Full Year 2025 Summary (Full Year 2024 information on a combined basis)
Total Operating Revenue of $430.4 million, increased 10.7% from 2024
Total Operating Income (Loss) of ($32.3) million, versus $10.9 million in 2024. During the quarter, the Company recorded a non-cash goodwill impairment charge of $27.8 million as further detailed below. The charge reduced Operating Income but did not affect Adjusted Operating Income(1) or cash flows for the quarter or full year.
Adjusted Operating Income of $10.8 million, versus $19.5 million in 2024
Adjusted Operating Ratio(1) of 97.5% compared to 95.0% in 2024
Total Units delivered of 2,311,234, an increase of 16.2% from 2024
Rick O'Dell, Proficient's Chief Executive Officer, commented, "Reflecting on 2025, the automotive market seemingly peaked in March and April ahead of tariff impacts, and the remainder of the year was weaker than our expectations. Despite that, we made significant progress in completing the integration of the five Founding Companies, Auto Transport Group, and Brothers Auto Transport; demonstrated our top line growth strategies via market share gains and acquisition; set a foundation for ongoing operating ratio reduction into 2026; improved our leverage and balance sheet position, while generating significant free cash flow despite the weaker than expected market conditions; all while delivering reliable, quality service to customers nationwide. We're excited about the future of the business and our enhanced performance capabilities, even as the external market remains similar to our experience over the latter part of last year."
Explanatory Note
On May 13, 2024, Proficient completed the initial public offering (the "IPO") of its common stock and completed the acquisition (the "Combination") of Delta Auto Transport, Inc., Deluxe Auto Carriers, Inc., Sierra Mountain Group, Inc., Proficient Auto Transport, and Tribeca Automotive Inc. (collectively, the "Founding Companies"). Thereafter, on August 16, 2024, the Company acquired Auto Transport Group, LLC, ("ATG") and on November 1, 2024, the Company acquired Utah Truck & Trailer Repair, LLC, ("UTT"), a repair facility located at the ATG headquarters terminal in Ogden, Utah. On April 1, 2025, the Company acquired Brothers Auto Transport, LLC, ("Brothers"), located in Wind Gap, Pennsylvania and on May 27, 2025, the Company acquired PVT Truck & Trailer Repair, LLC, ("PVT") a repair facility located at the Brothers headquarters. For a full description of these transactions, please refer to our Quarterly Report on Form 10-Q for the period ended September 30, 2025.
The Company is providing the below summary unaudited consolidated financial information for the three and twelve months ended December 31, 2025, with comparison to summary unaudited combined information for the three and twelve months ended December 31, 2024. The summary unaudited consolidated/combined financial information has been prepared by, and is the responsibility of, the respective management of Proficient (for the post-IPO period) and the Founding Companies (for the period of January 1 through May 12, 2024). The consolidated financial statements have not yet been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2024, is derived from the Company's audited consolidated financial statements. Please refer to footnote 1 to the table for a description of periods included for the various acquired entities.
(1
)
Adjusted Operating Income and Adjusted Operating Ratio are non-GAAP financial measures. See "Summary Unaudited Financial Information" on the following pages for additional information regarding the use of Adjusted Operating Income and Adjusted Operating Ratio and a reconciliation to the most comparable GAAP measure.
Summary Unaudited Consolidated/Combined Financial Information (1)
($000s)
Three months ended
Twelve months ended
12/31/2025
12/31/2024
12/31/2025
12/31/2024
Total Operating Revenue
$
105,378
$
94,520
$
430,426
$
388,761
Total Operating (Loss) Income
(29,997
)
(2,409
)
(32,335
)
10,943
Addback:
Goodwill Impairment
27,787
-
27,787
-
Amortization of Intangibles
2,455
2,416
9,780
5,710
Stock Compensation Expense
1,253
1,136
5,527
2,820
Adjusted Operating Income (2)
1,498
1,143
10,759
19,473
Adjusted Operating Ratio (2)
98.6
%
98.8
%
97.5
%
95.0
%
(Loss) Income before income taxes
(31,457
)
(4,257
)
(40,899
)
7,151
Addback:
Depreciation & Amortization
10,127
8,128
39,306
24,920
Stock Compensation Expense
1,253
1,136
5,527
2,820
Interest Expense
1,498
1,961
6,589
5,792
Goodwill Impairment
27,787
-
27,787
-
Restructuring Charge
-
-
1,901
