Proficient Auto Logistics (PAL) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined 1.6% year-over-year to $93.7 million, with volumes constrained by plant shutdowns, weak industry SAAR, severe winter weather, and slow recovery in transportation pipelines.

• Operating loss for Q1 2026 was $6.9 million compared to a $2.4 million loss in Q1 2025; adjusted operating loss was $3.2 million versus adjusted operating income of $1.2 million in Q1 2025.

• Units delivered increased 1.5% to 501,850, with company deliveries up 14.3% and subhauler deliveries down 4.8%.

• Higher diesel prices and lagging fuel surcharge recoveries created a $1 million unplanned cost headwind, impacting profitability.

• Management remains focused on execution, resilience, and disciplined business retention amid challenging market conditions, with demand trends improving by quarter-end.

Financial highlights

• Total operating revenue for Q1 2026 was $93.7 million, down 1.6% from Q1 2025.

• Adjusted EBITDA was $4.5 million, down from $7.8 million in Q1 2025; adjusted EBITDA margin fell to 4.8% from 8.2%.

• Net loss for Q1 2026 was $6.5 million, or $(0.23) per share, compared to a net loss of $3.2 million, or $(0.12) per share, in Q1 2025.

• Net debt leverage ratio increased to 1.6x from 1.5x at year-end 2025 due to higher fuel and transportation costs.

• Debt reduced by $5.3 million during the quarter.

Outlook and guidance

• Q2 2026 revenue forecasted between $105 million and $110 million, a sequential increase but 4%-9% below Q2 2025.

• Adjusted operating ratio and EBITDA margin for Q2 expected to be similar to last year (8%-10%).

• Equipment CapEx for 2026 projected below $10 million, down from $10.2 million in 2025.

• Cash and receivables expected to normalize as fuel surcharges and payment cycles catch up in Q2.

• Management expects improved performance in Q2 2026 due to more stable volumes and better fuel cost recovery.