Proficient Auto Logistics Posts Third-Quarter Operating Loss

The Tip Desk · November 13, 2026 · 4 min read

Revenue reached $149.0 million after Hansen & Adkins closed, while the adjusted operating ratio widened to 99.8% from 96.3% a year earlier.

Proficient Auto Logistics, Inc. (PAL), the Jacksonville-based auto transportation company, reported third-quarter 2026 operating revenue of $149.0 million, up 30.3% from $114.3 million a year earlier, after a 5.3% year-over-year decline in the second quarter. The company said the increase primarily reflected Hansen & Adkins results from the August 13, 2026 close.

Total units delivered rose to 839,036, up 38.6% from 605,341 in the year-ago quarter, after an 8.0% year-over-year decline in the second quarter. Consolidated results for the three months ended September 30, 2026 include Hansen & Adkins only from August 13; the corresponding 2025 periods do not include the acquired business.

Revenue per unit excluding fuel surcharge and other revenue fell 10.3% year-over-year to $155.40 from $173.29. The company said that decline reflected portfolio mix and a proportionally shorter length of haul in the Hansen & Adkins book. Including fuel surcharge and other revenue, revenue per unit was 6.0% lower year-over-year.

Company-delivery volume rose 77.7% to 372,040 units and company deliveries became 46% of revenue, versus 36% a year earlier. Subhauler units rose 17.9% to 466,996 and subhaulers fell to 54% of revenue from 64%. Company revenue per unit was $161.87 versus $182.44, and subhauler revenue per unit was $150.24 versus $168.45. The company said the shift reflected Hansen & Adkins company drivers, continued prioritization of company-owned trucks, and reduced available subhauler capacity from supply that has exited the market.

Profitability moved the other way. Total operating loss widened to $3.9 million from a $0.1 million loss in the third quarter of 2025. Adjusted operating income fell to $0.3 million from $4.2 million, and the adjusted operating ratio deteriorated to 99.8% from 96.3%. The company said the ratio reflected elevated cost inflation and fuel surcharge under-recovery that more than offset pricing and productivity initiatives.

Adjusted EBITDA declined to $7.9 million from $12.0 million a year earlier, and adjusted EBITDA margin compressed to 5.3% from 10.5%. Fuel surcharge under-recovery negatively impacted third-quarter operating ratio by an estimated 200 to 250 basis points, the company said. Cost pressures remained significant across insurance, driver wages, recruiting and retention, and equipment maintenance. OEM-administered fuel surcharge programs did not fully recover increased fuel expense because of structural limitations and timing lag.

Net loss was $9.9 million, or $0.35 a share, versus a $3.0 million loss, or $0.11 a share, a year earlier. Acquisition and restructuring charges were $6.4 million in the quarter, versus $1.9 million of restructuring charges a year earlier. Interest expense rose to $3.0 million from $1.7 million.

The Hansen & Adkins integration is progressing on schedule, with the company on track to substantially complete it by the end of the first quarter of 2027. Proficient is executing 11 workstreams covering the combined network, fleet and purchasing scale. Actions already completed include increasing sister hauling, opening 20 maintenance locations, implementing common fleet and maintenance systems, and consolidating fuel, insurance and other purchasing. Through that work the company identified a total synergy opportunity of $20 million to $30 million, significantly above the initial $6 million to $10 million at announcement. It expects to achieve the high end of the initial range by year-end 2026, with additional opportunities from resource and portfolio optimization, real estate, insurance and SG&A consolidation expected in 2027 and further optimization and automation benefits through 2029.

Cash was $11.8 million and senior secured debt was $140.6 million, including $9.9 million drawn on the line of credit, producing net debt of about $128.8 million as of September 30, 2026. The company said the increase reflected the Hansen & Adkins addition, assumption of equipment financing, and seven-year convertible notes added at the acquisition.

Under a $15 million share-repurchase authorization announced March 2, 2026, the company had repurchased 181,678 shares at an average $5.89 for $1.1 million as of the end of the third quarter.

Chief Executive Officer Rick O’Dell said third-quarter results reflected healthy underlying demand and that performance does not yet reflect the earnings potential of the business. He said the company is taking actions to strengthen profitability and cash generation and that the Hansen & Adkins combination is creating a stronger, more scalable platform.