Thu, Jun 20, 9:30 PM (79 days ago)
Proficient Auto Logistics, Inc. (PAL) reported its first quarterly financial results post-IPO for the period ending March 31, 2024. The company did not generate revenue in Q1 2024, incurring a net loss of $309,878 due to IPO-related expenses. Proficient Auto Transport, a subsidiary, saw an 18.8% decline in operating revenue to $27.8 million, driven by a 15.5% drop in revenue before fuel surcharges and a 56.1% decline in fuel surcharge reimbursements due to lower demand and fuel prices. Total operating expenses decreased by 17.6%, leading to a 30.9% reduction in operating income to $2 million. EBITDA fell by 24.3% to $2.7 million. The IPO raised $236.5 million, with $180.4 million used for acquisitions. The company plans to use remaining funds for working capital and future acquisitions. Despite a challenging quarter, the company remains focused on integrating acquisitions and achieving operational efficiencies.