Executive Summary

Q1 2025 missed consensus on both revenue and EPS: revenue $155.3M vs $159.8M est (–2.8%), EPS –$0.37 vs –$0.34 est; EBITDA $10.4M vs $12.6M est. Sequentially, results improved markedly from Q4’s heavy non‑cash charges. Bold sequential progress, but still loss‑making amid softer volumes and pricing. [S&P Global estimates]
Revenue fell 14.9% YoY on lower loads (–7.4%), miles (–6.5%), and price/mix (revenue per total mile before fuel –3.3% YoY). Truckload OR deteriorated YoY to 110.9% (ex‑fuel), and Logistics OR rose to 98.0% (vs 93.9% LY), highlighting margin pressure across the book.
Sequentially better: Operating loss improved to –$9.2M (vs –$37.7M in Q4), OR to 105.9% (vs 122.6% in Q4), supported by cost relief and equipment sale gains; but interest expense rose YoY and demand remained weak.
No quantitative guidance was provided in the Q1 press release, and no Q1 earnings call transcript was available in the document set. Focus near‑term is on continued cost discipline, fleet mix/rightsizing, and demand recovery pacing.

What Went Well and What Went Wrong

What Went Well
- Sequential improvement: Operating loss narrowed to –$9.2M and OR to 105.9% from Q4’s –$37.7M and 122.6%, reflecting normalization after Q4’s depreciation estimate change and impairment.
- Cost containment progress: YoY declines in salaries, operating supplies, and purchased transportation supported sequential margin repair.
- Positive equipment economics in the quarter: $3.0M gain on disposition vs a loss in the prior year period.
What Went Wrong
- Demand and pricing pressure: Revenue –14.9% YoY; revenue per total mile before fuel –3.3% YoY; total loads –7.4% YoY; miles –6.5% YoY.
- Margin compression: Truckload OR (ex‑fuel) worsened to 110.9% vs 104.2% LY; Logistics OR deteriorated to 98.0% vs 93.9% LY.
- Higher interest burden and depreciation: Interest expense rose to $4.0M from $2.9M LY; depreciation $22.6M vs $18.9M LY, weighing on profitability.

Note: The Q1 press release contained no management quotes, and no Q1 call transcript was available in the document set.

Headline metrics vs prior periods and consensus

Metric	Q1 2024	Q4 2024	Q1 2025	Consensus (Q1 2025)
Revenue ($M)	$182.6	$166.5	$155.3	$159.8*
Diluted EPS ($)	$0.01	–$1.45	–$0.37	–$0.34*
Operating Income ($M)	–$0.7	–$37.7	–$9.2	n/a
Operating Ratio (%)	100.4% (GAAP)	122.6% (GAAP)	105.9% (GAAP)	n/a
EBITDA ($M)	n/a	n/a	$10.4 (actual)*	$12.6*

Result vs estimates: Revenue MISS; EPS MISS; EBITDA MISS. [S&P Global estimates]

Segment/KPI details

KPI	Q1 2024	Q1 2025
Truckload: Total miles (000s)	44,065	41,217
Truckload: Revenue/total mile (ex‑fuel)	$2.11	$2.04
Truckload: Operating ratio (ex‑fuel)	104.2%	110.9%
Truckload: Total loads	102,200	94,644
Truckload: Avg company trucks	1,895	1,667
Truckload: Avg owner‑op trucks	365	514
Logistics: Total revenue ($000s)	$58,769	$44,272
Logistics: Operating ratio	93.9%	98.0%

Balance sheet and liquidity snapshots

Metric	Dec 31, 2024	Mar 31, 2025
Cash & cash equivalents ($M)	$68.1	$57.1
Marketable equity securities ($M)	$42.6	$45.6
Total debt ($M)	$325.6	$309.2
Stockholders’ equity ($M)	$277.5	$269.6

Metric	Period	Previous Guidance	Current Guidance	Change
Company guidance	FY/Q2/segment metrics	None provided	None provided in Q1 press release	Maintained (no formal guidance)

No quantitative guidance or ranges were disclosed in the Q1 2025 8‑K press release; no Q1 call transcript was available to corroborate commentary.

Note: No Q1 2025 earnings call transcript found in the document set. Themes below reflect press release and prior quarter disclosures.

Topic	Previous Mentions (Q‑2: Q3’24)	Previous Mentions (Q‑1: Q4’24)	Current Period (Q1’25)	Trend
Equipment depreciation/impairment	Not available in set	Significant non‑cash headwinds: change in depreciation estimates (~$24.7M) and $6.4M impairment drove Q4 losses	No similar charges noted; sequential improvement in OR and operating loss	Improving sequentially
Pricing/volume	Not available in set	YoY revenue decline; soft environment implied by OR	YoY revenue –14.9%, rev/mi –3.3%, loads –7.4%	Still soft
Brokerage/Logistics margins	Not available in set	Logistics OR 98.3% (Q4’24) vs 94.3% LY	Logistics OR 98.0% vs 93.9% LY	Margin pressure persists
Cost control	Not available in set	Adjusted OR improved vs GAAP after excluding one‑time charges	YoY declines in salaries/ops supplies/transport; equipment sale gains	Supportive

The Q1 press release focused on reported results; it did not include management quotes, and no Q1 call transcript was available in the document set to extract prepared remarks.
Company description and forward‑looking risks were reiterated, citing trucking capacity, inventory levels, fuel/interest costs, labor/insurance, used equipment values, IT systems, Mexico exposure, and regulatory changes.

No Q1 2025 earnings call transcript was available; therefore, no Q&A themes or clarifications can be cited from primary sources.

Q1 2025 vs S&P Global consensus: Revenue $155.3M vs $159.8M est (MISS), EPS –$0.37 vs –$0.34 est (MISS), EBITDA $10.4M actual vs $12.6M est (MISS). Sequentially better than Q4 but below Street on demand/pricing. [S&P Global estimates]

Estimates table

Values marked with * retrieved from S&P Global.

Sequential recovery from Q4’s extraordinary charges: OR improved to 105.9% and operating loss narrowed, but the business remains in a loss position; near‑term upside likely hinges on volumes/pricing normalization.
Demand remains weak: lower miles, loads, and rev/mi all pressured revenue and truckload OR; watch for seasonal uptick and capacity rationalization to support pricing.
Brokerage margins remain tight (OR ~98%), reflecting competitive pricing—signs of stabilization would be an early green shoot.
Balance sheet is serviceable with liquidity and equity cushion; debt declined vs year‑end, but interest expense is rising YoY—prioritize cash generation and capex discipline.
Without guidance, Street models may drift lower near term given the miss; upside catalysts include demand inflection, improved rev/mi, and sustained cost traction. [S&P Global estimates]
Monitor fleet mix (greater owner‑operator utilization) and asset disposition economics for incremental help to margins while demand remains soft.

——

Sources:

Q1 2025 8‑K earnings press release and schedules (PAMT): revenue, EPS, operating metrics, OR, balance sheet, liquidity, and risk factors.
Q4 2024 8‑K earnings press release and schedules (PAMT): comparative OR, non‑cash charges, adjusted metrics, and balance sheet.
Q2 2025/Q3 2025 8‑K press releases used for trend context.

Estimates: Values marked with * retrieved from S&P Global.