source

Risks management discussed

  • Regulatory: Management cited a universal 10% import surcharge in effect on more than $1 trillion of goods, with country-specific tariff investigations under way. Source
  • Regulatory: Management said critical policy decisions on permanent tariff structures are expected before July. Source
  • External: Management said the Middle East conflict has rerouted ocean freight, extended transit times and raised fuel costs sharply. Source
  • Demand: Management said near-term volumes on lanes affected by trade policy have softened. Source

Earlier plans management reported on

  • Not stated: The prior release said Navegate would serve as a catalyst as the company introduces it to customers in coming quarters.
  • On track: The prior release described the company as on track with its efforts to deliver profitable growth through organic and acquisition initiatives.
  • Not stated: The prior release said the company expected to keep its balanced capital allocation approach through agent station conversions, tuck-in acquisitions and buy-backs.

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.