Proficient Auto Logistics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total operating revenue for the three months ended September 30, 2026, was $149.0 million, a 30.3% increase from $114.3 million in Q3 2025.
• Total operating loss was $3.9 million for Q3 2026, compared to a loss of $0.1 million in Q3 2025.
• Adjusted operating income was $0.3 million for Q3 2026, down from $4.2 million in Q3 2025.
• Adjusted operating ratio was 99.8% in Q3 2026, compared to 96.3% in Q3 2025.
• Total units delivered reached 839,036 in Q3 2026, a 38.6% increase from 605,341 units in Q3 2025.
• For the nine months ended September 30, 2026, total operating revenue was $352.1 million versus $325.0 million in the prior period.
• Nine-month adjusted operating loss was $2.4 million, compared to adjusted operating income of $9.3 million in the prior period.
• Nine-month adjusted EBITDA was $20.1 million, down from $31.0 million in the prior period.
• Nine-month adjusted EBITDA margin was 5.7%, compared to 9.5% in the prior period.
• Cash and cash equivalents were $11.8 million as of September 30, 2026, down from $14.3 million as of December 31, 2025.
• Senior secured debt was $140.6 million (inclusive of $9.9 million drawn on the line of credit) as of September 30, 2026, resulting in net debt of approximately $128.8 million.
• Convertible senior notes with a seven-year term were added at the time of the Hansen & Adkins acquisition.
• Loss per share (basic and diluted) was $0.35 for Q3 2026, compared to $0.11 in Q3 2025.

Guidance and Future Outlook:

• The Company expects to achieve the high end of its initial synergy range ($6 million to $10 million) by year-end 2026.
• Additional synergy opportunities from resource and portfolio optimization, real estate, insurance, and SG&A consolidation are expected in 2027.
• Further optimization and automation benefits are anticipated through 2029.
• Management identified a total synergy opportunity of $20 million to $30 million, significantly above the initial $6 million to $10 million range identified at the acquisition announcement.
• The Company is focused on closing the gap between current performance and earnings potential through improved pricing, fuel recovery, and network efficiency.

Business Segments and Product Lines:

• The Hansen & Adkins integration is progressing on schedule, with substantial completion expected by the end of the first quarter of 2027.
• Proficient is executing 11 integration workstreams focused on leveraging the combined network, fleet, and purchasing scale.
• Completed integration actions include increasing sister hauling to reduce empty miles, opening 20 maintenance locations across the combined fleet, implementing common fleet and maintenance systems, and consolidating fuel, insurance, and purchasing programs.
• Company unit deliveries increased to 46% of revenue in Q3 2026, up from 36% in Q3 2025, reflecting the addition of Hansen & Adkins company drivers and prioritization of company-owned asset utilization.
• Revenue per unit for company deliveries was $161.87 in Q3 2026, down 11.3% from $182.44 in Q3 2025.
• Revenue per unit for subhaulers was $150.24 in Q3 2026, down 10.8% from $168.45 in Q3 2025.
• Revenue per unit for total deliveries was $155.40 in Q3 2026, down 10.3% from $173.29 in Q3 2025.
• Revenue per unit including fuel surcharge and other revenue was 6.0% lower year-over-year.

Market and Competitive Landscape:

• Total unit volume for subhaulers increased 17.9% to 466,996 in Q3 2026 compared to 396,001 in Q3 2025.
• Reduced available subhauler capacity from supply that has exited the market contributed to the shift toward company deliveries.
• The lower revenue per unit reflects portfolio mix and a proportionally shorter length of haul in the Hansen & Adkins portfolio compared to the rest of the Proficient portfolio.
• The Company operates the largest auto transportation fleet in North America through the combination of nine industry-leading operating companies.

Risks and Challenges:

• Elevated cost inflation across insurance, driver wages, recruiting, retention, and equipment maintenance negatively impacted the operating ratio.
• OEM-administered fuel surcharge programs did not fully recover increased fuel expense due to structural limitations and timing lag, negatively impacting the third-quarter operating ratio by an estimated 200 to 250 basis points.
• Integration risks include potential disruptions to business, diversion of management time, adverse reactions to business relationships, and unexpected liabilities arising from the Hansen & Adkins acquisition.
• Risks include the inability to recognize anticipated benefits of the acquisition and the application of internal controls over financial reporting to the acquired entity.
• Market risks include fuel price volatility, economic conditions, geopolitical developments, and changes in international trade policies.
• Challenges include the ability to recruit and retain qualified driving associates and independent contractors.

Management Commentary and Tone:

• CEO Rick O'Dell stated that while underlying demand is healthy, performance does not yet reflect the earnings potential of the business.
• Management expressed confidence in the potential of the combined company, citing the creation of a stronger, more scalable platform through the Hansen & Adkins combination.
• Management emphasized a clear path to improved financial performance and long-term value creation through execution on integration, pricing, fuel recovery, and efficiency.
• The tone indicates a focus on decisive actions to strengthen profitability and cash generation.

Other Key Points:

• The Company completed the acquisition of Hansen & Adkins on August 13, 2026; consolidated results for Q3 2026 include H&A results only from that date.
• On March 2, 2026, the Board authorized a share repurchase program of up to $15 million.
• As of the end of Q3 2026, the Company had repurchased 181,678 shares at an average price of $5.89 for a total of $1.1 million.
• The Company reported a loss before income taxes of $13.2 million for Q3 2026, compared to a loss of $3.7 million in Q3 2025.
• Acquisition and restructuring charges were $6.4 million for Q3 2026, compared to $1.9 million in Q3 2025.
• Interest expense was $3.0 million for Q3 2026, up from $1.7 million in Q3 2025.
• The Company will host an investor conference call and webcast on November 12, 2026, at 5:00 p.m. EST.