Third Quarter Summary
Total Operating Revenue of $114.3 million, increased 24.9% from Q3 2024
Total Operating Loss of ($0.1) million, versus ($2.2) million in Q3 2024
Adjusted Operating Income(1) of $4.2 million, versus $1.1 million in Q3 2024
Adjusted Operating Ratio(1) of 96.3% compared to 98.8% in Q3 2024
Total Units delivered of 605,341, an increase of 21% from Q3 2024
Rick O'Dell, Proficient's Chief Executive Officer, commented, "In the third quarter, PAL delivered strong revenue during a slower seasonal period, and further improved profitability, demonstrating continued momentum from market share gains, operational improvements and strategic execution. We continue to position ourselves as a critical component of the automotive supply chain, with the ability to meet customers' changing transportation needs in a volatile environment. While the market for trucking, and automotive trucking specifically, has excess transportation supply relative to current demand, we do not expect this to persist long-term, as smaller carriers will face acute challenges related to equipment age and reinvestment, rising insurance costs, driver recruitment and driver fallout, and increasingly stringent service, quality, technology, and regulatory requirements. PAL continues to strengthen its organizational infrastructure, while improving efficiency at the same time. I'm very pleased with our progress 18 months into this journey and I'm encouraged about future progress."
Explanatory Note
On May 13, 2024, Proficient completed the initial public offering (the "IPO") of its common stock and affected the acquisition of Delta Auto Transport, Inc., Deluxe Auto Carriers, Inc., Sierra Mountain Group, Inc., Proficient Auto Transport, and Tribeca Automotive Inc. (collectively, the "Founding Companies"). Thereafter, on August 16, 2024, the Company acquired Auto Transport Group, LC, ("ATG") and on November 1, 2024, the Company acquired Utah Truck & Trailer Repair, LLC, ("UTT"), a repair facility located at the ATG headquarters terminal in Ogden, Utah. On April 1, 2025, the Company acquired Brothers Auto Transport, LLC, ("Brothers"), located in Wind Gap, Pennsylvania and on May 27, 2025, the Company acquired PVT Truck & Trailer Repair, LLC, ("PVT") a repair facility located at the Brothers headquarters. For a full description of these transactions and subsequent acquisitions, please refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2025.
The Company is providing the below summary unaudited financial information for the three months ended September 30, 2025 and 2024. Please refer to footnote 1 in the table for a description of periods included for more recently acquired entities.
(1)
Adjusted Operating Income and Adjusted Operating Ratio are non-GAAP financial measures. See "Summary Unaudited Financial Information" on the following pages for additional information regarding the use of Adjusted Operating Income and Adjusted Operating Ratio and a reconciliation to the most comparable GAAP measure.
Summary Unaudited Financial Information (1)
($000s)
Three months ended
9/30/2025
9/30/2024
Total Operating Revenue
$
114,295
$
91,506
Total Operating Loss
(101
)
(2,186
)
Addback:
Amortization of Intangibles
2,455
2,217
Stock Compensation expense
1,870
1,071
Adjusted Operating Income (2)
4,224
1,102
Adjusted Operating Ratio (2)
96.3
%
98.8
%
Loss before income taxes
(3,666
)
(1,693
)
Addback:
Depreciation & Amortization
10,173
8,784
Stock Compensation Expense
1,870
1,071
Interest Expense
1,683
1,407
Restructuring Charge
1,901
-
Adjusted EBITDA (3)
11,961
9,569
Adjusted EBITDA Margin (3)
10.5
%
10.5
%
(1)
The amounts shown reflect the unaudited summary financial results for the full three-month periods presented. Amounts related to ATG and Brothers are included only since August 16, 2024 and April 1, 2025, the respective dates of acquisition.
(2)
Our management team reviews Adjusted Operating Income and the related Adjusted Operating Ratio, both of which are non-GAAP financial measures, as a basis for comparing the results of financial reporting periods excluding the impact of non-cash expenses related to stock-based compensation expense and amortization of intangibles. These measures provide management with insight regarding progress on operating and integration initiatives. The table above provides a reconciliation of Adjusted Operating Income to Total Operating (Loss) Income, the most comparable GAAP measure, and Adjusted Operating Ratio flows from that.
(3)
Our management team reviews Adjusted EBITDA and Adjusted EBITDA Margin, both of which are non-GAAP financial measures, to measure the operating performance and financial condition of our business and to make strategic decisions. See the Appendix for additional information regarding the use of Adjusted EBITDA. The table above provides a reconciliation of Adjusted EBITDA to (Loss) Income before income taxes, the most comparable GAAP measure, and Adjusted EBITDA Margin flows from that.
Revenue and Profitability (1)
Three months ended
Select Operating Metrics
9/30/2025
9/30/2024
% Change
Unit Volume - Company Deliveries
209,340
167,772
24.8
%
Revenue / Unit - Company Deliveries
$
181.42
$
184.21
(1.5
)
%
Unit Volume - Subhaulers
396,001
331,539
19.4
%
Revenue / Unit - Subhaulers
$
167.97
$
161.02
4.3
%
Percent Revenue, Company Deliveries
36
%
37
%
Percent Revenue, Subhaulers
64
%
63
%
(1)
Amounts related to ATG and Brothers are included only since August 16, 2024, and April 1, 2025, the respective dates of acquisition.
Unit deliveries during the third quarter were up approximately 21.0% from the same period last year. Company unit deliveries increased 24.8% year-over-year, outpacing 19.4% growth in subhaul deliveries versus the same period, reflecting continued prioritization of company-owned truck asset utilization for units delivered.
Total ...
