$PAL

Proficient Auto Logistics, Inc

CIK:0001998768|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating revenue
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 (in Dollars per share)	$ (0.14)	$ (0.06)	$ (0.37)	$ (0.17)
Diluted (in Dollars per share)	$ (0.14)	$ (0.06)	$ (0.37)	$ (0.17)
Weighted Average Shares
Basic (in Shares)	27,926,011	27,611,515	27,876,507	27,341,813
Diluted (in Shares)	27,926,011	27,611,515	27,876,507	27,341,813
Revenue, before fuel surcharge
Operating revenue
Total operating revenue	$ 96,015,610	$ 107,372,359	$ 182,212,564	$ 194,987,487
Fuel surcharge and other reimbursements
Operating revenue
Total operating revenue	11,251,586	6,802,255	16,916,037	12,230,095
Other revenue
Operating revenue
Total operating revenue	806,532	688,122	1,910,732	1,993,867
Lease revenue
Operating revenue
Total operating revenue	$ 1,326,057	$ 683,850	$ 2,050,121	$ 1,541,158

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (10,385,549)	$ (4,748,518)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Stock-based compensation	2,698,330	2,404,506
Provision for credit losses	359,339	210,232
Depreciation and amortization expense	19,607,750	19,006,030
Loss (gain) on sale of equipment	41,047	(226,314)
Interest income	(5,552)	(20,554)
Amortization of debt issuance costs	30,470	37,885
Deferred income tax benefit	(2,883,586)	(2,606,072)
Operating lease expense	1,503,964	1,261,610
Change in operating assets and liabilities:
Accounts receivable	(11,934,583)	(8,081,338)
Net investment in leases	72,857	136,315
Maintenance supplies	(367,494)	(38,799)
Income tax receivable	140,551	1,001,176
Prepaid expenses and other assets	4,638,761	2,859,066
Deposits	122,989	(145,530)
Accounts payable	2,883,442	896,139
Accrued liabilities	(4,536,613)	2,405,414
Income tax payable		42,470
Operating lease liabilities	(1,256,609)	(1,175,333)
Net cash flows provided by operating activities	729,514	13,218,385
Cash flows from investing activities:
Proceeds from sale of equipment	176,664	918,217
Purchases of property and equipment	(2,618,558)	(2,960,892)
Business combinations, net of cash acquired		(9,064,475)
Net cash flows used in investing activities	(2,441,894)	(11,107,150)
Cash flows from financing activities:
Proceeds from line of credit	7,500,000	3,000,000
Proceeds from long-term debt		9,000,000
Repayments of line of credit	(800,000)	(5,000,000)
Repayments of long-term debt	(10,415,985)	(10,820,444)
Repayments of finance lease obligations	(8,758)	(43,253)
Payment of financing fees	(200,000)
Repurchase of common stock	(517,884)
Net cash flows used in financing activities	(4,442,627)	(3,863,697)
Net change in cash	(6,155,007)	(1,752,462)
Cash and cash equivalents, beginning of period	14,285,745	15,398,714
Cash and cash equivalents, end of period	8,130,738	13,646,252
Supplemental disclosure of cash flow information:
Cash paid for interest	2,783,873	3,331,751
Cash paid for taxes	337,810	493,617
Noncash investing and financing activity:
Equipment financed through long-term debt		5,178,593
Earn-out liability		100,000
Issuance of shares for business combinations		$ 3,814,864

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
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
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