COVENANT LOGISTICS GROUP, INC.

COVENANT LOGISTICS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

CONDENSED CONSOLIDATED** STATEMENTS OF OPERATIONS**

**FOR THEthree and nine months ended September 30, 2025 and 2024 **

(In thousands, except per share data)

CONDENSED CONSOLIDATED** STATEMENTS OF****COMPREHENSIVE INCOME**

FOR THEthree and nine months ended September 30, 2025 and 2024

(Unaudited and in thousands***)***

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THEthree and nine months ended September 30, 2025 and 2024

(Unaudited and in thousands)

CONDENSED CONSOLIDATED** STATEMENTS OF CASH FLOWS**

FOR THE nine months ended September 30, 2025 and 2024

(Unaudited and in thousands)

NOTES TOCONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Basis of Presentation

The condensed consolidated financial statements include the accounts of Covenant Logistics Group, Inc., a Nevada holding company, and its wholly owned subsidiaries. References in this report to "we," "us," "our," the "Company," and similar expressions refer to Covenant Logistics Group, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form10-Q and Article10 of Regulation S-X promulgated under the Securities Act of1933. In preparing finan cial statem ents, it is necessary for management to make assumptions and estimates affecting the amounts reported in the condensed consolidated financial statements and related notes. These estimates and assumptions are developed based upon all information available. Actual results could differ from estimated amounts. In the opinion of management, the accompanying financial statements include all adjustments that are necessary for a fair presentation of the results for the interim periods presented, such adjustments being of a normal recurring nature.

Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The* December 31, 2024*, condensed consolidated balance sheet was derived from our audited balance sheet as of that date. Our operating results are subject to seasonal trends when measured on a quarterly basis; therefore, operating results for thenine months ended* September 30, 2025* arenot necessarily indicative of the results that* maybe expected for the year ending December 31, 2025*. These condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Form10-K for the year ended* December 31, 2024*. Results of operations in interim periods arenot necessarily indicative of results to be expected for a full year.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five years to salvage values ranging from approximately 0% to 35% of their cost, depending on the utilization profile of the equipment associated with its reportable segment. We generally depreciate new trailers over seven years for refrigerated trailers andten years for dry van trailers to salvage values of approximately 20% and 25% of their cost, respectively. We annually, or whenever events or changes in circumstances indicate that a review is warranted, review the reasonableness of our estimates regarding useful lives and salvage values of our revenue equipment and other long-lived assets, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the quarter ended* June 30, 2024,we performed a review of our estimates and, due to a weak used revenue equipment market, we increased the rate of depreciation on revenue equipment in the period resulting in an additional $1.2 million and $3.8 million of depreciation expense during thethree* andnine months ended* September 30, 2024,respectively.*

Recent Accounting Pronouncements

Accounting standards not yet adopted

In* September 2025,the Financial Accounting Standards Board ("FASB") issued ASU2025*-06, Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software. The amendments in the standard remove all previous references to project stages and clarify the threshold entities apply to begin capitalizing costs. The standard becomes effective for us on* January 1, 2028,for annual and interim periods and may*be adopted on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is currently evaluating the effects adoption of this guidance will have on our consolidated financial statements.

In* July 2025,the FASB issued ASU2025*-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities* mayelect a practical expedient that assumes that current conditions as of the balance sheet date donot* change for the remaining life of the asset. This guidance is effective for annual reporting periods beginning after* December 15, 2025,and interim reporting periods within those annual reporting periods. The Company doesnot* expect adoption of this guidance to have a material effect on our consolidated financial statements.

In* November 2024,the FASB issued ASU2024*-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic220-40): Disaggregation of Income Statement Expenses. This guidance requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements. The guidance in this ASU is effective for all public entities for fiscal years beginning after* December 15, 2026,and interim periods within fiscal years beginning after December 15, 2027.The update may*be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the effects adoption of this guidance will have on our consolidated financial statements.

In* December 2023,the FASB issued ASU2023*-09, Improvements to Income Tax Disclosures. This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures. The amendments of this update are related to the rate reconciliation and income taxes paid, requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU2023-09 is effective for annual periods beginning after* December 15, 2024.The amendments only impact disclosures and arenot* expected to have an impact on the Company's financial condition and results of operations.

Reclassification of Previously Issued Financial Statements

Certain amounts in the prior period have been reclassified in the condensed consolidated financial statements to conform to the current year presentation. There has beenno impact on previously reported net income or stockholders' equity from such reclassification.

Page8

Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. Income per share is the same for both Class A and Class B shares.

The following table sets forth, for the periods indicated, the calculation of net income per share included in the condensed consolidated statements of operations:

There wereno unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for thethree andnine months ended* September 30, 2025and2024*. There wereno unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for thethree andnine months ended* September 30, 2025and2024*.

Page9

Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability.

The fair value of our interest rate swap agreements is determined using the market-standard methodology of netting the discounted future fixed-cash payments and the discounted expected variable-cash receipts. The variable-cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. These analyses reflect the contractual terms of the swap, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities. The fair value calculation also includes an amount for risk of non-performance of our counterparties using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default, which we have determined to be insignificant to the overall fair value of our interest rate swap agreements.

The fair value of the contingent consideration arrangement is based on inputs that arenot observable in the market and is estimated using a probability-weighted method. The significant unobservable inputs used in the fair value of the contingent consideration liability include the financial projections over the earn-out period, the volatility of the underlying financial metrics, and estimated discount rates.

The fair value of the life insurance policies was determined by the underwriting insurance company’s valuation models and represents the guaranteed value we would receive upon surrender of these policies as of the reporting date.

Athree-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

Financial Instruments Measured at Fair Value on a Recurring Basis

The carrying amount of cash and cash equivalents, certificates of deposit, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments.

Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. The fair value of our revenue equipment installment notes approximated the carrying value as of* September 30, 2025*, as the weighted average interest rate on these notes approximates the market rate for similar debt. Borrowings under our revolving Credit Facility (as defined herein) approximate fair value due to the variable interest rate on that facility.

Contingent consideration arrangements require us to pay up to $20.0 million of additional consideration to AAT Carriers, Inc.'s ("AAT's") former shareholders based on AAT's results during thefirst two post-acquisition years, of which the final installment was made during2024, up to $30.0 million of additional consideration to Lew Thompson & Son Trucking, Inc.'s ("LTST's") former shareholders based on LTST's results during thefirst three calendar years following closing, up to $12.0 million of additional consideration to Sims Transport Services, LLC's ("Sims") former shareholders based on Sims' results during thefirst four calendar years following closing, and up to $5.0 million of additional consideration to the seller of the assets of a small, multi-stop distribution carrier we acquired in* February 2025 (*the "Asset Acquisition").

The fair value of the contingent consideration is adjusted at each reporting period based on changes to the expected cash flows and related assumptions. During thethree months ended* September 30, 2025,there were contingent payments made of $0.4 million as a result of the Asset Acquisition. During thenine* months ended* September 30, 2025,there were contingent payments made of $12.5 million based on LTST's results for thefirst* calendar year following closing and $0.4 million as a result of the Asset Acquisition. During thethree months ended* September 30, 2024,there wereno contingent payments made. During thenine* months ended* September30,* 2024, there were contingent payments made of $10.0 million based on AAT's results for thesecond post-acquisition year. Of the $12.9 million paid for the contingent consideration liability during2025, $5.0 million was classified as financing cash flows and $7.9 million was classified as operating cash flows within the condensed consolidated statements of cash flows. Of the $10.0 million paid for the contingent consideration liability during2024, $7.0 million was classified as financing cash flows and $3.0 million was classified as operating cash flows within the condensed consolidated statements of cash flows. The fair value of the contingent consideration increased $0.7 million and $0.7 million related to a change in the fair value for the LTST contingent consideration for thethree months ended* September30,* 2025 and2024, respectively and $2.1 million and $9.5 million related to a change in the fair value for the LTST contingent consideration for thenine months ended* September 30, 2025and2024,* respectively. Additionally, contingent consideration increased $5.0 million for thenine months ended* September 30, 2025*as a result of the Asset Acquisition. The adjustment to the fair value of the contingent consideration liability was recorded as a component of general supplies and expenses within the condensed consolidated statements of operations. The contingent consideration liability is included in accounts payable and other long-term liabilities in our condensed consolidated balance sheets.

The following table provides a summary (in thousands) of the activity for the contingent consideration liability for2025:

Page10

We have four reportable segments:

The Company's chief operating decision maker ("CODM"), the Chief Executive Officer, evaluates the operating results through reportable segment operating income, which includes certain corporate overhead allocations directly attributable to each of the segments. We donot report our intersegment revenues by segment to our CODM and donot believe they are a meaningful metric for evaluating the performance of our reportable segments.

Each segment uses certain shared infrastructure and each segment is presented with its direct costs and an allocation of certain shared overhead costs. Insurance and claims expense is charged to the segments based on their historic claims experience and an allocation of current insurance premiums.

The CODM uses operating income for each segment in the annual budget and strategic planning process. The CODM considers budget-to-actual variances on a quarterly basis as well as month-over-month variances when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment operating income for evaluating pricing strategy, to assess the performance of each segment by comparing the results of each segment withone another, and in determining the compensation of certain employees.

The following table summarizes our total revenue by ourfour reportable segments, as used by our CODM in making decisions regarding allocation of resources etc., for thethree andnine months ended* September 30, 2025and2024*:

Balance sheet data by reportable segment isnot maintained by the Company.

Page11

Income tax expense in both2025 and2024 varies from the amount computed by applying the federal corporate income tax rates of 21% to income before income taxes, primarily due to state income taxes, net of federal income tax effect, adjusted for permanent differences the most significant of which is the effect of the per diem pay structure for drivers, executive compensation disallowance, and excess tax benefits on share-based compensation. Drivers who meet the requirements to receive per diem receive non-taxable per-diem pay in lieu of a portion of their taxable wages. This per diem program increases our drivers' net pay per mile, after taxes, while decreasing gross pay, before taxes. As a result, salaries, wages, and related expenses are slightly lower and our effective income tax rate is higher than the statutory rate. Generally, as pre-tax income increases, the impact of the driver per diem program on our effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pre-tax income, while in periods where earnings are at or near breakeven the impact of the per diem program on our effective tax rate is significant. Due to the partially nondeductible effect of per diem pay, our tax rate will fluctuate in future periods based on fluctuations in earnings.

Our liability recorded for uncertain tax positions as of* September 30, 2025* is unchanged since* December 31, 2024*.

The net deferred tax liability of $122.2 million primarily relates to differences in cumulative book versus tax depreciation of property and equipment, partially off-set by net operating loss carryovers and insurance claims that have been reserved butnot paid. The carrying value of our deferred tax assets assumes that we will be able to generate, based on certain estimates and assumptions, sufficient future taxable income in certain tax jurisdictions to utilize these deferred tax benefits. If these estimates and related assumptions change in the future, we* maybe required to establish a valuation allowance against the carrying value of the deferred tax assets, which would result in additional income tax expense. On a periodic basis, we assess the need for adjustment of the valuation allowance. The Company has determined that a valuation allowance wasnot* necessary at* September 30, 2025* for its deferred tax assets since it is more likely thannot they will be realized from the future reversals of temporary differences. If these estimates and related assumptions change in the future, we* may*be required to modify our valuation allowance against the carrying value of the deferred tax assets.

The American Rescue Plan extended the reach of IRC Section162(m) to include compensation paid to theeight highest-paid individuals other than the chief executive officer and the chief financial officers (rather than thethree highest), however, this change isnot effective until2027. There isno material impact to the financial statements at this time.

We donot anticipate the Inflation Reduction Act (the "IRA") will have a significant impact on income tax expense or on other taxes. One of the most impactful provisions of the IRA includes the establishment of a Corporate Alternative Minimum Tax ("CAMT"). However, this tax only applies to corporations withthree-year average earnings in excess of*$1.0* billion. We will continue to monitor the CAMT each year to determine if we will become an applicable corporation. Additionally, the IRA enacted an excise tax on stock buybacks, which imposes a1% tax on stock buybacks, subject to netting provisions regarding stock awarded to employees as part of their compensation. We donot believe this will have a material impact on our active repurchase program.

On* July 4, 2025,President Trump signed the One Big Beautiful Bill Act ("OBBBA") into law. The OBBBA, among other things, includes provisions for accelerated tax depreciation, modifications to the net interest deduction limitations, and the rollback of certain alternative energy provisions. Based on preliminary analysis, we anticipate our deferred tax liability for fixed assets to increase by approximately $31.0 million related to bonus depreciation. We are continuing to model the effects of the OBBBA, such as Section163*(j) and Section174, withno other adjustments expected as of* September 30, 2025.*

Page12

Current and long-term debt and lease obligations consisted of the following as of* September 30, 2025* and* December 31, 2024*:

We and substantially all of our subsidiaries are parties to the Third Amended and Restated Credit Agreement (the "Credit Facility") with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. (together with the Agent, the "Lenders"). The Credit Facility is a $110.0 million revolving credit facility, with an uncommitted accordion feature that, so long asno event of default exists, allows us to request an increase in the revolving credit facility of up to $75.0 million subject to Lender acceptance of the additional funding commitment. The Credit Facility includes a letter of credit sub facility in an aggregate amount of $105.0 million and a swing line sub facility in an aggregate amount equal to the greater of $10.0 million or 10% of the Lenders' aggregate commitments under the Credit Facility from time-to-time. The Credit Facility matures in* May 2027.*

Borrowings under the Credit Facility are classified as either "base rate loans" or "SOFR loans." Base rate loans accrue interest at a base rate equal to the greater of the Agent’s prime rate, the federal funds rate plus 0.5%, or SOFR for aone month period as of such day, plus an applicable margin ranging from 0.25% to 0.75%; while SOFR loans accrued interest at SOFR, plus an applicable margin ranging from 1.25% to 1.75%. The applicable rates are adjusted quarterly based on average pricing availability. The unused line fee is the product of 0.25% times the average daily amount by which the Lenders' aggregate revolving commitments under the Credit Facility exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The obligations under the Credit Facility are guaranteed by us and secured by a pledge of substantially all of our assets, with the notable exclusion of any real estate, revenue equipment pledged under other financing agreements, including revenue equipment installment notes and finance leases, and revenue equipment that we donot designate as being included in the borrowing base.

Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A)$110.0 million, minus the sum of the stated amount of all outstanding letters of credit; or (B) the sum of (i)87.5% of eligible accounts receivable, plus (ii) the least of (a)85% of the appraised net orderly liquidation value of eligible revenue equipment, (b)100% of the net book value of eligible revenue equipment, (c)60.0% of the Lenders' aggregate revolving commitments under the Credit Facility, or (d) $65.0 million.

We hadno borrowings outstanding under the Credit Facility as of* September 30, 2025*, undrawn letters of credit outstanding of approximately $19.9 million, and available borrowing capacity of $90.1 million. As of* September 30, 2025*, there wereno base rate or SOFR loans. Based on availability as of* September 30, 2025* and2024, there wasno fixed charge coverage requirement.

Page13

The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility* maybe accelerated, and the Lenders' commitments may*be terminated. If an event of default occurs under the Credit Facility and the Lenders cause, or have the ability to cause, all of the outstanding debt obligations under the Credit Facility to become due and payable, this could result in a default under other debt instruments that contain acceleration or cross-default provisions. The Credit Facility contains certain restrictions and covenants relating to, among other things, debt, dividends, liens, acquisitions and dispositions outside of the ordinary course of business, and affiliate transactions. Failure to comply with the covenants and restrictions set forth in the Credit Facility could result in an event of default.

Pricing for the revenue equipment installment notes is quoted by the respective financial affiliates of our primary revenue equipment suppliers and other lenders at the funding of each group of equipment acquired and include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from* February 2028* to* September 2031*. The notes contain certain requirements regarding payment, insuring of collateral, and other matters, but donot have any financial or other material covenants or events of default except certain notes totaling $21.4 million are cross-defaulted with the Credit Facility. Additional borrowings from the financial affiliates of our primary revenue equipment suppliers and other lenders are expected to be available to fund new tractors expected to be delivered in2025, while any other property and equipment purchases, including trailers, are expected to be funded with a combination of available cash, notes, operating leases, finance leases, and/or from the Credit Facility.

In* August 2015,we financed a portion of the purchase of our corporate headquarters, a maintenance facility, and certain surrounding property in Chattanooga, Tennessee by entering into a $28.0 million variable rate note with athird*-party lender. The note contains certain restrictions and covenants that are usual and customary for a note of this nature. Failure to comply with the covenants and restrictions set forth in the note could result in an event of default. Concurrently with entering into the note, we entered into an interest rate swap to effectively fix the related interest rate to 4.2%. We expect to be in compliance with our debt covenants for the next12 months.

In connection with the settlement of a dispute related to the sale of Transport Financial Services (the "TFS Settlement"), in* September 2020,TBK Bank, SSB, as lender and agent for Triumph (“TBK Bank”), provided the Company with a $45 million line of credit (the “Draw Note”), the proceeds of which were to be used solely to satisfy our indemnification obligations under the TFS Settlement. The Draw Note expired September 23, 2025.*

Page14

The finance leases in effect at* September 30, 2025* terminate from* June 2028* through* November 2033* and contain guarantees of the residual value of the related equipment by us.

A summary of our lease obligations at* September 30, 2025and2024* are as follows:

As of* September 30, 2025* and* December 31, 2024*, right-of-use assets of $36.0 million and $40.0 million for operating leases and $3.0 million and $4.6 million for finance leases, respectively, are included in net property and equipment in our condensed consolidated balance sheets. Operating lease right-of-use asset amortization is included in revenue equipment rentals and purchased transportation and general supplies and expenses, depending on the underlying asset, in the condensed consolidated statement of operations. Amortization of finance leased assets is included in depreciation and amortization expense in the condensed consolidated statement of operations.

Our future minimum lease payments as of* September 30, 2025*, are summarized as follows by lease category:

(1) Excludes thenine months ended* September 30, 2025*.

Page15

Our Third Amended and Restated2006 Omnibus Incentive Plan, as amended (the "Incentive Plan") governs the issuance of equity awards and other incentive compensation to management and members of the Board of Directors (the "Board"). The Incentive Plan includes (i) a fungible share reserve feature, under which shares subject to stock options and stock appreciation rights will be counted asone share for every share granted and shares subject to all other awards will be counted as 1.80 shares for every share granted, (ii) a double-trigger vesting requirement upon a change in control, and (iii) a maximum award granted or payable to anyone participant under the Incentive Plan for a calendar year of 1,000,000 shares of Class A common stock or $4,000,000, in the event the award is paid in cash.

The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, consultants, non-employee directors, and eligible participants under various types of options, restricted stock, or other equity instruments. As of* September 30, 2025*, there were 1,814,712 shares available for award under the Incentive Plan.No awards* maybe made under the Incentive Plan after May 1, 2033.*To the extent available, we have issued treasury stock to satisfy all share-based incentive plans.

Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is stock-based compensation expense of $0.9 million and $0.8 million for the three months ended* September 30, 2025* and2024, respectively, and expense of $2.4 million and $2.1 million for thenine months ended* September 30, 2025and2024*, respectively. Included in general supplies and expenses within the condensed consolidated statements of operations is stock-based compensation expense for non-employee directors of $0.2 million for each of thethree months ended* September 30, 2025* and2024 and $0.6 million for each of thenine months ended* September 30, 2025and2024*. Of the stock compensation expense recorded for thethree months ended* September 30, 2025* and2024, $0.9 million and $0.8 million relates to restricted shares, respectively, and, for thenine months ended* September 30, 2025and2024*, $2.4 million and $1.5 million relates to restricted shares, respectively. There wereno unvested employee stock options or related stock compensation expense for thenine months ended* September 30, 2025*. For thenine months ended* September 30, 2024*, $0.6 million of the stock compensation expense recorded related to unvested employee stock options.

The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows participants to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested through* September 30, 2025*, certain participants elected to forfeit receipt of an aggregate of 42,593 shares of Class A common stock at a weighted average per share price of $25.81 based on the closing price of our Class A common stock on the dates the shares vested in2025, in lieu of the federal and state minimum statutory tax withholding requirements. We remitted $1.1 million to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements.

Legal Proceedings

From time-to-time, we are a party to litigation arising in the ordinary course of business, most of which involves claims for personal injury, workers’ compensation, and/or property damage incurred in connection with the transportation of freight. We record a liability for the estimated cost of the uninsured portion of pending claims and the estimated allocated loss adjustment expenses, including legal and other direct costs associated with a claim, when we believe that it is probable that a loss has been incurred and the amount can be reasonably estimated.

There are inherent uncertainties in these legal matters, some of which are beyond management’s control, making the ultimate outcomes difficult to predict. Moreover, management's views and estimates related to these matters* maychange in the future, as new events and circumstances arise and the matters continue to develop. The Company’s business, results of operations, financial condition, or liquidity could be materially and adversely affected by the resolution ofone* or more of these contingencies.

In2025, athird-party trucking company hauling a load brokered by the Company and using a trailer owned by the Company was involved in an accident that resulted infive fatalities and injuries to at leastone other person. There are several possible defendants in the case, facts are still being developed, alleged damages havenot been specified, and there are significant factual and legal issues to be resolved. The Company has concluded that a loss is probable in the case, but given the preliminary nature of the proceedings, the Company cannot reasonably estimate a range of possible losses at this time in excess of the amount accrued for legal costs. As of* September 30, 2025,*the Company accrued $0.5 million for legal costs associated with the accident, but it hasnot recorded any other liability related to the accident. To the extent the Company is found to have liability related to the accident, and the damages awarded against the Company exceed the Company’s coverage limits, involve significant aggregate use of the Company’s self-insured retention amounts, or cause increases in the Company’s insurance premiums, the Company’s insurance and claims expense would be volatile and increase. Any resulting increases in such expenses could have a materially adverse effect on the Company’s business, results of operations, financial condition, or liquidity.

Other Commitments and Contingencies

We had $19.9 million and $19.8 million of outstanding and undrawn letters of credit as of* September 30, 2025* and* December 31, 2024*. The letters of credit are maintained primarily to support our insurance programs. Additionally, we had $45.0 million of availability on a line of credit from Triumph solely to fund any indemnification owed to Triumph in relation to the TFS Settlement which expired* September 23. 2025.As of September 30, 2025* the remaining contingent liability was $0.2 million.

We own a 49.0% interest in Transport Enterprise Leasing, LLC ("TEL"), a tractor and trailer equipment leasing company and used equipment reseller. There isno loss limitation on our49.0% interest in TEL. We havenot guaranteed any of TEL's debt and haveno obligation to provide funding, services, or assets. There areno current put rights to purchase or sell with any owners. TEL’s majority owners are generally restricted from transferring their interests in TEL, other than to certain permitted transferees, without our consent. There areno third-party liquidity arrangements, guarantees, and/or other commitments that* may*affect the fair value or risk of our interest in TEL.

As of* September 30, 2025*, we had a revenue equipment operating lease liability to TEL of $8.4 million. During the quarter ended* March 31, 2024,we sold revenue equipment to TEL in exchange for the assumption of the related notes payable of $26.2 million and $0.5 million of cash.No other transactions with TEL were material for thethree* ornine months ended* September 30, 2025and2024*.

Page16

We have accounted for our investment in TEL using the equity method of accounting, and thus our financial results include our proportionate share of TEL's2025 net income through* September 30, 2025*, or $11.6 million.

Our accounts receivable from TEL, accounts payable to TEL, and investment in TEL as of* September 30, 2025* and* December 31,*2024 are as follows (in thousands):

Our accounts receivable from TEL related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL’s behalf and our accounts payable to TEL primarily related to leased revenue equipment payment accruals.

Page17

During thenine months ended* September**30,* 2025 we acquired an $11.2 million customer relationship for the Dedicated reportable segment through the Asset Acquisition.

The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million.

Amortization expense of $7.8 million and $7.1 million for thenine months ended* September 30, 2025and2024*, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations.

Page18

A summary of other intangible assets as of* September 30, 2025* and* December 31, 2024* is as follows:

The expected amortization of these assets for the nextfive successive years is as follows:

(1) Excludes thenine months ended* September 30, 2025*.

Page19

There wereno changes to the carrying amount of goodwill from $78.9 million at* December 31, 2024*. A summary of the carrying amount of goodwill is as follows:

At* September30,* 2025, our insurance program involves self-insurance to certain risk retention levels. We accrue claims above our self-insured retention and record a corresponding receivable for the amounts we expect to collect from insurers upon settlement of such claims. We have $19.4 million and $0.6 million as other long-term receivables and as a corresponding accrual in the long-term portion of insurance and claims accruals on our condensed consolidated balance sheet for claims above our self-insured retention for which we believe it is reasonably assured that the insurers will pay their portion of such claims at* September30,* 2025 and* December 31, 2024,*respectively.

On* December 31, 2024,after market close, the Company effected a 2 for1* forward split on its Class A common stock and Class B common stock outstanding in the form of a stock dividend, under which each stockholder of the Company’s Class A common stock on that date receivedone additional share of the Company’s $0.01 par value Class A common stock for everyone share owned and each stockholder of the Company’s Class B common stock on that date receivedone additional share of the Company’s $0.01 par value Class B common stock for everyone share owned. All share and per share amounts presented in this Quarterly Report on Form10-Q, including with respect to dividends and in the financial statement and notes hereto have been adjusted for the stock split.

On* February 13, 2024,our Board declared a cash dividend of $0.055 per share which was paid on March 29, 2024,to stockholders of record on March 1, 2024.On May 15, 2024,our Board declared a cash dividend of $0.055 per share which was paid on June 28, 2024,to stockholders of record on June 7, 2024.On August 14, 2024,our Board declared a cash dividend of $0.055 per share which was paid on September 27, 2024,to stockholders of record on September 6, 2024.On November 21, 2024,our Board declared a cash dividend of $0.055 per share which was paid on December 27, 2024,to stockholders of record on December 6, 2024.*

On* February 10, 2025,our Board declared a cash dividend of $0.07 per share which was paid on March 28, 2025,to stockholders of record on March 7, 2025.On May 14, 2025,our Board declared a cash dividend of $0.07 per share which was paid on June 27, 2025,to stockholders of record on June 6, 2025.On August 12, 2025,our Board declared a cash dividend of $0.07 per share which was paid on September 26, 2025,to stockholders of record on September 5, 2025.*

On* April 23, 2025,our Board approved a stock repurchase authorization of up to $50.0 million of our Class A common stock. Under such authorization, we repurchased approximately 1.6 million shares of our Class A common stock for $36.2 million during thenine* months ended* September 30, 2025**.*

In* October 2025,we acquired certain assets of a small logistics and brokerage company. The Asset Purchase Agreement includes an earnout component based on the average adjusted earnings before interest, taxes, depreciation, and amortization reported for operations associated with the purchased assets for thethree* years ending* December 31, 2028with advance payments being made for incremental targets at each of the years ending December 31, 2026and2027.* The total purchase price, excluding any earnout achieved, was approximately $30.0 million. The purchase accounting, including the valuation of the earnout, hasnot yet been completed.

Based on adverse claims development after* September 30, 2025,through the date of this report, management anticipates the insurance and claims accrual rate experienced for each of thefirst* three quarters of2025 will be increased an additional $4.0 million and $9.0 million in thefourth quarter of2025.

Page20