PAMT CORP Reports Q4 and Full-Year 2025 Results with Net Loss of $29.3 Million in Fourth Quarter
Fourth Quarter and Full-Year 2025 Financial Performance
PAMT CORP 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. For the full year ended December 31, 2025, the Company posted a consolidated net loss of $52.6 million, or diluted and basic loss per share of $2.48.
These results compare with 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.
Auto-Liability Reserve Adjustment Impacts 2025 Results
During the fourth quarter of 2025, the Company increased its auto-liability reserve by approximately $26.5 million. This adjustment reflects the recognition of a liability tied to a specific claim anticipated to settle above insurance policy limits.
Excluding the negative impact of this reserve increase, adjusted (non-GAAP) net loss for the fourth quarter of 2025 was $9.4 million, or adjusted diluted loss per share of $0.45. For the full year 2025, adjusted (non-GAAP) net loss totaled $32.8 million, or adjusted diluted loss per share of $1.55.
Prior-Year Accounting Changes and Impairment Charges
In the quarter and year ended December 31, 2024, the Company implemented a change in accounting estimates related to salvage values and useful lives of revenue equipment. This change increased depreciation expense by approximately $24.7 million during those periods.
Additionally, the Company recorded an impairment charge of $6.4 million in 2024 to align the carrying value of revenue equipment with declining market values for used equipment throughout the year.
Excluding the impact of these one-time charges, adjusted (non-GAAP) net loss for the fourth quarter of 2024 was $7.8 million, or adjusted diluted loss per share of $0.36. Adjusted (non-GAAP) net loss for the full year 2024 was $8.0 million, or adjusted diluted loss per share of $0.37.
Revenue Declines in Fourth Quarter and Full Year
Consolidated operating revenues decreased 15.1% to $141.3 million for the fourth quarter of 2025, compared to $166.5 million in the fourth quarter of 2024.
For the full year ended December 31, 2025, consolidated operating revenues declined 16.3% to $598.1 million, down from $714.6 million reported for the year ended December 31, 2024.
Liquidity, Capitalization, and Cash Flow Position
As of December 31, 2025, the Company reported $143.5 million in cash, marketable equity securities, and available liquidity under its line of credit. Stockholders’ equity stood at $210.5 million.
Outstanding debt totaled $333.9 million as of December 31, 2025, reflecting an increase of $8.3 million compared to December 31, 2024. The increase in debt was primarily driven by the addition of approximately $107.1 million in revenue equipment during 2025, of which $91.9 million was financed. This was partially offset by regularly scheduled long-term debt repayments totaling $83.6 million.
During 2025, the Company generated $17.3 million in operating cash flow.
Non-GAAP Financial Measures and Reconciliation
In addition to financial results prepared in accordance with United States generally accepted accounting principles (GAAP), the Company presented non-GAAP financial measures, including adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income, and adjusted diluted (loss) earnings per share.
These measures exclude significant items that management believes are not indicative of ongoing operating performance, such as impairment charges, changes in depreciation resulting from revised estimates of useful lives and salvage values, significant auto liability claim developments, and related tax effects.
Management stated that presenting these adjusted measures provides investors with a clearer understanding of current operating performance and enhances comparability with competitors and prior periods. However, the Company emphasized that these non-GAAP measures are not substitutes for GAAP measures and may not be directly comparable to similarly titled metrics used by other companies.
In compliance with Regulation G requirements, the Company included detailed reconciliations of GAAP operating (loss) income and operating ratio to adjusted operating (loss) income and adjusted operating ratio, as well as reconciliations of GAAP net (loss) income and diluted (loss) earnings per share to their adjusted non-GAAP equivalents, in the schedules accompanying the release.
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