PAMT Corp. reported higher third-quarter revenue but remained loss-making, as improved customer pricing was offset by rising fuel and driver costs and lower gains from selling used equipment. The truckload carrier said its operating performance improved sequentially, while warning that accumulated cost inflation still exceeds the pricing gains achieved so far.
For the nine months through September, revenue was up year over year and the net loss narrowed compared with the same period in 2025. The third-quarter net loss, however, widened from a year earlier.
Results and operating trends
- Third-quarter revenue rose 8.2% to $162.5 million, from $150.3 million a year earlier.
- PAMT recorded a $5.0 million operating loss for the quarter, with an operating ratio of 103.1%. That ratio means operating expenses were about $1.031 for each dollar of operating revenue, before considering items outside operating income.
- The quarterly net loss was $8.1 million, or $0.38 per share, compared with a $5.6 million loss, or $0.27 per share, in the third quarter of 2025.
- For the first nine months, revenue increased 2.7% to $469.1 million. The operating loss was $15.7 million, with an operating ratio of 103.3%.
- The nine-month net loss narrowed to $15.5 million, or $0.74 per share, from $23.4 million, or $1.10 per share, in the first nine months of 2025.
- Management said PAMT’s rate per mile improved 11% sequentially and 6% from the third quarter of 2025, as reduced industry capacity contributed to tighter market conditions.
- The pricing improvement was offset by higher net fuel costs, increased spending to recruit and retain drivers, and smaller gains on used-equipment sales. Fuel costs rose in part because customer fuel surcharges typically adjust after diesel prices change, creating a lag.
- Management said driver-related cost pressure may persist as enforcement and regulatory requirements constrain the pool of qualified drivers. Gains from equipment sales are expected to vary with the timing, type and market value of vehicles sold.
Liquidity and debt
- At September 30, PAMT had $102.0 million in available liquidity, comprising cash, marketable equity securities and available borrowing capacity under its credit line.
- Total debt was $323.1 million, down $10.7 million from December 31, 2025. Stockholders’ equity stood at $195.0 million.
- PAMT used $1.0 million of cash in operating activities during the quarter and $17.7 million over the first nine months.
What the results show
PAMT’s improved rates and the narrower nine-month net loss indicate progress, but the quarterly results show that pricing gains have not yet overcome the cost pressures described by management. The operating ratio remained above 100% in both the quarter and the nine-month period, consistent with operating losses over those periods.