Company: PAMT
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001437749-25-025711
Chunk: 36

Company: PAMT CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 36
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, during the first six months of 2024 to 89.1% of revenues, before fuel surcharges, during the first six months of 2025. The increase results from paying third-party carriers a larger percentage of customer revenue.

The logistics and brokerage services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased from 93.9% for the first six months of 2024 to 98.3% for the first six months of 2025.

RESULTS OF OPERATIONS – COMBINED SERVICES

THREE MONTHS ENDED JUNE 30, 2025 VS. THREE MONTHS ENDED JUNE 30, 2024

Net loss for all divisions was approximately $9.6 million, or 7.2% in excess of revenues, before fuel surcharges, for the second quarter of 2025 as compared to net loss of $2.9 million, or 1.8% in excess of revenues, before fuel surcharges, for the second quarter of 2024. The decrease in net income resulted in diluted loss per share of $0.46 for the second quarter of 2025 as compared to diluted loss per share of $0.13 for the second quarter of 2024.

SIX MONTHS ENDED JUNE 30, 2025 VS. SIX MONTHS ENDED JUNE 30, 2024

For the first six months of 2025, net loss for all divisions was approximately $17.8 million, or 6.6% in excess of revenues, before fuel surcharges as compared to net loss of $2.6 million, or 0.8% of revenues, before fuel surcharges for the first six months of 2024. The decrease in net income resulted in a diluted loss per share of $0.83 for the first six months of 2025 as compared to diluted loss per share of $0.12 for the first six months of 2024.

LIQUIDITY AND CAPITAL RESOURCES

Our business has required, and will continue to require, a significant investment in new revenue equipment. Our primary sources of liquidity have been funds provided by operations, proceeds from the sales of revenue equipment, borrowings under our lines of credit, installment notes, investment margin account, and issuances of equity securities.

During the first six months of 2025, we generated $17.2 million in cash