$PAL
Proficient Auto Logistics, Inc Stock $pal

$pal Overview Financials Valuation SEC Filings Company Website

2024 Q3 Form 10-Q Financial Statement

#000121390024069146 Filed on August 14, 2024

Income Statement

Concept	2024 Q3	2024 Q2
Revenue	$91.51M	$55.91M
YoY Change	173.41%
Cost Of Revenue	$56.64M	$34.01M
YoY Change
Gross Profit	$34.86M	$21.90M
YoY Change
Gross Profit Margin	38.1%	39.18%
Selling, General & Admin	$4.467M	$20.01M
YoY Change	428.21%
% of Gross Profit	12.81%	91.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$8.784M	$295.7K
YoY Change
% of Gross Profit	25.2%	1.35%
Operating Expenses	$93.69M	$24.51M
YoY Change	200.41%
Operating Profit	-$2.186M	-$2.606M
YoY Change	-195.85%
Interest Expense	-$1.407M	-$639.8K
YoY Change
% of Operating Profit
Other Income/Expense, Net	$492.2K	$167.1K
YoY Change	-317.18%
Pretax Income	-$1.693M	-$3.081M
YoY Change	-182.46%
Income Tax	-$327.8K	-$5.004M
% Of Pretax Income
Net Earnings	-$1.365M	-$3.552M
YoY Change	-187.79%
Net Earnings / Revenue	-1.49%	-6.35%
Basic Earnings Per Share	-$0.05	-$0.24
Diluted Earnings Per Share	-$0.05	-$0.14
COMMON SHARES
Basic Shares Outstanding	25.96M shares	26.09M shares
Diluted Shares Outstanding	26.50M shares

Balance Sheet

Concept	2024 Q3	2024 Q2	2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$16.85M	$36.29M
YoY Change
Cash & Equivalents	$16.85M	$36.29M	$458.2K
Short-Term Investments
Other Short-Term Assets	$13.96M	$7.714M
YoY Change
Inventory
Prepaid Expenses
Receivables	$38.67M	$40.06M	$19.80M
Other Receivables	$276.2K	$18.16K
Total Short-Term Assets	$69.75M	$84.09M	$23.43M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment	$129.1M	$114.0M	$18.00M
YoY Change
Goodwill	$148.1M	$127.4M
YoY Change
Intangibles	$134.9M	$113.8M	$0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets	$427.9K	$5.284M	$528.0K
YoY Change
Total Long-Term Assets	$428.5M	$374.6M	-$19.03M
YoY Change
TOTAL ASSETS
Total Short-Term Assets	$69.75M	$84.09M	$23.43M
Total Long-Term Assets	$428.5M	$374.6M	-$19.03M
Total Assets	$498.2M	$458.6M	$4.395M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$10.23M	$11.37M	$4.006M
YoY Change
Accrued Expenses	$23.36M	$23.00M	$7.803M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$2.912M
YoY Change
Long-Term Debt Due	$18.73M	$19.28M	$1.600M
YoY Change
Total Short-Term Liabilities	$55.73M	$61.84M	$4.006M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt	$45.29M	$33.24M	$5.035M
YoY Change
Other Long-Term Liabilities	$408.7K	$13.02M
YoY Change
Total Long-Term Liabilities	$45.70M	$46.27M	$5.035M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities	$55.73M	$61.84M	$4.006M
Total Long-Term Liabilities	$45.70M	$46.27M	$5.035M
Total Liabilities	$159.8M	$140.4M	$26.36M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings	-$5.800M		-$572.8K
YoY Change
Common Stock	$344.3M		$29.39K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$338.5M	$318.2M	$389.2K
YoY Change
Total Liabilities & Shareholders Equity	$498.2M	$458.6M	$4.395M
YoY Change

Cashflow Statement

Concept	2024 Q3	2024 Q2
OPERATING ACTIVITIES
Net Income	-$1.365M	-$3.552M
YoY Change	-187.79%
Depreciation, Depletion And Amortization	$8.784M	$295.7K
YoY Change
Cash From Operating Activities	$3.404M	-$978.9K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures	-$315.2K	$5.890M
YoY Change
Acquisitions
YoY Change
Other Investing Activities	-$24.40M	-$171.9M
YoY Change
Cash From Investing Activities	-$24.08M	-$177.8M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	1.234M	213.2M
YoY Change
NET CHANGE
Cash From Operating Activities	3.404M	-978.9K
Cash From Investing Activities	-24.08M	-177.8M
Cash From Financing Activities	1.234M	213.2M
Net Change In Cash	-19.44M	34.43M
YoY Change
FREE CASH FLOW
Cash From Operating Activities	$3.404M	-$978.9K
Capital Expenditures	-$315.2K	$5.890M
Free Cash Flow	$3.719M	-$6.869M
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2024-06-30
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-42035
	dei	Entity Registrant Name EntityRegistrantName	PROFICIENT AUTO LOGISTICS, INC.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	93-1869180
	dei	Entity Address Address Line1 EntityAddressAddressLine1	12276 San Jose Blvd.
	dei	Entity Address Address Line2 EntityAddressAddressLine2	Suite 426
	dei	Entity Address City Or Town EntityAddressCityOrTown	Jacksonville
	dei	Entity Address State Or Province EntityAddressStateOrProvince	FL
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	32223
	dei	City Area Code CityAreaCode	(904)
	dei	Local Phone Number LocalPhoneNumber	506-7918
	dei	Security12b Title Security12bTitle	Common stock, par value $0.01 per share
	dei	Trading Symbol TradingSymbol	PAL
	dei	Security Exchange Name SecurityExchangeName	NASDAQ
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	false
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
	dei	Entity Shell Company EntityShellCompany	false
CY2024Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	25960435	shares
	us-gaap	Nature Of Operations NatureOfOperations	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — Nature of operations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AH Acquisition Corp. was formed on June 13, 2023, pursuant to the laws of the State of Delaware to become a holding company for the consolidation of several operating companies within the automobile transportation industry. Subsequently, on October 17, 2023, AH Acquisition Corp. legally changed its name to Proficient Auto Logistics, Inc (“Proficient,” the “Company,” or “We”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proficient is a leading non-union, specialized freight company focused on providing auto transportation and logistics services. The Company offers a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships around the country. We have developed a differentiated business model due to our scale, breadth of geographic coverage, and embedded customer relationships with leading auto original equipment manufacturing companies (“OEMs”). Our customers range from large, global auto companies, such as General Motors, BMW, Stellantis, and Mercedes Benz, to electric vehicle (“EV”) producers, such as Tesla and Rivian. Additional customers include auto dealers, auto auctions, rental car companies, and auto leasing companies. Proficient operates an asset-based truckload service (“Truckload”) on behalf of the manufacturers as well as various third-party logistics management companies or brokers. In addition, Proficient provides third party logistics to other transportation companies under an asset-light freight model (“Brokerage”).</span></p>
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CY2024Q2	us-gaap	Other Long Term Notes Payable OtherLongTermNotesPayable	52433370	usd
CY2024Q2	us-gaap	Other Borrowings OtherBorrowings	1751832	usd
CY2024Q2	us-gaap	Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear	12004516	usd
CY2024Q2	us-gaap	Long Term Debt Maturities Repayments Of Principal In Next Twelve Months LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths	14414051	usd
CY2024Q2	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Two LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo	9558661	usd
CY2024Q2	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Three LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree	7376581	usd
CY2024Q2	us-gaap	Long Term Debt Maturing In Years Two And Three LongTermDebtMaturingInYearsTwoAndThree	9030392	usd
CY2024Q2	us-gaap	Long Term Debt LongTermDebt	52384201	usd
CY2024Q2	us-gaap	Lessee Operating Lease Liability Payments Remainder Of Fiscal Year LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear	15662	usd
CY2024Q2	us-gaap	Lessee Operating Lease Liability Payments Due Next Twelve Months LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths	2697	usd
CY2024Q2	us-gaap	Lessee Operating Lease Liability Payments Due LesseeOperatingLeaseLiabilityPaymentsDue	18359	usd
CY2024Q2	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	199	usd
CY2024Q2	us-gaap	Operating Lease Liability OperatingLeaseLiability	18160	usd
CY2024Q2	us-gaap	Net Investment In Lease Current NetInvestmentInLeaseCurrent	18160	usd
CY2024Q2	us-gaap	Investment Company Market Value Per Share InvestmentCompanyMarketValuePerShare	1
CY2023	pal	Undistributed Preferred Returns UndistributedPreferredReturns	5813749	usd
CY2022Q4	us-gaap	Convertible Debt Noncurrent ConvertibleDebtNoncurrent	12933092	usd
CY2023	us-gaap	Dividends Preferred Stock DividendsPreferredStock	947580	usd
CY2023	us-gaap	Dividends Paidinkind DividendsPaidinkind	5000000	usd
CY2023Q4	us-gaap	Convertible Debt Noncurrent ConvertibleDebtNoncurrent	8880672	usd
CY2024Q1	us-gaap	Dividends Preferred Stock DividendsPreferredStock	177752	usd
CY2024Q1	us-gaap	Convertible Debt Noncurrent ConvertibleDebtNoncurrent	9058424	usd
CY2024Q2	us-gaap	Dividends Preferred Stock DividendsPreferredStock	82774	usd
CY2024Q2	us-gaap	Convertible Debt Noncurrent ConvertibleDebtNoncurrent	9141198	usd
CY2024Q2	us-gaap	Proceeds From Debt Net Of Issuance Costs ProceedsFromDebtNetOfIssuanceCosts	192273599	usd
CY2024Q2	us-gaap	Excess Stock Shares Issued ExcessStockSharesIssued	6848795	shares
	pal	Additional Share AdditionalShare	2149999	shares
	pal	Gross Proceeds GrossProceeds	21500000	usd
	us-gaap	Proceeds From Debt Net Of Issuance Costs ProceedsFromDebtNetOfIssuanceCosts	20018250	usd
	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	2	pure
	us-gaap	Net Income Loss NetIncomeLoss	-3861773	usd
CY2024Q2	us-gaap	Net Income Loss NetIncomeLoss	-3551895	usd
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	8965933	shares
CY2024Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	14992736	shares
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.43
CY2024Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.24
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	1255508	shares
CY2023Q3	us-gaap	Legal Fees LegalFees	4000000	usd
CY2022	us-gaap	Other Expenses OtherExpenses	4000000	usd
	us-gaap	Payment For Contingent Consideration Liability Investing Activities PaymentForContingentConsiderationLiabilityInvestingActivities	28700000	usd
	us-gaap	Stock Issued During Period Shares Issued For Services StockIssuedDuringPeriodSharesIssuedForServices	1020000.00	shares
CY2024Q2	us-gaap	Sale Of Stock Price Per Share SaleOfStockPricePerShare	0.01
	us-gaap	Line Of Credit Facility Collateral Fees Amount LineOfCreditFacilityCollateralFeesAmount	671872	usd
CY2024Q2	ecd	Non Rule10b51 Arr Trmntd Flag NonRule10b51ArrTrmntdFlag	false
CY2024Q2	ecd	Rule10b51 Arr Trmntd Flag Rule10b51ArrTrmntdFlag	false
CY2024Q2	ecd	Non Rule10b51 Arr Adopted Flag NonRule10b51ArrAdoptedFlag	false
CY2024Q2	ecd	Rule10b51 Arr Adopted Flag Rule10b51ArrAdoptedFlag	false
CY2023Q4	us-gaap	Goodwill Goodwill		usd
CY2024Q2	us-gaap	Lessee Operating Lease Liability Payments Due Year Two LesseeOperatingLeaseLiabilityPaymentsDueYearTwo		usd
CY2024Q2	us-gaap	Net Investment In Lease Noncurrent NetInvestmentInLeaseNoncurrent		usd
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	dei	Entity Central Index Key EntityCentralIndexKey	0001998768

Files In Submission

Name	View Source	Status
0001213900-24-069146-index-headers.html	Edgar Link	pending
0001213900-24-069146-index.html	Edgar Link	pending
0001213900-24-069146.txt	Edgar Link	pending
0001213900-24-069146-xbrl.zip	Edgar Link	pending
ea0211249-10q_proficient.htm	Edgar Link	pending
ea021124901ex31-1_proficient.htm	Edgar Link	pending
ea021124901ex31-2_proficient.htm	Edgar Link	pending
ea021124901ex32-1_proficient.htm	Edgar Link	pending
ea021124901ex32-2_proficient.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
pal-20240630.xsd	Edgar Link	pending
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report.css	Edgar Link	pending
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ea0211249-10q_proficient_htm.xml	Edgar Link	completed

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2024 Q3 Form 10-Q Financial Statement

#000121390024069146 Filed on August 14, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PAL Proficient Auto Logistics, Inc Stock $pal

2024 Q3 Form 10-Q Financial Statement

#000121390024069146 Filed on August 14, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PAL
Proficient Auto Logistics, Inc Stock $pal