Pamt Corp. (NASDAQ: PAMT) reported a second-quarter net loss of $7.4 million, or 36 cents per share, according to FreightWaves. Excluding a one-time accrual related to prior auto liability claims, earnings per share were 25 cents, compared with a net loss of 46 cents per share in the year-ago period. The second quarter marked Pamt's seventh consecutive quarterly net loss.
Revenue, fleet and rate trends
Consolidated revenue increased 9% year over year to $165 million, though revenue rose just 2% excluding fuel surcharges, FreightWaves reported. The truckload unit posted a 7% year-over-year revenue decline (ex-fuel) as average trucks in service fell 4% and revenue per truck per week declined 3%. Loaded miles per truck increased 15% year over year, while revenue per loaded mile (ex-fuel) was off 5% year over year but improved 4% sequentially.
"For the first time in more than three years, market conditions enabled a meaningful sequential increase in rate per total mile," said Pamt President Lance Stewart, according to FreightWaves. "This marks an important step toward addressing rates that have been pressured lower while inflationary cost pressures have persisted."
Pamt's fleet count was just under 2,000 units in the period, down from more than 2,400 tractors three years ago, FreightWaves reported.
Operating ratio and insurance adjustment
The truckload unit booked a 114.2% operating ratio, which is the inverse of operating margin, but the ratio was 110.6% excluding the one-time insurance accrual, according to FreightWaves. The adjusted figure was 190 basis points better than the year-ago quarter. The quarter marked the 11th straight operating loss for the truckload unit.
| Metric | Q2 2026 | Year-over-year change |
|---|---|---|
| Net income (loss) per share | -$0.36 reported; -$0.25 adjusted | vs. -$0.46 prior year |
| Consolidated revenue | $165.0 million | +9% reported; +2% ex-fuel |
| Truckload operating ratio | 114.2% reported; 110.6% adjusted | 190 bps improvement (adjusted) |
| Fleet count | ~2,000 units | Down from 2,400+ three years ago |
| Liquidity | $117.0 million | Down $24 million from Q1 |
| Outstanding debt | $333.0 million | Up $12 million |
The logistics unit reported $51 million in revenue, a 24% year-over-year increase, with 230 basis points of margin improvement and a 96.4% operating ratio. The company does not provide gross profit margins for the unit, nor operating metrics such as load counts and revenue per load, FreightWaves noted.
Cash flow, debt and treasury implications
Pamt used $16.7 million in operating cash flow in the first half of the year. Liquidity — including cash, equity holdings and availability on its line of credit — stood at $117 million, $24 million lower than in the first quarter. Outstanding debt increased $12 million to $333 million.
For treasury and trade finance professionals, the cost-of-capital picture is mixed. Higher interest expense contributed 2 cents per share of headwinds in the quarter, while lower gains on equipment sales accounted for 14 cents per share, according to FreightWaves. Higher non-operating income, mostly the change in value of its stock portfolio, was a 10-cent tailwind. The company also noted roughly 6 cents per share in net headwinds that were not excluded from the reported EPS number.
The company announced that Daniel Kleine was appointed chief financial officer on Thursday, according to FreightWaves. Kleine joined Pamt three years ago as vice president of tax and served as senior vice president of finance and treasurer for the past year.
Strategic context
Pamt's results illustrate how some carriers are cutting fleet counts to return to or improve profitability, FreightWaves reported. Stewart added: "As industry dynamics continue to constrain driver supply, we believe opportunities for further rate correction remain, and we have achieved additional progress through the date of this release." The sequential gain in revenue per total mile, combined with the higher adjusted operating ratio, points to a carrier still working through margin pressure despite a stabilizing rate environment.
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