Pamt Corp (NASDAQ: PAMT)

PAMT CORP is a holding company that provides truckload dry van carrier services transporting general commodities throughout the continental United States and Mexico, as well as in certain Canadian provinces. The company’s consolidated operating subsidiaries also provide transportation services in Mexico under agreements with Mexican carriers. Its freight consists primarily of automotive parts, expedited goods, consumer goods such as general retail store merchandise, and manufactured goods such as heating and air conditioning units.

PAMT CORP generates revenue through truckload services and brokerage and logistics services. Truckload services are performed using company-owned trucks, long-term contractors, or single-trip contractors to transport freight for customers. Brokerage and logistics services coordinate or facilitate the transport of freight for customers, generally utilizing single-trip contractors. Truckload services operating revenues, before fuel surcharges, represented 68.3% of total operating revenues for the year ended December 31, 2025, while brokerage and logistics services represented the remaining 31.7%. Approximately 56% of the company’s revenues are derived from domestic shipments, with approximately 44% derived from freight originating from or destined to locations in Mexico or Canada.

The company operates through the following segments: Truckload Services and Brokerage and Logistics Services.

• Truckload Services: This segment provides asset-based transportation solutions utilizing company-owned trucks, long-term contractors, and single-trip contractors to move freight for customers. The service offerings include dedicated, expedited, automotive, local, regional, and long-haul truckload services. These operations are designed to meet time-sensitive delivery schedules and support just-in-time manufacturing processes.

• Brokerage and Logistics Services: This segment coordinates and facilitates freight transportation for customers using third-party equipment and single-trip contractors. It offers similar service types as the truckload segment but expands capacity through external carrier partnerships. The segment supports the company’s ability to scale capacity in response to fluctuating demand while maintaining service reliability.

PAMT CORP operates in the highly fragmented truckload industry, competing primarily with other medium and long-haul truckload carriers, private carriage operations, and to a lesser extent, railroads. The company’s market share is less than 1%, and it differentiates itself through service quality, delivery performance, and reliability rather than price alone. Competitive advantages include a modern fleet with an average truck age of 2.0 years, stringent preventive maintenance programs, and early adoption of electronic logging devices to ensure regulatory compliance and operational efficiency.

PAMT CORP serves a diverse customer base including major manufacturers and retailers. Its five largest customers accounted for approximately 43% of total revenues in 2025. Specific customers include General Motors Company, which represented approximately 14% of revenues, Ford Motor Company at approximately 9%, and Walmart Inc. at approximately 8%. The company also provides transportation services to other manufacturers supplying automobile manufacturers, with approximately 35% of 2025 revenues derived from the automobile industry.