Proficient Auto Logistics, Inc

For the period ended Mar 31, 2025. Filed May 14, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 14, 2025

PAL$3.02+10.6%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) (Successor) and December 31, 2024

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	Successor
	March 31, 2025	December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$10,910,825	$15,398,714
Accounts receivable, less allowance for credit losses (2025 - $224,017; 2024 - $134,372)	47,161,777	37,394,656
Net investment in leases, current portion	253,109	266,447
Maintenance supplies	1,438,087	1,356,814
Assets held for sale	10,000	265,900
Income tax receivable	1,897,720	2,944,742
Prepaid expenses and other current assets	7,597,782	10,060,169
Total current assets	69,269,300	67,687,442
Property and equipment, net of accumulated depreciation and amortization (2025 - $21,795,157; 2024 - $15,541,572)	118,785,207	122,636,636
Operating lease right-of-use assets	10,485,577	10,970,536
Net investment in leases, less current portion	121,732	175,330
Deposits	4,792,963	4,676,679
Goodwill	170,900,127	169,056,675
Intangible assets, net of amortization (2025 - $8,125,194; 2024 - $5,709,360)	130,074,810	132,490,640
Other long-term assets	841,179	393,006
Total assets	$505,270,895	$508,086,944
Liabilities, and stockholders’ equity
Current liabilities:
Accounts payable	$12,509,588	$9,829,355
Accrued liabilities	22,750,192	21,826,519
Finance lease liabilities, current portion	76,225	89,184
Operating lease liabilities, current portion	1,869,592	1,825,970
Long-term debt, current portion	18,333,690	19,052,903
Total current liabilities	55,539,287	52,623,931
Long-term liabilities:
Line of credit	8,000,000	7,000,000
Finance lease liabilities, less current portion	—	8,343
Operating lease liabilities, less current portion	8,778,249	9,258,234
Long-term debt, less current portion	52,953,684	56,336,911
Deferred tax liability, net	41,786,905	42,638,079
Other long-term liabilities	2,241,923	2,241,923
Total liabilities	169,300,048	170,107,421
Commitments and contingencies (Note 16)
Stockholders’ equity:
Common stock, $0.01 par value; 50,000,000 shares authorized; 27,069,114 shares issued and outstanding as of March 31, 2025 and December 31, 2024	270,691	270,691
Additional paid in capital	347,939,938	346,756,929
(Accumulated deficit) retained earnings	(12,239,782)	(9,048,097)
Total stockholders’ equity	335,970,847	337,979,523
Total Liabilities and Stockholders’ Equity	$505,270,895	$508,086,944

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Successor · Predecessor
	Three months ended March 31, 2025	Three months ended March 31, 2024	Three months ended March 31, 2024
Operating revenue
Revenue, before fuel surcharge	$87,615,128	$—	$26,354,688
Fuel surcharge and other reimbursements	5,427,840	—	1,346,459
Other Revenue	1,305,745	—	—
Lease Revenue	857,308	—	125,445
Total operating revenue	95,206,021	—	27,826,592
Operating Expenses
Salaries, wages and benefits	19,288,103	—	4,487,363
Stock-based compensation	1,183,009	—	—
Fuel and fuel taxes	6,065,255	—	762,922
Purchased transportation	47,208,843	—	17,486,378
Truck expenses	5,849,846	—	1,114,821
Depreciation	6,488,579	—	639,337
Intangible amortization	2,415,830	—	—
Loss (Gain) on sale of equipment	8,781	—	(235,081)
Insurance premiums and claims	4,958,679	—	591,617
General, selling, and other operating expenses	4,101,602	309,878	953,335
Total Operating Expenses	97,568,527	309,878	25,800,692
Operating (loss) income	(2,362,506)	(309,878)	2,025,900
Other income and expense
Interest expense	(1,570,920)	—	(452,390)
Acquisition Costs	(37,102)	—	—
Other income, net	76,222	—	—
Total other expense, net	(1,531,800)	—	(452,390)
(Loss) Income before income taxes	(3,894,306)	(309,878)	1,573,510
Income tax (benefit) expense	(702,621)	—	388,878
Net (loss) income	$(3,191,685)	$(309,878)	$1,184,632
Loss Per Share
Basic & Diluted	$(0.12)	$(0.11)
Weighted Average Shares
Basic & Diluted	27,069,114	2,939,130

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(unaudited)

Successor

Common Stock · Additional Paid in · Accumulated · Total
	Shares	Amount	Capital	Deficit	Equity
Balance, December 31, 2023	2,939,130	$29,391	$932,609	$(572,829)	$389,171
Net loss	—	—	—	(309,878)	(309,878)
Balance, March 31, 2024	2,939,130	$29,391	$932,609	$(882,707)	$79,293
Balance, December 31, 2024	27,069,114	$270,691	$346,756,929	$(9,048,097)	$337,979,523
Stock-based compensation	—	—	1,183,009	—	1,183,009
Net loss	—	—	—	(3,191,685)	(3,191,685)
Balance, March 31, 2025	27,069,114	$270,691	$347,939,938	$(12,239,782)	$335,970,847

Predecessor

Common stock · Retained · Total
	Shares	Amount	earnings	Equity
Balance, December 31, 2023	392,825	$3,928	$7,748,792	$7,752,720
Accrued and unpaid dividends on Series A preferred stock	—	—	(177,752)	(177,752)
Net income	—	—	1,184,632	1,184,632
Balance, March 31, 2024	392,825	$3,928	$8,755,672	$8,759,600

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Successor · Predecessor
	Three months ended March 31, 2025	Three months ended March 31, 2024	Three Months ended March 31, 2024
Cash flows from operating activities:
Net (loss) income	$(3,191,685)	$(309,878)	$1,184,632
Adjustments to reconcile net (loss) income to net cash flows provided by operating activities:		—
Stock-based compensation	1,183,009	—	—
Provision for credit losses	142,310	—	35,000
Depreciation and amortization expense	8,904,409	—	639,337
Loss (Gain) on sale of equipment	8,781	—	(235,081)
Interest income	(12,396)	—	(213)
Amortization of debt issuance costs	18,914	—	3,279
Deferred income tax expense (benefit)	(851,174)	—	4,706
Operating lease expense	484,959	—	18,733
Change in operating assets and liabilities:
Accounts receivable	(9,909,431)	—	7,039,819
Net investment in leases	79,332	—	8,637
Maintenance supplies	(81,273)	—	32,826
Income tax receivable	(25,130)
Prepaid expenses and other assets	2,602,440	—	618,026
Deposits	(116,284)	—	(12,409)
Accounts payable	3,447,164	1,090,743	(424,382)
Book overdraft	—	—	(891,410)
Accrued liabilities	(614,558)	(1,163,000)	(1,993,447)
Income tax payable	—	—	(666,128)
Operating lease liabilities	(436,363)	—	(18,488)
Net cash flows provided by(used in) operating activities	1,633,024	(382,135)	5,343,437
Cash flows from investing activities:
Proceeds from sale of equipment	251,735	—	252,441
Purchases of property and equipment	(2,641,766)	—	(233,143)
Net cash flows (used in) provided by investing activities	(2,390,031)	—	19,298
Cash flows from financing activities:
Proceeds from line of credit	2,000,000	—	13,265,526
Repayments of line of credit	(1,000,000)	—	(16,715,655)
Repayments of long-term debt	(4,709,580)	—	(398,804)
Repayments of finance lease obligations	(21,302)	—	(106,469)
Net cash flows used in financing activities	(3,730,882)	—	(3,955,402)
Net change in cash	(4,487,889)	(382,135)	1,407,333
Cash and cash equivalents, beginning of period	15,398,714	458,233	4,273
Cash and cash equivalents, end of period	$10,910,825	$76,098	$1,411,606
Supplemental disclosure of cash flow information:		—
Cash paid for interest	$1,558,106	$—	$511,794
Cash paid for taxes	$—	$—	$1,050,000
Noncash investing and financing activity:
Right of use assets obtained in exchange for lease liability	$—	$—	$328,489
Equipment and Services financed through long-term debt	$588,226	$—	$—
Accrued and unpaid dividends	$—	$—	$177,752

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