PAMT · Pamt Corp.

PAMT CORP’s Q1 2026 results reflect a sharp improvement in net income—$0.01 million versus $8.1 million loss in Q1 2025—but this is almost entirely attributable to a non-recurring $12.7 million pre-tax gain on the sale of real property in Laredo, Texas, which contributed ~$9.7 million net after-tax benefit. Excluding that gain, core operations remained unprofitable: operating loss was $(0.3) million, and the Truckload operating ratio improved only modestly to 103.0% from 110.9%—still above breakeven—amid declining volumes (total loads down 9.6%) and lower revenue per truck per week ($3,100 vs. $3,363). Revenue fell 8.7% year-over-year to $141.9 million, with Truckload revenue before fuel surcharge down 10.3%, signaling persistent pricing and demand challenges. The company used $2.7 million in operating cash flow during the quarter, underscoring weak cash generation from operations despite the headline earnings improvement. Management’s announcement of more active share repurchases in Q2 signals confidence in near-term liquidity—$141.1 million total available—but does not offset the absence of sustainable earnings recovery. With no forward guidance disclosed in Exhibit 99.1 and recurring losses continuing outside of one-time items, investors should view the Q1 result as an accounting anomaly rather than an operational inflection. The forward consensus EPS estimates for Q2 and Q3 2026 remain negative ($-0.11 and $-0.07), reinforcing concerns about underlying profitability trends.