Pamt Corp. Q4 Loss of $29.3M, Revenue Down 15% on Fewer Trucks
Pamt Corp. posted a Q4 net loss of $29.3 million ($1.40 per share), including a $26.5 million auto-liability reserve adjustment and driving an adjusted loss of $9.4 million. Consolidated revenue declined 15% to $141 million while truckload average trucks fell 10% and revenue per truck dropped 12%.
1. Q4 Net Loss and Reserve Adjustment
Pamt reported a net loss of $29.3 million, or $1.40 per share, in the fourth quarter. This included a $26.5 million auto-liability reserve adjustment tied to a claim exceeding policy limits, resulting in an adjusted loss of $9.4 million (45 cents per share).
2. Revenue Decline and Truckload Performance
Consolidated revenue fell 15% year-over-year to $141 million. The truckload unit saw a 10% decline in average trucks in service, a 12% drop in weekly revenue per truck, a 2% fall in loaded miles and a 9% decrease in revenue per loaded mile to $2.12, yielding a 114% adjusted operating ratio.
3. Expense Trends and Operating Ratios
Salaries, wages and benefits rose 240 basis points as a percentage of revenue, while depreciation expenses increased 200 basis points. The truckload segment recorded its ninth straight operating loss and the logistics unit’s operating ratio worsened by 90 basis points to 99.2%.
4. Cash Flow and Balance Sheet
Pamt generated $17 million of operating cash flow in 2025 and held $144 million in liquidity (cash, equity holdings and available credit), down $31 million from Q3. Outstanding debt totaled $334 million, a sequential decline of $8 million.