Proficient Auto Logistics Reports $240.9M Revenue and $8.5M Net Loss for Fiscal Year 2024

Proficient Auto Logistics, Inc. reported a total operating revenue of $240.9 million for the fiscal year ending December 31, 2024, marking a significant increase from the $135.8 million reported in the previous year. This growth is attributed to the company's initial public offering (IPO) and the subsequent acquisition of five operating businesses, collectively referred to as the Founding Companies, which were completed on May 13, 2024. The company incurred a net loss of $8.5 million during the same period, a decline from a net income of $7.2 million in 2023, primarily due to increased operating expenses associated with the newly acquired entities.

The financial performance of Proficient Auto Logistics reflects substantial changes compared to the previous fiscal period. The company’s operating expenses rose to $248.7 million, up from $125.4 million in 2023, driven by higher salaries, fuel costs, and purchased transportation expenses. Salaries and wages increased by 123.5% to $45.6 million, while fuel and fuel taxes surged by 257.8% to $16.1 million. The increase in operating expenses was also influenced by stock-based compensation of $8.9 million and intangible amortization of $5.7 million, which were not present in the prior year.

Strategically, Proficient Auto Logistics has expanded its operations through a series of acquisitions, including the Founding Companies and additional entities such as Auto Transport Group and Utah Truck & Trailer Repair. These acquisitions have enhanced the company's geographic footprint and service offerings, allowing it to leverage synergies and improve operational efficiencies. As of December 31, 2024, the company employed approximately 671 individuals and operated a fleet of 1,145 auto transport vehicles, positioning itself as one of the largest auto transportation fleets in North America.

In terms of customer engagement, Proficient Auto Logistics reported that approximately 49.6% of its operating revenue in 2024 was derived from its four largest customers, including General Motors and BMW. The company has established long-term relationships with these customers, which are expected to contribute significantly to future revenue streams. The company also anticipates a 15% increase in pro forma combined revenue for 2025, driven by new contract business and market conditions following the exit of a major competitor.

Looking ahead, Proficient Auto Logistics aims to enhance its operational efficiency and expand its market share through continued acquisitions and improved service offerings. The company has identified opportunities to further entrench existing customer relationships and win new contracts, particularly in the auto storage and logistics sectors. However, the company also faces challenges, including a material weakness in internal controls over financial reporting, which it is actively working to remediate. The outlook remains cautiously optimistic as the company navigates the complexities of the auto transportation market and seeks to capitalize on its expanded capabilities.