Trucking carrier Pamt Corp. reported a net loss for the fourth quarter before the market closed Friday. It was the Arkansas-based airline’s fifth consecutive quarterly loss.
The overall loss was $29.3 million, or $1.40 per share. The result included a $26.5 million adjustment to its auto liability reserve “associated with a specific claim that is expected to be settled in excess of the insurance policy limits,” according to a news release. Excluding the charge, the airline lost $9.4 million, or 45 cents per share. That compares with a loss of 36 cents per share in the fourth quarter of 2024, excluding one-offs and impairments.
In a year-over-year comparison, per-share results benefited from an 18-cent increase in equipment sales earnings and a 12-cent increase in non-operating income (change in equity portfolio value). The biggest interest expense was a 3-cent hurdle.
Pamt (NASDAQ: PAMT) consolidated revenue fell 15% year over year to $141 million. About a third of the company’s revenue comes from the auto industry, which remains under pressure from tariffs.
The TL unit saw a 10% year-on-year decline in average trucks in service, and revenue per truck per week fell 12%. Charged miles fell 2%, while revenue per charged mile decreased 9% to $2.12 (excluding fuel).
The segment reported an adjusted operating ratio of approximately 114% (inverse of operating margin), excluding the insurance charge. That was 700 basis points worse year-on-year.
Salaries, wages and benefits expenses (as a percentage of revenue) increased 240 basis points year over year even with a reduction in company drivers. Depreciation expenses were 200 bps higher, excluding an item from the previous year. (All expense lines are reported on a consolidated basis).
This was the ninth consecutive operating loss for the TL unit.
SONAR: National Truck Load Index (Liner Transportation Only – NTIL.USA) for 2026 (blue shaded area), 2025 (yellow line), 2024 (green line) and 2023 (pink line). The NTIL is based on an average of dry van loads booked across 250,000 lanes. The NTIL is a seven-day moving average of liner shipping spot rates excluding fuel. Spot rates rose during the peak season as new limitations were placed on the driver pool. Severe winter weather amid tighter capacity has kept rates elevated in recent weeks.
Logistics revenue decreased 10% year-on-year to $40 million. The OR deteriorated 90 bp year-on-year to 99.2%. Pamt does not provide gross profit margins for the unit or operational metrics such as load counts and revenue per load.
Pamt generated operating cash flow of $17 million in 2025. Liquidity (cash, equity holdings and availability in its line of credit) of $144 million was $31 million lower than in the third quarter. Outstanding debt of $334 million was $8 million lower sequentially.
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