Proficient Auto Logistics, Inc
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Nov 14, 2025
PAL$3.02+10.6%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 (Successor)
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| Successor | ||
|---|---|---|
| September 30, 2025 | December 31, 2024 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $14,535,206 | $15,398,714 |
| Accounts receivable, less allowance for credit losses (2025 - $444,292; 2024 - $134,372) | 45,921,867 | 37,394,656 |
| Net investment in leases, current portion | 157,379 | 266,447 |
| Maintenance supplies | 1,629,186 | 1,356,814 |
| Assets held for sale | 28,500 | 265,900 |
| Income tax receivable | 2,294,190 | 2,944,742 |
| Prepaid expenses and other current assets | 8,152,346 | 10,060,169 |
| Total current assets | 72,718,674 | 67,687,442 |
| Property and equipment, net of accumulated depreciation (2025 - $35,914,331; 2024 - $15,541,572) | 120,531,376 | 122,636,636 |
| Operating lease right-of-use assets | 9,295,968 | 10,970,536 |
| Net investment in leases, less current portion | 37,495 | 175,330 |
| Deposits | 6,144,419 | 4,676,679 |
| Goodwill | 173,424,181 | 169,056,675 |
| Intangible assets, net of amortization (2025 - $13,034,472; 2024 - $5,709,360) | 127,385,528 | 132,490,640 |
| Other long-term assets | 734,621 | 393,006 |
| Total assets | $510,272,262 | $508,086,944 |
| Liabilities, and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $11,107,676 | $9,829,355 |
| Accrued liabilities | 29,494,642 | 21,826,519 |
| Finance lease liabilities, current portion | 31,578 | 89,184 |
| Operating lease liabilities, current portion | 1,696,349 | 1,825,970 |
| Long-term debt, current portion | 21,417,482 | 19,052,903 |
| Total current liabilities | 63,747,727 | 52,623,931 |
| Long-term liabilities: | ||
| Line of credit | - | 7,000,000 |
| Finance lease liabilities, less current portion | - | 8,343 |
| Operating lease liabilities, less current portion | 7,848,501 | 9,258,234 |
| Long-term debt, less current portion | 57,812,341 | 56,336,911 |
| Deferred tax liability, net | 40,132,537 | 42,638,079 |
| Other long-term liabilities | 2,341,923 | 2,241,923 |
| Total liabilities | 171,883,029 | 170,107,421 |
| Commitments and contingencies (Note 16) | ||
| Stockholders’ equity: | ||
| Common stock, $0.01 par value; 50,000,000 shares authorized; 27,818,905 and 27,069,114 shares issued and outstanding as of September 30, 2025, and December 31, 2024, respectively | 278,188 | 270,691 |
| Additional paid in capital | 354,927,346 | 346,756,929 |
| Accumulated deficit | (16,816,301) | (9,048,097) |
| Total stockholders’ equity | 338,389,233 | 337,979,523 |
| Total liabilities and stockholders’ equity | $510,272,262 | $508,086,944 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Successor · Predecessor | |||||
|---|---|---|---|---|---|
| Nine months ended September 30, 2025 | Nine months ended September 30, 2024 | Three months ended September 30, 2025 | Three months ended September 30, 2024 | Period January 1 to May 12, 2024 | |
| Operating revenue | |||||
| Revenue, before fuel surcharge | $299,887,668 | $136,100,637 | $104,900,181 | $84,289,892 | $38,947,787 |
| Fuel surcharge and other reimbursements | 19,672,820 | 9,611,959 | 7,442,725 | 6,017,296 | 2,073,087 |
| Other revenue | 3,260,712 | 526,634 | 1,266,845 | 375,967 | - |
| Lease revenue | 2,226,211 | 1,174,868 | 685,053 | 822,346 | 196,814 |
| Total operating revenue | 325,047,411 | 147,414,098 | 114,294,804 | 91,505,501 | 41,217,688 |
| Operating Expenses | |||||
| Salaries, wages and benefits | 64,086,192 | 27,041,664 | 22,341,396 | 17,373,659 | 27,483,771 |
| Stock-based compensation | 4,274,717 | 7,746,796 | 1,870,211 | 1,071,160 | - |
| Fuel and fuel taxes | 19,343,046 | 9,443,137 | 6,497,935 | 5,956,074 | 1,119,549 |
| Purchased transportation | 163,008,119 | 73,113,996 | 56,851,258 | 44,995,562 | 25,995,763 |
| Truck expenses | 19,027,640 | 8,091,752 | 6,739,370 | 5,692,078 | 1,886,793 |
| Depreciation | 21,854,078 | 9,987,031 | 7,718,519 | 6,566,444 | 934,988 |
| Intangible amortization | 7,325,112 | 3,293,527 | 2,454,641 | 2,217,083 | - |
| Gain on sale of equipment | (278,911) | (105,183) | (52,597) | (107,491) | (235,081) |
| Insurance premiums and claims | 15,746,601 | 7,212,021 | 5,405,410 | 5,459,075 | 1,107,047 |
| General, selling, and other operating expenses | 12,998,713 | 6,693,073 | 4,569,409 | 4,467,362 | 3,944,823 |
| Total Operating Expenses | 327,385,307 | 152,517,814 | 114,395,552 | 93,691,006 | 62,237,653 |
| Operating loss | (2,337,896) | (5,103,716) | (100,748) | (2,185,505) | (21,019,965) |
| Other income and expense | |||||
| Interest expense | (5,091,297) | (2,046,941) | (1,682,501) | (1,407,146) | (717,431) |
| Acquisition costs | (406,545) | (1,049,570) | (94,738) | (1,049,570) | - |
| Adjustment of Earn Out Contingency | - | 3,095,114 | - | 3,095,114 | - |
| Restructuring Charges | (1,901,103) | - | (1,901,103) | - | - |
| Other income, net | 294,441 | 20,918 | 113,150 | (146,151) | 2,078 |
| Total other income (expense), net | (7,104,504) | 19,521 | (3,565,192) | 492,247 | (715,353) |
| Loss before income taxes | (9,442,400) | (5,084,195) | (3,665,940) | (1,693,258) | (21,735,318) |
| Income tax (benefit) expense | (1,674,196) | 143,054 | (646,254) | (327,782) | (6,350,642) |
| Net loss | $(7,768,204) | $(5,227,249) | $(3,019,686) | $(1,365,476) | $(15,384,676) |
| Loss Per Share | |||||
| Basic & Diluted | $(0.28) | $(0.35) | $(0.11) | $(0.05) | |
| Weighted Average Shares | |||||
| Basic & Diluted | 27,494,922 | 14,851,641 | 27,796,148 | 26,495,108 | |
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 |
| Issuance of shares through IPO | 15,768,333 | 157,683 | 212,134,166 | — | 212,291,849 |
| Business Combination | 6,848,795 | 68,488 | 102,663,477 | — | 102,731,965 |
| Stock-based compensation | 404,177 | 4,042 | 6,671,594 | — | 6,675,636 |
| Net Loss | — | — | — | (3,551,895) | (3,551,895) |
| Balance June 30, 2024 | 25,960,435 | $259,604 | $322,401,846 | $(4,434,602) | $318,226,848 |
| Business Combination | 1,069,346 | 10,694 | 20,531,443 | — | 20,542,137 |
| Stock-based compensation | — | — | 1,071,160 | — | 1,071,160 |
| Net Loss | — | — | — | (1,365,476) | (1,365,476) |
| Balance September 30, 2024 | 27,029,781 | 270,298 | 344,004,449 | (5,800,078) | 338,474,669 |
| 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 |
| Business Combination | 395,322 | 3,953 | 3,810,911 | — | 3,814,864 |
| Stock-based compensation | 274,549 | 2,745 | 1,218,752 | — | 1,221,497 |
| Other | — | — | 77,932 | — | 77,932 |
| Net loss | — | — | — | (1,556,833) | (1,556,833) |
| Balance, June 30, 2025 | 27,738,985 | $277,389 | $353,047,533 | $(13,796,615) | $339,528,307 |
| Stock-based compensation | 79,920 | 799 | 1,869,412 | — | 1,870,211 |
| Other | — | — | 10,401 | — | 10,401 |
| Net Loss | — | — | — | (3,019,686) | (3,019,686) |
| Balance September 30, 2025 | 27,818,905 | $278,188 | $354,927,346 | $(16,816,301) | $338,389,233 |
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 | — | — | (260,526) | (260,526) |
| Net loss | — | — | (15,384,676) | (15,384,676) |
| Balance, May 12, 2024 | 392,825 | $3,928 | $(7,896,410) | $(7,892,482) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Successor · Predecessor | |||
|---|---|---|---|
| Nine months ended September 30, 2025 | Nine months ended September 30, 2024 | Period January 1, 2024 to May 12, 2024 | |
| Cash flows from operating activities: | |||
| Net loss | $(7,768,204) | $(5,227,249) | $(15,384,676) |
| Adjustments to reconcile net loss to net cash flows provided by operating activities: | |||
| Stock-based compensation | 4,274,717 | 7,746,796 | — |
| Provision for credit losses | 481,348 | 114,659 | 53,000 |
| Depreciation and amortization expense | 29,179,190 | 13,280,558 | 934,988 |
| Gain on sale of equipment | (278,911) | (105,183) | (235,081) |
| Interest income | (27,045) | (5,365) | (273) |
| Amortization of debt issuance costs | 53,121 | 35,296 | 4,795 |
| Deferred income tax benefit | (2,217,352) | — | (3,697,804) |
| Operating lease expense | 1,451,392 | 592,869 | 25,404 |
| Adjustment of Earn Out Contingency | — | (3,095,114) | — |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (7,194,104) | 1,477,149 | 7,745,840 |
| Net investment in leases | 273,948 | 67,327 | 11,515 |
| Maintenance supplies | (67,774) | (99,150) | 305,619 |
| Income tax receivable | (421,600) | — | (2,640,127) |
| Prepaid expenses and other assets | 3,694,139 | (5,033,566) | 1,029,275 |
| Deposits | (724,114) | (71,305) | 42,954 |
| Accounts payable | 496,410 | (3,694,577) | (159,661) |
| Book overdraft | — | — | (891,410) |
| Accrued liabilities | 5,791,571 | 1,278,223 | 22,055,094 |
| Income tax payable | — | 1,034,097 | (1,174,959) |
| Operating lease liabilities | (1,316,178) | (527,365) | (27,951) |
| Net cash flows provided by operating activities | 25,680,554 | 7,768,100 | 7,996,542 |
| Cash flows from investing activities: | |||
| Proceeds from sale of equipment | 1,087,254 | 1,232,988 | 252,441 |
| Purchases of property and equipment | (3,203,842) | (5,808,146) | (303,534) |
| Business Combinations, net of cash acquired | (9,063,849) | (197,254,807) | — |
| Net cash flows used in investing activities | (11,180,437) | (201,829,965) | (51,093) |
| Cash flows from financing activities: | |||
| Proceeds from line of credit | 4,000,000 | 11,000,000 | 13,265,526 |
| Proceeds from long-term debt | 9,000,000 | 4,422,522 | — |
| Repayments of line of credit | (11,000,000) | (4,411,720) | (16,715,655) |
| Repayments of long-term debt | (17,297,676) | (10,694,764) | (719,572) |
| Repayment of SBA Loan | — | (2,083,833) | — |
| Repayments of finance lease obligations | (65,949) | (33,101) | (1,427,821) |
| Payment of finance fees | — | (39,106) | — |
| Common stock issued at IPO | — | 212,291,849 | — |
| Net cash flows (used in) provided by financing activities | (15,363,625) | 210,451,847 | (5,597,522) |
| Net change in cash | (863,508) | 16,389,982 | 2,347,927 |
| Cash and cash equivalents, beginning of period | 15,398,714 | 458,233 | 4,273 |
| Cash and cash equivalents, end of period | $14,535,206 | $16,848,215 | $2,352,200 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $5,061,784 | $1,793,857 | $786,925 |
| Cash paid for taxes | $1,002,632 | $1,900,381 | $1,187,370 |
| Noncash investing and financing activity: | |||
| Right of use assets obtained in exchange for lease liability | $— | $— | $328,489 |
| Equipment financed through long-term debt | $5,766,694 | $12,236,688 | $— |
| Accrued and unpaid dividends | $— | $— | $260,526 |
| Earn-out liability | $100,000 | $— | $— |
| Issuance of shares for business combinations | $3,814,864 | $123,274,102 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.