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Proficient Auto Logistics Inc. (PAL-8.84%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include providing auto transportation and logistics services across North America. Proficient Auto Logistics operates with a fleet of approximately 1,145 vehicles and trailers, employing 671 dedicated employees.
The report highlights the completion of Proficient's initial public offering on May 13, 2024, and the acquisition of five founding companies, expanding its geographic presence and service offerings.
Proficient reported total operating revenue of $240,854,527 for the year, with the Company Drivers segment contributing $87,267,097 and the Brokered segment contributing $153,587,430.
The company recorded a net loss of $8,475,268 for the year, which includes expenses related to stock-based compensation and intangible amortization.
Proficient's total assets as of December 31, 2024, were $508,086,944, with goodwill and intangible assets accounting for a significant portion of this total.
The company has identified a material weakness in its internal controls over financial reporting, related to IT general controls and closing processes, and is taking steps to address these issues.
Proficient's strategy includes expanding its service offerings, improving operational efficiencies, and pursuing acquisition opportunities to enhance its market position.
The company operates in a competitive environment and is subject to various risks, including dependency on the automotive industry, regulatory compliance, and economic conditions.
The filing also outlines Proficient's financial agreements, including a loan and security agreement with Pinnacle Bank, providing a term loan facility and a revolving credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Proficient Auto Logistics Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.