Proficient Auto Logistics, Inc
For the period ended Mar 31, 2026. Filed May 14, 2026.
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.
Mar 31, 2026 · Filed May 14, 2026
PAL$3.02+10.6%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $9,755,547 | $14,285,745 |
| Accounts receivable, less allowance for credit losses (2026 - $1,079,746; 2025 - $826,740) | 49,011,373 | 42,188,909 |
| Net investment in leases, current portion | 101,362 | 126,730 |
| Maintenance supplies | 1,833,880 | 1,714,238 |
| Assets held for sale | 10,000 | 28,500 |
| Income tax receivable | 1,266,663 | 1,791,544 |
| Prepaid expenses and other current assets | 7,629,465 | 11,261,497 |
| Total current assets | 69,608,290 | 71,397,163 |
| Property and equipment, net of accumulated depreciation and amortization (2026 - $50,809,076; 2025 - $43,500,044) | 109,007,448 | 115,850,061 |
| Operating lease right-of-use assets | 12,023,542 | 12,633,834 |
| Net investment in leases, less current portion | 5,592 | 21,781 |
| Deposits | 6,154,989 | 6,124,946 |
| Goodwill | 148,643,673 | 148,476,407 |
| Intangible assets, net (2026 - $17,903,862; 2025 - $17,615,109) | 120,390,138 | 122,804,891 |
| Other long-term assets | 602,336 | 668,426 |
| Total Assets | $466,436,008 | $477,977,509 |
| Liabilities, and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $9,900,722 | $8,305,255 |
| Accrued liabilities | 33,495,656 | 33,030,001 |
| Finance lease liabilities, current portion | — | 8,758 |
| Operating lease liabilities, current portion | 2,425,617 | 2,249,651 |
| Long-term debt, current portion | 19,692,275 | 20,303,077 |
| Total current liabilities | 65,514,270 | 63,896,742 |
| Long-term liabilities: | ||
| Operating lease liabilities, less current portion | 10,041,385 | 10,689,839 |
| Long-term debt, less current portion | 49,384,284 | 54,026,968 |
| Deferred tax liability, net | 32,688,452 | 34,900,440 |
| Other long-term liabilities | 3,073,049 | 3,073,049 |
| Total Liabilities | 160,701,440 | 166,587,038 |
| Commitments and contingencies (Note 15) | ||
| Stockholders’ Equity: | ||
| Common stock, $0.01 par value; 50,000,000 shares authorized; 27,852,951 and 27,834,799 shares issued and 27,770,074 and 27,834,799 shares outstanding as of March 31, 2026 and December 31, 2025, respectively | 278,529 | 278,347 |
| Additional paid in capital | 357,531,687 | 356,179,787 |
| Accumulated deficit | (51,557,764) | (45,067,663) |
| Treasury stock at cost 82,877 and 0 shares, as of March 31, 2026 and December 31, 2025, respectively | (517,884) | — |
| Total Stockholders’ Equity | 305,734,568 | 311,390,471 |
| Total Liabilities and Stockholders’ Equity | $466,436,008 | $477,977,509 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
|---|---|---|
| Operating Revenue | ||
| Revenue, before fuel surcharge | $86,196,954 | $87,615,128 |
| Fuel surcharge and other reimbursements | 5,664,451 | 5,427,840 |
| Other Revenue | 1,104,200 | 1,305,745 |
| Lease Revenue | 724,064 | 857,308 |
| Total Operating Revenue | 93,689,669 | 95,206,021 |
| Operating Expenses | ||
| Salaries, wages and benefits | 20,892,844 | 19,288,103 |
| Stock-based compensation | 1,352,082 | 1,183,009 |
| Fuel and fuel taxes | 6,875,998 | 6,065,255 |
| Purchased transportation | 44,614,009 | 47,208,843 |
| Truck expenses | 7,230,793 | 5,849,846 |
| Depreciation | 7,607,007 | 6,488,579 |
| Intangible amortization | 2,414,753 | 2,415,830 |
| (Gain) Loss on sale of equipment | (10,263) | 8,781 |
| Insurance premiums and claims | 5,287,345 | 4,958,679 |
| General, selling, and other operating expenses | 4,359,655 | 4,101,602 |
| Total Operating Expenses | 100,624,223 | 97,568,527 |
| Operating Loss | (6,934,554) | (2,362,506) |
| Other income and expense | ||
| Interest expense | (1,397,021) | (1,570,920) |
| Acquisition Costs | — | (37,102) |
| Other income, net | 33,827 | 76,222 |
| Total other expense, net | (1,363,194) | (1,531,800) |
| Loss before income taxes | (8,297,748) | (3,894,306) |
| Income tax benefit | (1,807,647) | (702,621) |
| Net Loss | $(6,490,101) | $(3,191,685) |
| Loss Per Share | ||
| Basic & Diluted | $(0.23) | $(0.12) |
| Weighted Average Shares | ||
| Basic & Diluted | 27,826,452 | 27,069,114 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
| Common Stock · Additional Paid · Accumulated · Total | |||||
|---|---|---|---|---|---|
| Shares | Amount | in Capital | Deficit | Equity | |
| 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 |
| Common Stock · Additional Paid in · Accumulated · Treasury · Total | ||||||
|---|---|---|---|---|---|---|
| Shares | Amount | Capital | Deficit | Stock | Equity | |
| Balance, December 31, 2025 | 27,834,799 | $278,347 | $356,179,787 | $(45,067,663) | $— | $311,390,471 |
| Stock-based compensation | 18,152 | 182 | 1,351,900 | — | — | 1,352,082 |
| Net loss | — | — | — | (6,490,101) | — | (6,490,101) |
| Repurchase of Shares | — | — | — | — | (517,884) | (517,884) |
| Balance, March 31, 2026 | 27,852,951 | $278,529 | $357,531,687 | $(51,557,764) | $(517,884) | $305,734,568 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net Loss | $(6,490,101) | $(3,191,685) |
| Adjustments to reconcile net loss to net cash flows provided by operating activities: | ||
| Stock-based compensation | 1,352,082 | 1,183,009 |
| Provision for credit losses | 282,305 | 142,310 |
| Depreciation and amortization expense | 10,021,760 | 8,904,409 |
| (Gain) Loss on sale of equipment | (10,263) | 8,781 |
| Interest income | (3,339) | (12,396) |
| Amortization of debt issuance costs | 15,235 | 18,914 |
| Deferred income tax benefit | (2,211,988) | (851,174) |
| Operating lease expense | 881,454 | 484,959 |
| Change in operating assets and liabilities: | ||
| Accounts receivable | (7,124,570) | (9,909,431) |
| Net investment in leases | 44,896 | 79,332 |
| Maintenance supplies | (119,642) | (81,273) |
| Income tax receivable | 524,881 | (25,130) |
| Prepaid expenses and other assets | 3,698,122 | 2,602,440 |
| Deposits | (47,543) | (116,284) |
| Accounts payable | 1,448,002 | 3,447,164 |
| Accrued liabilities | 465,655 | (614,558) |
| Operating lease liabilities | (743,650) | (436,363) |
| Net cash flows provided by operating activities | 1,983,296 | 1,633,024 |
| Cash flows from investing activities: | ||
| Proceeds from sale of equipment | 66,380 | 251,735 |
| Purchases of property and equipment | (784,511) | (2,641,766) |
| Net cash flows used in investing activities | (718,131) | (2,390,031) |
| Cash flows from financing activities: | ||
| Proceeds from line of credit | — | 2,000,000 |
| Repayments of line of credit | — | (1,000,000) |
| Repayments of long-term debt | (5,268,721) | (4,709,580) |
| Repayments of finance lease obligations | (8,758) | (21,302) |
| Repurchase of common stock | (517,884) | — |
| Net cash flows used in financing activities | (5,795,363) | (3,730,882) |
| Net change in cash | (4,530,198) | (4,487,889) |
| Cash and cash equivalents, beginning of period | 14,285,745 | 15,398,714 |
| Cash and cash equivalents, end of period | $9,755,547 | $10,910,825 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $1,403,054 | $1,558,106 |
| Cash paid for taxes | $31,500 | $— |
| Noncash investing and financing activity: | ||
| Equipment and Services financed through long-term debt | $— | $588,226 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.