10-Q · May 14, 2026
Proficient Auto Logistics' Q1 2026 reported a total revenue of $93.7 million, which exceeded expectations slightly but an EPS of -$0.13 was below the estimate of -$0.03. The Company showed a mixed performance, with…
Earnings analysis · 10-Q
PAL earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Q2 revenue of $109.399 million recovered 16.4% sequentially but declined 5.7% year over year, while EPS of $0.00 missed the $0.05 consensus estimate. The quarter also exposed a material weakness in internal controls,…
Read full summary
Q2 revenue of $109.399 million recovered 16.4% sequentially but declined 5.7% year over year, while EPS of $0.00 missed the $0.05 consensus estimate. The quarter also exposed a material weakness in internal controls, although management has completed major systems conversions and anticipates completing remediation in 2026. Variable-rate debt, inflation, fuel volatility, and H&A integration and performance risks remain material, and no quantitative forward guidance was provided.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.0
What stood out
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Revenue rebounded sequentially
Q2 revenue was $109.399 million, up $15.399 million, or 16.4%, from $94 million in Q1 2026, but down $6.601 million, or 5.7%, from $116 million in Q2 2025. Revenue was also approximately 0.8% above the $108.526 million consensus estimate.
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EPS improved but missed estimates
Reported EPS was $0.00 versus $(0.23) in Q1 2026 and $(0.06) in Q2 2025, an improvement of $0.23 sequentially and $0.06 year over year, but below the $0.05 consensus estimate.
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Systems integration advanced
Management reported that all operating companies had been converted to one accounting technology platform as of December 31, 2025, and that all repair facilities moved to one fleet-maintenance platform in June 2026.
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Control remediation is progressing
Management anticipates completing all remaining internal-control remediation steps in 2026, supported by increased oversight, redesigned controls, and third-party assistance with control design and testing.
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Variable-rate exposure quantified
Variable-rate borrowings totaled $19.5 million under the Term Debt and $6.7 million under the Revolving Line of Credit as of June 30, 2026. The filing estimates that a 1-percentage-point increase in Term SOFR would raise interest expense by $242,725 over 12 months.
What to watch
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Material weakness in controls
The company concluded that disclosure controls and procedures were not effective as of June 30, 2026 and identified a material weakness in internal controls over financial reporting related to IT general controls, account reconciliations, and the closing process. Management anticipates completing remediation in 2026, but sustained validation and testing remain necessary.
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Higher rates pressure interest expense
A 1-percentage-point increase in Term SOFR would increase interest expense by $242,725 over 12 months, based on $19.5 million of Term Debt and $6.7 million drawn on the Revolving Line of Credit as of June 30, 2026.
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H&A integration and performance risk
The filing identifies acquisition-related risks, including the possibility that H&A could underperform expectations, lose customer relationships, or experience adverse changes before or after closing. The company states that it may not maintain the revenue, earnings, or operating efficiency achieved separately by the businesses.
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Inflation and fleet-cost pressure
Inflation has materially affected insurance, claims, equipment, parts, maintenance, and tire costs; the filing states that rate increases have significantly lagged increases in tractor prices and related depreciation expense.
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Fuel-price volatility
Fuel surcharges generally do not fully protect the company from short-term fuel-price increases or continued rising-price environments, and the company receives no fuel surcharge on empty miles. The filing specifically cites a recent fuel-price spike associated with Middle East conflict.
Management's outlook
No quantitative revenue or EPS outlook was provided in the 10-Q; the filing discusses operating risks and remediation timing but does not provide numeric guidance.
Earlier filings 4
10-K · March 31, 2026
Proficient Auto Logistics describes a scale-driven strategy built from five combined founding companies and subsequent tuck-in acquisitions, operating ~800 owned assets from 57 facilities and employing 825 people as of…
10-Q · May 14, 2025
Proficient Auto Logistics reported operating revenue of $95,206,021 and a net loss of $3,191,685 for the quarter ended March 31, 2025, producing a loss per share of $(0.12). Operating cash flow was positive at…
10-K · March 31, 2025
Proficient Auto Logistics completed an IPO and five tuck-in acquisitions on May 13, 2024 to form a combined auto-transport platform operating roughly 1,145 vehicles (including ~845 company-owned) from 50 U.S. facilities…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.