PAMT Corp Reports 17.5% Revenue Decline and Increased Net Loss in Q2 2025

PAMT Corp reported a significant decline in financial performance for the second quarter and first half of 2025, as detailed in its latest 10-Q filing. For the quarter ended June 30, 2025, the company recorded total operating revenues of $151.1 million, down 17.5% from $182.9 million in the same period last year. The decline was attributed to a decrease in both freight revenue and fuel surcharge revenue, which fell to $133.8 million and $17.3 million, respectively. The net loss for the quarter was approximately $9.6 million, compared to a loss of $2.9 million in the prior year, resulting in a diluted loss per share of $0.46, up from $0.13.

In the first half of 2025, PAMT Corp's total operating revenues decreased to $306.5 million from $365.5 million in the first half of 2024, marking a 16.1% decline. The company reported a net loss of $17.8 million for the six months ended June 30, 2025, compared to a loss of $2.6 million in the same period last year. The operating loss was primarily driven by a reduction in total miles traveled and a decrease in the average rate per mile, reflecting ongoing challenges in the freight market characterized by an oversupply of trucks relative to available freight.

Operationally, PAMT Corp has seen a reduction in its average number of trucks operated, which decreased by 10.7% year-over-year. The company also reported a significant increase in its treasury stock, holding 1,451,586 shares at a cost of approximately $28.9 million as of June 30, 2025. This increase was largely due to a tender offer completed in May 2025, where the company repurchased 870,000 shares at $17.00 per share, totaling around $14.8 million. The company’s total assets decreased to $707.9 million from $741.7 million at the end of 2024, primarily due to the depreciation of revenue equipment and a reduction in cash and cash equivalents.

Looking ahead, PAMT Corp anticipates continued challenges in the freight market, which may impact its operational efficiency and profitability. The company plans to purchase approximately 188 new trucks and 650 new trailers in the latter half of 2025, with expected net capital expenditures of around $25.1 million. Additionally, PAMT Corp is currently working with its lender to amend financial covenant terms related to its revolving line of credit, as it was not in compliance with the debt to adjusted EBITDA ratio requirement as of June 30, 2025. The company received a waiver from the lender for this covenant violation, allowing it to avoid default while it seeks to revise the terms.