Proficient Auto Logistics, Inc.(PAL) - 2025 Q4 - Annual Results

Financial Performance - Total Operating Revenue for 2025 was $430.4 million, an increase of 10.7% from 2024[3] - Adjusted Operating Income for 2025 was $10.8 million, down from $19.5 million in 2024[4] - Fourth quarter revenue increased by $10.9 million, or 11.5%, compared to Q4 2024[10] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $40,211,000, reflecting the company's operational performance[24] - The net loss for the twelve months ended December 31, 2025, was $33,446,188, with a loss per share of $1.21[29] - Operating expenses for the twelve months ended December 31, 2025, totaled $462,760,056, leading to an operating loss of $32,334,882[29] Delivery and Units - Total Units delivered reached 2,311,234, reflecting a 16.2% increase from 2024[4] - Company unit deliveries increased by 24.2% year-over-year for the full year 2025[9] Financial Ratios and Metrics - Adjusted Operating Ratio for 2025 was 97.5%, compared to 95.0% in 2024[4] - Cash at the end of Q4 2025 was $14.3 million, with total debt of $74.3 million, resulting in a net leverage ratio of 1.5x[12] - Revenue per unit for Company deliveries decreased by 6.4% year-over-year for the full year 2025[8] Assets and Liabilities - Total current assets as of December 31, 2025, amounted to $70,381,338, while total assets reached $476,961,684[27] - Total liabilities as of December 31, 2025, were $162,997,835, with total stockholders' equity of $313,963,849[27] Goodwill and Impairments - The Company recorded a non-cash goodwill impairment charge of $27.8 million in Q4 2025[11] - The company incurred a goodwill impairment of $27,787,000 during the twelve months ended December 31, 2025[29] Operational Insights - The company made significant progress in integrating acquisitions and improving its balance sheet despite weaker market conditions[4] - Salaries, wages, and benefits accounted for $85,242,607 of the total operating expenses for the twelve months ended December 31, 2025[29] - The company reported a fuel surcharge and other reimbursements of $25,887,757 for the twelve months ended December 31, 2025[29] - The company plans to focus on improving its leverage position and balance sheet in the future[16]