Proficient Auto Logistics Reports Second Quarter 2025 Financial Results
JACKSONVILLE, Fla., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Proficient Auto Logistics, Inc. (NASDAQ:PAL) (the "Company" or "Proficient") today reported its financial results for the three months ended June 30, 2025, and comparative summary financial information for the Founding Companies (as defined below) on a combined basis for the three months ended June 30, 2024.
Second Quarter Summary (second quarter 2024 information on a combined basis)
Total Operating Revenue of $115.5 million, increased 21.4% from Q1 2025 and 8.4% from Q2 2024
Total Operating Income (Loss) of $0.1 million, versus ($2.4) million in Q1 2025 and $7.0 million in Q2 2024
Adjusted Operating Income(1) of $3.8 million, versus $1.2 million in Q1 2025 and $8.7 million in Q2 2024
Adjusted Operating Ratio(1) of 96.7% compared to 98.7% in Q1 2025 and 91.8% in Q2 2024
Total Units delivered of 631,426, an increase of 28% from Q1 2025 and 24% from Q2 2024
Rick O'Dell, Proficient's Chief Executive Officer, commented, "In the second quarter, PAL delivered stronger revenue, largely from market share gains and the Brothers acquisition, demonstrating the importance of strategic execution in an uncertain environment. We are pleased to show improved profitability sequentially, though we have more work to do to control costs in a base market that continues to be weaker than expected coming into 2025. Month-to-month automotive sales rates have been volatile amidst changing tariff policy and cautious large purchase behavior by consumers. Our mandate is to deliver top quality service and operate efficiently while preserving the ability to scale up via share gains and acquisitions."
Explanatory Note
On May 13, 2024, Proficient completed the initial public offering (the "IPO") of its common stock and affected the acquisition of its Delta Auto Transport, Inc., Deluxe Auto Carriers, Inc., Sierra Mountain Group, Inc., Proficient Auto Transport, and Tribeca Automotive Inc. (collectively, the "Founding Companies"). For a full description of these transactions and subsequent acquisitions, please refer to our previously filed Form 10K.
The Company is providing below summary unaudited combined financial information for the three months ended June 30, 2025, with comparison to combined summary information from the preceding quarter ended March 31, 2025, and the year earlier quarter ended June 30, 2024. The summary unaudited combined financial information has been prepared by, and is the responsibility of, Proficient's and the Founding Companies' management. This information has not yet been subjected to audit, review or agreed-upon procedures of any audit firm, and therefore, there is no independent auditors' opinion or any other form of assurance with respect thereto. Please refer to footnote 1 to the table for a description of periods included for the various acquired entities.
(1
)
Adjusted Operating Income and Adjusted Operating Ratio are non-GAAP financial measures. See "Summary Unaudited Combined Financial Information" on the following pages for additional information regarding the use of Adjusted Operating Income and Adjusted Operating Ratio and a reconciliation to the most comparable GAAP measure.
Summary Unaudited Combined Financial Information (1)
($000s)
Three months ending -
6/30/2025
3/31/2025
6/30/2024
Total Operating Revenue
$
115,547
$
95,206
$
106,607
Total Operating (Loss) Income
125
(2,363
)
7,041
Addback:
Amortization of Intangibles
2,455
2,416
1,076
Stock Compensation expense
1,221
1,183
613
Adjusted Operating Income (2)
3,801
1,236
8,730
Adjusted Operating Ratio (2)
96.7
%
98.7
%
91.8
%
(Loss) Income before income taxes
(1,882
)
(3,894
)
5,793
Addback:
Depreciation & Amortization
10,102
8,904
4,761
Stock Compensation Expense
1,221
1,183
613
Interest Expense
1,838
1,571
1,247
Adjusted EBITDA (3)
11,279
7,764
12,414
Adjusted EBITDA Margin (3)
9.8
%
8.2
%
11.6
%
(1)
The amounts shown above reflect the unaudited summary combined financial results of the five Founding Companies for the full three-month periods presented without any pro forma adjustments that would give effect to the completion of the IPO or any related transaction expenses or adjustments recognized as a result of the IPO and concurrent Combinations. The results of Proficient (acquiror entity) are included in the three months ended June 30, 2025, March 31, 2025 and June 30, 2024; however, they reflect only those operating expenses incurred following the closing of the IPO on May 13, 2024. Amounts related to Auto Transport Group ("ATG") and Brothers Auto Transport ("BAT") are included only since acquisition on August 16, 2024, and April 1, 2025, respectively.
(2)
Our management team reviews Adjusted Operating Income and the related Adjusted Operating Ratio, both of which are non-GAAP financial measures, as a basis for comparing the results of financial reporting periods excluding the impact of non-cash expenses related to stock-based compensation expense and amortization of intangibles resulting from our acquisitions. These measures provide management with the requisite insight regarding progress on operating and integration initiatives. The table above provides a reconciliation of Adjusted Operating Income to the most comparable GAAP measure and Adjusted Operating Ratio flows from that.
(3)
Our management team reviews Adjusted EBITDA and Adjusted EBITDA Margin, both of which are non-GAAP financial measures, to measure the operating performance and financial condition of our business and to make strategic decisions. See the Appendix for additional information regarding the use of Adjusted EBITDA and a reconciliation to the most comparable GAAP measure and Adjusted EBITDA Margin flows from that.
Revenue and Profitability (1)
Three months ending -
Select Operating Metrics
6/30/2025
3/31/2025
6/30/2024
Unit Volume - Company Deliveries
220,578
163,754
152,714
Revenue / Unit - Company Deliveries
$
178.82
$
185.38
$
212.25
Unit Volume - Subhaulers
410,848
330,755
354,998
Revenue / Unit - Subhaulers
$
