# PAMT CORP (NASDAQ: PAMT) Q2 2025 Financial Results Summary
Tontitown, Arkansas, July 25, 2025 – PAMT CORP (“we” or the “Company”) has released its financial results for the second quarter ended June 30, 2025. The Company reported notable declines in revenue and increased losses compared to the same quarter last year.
### Summary of Financial Results
– **Total Revenues**:
– Q2 2025: $151.1 million
– Q2 2024: $182.9 million
– **Decrease**: 17.4% YoY
– **Operating Results**:
– **Operating Loss**: $11.1 million in Q2 2025, compared to a loss of $0.7 million in Q2 2024.
– **Operating Ratio**:
– Q2 2025: 107.3%
– Q2 2024: 103.7%
– **Net Loss**:
– Q2 2025: $9.6 million (diluted and basic loss per share of $0.46)
– Q2 2024: $2.9 million (diluted and basic loss per share of $0.13)
– **Increase in Loss**: Represents a significant year-over-year increase in loss.
### Liquidity and Capitalization
– **Cash and Cash Equivalents**: $68.9 million as of June 30, 2025.
– **Marketable Securities**: $48.4 million.
– **Total Stockholders’ Equity**: $244.9 million.
– **Outstanding Debt**: $331.2 million, which increased by $5.7 million since December 31, 2024.
– **Operating Cash Flow**: Generated $17.2 million in the first half of 2025.
### Key Metrics Breakdown
– **Operating Expenses**:
– Total operating expenses in Q2 2025: $162.2 million
– Comparison to Q2 2024: $183.7 million
– **Components of Operating Expenses**:
– Salaries, Wages, and Benefits: $40.9 million (down 6.5% from $43.8 million)
– Operating Supplies and Expenses: $29.0 million (down 17.8% from $35.3 million)
– Rent and Purchased Transportation: $64.9 million (down 13.3% from $74.8 million)
– **Depreciation**: Increased to $21.7 million from $18.7 million year-over-year.
### Truckload Operations Overview
– **Total Miles Driven**:
– Q2 2025: 40.4 million miles
– Q2 2024: 45.8 million miles
– **Drop in Miles**: Approximately 11% YoY
– **Revenue Per Total Mile**:
– Q2 2025: $2.04
– Q2 2024: $2.09
– **Total Loads**:
– Q2 2025: 98,814 loads
– Q2 2024: 110,511 loads
– **Decrease**: About 10.6% YoY
– **Revenue Per Truck Per Workday**:
– Q2 2025: $697
– Q2 2024: $714
### Logistics Operations Overview
– **Total Revenue**:
– Q2 2025: $40.98 million
– Q2 2024: $53.66 million
– **Decrease**: 23.7% YoY
– **Operating Ratio**:
– Q2 2025: 98.7%
– Q2 2024: 93.9%
### Dividends and Share Repurchase
– **Quarterly Dividend**: No quarterly dividend was declared for Q2 2025.
– **Share Repurchase**: No share repurchase program was mentioned.
### Balance Sheet Overview
– **Total Assets**:
– Q2 2025: $707.9 million
– December 31, 2024: $741.7 million
– **Decrease in Total Assets**: Approximately 4.5%
– **Total Liabilities**:
– Q2 2025: $463.0 million
– December 31, 2024: $464.1 million
### Conclusion
PAMT CORP reported significant challenges in Q2 2025, including substantial revenue declines and increasing net losses compared to the same quarter in 2024. The company continues to face pressure within the trucking industry, leading to elevated operating ratios and a notable decrease in operational metrics benchmarking. The company’s liquidity appears stable; however, forward-looking statements highlight various risks that could contribute to ongoing challenges in the upcoming periods.
Here are the extracted tables from the press release:
### PAMT CORP Condensed Consolidated Statements of Income
(in thousands, except earnings per share)
| Quarter Ended June | Six Months Ended June | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue, before fuel surcharge | $ 133,806 | $ 160,213 | $ 270,506 | $ 321,182 |
| Fuel surcharge | 17,328 | 22,735 | 35,969 | 44,358 |
| Operating Revenue | 151,134 | 182,948 | 306,475 | 365,540 |
| Operating expenses and costs: | ||||
| Salaries, wages and benefits | 40,851 | 43,759 | 81,665 | 87,822 |
| Operating supplies and expenses | 29,028 | 35,309 | 60,413 | 70,020 |
| Rent and purchased transportation | 64,866 | 74,803 | 127,838 | 148,082 |
| Depreciation | 21,719 | 18,705 | 44,315 | 37,640 |
| Insurance and claims | 5,167 | 5,464 | 9,948 | 10,325 |
| Other | 4,986 | 5,752 | 9,985 | 12,931 |
| (Gain)/loss on disposition of equipment | (4,414) | (139) | (7,428) | 101 |
| Total operating expenses and costs | 162,203 | 183,653 | 326,736 | 366,921 |
| Operating loss | (11,069) | (705) | (20,261) | (1,381) |
| Interest expense | (4,032) | (3,284) | (8,075) | (6,167) |
| Non-operating income | 2,263 | 209 | 4,749 | 4,147 |
| Loss before income taxes | (12,838) | (3,780) | (23,587) | (3,401) |
| Income tax benefit | (3,211) | (870) | (5,817) | (772) |
| Net loss | $(9,627) | $(2,910) | $(17,770) | $(2,629) |
| Diluted loss per share | $(0.46) | $(0.13) | $(0.83) | $(0.12) |
| Average shares outstanding – Diluted | 21,095 | 21,932 | 21,498 | 21,981 |
### PAMT CORP Condensed Consolidated Balance Sheets
(in thousands)
| ASSETS | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Current Assets: | ||
| Cash and cash equivalents | $ 68,915 | $ 68,060 |
| Trade accounts receivable, net | 75,683 | 79,967 |
| Other receivables | 5,136 | 4,854 |
| Inventories | 2,382 | 2,433 |
| Prepaid expenses and deposits | 8,523 | 11,555 |
| Marketable equity securities | 48,384 | 42,620 |
| Income taxes refundable | – | 2,281 |
| Total current assets | 209,023 | 211,770 |
| Property and equipment | 776,040 | 836,490 |
| Less: accumulated depreciation | 281,194 | 309,272 |
| Total property and equipment, net | 494,846 | 527,218 |
| Other non-current assets | 3,998 | 2,666 |
| Total Assets | $ 707,867 | $ 741,654 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 30,964 | $ 31,198 |
| Accrued expenses and other liabilities | 16,614 | 14,569 |
| Income taxes payable | 1,774 | – |
| Current portion of long-term debt | 68,827 | 73,017 |
| Total current liabilities | 118,179 | 118,784 |
| Long-term debt, net of current portion | 262,406 | 252,565 |
| Deferred income taxes | 81,790 | 92,547 |
| Other long-term liabilities | 578 | 250 |
| Total liabilities | 462,953 | 464,146 |
| STOCKHOLDERS’ EQUITY | ||
| Common stock | 224 | 224 |
| Additional paid-in capital | 41,274 | 41,171 |
| Treasury stock, at cost | (28,924) | (13,996) |
| Retained earnings | 232,340 | 250,109 |
| Total stockholders’ equity | 244,914 | 277,508 |
| Total liabilities and stockholders’ equity | $ 707,867 | $ 741,654 |
