Losses continue at TL carrier Pamt Corp.

Truckload carrier Pamt Corp. reported a small net loss for the first quarter. However, excluding the impacts of a one-time real estate gain and an increase in non-operating income, the loss in the core business was much larger.

A headline net loss of $8,000 included the benefit of a $12.7 million ($9.7 million after-tax) gain from the sale of a facility in Laredo, Texas. Non-operating income (the change in value of its stock portfolio) was $2.3 million higher year over year. Pamt booked a net loss of $8.1 million in the year-ago quarter.

The first quarter marked Pamt’s (NASDAQ: PAMT) sixth consecutive quarterly net loss. Approximately 35% of the company’s revenue is tied to the automobile industry, which is navigating a new trade landscape due to tariffs.

The TL unit reported an 8% y/y decline in average trucks in service and an 8% decline in revenue per truck per week. Loaded miles were flat with revenue per loaded mile down 8% to $2.06 (excluding fuel surcharges).

The segment reported a 103% adjusted operating ratio (excluding fuel). The OR was closer to 119%, excluding the impact of the real estate gain.

Salaries, wages and benefits expenses (as a percentage of revenue) increased 130 bps y/y even with a step down in trucks seated by company drivers. (All expense lines are reported on a consolidated basis.)

This quarter marked 10 straight operating losses for the TL unit.

Logistics revenue was up slightly y/y to $44 million. The OR improved 260 bps y/y to 95.4%. Pamt doesn’t provide gross profit margins for the unit, nor operating metrics like load counts and revenue per load.

The company used $2.7 million in operating cash flow in the first quarter. Liquidity (cash, equity holdings and availability on its line of credit) of $141 million was $3 million lower than at year-end 2025. Outstanding debt was reduced by $13 million to $321 million.

Pamt said “it intends to more actively implement share repurchases during the second quarter of 2026.”

Shares of PAMT are off 39% over the past year while shares of other publicly traded carriers are up roughly 30% to 55%. Pamt had 473,000 shares remaining for repurchase under an open authorization at the end of the first quarter.

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