Proficient Auto Logistics (PAL) investor relations material

Executive summary

• Q1 2026 revenue declined 1.6% year-over-year to $93.7 million, impacted by plant shutdowns, weak industry SAAR, severe winter weather, and slow recovery in transportation pipelines.

• Operating loss was $6.9 million compared to a $2.4 million loss in Q1 2025; adjusted operating loss was $3.2 million versus adjusted operating income of $1.2 million in Q1 2025.

• Total units delivered increased 1.5% to 501,850, with company deliveries up 14.3% and subhauler deliveries down 4.8%.

• Higher diesel prices and lagging fuel surcharge recoveries created a $1 million unplanned margin headwind in March.

• Market share gains continued despite a 5% decline in industry SAAR, indicating relative outperformance.

Financial highlights

• Adjusted EBITDA for Q1 2026 was $4.5 million, down from $7.8 million in Q1 2025; adjusted EBITDA margin fell to 4.8% from 8.2%.

• Net loss for Q1 2026 was $6.5 million, or $(0.23) per share, compared to a net loss of $3.2 million, or $(0.12) per share, in Q1 2025.

• Net debt leverage ratio increased to 1.6x from 1.5x at year-end 2025 due to higher fuel and transportation costs impacting cash balances.

• Debt reduced by $5.3 million during the quarter.

• 82,877 shares repurchased at an average price of $6.25, reducing shares outstanding to 27.8 million.

Outlook and guidance

• Q2 2026 revenue forecasted at $105–$110 million, a sequential increase but 4–9% below Q2 2025 due to last year's tariff-driven demand pull-forward.

• Adjusted operating ratio and EBITDA margin expected to be similar to Q2 2025 (8–10%).

• Equipment CapEx for 2026 projected below $10 million, down from $10.2 million in 2025.

• Management expects improved performance in Q2 2026 due to more stable volumes and better fuel cost recovery.

• Underlying demand trends showed improvement exiting Q1, supporting a more positive outlook.