JACKSONVILLE, Fla., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Proficient Auto Logistics, Inc. (NASDAQ: PAL) (the "Company" or "Proficient") today reported its financial results for the three months ended June 30, 2026.
Second Quarter 2026 Summary
Total Operating Revenue of $109.4 million, decreased (5.3%) from Q2 2025
Total Operating Income (Loss) of ($3.2) million, versus $0.1 million in Q2 2025
Adjusted Operating Income((1) of $0.5 million, versus $3.8 million in Q2 2025
Adjusted Operating Ratio((1) of 99.5% compared to 96.7% in Q2 2025
Total Units delivered of 580,962, a decrease of 8.0% from Q2 2025
Rick O'Dell, Proficient's Chief Executive Officer, commented, "We believe the auto haul industry is at an inflection point. Regulatory pressures, rising operating costs, and the need to attract and retain drivers are reshaping transportation economics and tightening industry capacity. In the second quarter, higher fuel, equipment, and driver-related costs increased expenses, and while our discussions with customers are progressing constructively, pricing actions generally lagged cost inflation. As rate adjustments began to take effect, margins improved each month, strengthening our margin profile exiting the quarter. As a leading asset-based provider, we continue working closely with customers to support OEM supply chains and navigate these evolving market dynamics."
The Company is providing the below summary unaudited financial information for the three and six months ended June 30, 2026 and 2025. Please refer to footnote 1 in the table for a description of periods included for more recently acquired entities.
(1) Adjusted Operating Income and Adjusted Operating Ratio
are non-GAAP financial measures. See "Summary Unaudited
Financial Information" on the following pages for
additional information regarding the use of Adjusted
Operating Income and Adjusted Operating Ratio and
a reconciliation to the most comparable GAAP measure.
Summary Unaudited Financial Information (1)
($000s) Three months ended Six months ended
------------------------- -------------------------
6/30/2026 6/30/2025 6/30/2026 6/30/2025
Total
Operating
Revenue $ 109,400 $ 115,547 $ 203,089 $ 210,753
Total
Operating
(Loss)
Income (3,235) 125 (10,170) (2,237)
Addback:
Amortization
of
Intangibles 2,415 2,455 4,830 4,870
Stock
Compensation
expense 1,346 1,221 2,698 2,405
--------- --------- --------- ---------
Adjusted
Operating
Income
(Loss)(2) 526 3,801 (2,642) 5,037
Adjusted
Operating
Ratio(2) 99.5% 96.7% 101.3% 97.6%
Loss before
income taxes (4,710) (1,882) (13,008) (5,776)
Addback:
Depreciation &
Amortization 9,586 10,102 19,608 19,006
Stock
Compensation
Expense 1,346 1,221 2,698 2,404
Interest
Expense 1,432 1,838 2,829 3,409
--------- --------- --------- ---------
Adjusted
EBITDA(3) 7,654 11,279 12,127 19,043
Adjusted
EBITDA
Margin(3) 7.0% 9.8% 6.0% 9.0%
--------- --------- --------- ---------
(1) The amounts shown reflect the unaudited summary financial
results for the full three- and six-month periods
presented. Amounts related to Brothers Auto Transport,
LLC ("Brothers") are included only since the April
1, 2025, date of acquisition.
(2) Our management team reviews Adjusted Operating Income
and the related Adjusted Operating Ratio, both of
which are non-GAAP financial measures, as a basis
for comparing the results of financial reporting periods
excluding the impact of non-cash expenses related
to stock-based compensation expense, amortization
of intangibles, and other non-recurring items that
management does not consider indicative of ongoing
operating performance. These measures provide management
with insight regarding progress on operating and integration
initiatives. The table above provides a reconciliation
of Adjusted Operating Income to Total Operating (Loss)
Income, the most comparable GAAP measure, and Adjusted
Operating Ratio flows from that.
(3) Our management team reviews Adjusted EBITDA and Adjusted
EBITDA Margin, both of which are non-GAAP financial
measures, to measure the operating performance and
financial condition of our business and to make strategic
decisions. See the Appendix for additional information
regarding the use of Adjusted EBITDA. The table above
provides a reconciliation of Adjusted EBITDA to (Loss)
Income before income taxes, the most comparable GAAP
measure, and Adjusted EBITDA Margin flows from that.
Revenue and Profitability (1)
Three months ended Six months ended
------------------------------------ -----------------------------------
Select
Operating
Metrics 6/30/2026 6/30/2025 % Chg 6/30/2026 6/30/2025 % Chg
----------- ---------- --------- ----- --------- --------- -----
Unit Volume -
Company
Deliveries 204,778 220,578 (7.2)% 391,895 384,332 2.0%
Revenue /
Unit -
Company
Deliveries 179.17 178.82 0.2% 180.57 181.62 (0.6)%
Unit Volume -
Subhaulers 376,184 410,848 (8.4)% 690,917 741,603 (6.8)%
Revenue /
Unit -
Subhaulers 157.70 166.50 (5.3)% 161.30 169.47 (4.8)%
Percent
Revenue,
Company
Deliveries 38% 37% 39% 36%
Percent
Revenue,
Subhaulers 62% 63% 61% 64%
(1) Amounts related to Brothers are included only since
the April 1, 2025, date of acquisition.
Second quarter revenue decreased $6.1 million, or 5.3%, compared to the same quarter of 2025, while total unit deliveries were down 8.0% versus the same period of 2025, as higher fuel surcharge recoveries partially offset lower volumes. While second quarter industry seasonally adjusted annual rate (SAAR) trends improved sequentially and were down less than 1% versus the comparable period of 2025, Proficient's unit delivery volumes were constrained by reduced available capacity following market exits driven by several quarters of sub-seasonal demand and rate pressure that impacted compensation.
Adjusted Operating Ratio of 99.5% in the second quarter compared to 96.7% in Q2 2025, reflecting the impact of cost inflation and capacity limitations, which kept revenue near fixed-cost coverage levels. In addition, claims expense, a portion of which is self-insured, was also higher than expected during the quarter.
Balance Sheet
The Company ended the second quarter with $8.1 million of cash and $70.4 million of debt (inclusive of $6.7 million drawn against its line of credit). The resulting net debt of approximately $62.3 million as of June 30, 2026, equates to a net leverage ratio of 2.1x when compared to Adjusted EBITDA of $30.3 million for the trailing twelve months.
On March 2, 2026, the Company announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $15 million of its common stock. The repurchase program authorizes the Company to purchase its common stock from time to time in the open market, in block transactions, in privately negotiated transactions, through accelerated stock repurchase programs, through option or other forward transactions or otherwise, all in compliance with applicable laws, rules, regulations and other restrictions. As of the end of the second quarter, we have repurchased 82,877 shares of common stock at an average price of $6.25.
Hansen & Adkins and Convertible Note Offering Press Release
In a separate press release, Proficient today announced that it had entered into a definitive agreement to acquire Hansen & Adkins, which is accessible on the Investor Relations section of the Company's website at https://ir.proficientautologistics.com/.
That press release also announced that Proficient plans to offer $75.0 million aggregate principal amount of convertible senior notes due 2033 (the "notes") in a private offering (the "offering") to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended (the "Securities Act"). The net proceeds from the offering will be used to refinance outstanding indebtedness and to pay the premiums in respect of capped call transactions to be entered into in connection with the issuance of the notes.
The notes and the common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the notes or any shares of common stock potentially issuable upon conversion of the notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Conference Call and Webcast
The Company will host an investor conference call and webcast today at 5:00 p.m. EDT to discuss the acquisition and second quarter 2026 results. Investors are invited to join the conference call by registering through this link: https://register-conf.media-server.com/register/BIdc1702f4dd57497ebad367c5a6615afb. Once registered, investors will receive a dial-in and a unique pin to join the conference. Investors may also join the listen-only Webcast via https://edge.media-server.com/mmc/p/3mqhd9aj. The accompanying presentation materials can be accessed through the Investor Relations section of the Company's website at https://ir.proficientautologistics.com/.
About Proficient Auto Logistics
Headquartered in Jacksonville, Florida, Proficient Auto Logistics (NASDAQ: PAL) is the leading specialized freight company focused on providing auto transportation and logistics services. Through the combination of nine industry-leading operating companies, including four since IPO debut May 2024, PAL operates the largest auto transportation fleet in North America, offering a broad range of services primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, and regional rail yards to auto dealerships around North America. For more information, visit www.proficientautologistics.com.
Investor Relations:
Brad Wright
Chief Financial Officer and Secretary
Phone: 904-506-4317
email: Investor.relations@proautologistics.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to possible or assume future results of our business, financial condition, results of operations, liquidity, plans and objectives. You can generally identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions. We have based these forward-looking statements largely on our current expectations and projections regarding future events and trends that we believe may affect our business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2026 (the "Annual Report"), and elsewhere in the Annual Report. Accordingly, you should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding: those related to the offering of the notes and the use of proceeds therefrom and the capped call transactions; the satisfaction of the conditions to the closing of the H&A acquisition in a timely manner; expectations related to synergies, capacity, units moved, geographic footprint and combined company performance; costs related to, and the inability to recognize the anticipated benefits of the acquisition of H&A; risks related to the business of H&A and unexpected liabilities that may arise in connection with the integration of H&A into our business, including our ability to apply our procedures regarding internal controls over financial reporting to H&A; the risk that disruptions from the acquisition will harm our business, including current plans and operations; the diversion of management's time and attention from ordinary course business operations to integration of H&A; potential adverse reactions or changes to business relationships resulting from the acquisition of H&A; the outcome of any legal proceedings that may be instituted against the Company in connection with our acquisition of H&A; our expectations regarding our future performance, results of operations, and our ability to improve our leverage position and balance sheet; the economic conditions in the global markets in which we operate; expectations and impact related to fuel price volatility; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and customer preferences, and achieve the anticipated benefits and associated cost savings of such strategies and actions; our ability to recruit and retain qualified driving associates, independent contractors and third-party auto transportation and logistics companies; an increase in the frequency or severity of accidents or other claims; our expectations regarding the successful implementation of our acquisitions; geopolitical developments and additional changes in international trade policies and relations; the effect of any international conflicts or terrorist activities on the United States and global economies in general, the transportation industry, or us in particular, and what effects these events will have on our costs and the demand for our services; our ability to manage our network capacity and cost structure for capital expenditures and operating expenses, and match it to shifting and future customer volume levels; our ability to compete effectively against current and future competitors; our ability to maintain our profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; our ability to adapt to and address changes to the capacity environment, driver compensation and market pricing; our future financial and operating results; our expectations regarding the period during which we will qualify as an emerging growth company under the JOBS Act; and the sufficiency of our existing cash to fund our future operating expenses and capital expenditure requirements.
The forward-looking statements made in this document relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Appendix
Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes that certain non-GAAP measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, and Adjusted Operating Ratio, provide useful information in measuring operating performance, generating future operating plans and making strategic decisions regarding allocation of capital. Management believes this information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-cash and non-recurring items.
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, and Adjusted Operating Ratio do not have a standardized meaning prescribed by GAAP and therefore it may not be comparable to similarly titled measures presented by other companies, and it should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
EBITDA is defined as net income (loss) for the period adjusted for interest expense, income tax expense (benefit) and depreciation expense and intangible amortization expense.
Adjusted EBITDA is defined as net income (loss) for the period adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization expense, stock compensation expense and any non-recurring items that management does not consider indicative of ongoing operating performance, including restructuring charges of $1.2 million recorded during the third quarter of 2025 and non-cash goodwill impairment of $27.8 million recorded during the fourth quarter of 2025.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of operating revenue.
Operating income is calculated as total operating revenue less total operating expenses.
Adjusted operating income is calculated as total operating revenue less total operating expenses adjusted to exclude amortization of intangibles, stock compensation expense, and non-recurring items that management does not consider indicative of ongoing operating performance, including restructuring charges of $1.2 million recorded during the third quarter of 2025 and non-cash goodwill impairment of $27.8 million recorded during the fourth quarter of 2025.
Operating ratio is calculated as total operating expenses as a percentage of operating revenue.
Adjusted operating ratio is calculated as total operating expenses adjusted to exclude amortization of intangibles, stock compensation expense, and any non-recurring items that management does not consider indicative of ongoing operating performance, as a percentage of operating revenue. Adjusted items including restructuring charges of $1.2 million recorded during the third quarter of 2025.
Summary Unaudited Financial Information
Trailing Twelve months ending- 6/30/2026
------------------------------------- -----------
($000s)
Net (Loss) Income before income taxes $ (50,472)
Addback:
Depreciation & Amortization 39,908
Stock Compensation Expense 5,821
Interest Expense 6,010
Goodwill Impairment 27,787
Restructuring Charge 1,243
-------
Adjusted EBITDA $ 30,297
=======
(1) The amounts shown above reflect the unaudited summary
financial results for the full twelve-month period
presented.
PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, December 31,
2026 2025
------------ ---------------
Assets
Current assets:
Cash and cash equivalents $ 8,130,738 $ 14,285,745
Accounts receivable, less
allowance for credit losses (2026
- $1,159,900; 2025 - $826,740) 53,744,352 42,188,909
Net investment in leases, current
portion 81,206 126,730
Maintenance supplies 2,081,732 1,714,238
Assets held for sale 606,572 28,500
Income tax receivable 1,650,993 1,791,544
Prepaid expenses and other current
assets 6,757,045 11,261,497
----------- -----------
Total current assets 73,052,638 71,397,163
----------- -----------
Property and equipment, net of
accumulated depreciation and
amortization (2026 - $55,772,844;
2025 - $43,500,044) 102,912,089 115,850,061
Operating lease right-of-use assets 11,401,032 12,633,834
Net investment in leases, less
current portion -- 21,781
Deposits 5,984,457 6,124,946
Goodwill 148,643,673 148,476,407
Intangible assets, net (2026 -
$20,318,613; 2025 - $17,615,109) 117,975,387 122,804,891
Other long-term assets 534,121 668,426
----------- -----------
Total Assets $460,503,397 $477,977,509
=========== ===========
Liabilities, and Stockholders'
Equity
Current liabilities:
Accounts payable $ 11,336,163 $ 8,305,255
Accrued liabilities 28,593,388 33,030,001
Finance lease liabilities, current
portion -- 8,758
Operating lease liabilities,
current portion 2,587,294 2,249,651
Long-term debt, current portion 19,162,469 20,303,077
----------- -----------
Total current liabilities 61,679,314 63,896,742
----------- -----------
Long-term liabilities:
Line of credit 6,700,000 --
Operating lease liabilities, less
current portion 9,366,749 10,689,839
Long-term debt, less current
portion 44,582,063 54,026,968
Deferred tax liability, net 32,016,854 34,900,440
Other long-term liabilities 2,973,049 3,073,049
----------- -----------
Total Liabilities 157,318,029 166,587,038
----------- -----------
Commitments and contingencies (Note
15)
Stockholders' Equity:
Common stock, $0.01 par value;
50,000,000 shares authorized;
28,052,923 and 27,834,799 shares
issued and outstanding as of June
30, 2026 and December 31, 2025 280,529 278,347
Additional paid in capital 358,358,051 356,179,787
Accumulated deficit (55,453,212) (45,067,663)
Treasury stock at cost, 0 shares
as of June 30, 2026 and December
31, 2025 -- --
----------- -----------
Total Stockholders' Equity 303,185,368 311,390,471
----------- -----------
Total Liabilities and
Stockholders' Equity $460,503,397 $477,977,509
=========== ===========
PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months Three months Six months Six months
ended ended ended ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
------------ ------------ ------------ ------------
Operating revenue
Revenue, before
fuel surcharge $ 96,015,610 $107,372,359 $182,212,564 $194,987,487
Fuel surcharge
and other
reimbursements 11,251,586 6,802,255 16,916,037 12,230,095
Other revenue 806,532 688,122 1,910,732 1,993,867
Lease revenue 1,326,057 683,850 2,050,121 1,541,158
----------- ----------- ----------- -----------
Total
operating
revenue 109,399,785 115,546,586 203,089,454 210,752,607
----------- ----------- ----------- -----------
Operating
Expenses
Salaries, wages
and benefits 22,077,595 22,456,693 42,970,439 41,744,796
Stock-based
compensation 1,346,248 1,221,497 2,698,330 2,404,506
Fuel and fuel
taxes 8,937,810 6,779,856 15,813,808 12,845,111
Purchased
transportation 52,984,044 58,948,018 97,598,053 106,156,861
Truck expenses 7,024,553 6,438,424 14,255,346 12,288,270
Depreciation 7,171,239 7,646,980 14,778,246 14,135,559
Intangible
amortization 2,414,751 2,454,641 4,829,504 4,870,471
Loss (gain) on
sale of
equipment 51,310 (235,095) 41,047 (226,314)
Insurance
premiums and
claims 6,091,606 5,382,512 11,378,951 10,341,191
General,
selling, and
other operating
expenses 4,535,660 4,327,702 8,895,315 8,429,304
----------- ----------- ----------- -----------
Total
Operating
Expenses 112,634,816 115,421,228 213,259,039 212,989,755
----------- ----------- ----------- -----------
Operating (loss)
income (3,235,031) 125,358 (10,169,585) (2,237,148)
Other income and
expense
Interest expense (1,432,046) (1,837,876) (2,829,067) (3,408,796)
Acquisition
costs (23,736) (274,705) (23,736) (311,807)
Other income,
net (19,089) 105,069 14,738 181,291
----------- ----------- ----------- -----------
Total other
expense,
net (1,474,871) (2,007,512) (2,838,065) (3,539,312)
----------- ----------- ----------- -----------
Loss before
income taxes (4,709,902) (1,882,154) (13,007,650) (5,776,460)
----------- ----------- ----------- -----------
Income tax
(benefit)
expense (814,454) (325,321) (2,622,101) (1,027,942)
----------- ----------- ----------- -----------
Net loss $ (3,895,448) $ (1,556,833) $(10,385,549) $ (4,748,518)
=========== =========== =========== ===========
Loss Per Share
Basic & Diluted $ (0.14) $ (0.06) $ (0.37) $ (0.17)
Weighted
Average Shares
Basic & Diluted 27,926,011 27,611,515 27,876,507 27,341,813