PAMT Posts Quarterly Loss of $8.1 Million as Revenue Grows 8.2%

Key Facts

PAMT CORP reported on November 2, 2026, a net loss of $8.1 million, or $0.38 per diluted share, for the quarter ended September 30, 2026, according to a filing with the U.S. Securities and Exchange Commission. The loss widened from $5.6 million, or $0.27 per share, in the third quarter of 2025. By contrast, consolidated operating revenues rose 8.2% to $162.5 million from $150.3 million a year earlier. The company said improved customer pricing during the quarter was not enough to offset cost pressures. Reports circulating about a 13% rise in PAMT shares or their performance in the November 6, 2026, session could not be verified.

Revenue per mile stood out as one of the positive indicators in the quarterly results. The company’s president said the rate increased 11% from the previous quarter and 6% from the third quarter of 2025. This reflects an improvement in the prices the company earns for transportation services, but did not prevent a larger year-over-year loss. The company attributed that to higher net fuel costs, increased expenses to recruit and retain qualified drivers, and lower gains from used-equipment sales. It said these factors offset the improvement in customer pricing during the period.

The company said higher net fuel costs were linked to a lag in adjusting fuel surcharges charged to customers to reflect weekly moves in national diesel prices. It said the lag is typically a week or more, leaving a time gap between changes in fuel costs and updates to surcharges. This gap affects the company’s ability to pass higher costs on to customers quickly. Expenses to recruit and retain qualified drivers also weighed on results, alongside lower gains from used-equipment sales. The company did not explain in its filing the purported share-price move or what investors focused on.

Segment data showed mixed results between logistics services and trucking operations. Revenue from logistics operations rose to $44.788 million in the third quarter of 2026, from $41.759 million in the corresponding period of 2025. The segment’s operating ratio improved to 92.6% from 99.1%, indicating a lower ratio than a year earlier. By contrast, the operating ratio in trucking operations rose to 109.1% from 106.7%. The figures show improved performance in logistics services against a deterioration in the trucking business.

On the market, the company’s president said capacity exiting the sector, partly affected by tighter enforcement and legal and regulatory developments, had contributed to tighter market conditions. The company linked these conditions to improved pricing, while its president said prices were moving toward offsetting inflationary cost increases accumulated over the previous four years. He noted, however, that accumulated cost increases still exceed pricing improvements. He expressed optimism about pricing as capacity contracts, without suggesting that current pressure on profitability had eased. The company expected continued pressure on costs to recruit and retain drivers, as tighter enforcement and regulatory requirements limit the pool of qualified drivers.

On its financial position, the company said available liquidity totaled $102.0 million at September 30, 2026, including cash, marketable securities and available borrowing capacity under its credit facility. Total debt outstanding was $323.1 million on the same date, while total shareholders’ equity was $195.0 million. The company recorded net cash used in operating activities of $1.0 million in the third quarter. Net cash used in operating activities rose to $17.7 million in the nine months ended September 30, 2026. This comes as the company expects driver costs to remain a source of pressure, according to its filing.

The company’s next estimated quarterly earnings announcement is scheduled for February 10, 2027, according to its investor relations page. The date follows third-quarter results that showed revenue growth and an improvement in revenue per mile, alongside a wider net loss than a year earlier. Fuel costs and the recruitment and retention of drivers will remain among the factors the company said are weighing on performance. Management also said pricing gains have yet to offset the full accumulated increase in costs. The next announcement is expected to provide results for the company’s subsequent quarter.