PAMT CORP 提交10-Q 次季虧損收窄至744萬美元 貨運收入升9%

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 Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒     Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2026

or

☐     Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from __________to__________

 

 

PAMT CORP

(Exact name of registrant as specified in its charter)

 

 Nevada
 0-1507
 71-0633135
 

 (State or other jurisdiction of incorporation or organization)
 (Commission File Number)
 (I.R.S. Employer Identification no.)
 

 

297 West Henri De Tonti, Tontitown, Arkansas 72770

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (479) 361-9111

 

 N/A
 

 (Former name, former address and former fiscal year, if changed since last report)
 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each classTrading Symbol(s) Name of each exchange on which registered
 

Common Stock, $.01 par valuePAMTNASDAQ Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.                                     Yes  ☑         No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)                                     Yes  ☑         No  ☐

  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filer ☐
   Accelerated filer ☑ 
 

 Non-accelerated filer   ☐  
   Smaller reporting company ☑
 

   Emerging growth company ☐
 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).                                     Yes  ☐         No  ☑

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

 Class
   Outstanding at July 20, 2026
 

 Common Stock, $.01 Par Value
   20,942,257
 

 

 
 
 
  
 

 

 

 
 
 
 
 Table of Contents
 

 

 

  

 

 
  
 

 
  

 PAMT CORP

 Form 10-Q

 For the Quarter Ended June 30, 2026

 Table of Contents

  

  

  

 
 
 
 Part I. Financial Information
 
 

 
  
  
 3
 

 
 Item 1.
 
 Financial Statements (unaudited).
 
  
 

 
  
  
  
 

 
  
 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
 
 3
 

 
  
  
  
 

 
  
 Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2026 and 2025
 
 4
 

 
  
  
  
 

 
  
 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
 5
 

 
  
  
  
 

 
  
 Condensed Consolidated Statement of Stockholders’ Equity for the Six Months Ended June 30, 2026 and 2025
 
 6
 

 
  
  
  
 

 
  
 Notes to Condensed Consolidated Financial Statements as of June 30, 2026
 
 7
 

 
  
  
  
 

 
 Item 2.
 
 Management’s Discussion and Analysis of Financial Condition and Results of Operations.
 
 16
 

 
  
  
  
 

 
 Item 3.
 
 Quantitative and Qualitative Disclosures about Market Risk.
 
 22
 

 
  
  
  
 

 
 Item 4.
 
 Controls and Procedures.
 
 23
 

 
  
  
  
 

 
 Part II. Other Information
 
 

 
  
  
  
 

 
 Item 1.
 
 Legal Proceedings.
 
 24
 

 
  
  
  
 

 
 Item 1A.
 
 Risk Factors.
 
 24
 

 
  
  
  
 

 
 Item 2.
 
 Unregistered Sales of Equity Securities and Use of Proceeds.
 
 25
 

 
  
  
  
 

 
 Item 5.
 
 Other Information.
 
 25
 

 
  
  
  
 

 
 Item 6.
 
 Exhibits.
 
 26
 

 
  
  
 

 
 Signatures
 
 27
 

 
 
  

 
 
 2
 

 
 
 
 
 Table of Contents
 

 

 

 

  

 

 
  
 

 PART I. FINANCIAL INFORMATION

 Item 1. Financial Statements.

  

 PAMT CORP AND SUBSIDIARIES

 Condensed Consolidated Balance Sheets

 (unaudited)

 (in thousands, except share and per share data)

  

 
    June 30,
    December 31,
  

   2026
    2025
  

 ASSETS
         

 Current assets:
         

 Cash and cash equivalents
  $18,210  $35,234 

 Accounts receivable-net:
         

 Trade, less current estimated credit loss of $4,381 and $8,415, respectively
   88,930   66,882 

 Other
   4,125   6,757 

 Inventories
   2,610   2,332 

 Prepaid expenses and deposits
   7,728   9,807 

 Marketable equity securities
   38,732   48,488 

 Income taxes refundable
   1,042   1,732 

 Total current assets
   161,377   171,232 

         

 Property and equipment:
         

 Land
   26,676   30,064 

 Structures and improvements
   54,780   58,458 

 Revenue equipment
   660,174   687,291 

 Office furniture and equipment
   17,314   16,578 

 Total property and equipment
   758,944   792,391 

 Accumulated depreciation
   (259,476)  (275,554)

 Net property and equipment
   499,468   516,837 

         

 Other assets
   9,486   9,843 

         

 TOTAL ASSETS
  $670,331  $697,912 

         

 LIABILITIES AND STOCKHOLDERS’ EQUITY 
         

 Current liabilities:
         

 Accounts payable
  $27,421  $32,752 

 Accrued expenses and other liabilities
   30,599   41,078 

 Current maturities of long-term debt
   64,592   65,542 

 Total current liabilities
   122,612   139,372 

         

 Long-term debt - less current portion
   268,230   268,327 

 Deferred income taxes
   70,741   73,689 

 Other long-term liabilities
   5,658   6,040 

 Total liabilities
   467,241   487,428 

         

 STOCKHOLDERS' EQUITY
         

 Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued
   -   - 

 Common stock, $.01 par value, 100,000,000 shares authorized; 22,398,415 and 22,377,606 shares issued; 20,942,257 and 20,926,020 shares outstanding at June 30, 2026 and December 31, 2025, respectively
   224   224 

 Additional paid-in capital
   41,788   41,682 

 Treasury stock, at cost; 1,456,158 and 1,451,586 shares at June 30, 2026 and December 31, 2025, respectively
   (28,972)  (28,924)

 Retained earnings
   190,050   197,502 

 Total stockholders’ equity
   203,090   210,484 

         

 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $670,331  $697,912 

 

  

 See notes to condensed consolidated financial statements.

  

 
 
 3
 

 
 
 
 
 Table of Contents
 

 

 

 

 
  
 

   

 PAMT CORP AND SUBSIDIARIES

 Condensed Consolidated Statements of Operations

 (unaudited)

 (in thousands, except per share data)

  

 
    Three Months Ended
   Six Months Ended 

   June 30
   June 30, 

   2026
    2025
    2026
    2025
  

 OPERATING REVENUES:
                 

 Revenue, before fuel surcharge
  $136,894  $133,806  $259,556  $270,506 

 Fuel surcharge
   27,758   17,328   46,976   35,969 

 Total operating revenues
   164,652   151,134   306,532   306,475 

                 

 OPERATING EXPENSES AND COSTS:
                 

 Salaries, wages and benefits
   41,351   40,851   80,433   81,665 

 Operating supplies and expenses
   36,516   29,028   67,062   60,413 

 Rent and purchased transportation
   64,645   64,866   121,249   127,838 

 Depreciation
   19,337   21,719   38,581   44,315 

 Insurance and claims
   8,738   5,167   13,946   9,948 

 Other
   5,029   4,986   11,642   9,985 

 Gain on sale or disposition of assets
   (556)  (4,414)  (15,702)  (7,428)

 Total operating expenses and costs
   175,060   162,203   317,211   326,736 

                 

 OPERATING LOSS
   (10,408)  (11,069)  (10,679)  (20,261)

                 

 NON-OPERATING INCOME
   5,078   2,263   9,875   4,749 

 INTEREST EXPENSE
   (4,615)  (4,032)  (9,151)  (8,075)

                 

 LOSS BEFORE INCOME TAXES
   (9,945)  (12,838)  (9,955)  (23,587)

                 

 FEDERAL AND STATE INCOME TAX (BENEFIT)/EXPENSE:
                 

 Current
   445   (3,758)  445   4,940 

 Deferred
   (2,946)  547   (2,948)  (10,757)

 Total federal and state income tax (benefit)/expense
   (2,501)  (3,211)  (2,503)  (5,817)

                 

 NET LOSS
  $(7,444) $(9,627) $(7,452) $(17,770)

                 

 LOSS PER COMMON SHARE:
                 

 Basic
  $(0.36) $(0.46) $(0.36) $(0.83)

 Diluted
  $(0.36) $(0.46) $(0.36) $(0.83)

                 

 AVERAGE COMMON SHARES OUTSTANDING:
                 

 Basic
   20,943   21,095   20,940   21,498 

 Diluted
   20,943   21,095   20,940   21,498 

 

  

 See notes to condensed consolidated financial statements.

  

 
 
 4
 

 
 
 
 
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 PAMT CORP AND SUBSIDIARIES

 Condensed Consolidated Statements of Cash Flows

 (unaudited)

 (in thousands)

  

 
    Six Months Ended
  

   June 30,
  

   2026
    2025
  

 OPERATING ACTIVITIES:
         

 Net loss
  $(7,452) $(17,770)

 Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
         

 Depreciation
   38,581   44,315 

 Bad debt expense
   403   379 

 Stock compensation-net of excess tax benefits
   248   140 

 Provision for deferred income taxes
   (2,948)  (10,757)

 Gain on marketable equity securities
   (8,602)  (2,371)

 Gain on sale or disposition of assets
   (15,702)  (7,428)

 Changes in operating assets and liabilities:
         

 Accounts receivable
   (19,819)  3,623 

 Prepaid expenses, deposits, inventories, and other assets
   1,797   2,663 

 Income taxes refundable
   690   2,281 

 Income taxes payable
   -   1,774 

 Trade accounts payable
   6,732   (382)

 Accrued expenses and other liabilities
   (10,637)  739 

 Net cash (used in) provided by operating activities
   (16,709)  17,206 

         

 INVESTING ACTIVITIES:
         

 Purchases of property and equipment
   (18,758)  (18,149)

 Proceeds from sale or disposition of assets
   47,747   29,235 

 Sales of marketable equity securities
   18,358   743 

 Purchases of marketable equity securities
   -   (4,136)

 Net cash provided by investing activities
   47,347   7,693 

         

 FINANCING ACTIVITIES:
         

 Borrowings under lines of credit
   337,616   324,864 

 Repayments under lines of credit
   (337,616)  (324,864)

 Borrowings of long-term debt
   -   30,000 

 Repayments of long-term debt
   (47,614)  (39,801)

 Borrowings under margin account
   -   1,821 

 Repayments under margin account
   -   (1,136)

 Repurchases of common stock
   (48)  (14,928)

 Net cash used in financing activities
   (47,662)  (24,044)

         

 NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
   (17,024)  855 

         

 CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period
   35,234   68,060 

         

 CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period
  $18,210  $68,915 

         

 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
         

 Cash paid during the period for:
         

 Interest
  $9,213  $7,985 

 Income taxes
  $380  $886 

         

 NONCASH INVESTING AND FINANCING ACTIVITIES:
         

 Purchases of property and equipment included in accounts payable
  $959  $362 

 Purchases of property and equipment utilizing noncash (vendor-direct) financing
  $46,567  $14,452 

 

  

 See notes to condensed consolidated financial statements.

  

 
 
 
 
 5
 

 

 

 
 
 
 
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 PAMT CORP AND SUBSIDIARIES

 Condensed Consolidated Statements of Stockholders’ Equity

 (unaudited)

 (in thousands)

  

 
    Common Stock
 Shares / Amount
    Additional
 Paid-In Capital
    Treasury
 Stock
    Retained
 Earnings
    Total
  

                         

 Balance at January 1, 2026
   20,926  $224  $41,682  $(28,924) $197,502  $210,484 

                         

 Net loss
   -   -   -   -   (8)  (8)

                         

 Restricted stock issued
   18   -   -   -   -   - 

                         

 Treasury stock repurchases
   (1)  -   -   (11)  -   (11)

                         

 Restricted stock net settlement
   -   -   (137)  -   -   (137)

                         

 Stock based compensation
   -   -   98   -   -   98 

                         

 Balance at March 31, 2026
   20,943  $224  $41,643  $(28,935) $197,494  $210,426 

                         

 Net Loss
   -   -   -   -   (7,444)  (7,444)

                         

 Restricted stock issued
   2   -   -   -   -   - 

                         

 Treasury stock repurchases
   (3)  -   -   (37)  -   (37)

                         

 Stock based compensation
   -   -   145   -   -   145 

                         

 Balance at June 30, 2026
   20,942  $224  $41,788  $(28,972) $190,050  $203,090 

 

  

  

  

 
    Common Stock
 Shares / Amount
    Additional
 Paid-In Capital
    Treasury
 Stock
    Retained
 Earnings
    Total
  

                         

 Balance at January 1, 2025
   21,783  $224  $41,171  $(13,996) $250,109  $277,508 

                         

 Net loss
   -   -   -   -   (8,142)  (8,142)

                         

 Restricted stock issued
   8   -   (37)  -   -   (37)

                         

 Stock based compensation
   -   -   266   -   -   266 

                         

 Balance at March 31, 2025
   21,791  $224  $41,400  $(13,996) $241,967  $269,595 

                         

 Net Loss
   -   -   -   -   (9,627)  (9,627)

                         

 Treasury stock repurchases
   (870)  -   -   (14,928)  -   (14,928)

                         

Restricted stock issued   5   -   -   -   -   - 

                         

 Stock based compensation
   -   -   (126)  -   -   (126)

                         

 Balance at June 30, 2025
   20,926  $224  $41,274  $(28,924) $232,340  $244,914 

 

  

 See notes to condensed consolidated financial statements.

  

 
 
 
 
 6
 

 

 

 
 
 
 
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 PAMT CORP AND SUBSIDIARIES

 Notes to Condensed Consolidated Financial Statements (unaudited)

 June 30, 2026

  

  

 NOTE A: BASIS OF PRESENTATION

 In accordance with generally accepted accounting principles (“GAAP”) and applicable rules of the Securities and Exchange Commission, the information reported in this Quarterly Report on Form 10-Q for PAMT CORP and its legally distinct subsidiaries, unless otherwise indicated, is presented on a consolidated basis. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “our,” or “us” mean PAMT CORP and its consolidated subsidiaries.

  

 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2025 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the six-month period ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the consolidated financial statements and the footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2025.

 
 
  
 

 
 NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS

 In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. ASU 2024-03 was issued to enhance the transparency of financial reporting by requiring public business entities to provide more detailed disclosures about certain operating expenses. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company has evaluated the new guidance and does not expect it to have a material impact on its financial condition, results of operations, or cash flows.

  

 The Company considered the applicability and impact of the above-referenced ASU and all other accounting standard updates issued by the Financial Accounting Standards Board to the Accounting Standards Codification (“ASC”) and determined there are not any ASUs that have not already been adopted which require significant consideration for disclosure as of June 30, 2026.

 
 
  
 

 
 NOTE C: REVENUE RECOGNITION

 The Company has a single performance obligation to transport our customers’ freight from a specified origin to a specified destination. The Company has the discretion to choose to self-transport or to arrange for alternate transportation to fulfill the performance obligation. Where the Company decides to self-transport the freight, the Company classifies the service as truckload services, and where the Company arranges for alternate transportation of the freight, the Company classifies the service as brokerage and logistics services. In either case, the Company is paid a rate to transport freight from its origin location to a specified destination. Because the primary factors influencing revenue recognition, including performance obligation, customer base, and timing of revenue recognition are the same for both of its service categories, the Company utilizes the same revenue recognition method throughout its operations.

  

 Company revenue is generated from freight transportation services performed utilizing heavy truck trailer combinations. While various ownership arrangements may exist for the equipment utilized to perform these services, including Company-owned or leased, owner-operator owned, and third-party carriers, revenue is generated from the same base of customers. Contracts with these customers establish rates for services performed, which are predominantly rates that will be paid to pick up, transport and drop off freight at various locations. In addition to transportation, revenue is also awarded for various accessorial services performed in conjunction with the base transportation service. The Company also has other revenue categories that are not discussed in this note or broken out in our consolidated statements of operations due to their immaterial amounts.

  

 In fulfilling the Company’s obligation to transport freight from a specified origin to a specified destination, the control of freight is transferred to the Company at the point it has been loaded into the driver’s trailer, the doors are sealed and the driver has signed a bill of lading, which is the basic transportation agreement that establishes the nature, quantity and condition of the freight loaded, responsibility for invoice payment, and pickup and delivery locations. The Company’s revenue is generated, and our customer receives benefit, as the freight progresses towards delivery locations. In the event the Company’s customer cancels the shipment at some point prior to the final delivery location and re-consigns the shipment to an alternate delivery location, the Company is entitled to receive payment for services performed for the partial shipment. Shipments are generally conducted over a relatively short time span, generally one to three days; however, freight is sometimes stored temporarily in our trailer at one of our drop yard locations or at a location designated by a customer. The Company’s revenue is categorized as either Freight Revenue or Fuel Surcharge Revenue, and both are earned by performing the same freight transportation services, as discussed further below.

 Freight Revenue – revenue generated by the performance of the freight transportation service, including any accessorial service, provided to customers.

  

 
 
 
 
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 Fuel Surcharge Revenue – revenue designed to adjust freight revenue rates to an agreed-upon base cost for diesel fuel. Diesel fuel prices can fluctuate widely during the term of a contract with a customer. At the point that freight revenue rates are negotiated with customers, a sliding scale is agreed upon that systematically adjusts diesel fuel costs to an agreed-upon base amount. In general, as fuel prices increase, revenue from fuel surcharge increases, so that diesel fuel cost is adjusted to the approximate agreed upon base amount.

  

 Revenue is recognized over time as the freight progresses towards its destination and the transportation service obligation is fulfilled. For loads picked up during the reporting period, but delivered in a subsequent reporting period, revenue is allocated to each period based on the transit time in each period as a percentage of total transit time. The contract asset, or the amount of remaining performance obligation relating to loads in process, at June 30, 2026 was $3.0 million compared to $2.4 million at December 31, 2025. Recorded contract assets are included in the accounts receivable line item of the balance sheet. Corresponding liabilities are recorded in the accrued expenses and other liabilities line items for the estimated expenses on these same in-process loads. The Company had no contract liabilities associated with our operations as of June 30, 2026 and December 31, 2025, respectively. The Company’s contracts with customers generally have original expected durations less than one year. Accordingly, the Company has elected the practical expedient and does not disclose information about remaining unsatisfied performance obligations.

  

 The Company recognizes operating lease revenue from leasing tractors and related equipment to third parties, including independent contractors. Operating lease revenue from rental operations is recognized in revenue as it is earned. Upon lease termination, losses may be incurred in the recovery of leased equipment which are recognized as an expense in the period in which they are incurred.

 
 
  
 

 
 NOTE D: MARKETABLE EQUITY SECURITIES

 The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income.

  

 Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J.

  

 The following table sets forth market value, cost, and unrealized gains on equity securities as of June 30, 2026 and December 31, 2025.

  

 
    June 30, 2026
    December 31, 2025
  

   (in thousands)
  

 Fair market value
  $38,732  $48,488 

 Cost
   18,271   28,211 

 Unrealized gain
  $20,461  $20,277 

 
  

 The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of June 30, 2026 and December 31, 2025.

  

 
    June 30, 2026
    December 31, 2025
  

   (in thousands)
  

 Gross unrealized gains
  $20,752  $21,362 

 Gross unrealized losses
   (291)  (1,085)

 Net unrealized gain
  $20,461  $20,277 

 
  

 The following table shows the Company’s net realized gains during the three and six months ending on June 30, 2026 and 2025, respectively, on certain marketable equity securities.

  

 
    Three Months Ended
    Six Months Ended
  

   June 30,
    June 30,
  

   2026
    2025
    2026
    2025
  

   (in thousands)
  

 Sales proceeds
  $6,695  $742  $18,358  $743 

 Cost of securities sold
   3,833   1,030   9,940   1,034 

 Realized gain/(loss)
  $2,862  $(288) $8,418  $(291)

 
  

 
 
 
 
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 For the quarter ended June 30, 2026, the Company recognized dividends received of approximately $240,000 in non-operating income in its condensed consolidated statements of operations. For the quarter ended June 30, 2025, the Company recognized dividends received of approximately $392,000 in non-operating income in its condensed consolidated statements of operations.

  

 The Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of June 30, 2026, the Company had no outstanding borrowings under its margin account, which is no change from December 31, 2025, when the Company had no outstanding borrowings under the same account. Margin account borrowings, when utilized, are used for the purchase of marketable equity securities and as a source of short-term liquidity and are included in accrued expenses and other liabilities on our condensed consolidated balance sheets.

  

 Our marketable equity securities portfolio had a net unrealized pre-tax gain in market value of approximately $1,810,000 during the second quarter of 2026, and a net unrealized pre-tax gain in market value of approximately $1,058,000 during the second quarter of 2025, which were reported as non-operating income in its condensed consolidated statements of operations for the respective periods.

 
 
  
 

 
 NOTE E: STOCK-BASED COMPENSATION

 The Company maintains a stock incentive plan under which incentive and nonqualified stock options and other stock awards may be granted. On February 15, 2024, the Company’s Board of Directors adopted, and on October 31, 2024, our shareholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”). Under the 2024 Plan, 1,600,000 shares are reserved for the issuance of stock awards to employees, officers, directors, consultants and advisors of the Company. The stock option exercise price and the restricted stock purchase price under the 2024 Plan shall not be less than 100% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value is determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award is granted.

  

 During May 2026, the Company granted 2,905 shares of common stock to non-employee directors. This stock award had a grant date fair value of $10.32 per share, based on the closing price of the Company’s stock on the date of grant, and vested immediately.

  

 Prior to the 2024 Plan, the Company maintained the 2014 Amended and Restated Stock Option and Incentive Plan (the “2014 Plan”), which was adopted by the Company’s Board of Directors in March 2014 and approved by the Company’s shareholders in May 2014. Under the 2014 Plan, 3,000,000 shares (as adjusted for the Company’s 2-for-1 forward splits of its common stock paid in August 2021 and March 2022, respectively) were reserved for the issuance of stock awards to directors, officers, key employees, and others. The stock option exercise price and the restricted stock purchase price under the 2014 Plan were not to be less than 85% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value was determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award was granted. The 2014 Plan expired on March 13, 2024, and no further grants may be made under this plan. All outstanding unvested awards granted under the 2014 Plan, however, remain subject to the terms and conditions of the 2014 Plan.

  

 The total grant date fair value of stock vested during the first six months of 2026 was approximately $498,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first six months of 2026, was approximately $248,000 and includes approximately $30,000 recognized as a result of the granting of shares to certain non-employee directors, which vested immediately. As of June 30, 2026, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $1,271,000, which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $241,000 in additional compensation expense related to unvested stock awards during the remainder of 2026 and to recognize approximately $454,000, $449,000, $122,000, and $5,000 in additional compensation expense related to unvested stock-based awards during the years 2027, 2028, 2029 and 2030, respectively.

  

 The total grant date fair value of stock vested during the first six months of 2025 was approximately $437,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first six months of 2025, was approximately $140,000 and included approximately $45,000 recognized as a result of the issuance of shares to certain non-employee directors. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.01 during the first six months of 2025. As of June 30, 2025, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $1,147,000, which was being amortized on a straight-line basis over the remaining vesting period.

  

 
 
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 A summary of the status of the Company’s non-vested stock-based awards as of June 30, 2026, and changes during the six months ended June 30, 2026, is as follows:

  

 
    Stock-Based Awards
  

   Number of
 Shares/Units
    Weighted-
 Average Grant
 Date Fair Value
  

 Non-vested at January 1, 2026
   174,105  $13.79 

 Granted
   2,905   10.32 

 Canceled/forfeited/expired
   (28,103)  16.36 

 Vested
   (32,647)  15.26 

 Non-vested at June 30, 2026
   116,260  $13.68 

 
  

 
 
  
 

 
 NOTE F: SEGMENT INFORMATION

 The Company follows the guidance provided by ASC Topic 280, Segment Reporting, in its identification of operating segments. The Company has determined that it has a total of two operating segments whose primary operations can be characterized as either Truckload Services or Brokerage and Logistics Services; however, in accordance with the aggregation criteria provided by FASB ASC Topic 280, the Company has determined that the operations of the two operating segments can be aggregated into a single reportable segment. Both our truckload operations and our brokerage/logistics operations have similar qualitative and quantitative economic characteristics and are impacted by virtually the same economic factors. Based on the Company’s segment identification, interpretation of the aggregation criteria outlined in ASC 280-10-50-11, and the similar qualitative and quantitative economic characteristics of the Company’s operating segments, the operations of the Company are aggregated into a single motor carrier segment. The Company’s chief operating decision maker, the Chief Executive Officer, utilizes the metrics of net income and operating ratio to evaluate company performance and in competitive analysis when comparing to competing companies.

  

 Truckload Services revenues and Brokerage and Logistics Services revenues, each before fuel surcharges, were as follows:

  

  

 
    Three Months Ended June 30,
    Six Months Ended June 30,
  

   2026
    2025
    2026
    2025
  

   Amount
    %
    Amount
    %
    Amount
    %
    Amount
    %
  

   (in thousands)
  

 Truckload Services revenue
  $86,074   62.9  $92,824   69.4  $164,331   63.3  $185,253   68.5 

 Brokerage and Logistics Services revenue
   50,820   37.1   40,982   30.6   95,225   36.7   85,253   31.5 

 Total revenues
  $136,894   100.0  $133,806   100.0  $259,556   100.0  $270,506   100.0 

 
  

  

 The Company provides truckload transportation services as well as brokerage and logistics services to customers throughout the United States and portions of Canada and Mexico. The table below presents revenues, including fuel surcharges, by geographic area, expressed in both dollars and as a percentage of total revenue.

  

 
    Three Months Ended June 30,
    Six Months Ended June 30,
  

   2026
    2025
    2026
    2025
  

   Amount
    %
    Amount
    %
    Amount
    %
    Amount
    %
  

   (in thousands, except percentage data)
  

 United States - domestic shipments
  $93,570   56.8  $84,304   55.8  $172,954   56.4  $168,148   54.9 

 Shipments to or from Mexico
  $70,843   43.0  $66,537   44.0  $133,017   43.4  $137,634   44.9 

 Shipments to or from Canada
  $239   0.2  $293   0.2  $561   0.2  $693   0.2 

 Total
  $164,652   100.0  $151,134   100.0  $306,532   100.0  $306,475   100.0 

 
  

 
 
 10
 

 
 
 
 
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 NOTE G: TREASURY STOCK

 The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. During the three months ended June 30, 2026, the Company repurchased 3,401 shares of its common stock at an aggregate cost of approximately $37,000 under this program. As of June 30, 2026, there remain 469,444 shares of common stock authorized for repurchase under this plan.

 The Company accounts for treasury stock using the cost method. As of June 30, 2026, 1,456,158 shares were held in the treasury at an aggregate cost of approximately $28,972,000.

 
 
  
 

 
 NOTE H: EARNINGS PER SHARE

 Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:

  

 
    Three Months Ended
    Six Months Ended
  

   June 30,
    June 30,
  

   2026
    2025
    2026
    2025
  

   (in thousands, except per share data)
  

 Net loss
  $(7,444) $(9,627) $(7,452) $(17,770)

                 

 Basic weighted average common shares outstanding
   20,943   21,095   20,940   21,498 

 Dilutive effect of common stock equivalents
   -   -   -   - 

 Diluted weighted average common shares outstanding
   20,943   21,095   20,940   21,498 

                 

 Basic loss per share
  $(0.36) $(0.46) $(0.36) $(0.83)

 Diluted loss per share
  $(0.36) $(0.46) $(0.36) $(0.83)

 
  

 
 
  
 

 
 NOTE I: INCOME TAXES

 The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitations period of three years, and as a result, the Company’s tax years 2022 and forward remain open to examination in those jurisdictions.

  

 In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740-10-30, Accounting for Income Taxes, weighs all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is necessary. If negative conditions exist which indicate a valuation allowance might be necessary, consideration is then given to what effect the future reversals of existing taxable temporary differences and the availability of tax strategies might have on future taxable income to determine the amount, if any, of the required valuation allowance. As of June 30, 2026, management determined that the future reversals of existing taxable temporary differences and available tax strategies would generate sufficient future taxable income to realize its tax assets and therefore a valuation allowance was not neces