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Major Customers of PAMT (Symbol: PAMT)

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Lance K. Stewart, President, Chief Executive Officer and Director

Lance K. Stewart was promoted to President, Chief Executive Officer, and Director of PAMT Corp., effective August 4, 2025. Prior to this role, he served as the company's Vice President of Finance, Chief Financial Officer, and Treasurer since April 2023. Mr. Stewart began his career with P.A.M. Transport Inc., PAMT's operating subsidiary, in 1989. Over his extensive tenure, he has held various positions, including Vice President of Accounting (2002-2010) and Vice President of Operations (2020-2023). He previously served as Vice President of Finance, Chief Financial Officer, Secretary, and Treasurer from 2010 to 2013 and briefly as interim Chief Financial Officer in March 2023. No information is available regarding Mr. Stewart founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies.

Daniel C. Kleine, Senior Vice President of Finance and Treasurer, Principal Financial and Accounting Officer

Daniel C. Kleine was promoted to Senior Vice President of Finance and Treasurer and began serving as the principal financial and accounting officer for PAMT Corp., effective August 4, 2025, while the company searches for a permanent Chief Financial Officer. He joined the company in June 2025. No information is available regarding Mr. Kleine founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies.

Matthew T. Moroun, Chairman of the Board

Matthew T. Moroun is the Chairman of the Board for PAMT Corp. He briefly served as interim President and Chief Executive Officer from June 27, 2025, until August 4, 2025. Mr. Moroun has been a director of PAMT Corp. since 1992 and has held the role of chairman of the board since 2007. In addition to his role at PAMT, he is also chairman for a diversified holding company and an insurance and real estate holding company, and serves as a director and chairman of the board for Universal Logistics. Mr. Moroun owns or controls other privately held businesses involved in transportation services, real estate acquisition, development, and management. The Moroun family trusts collectively own over 50% of PAMT's outstanding common stock. No information is available regarding Mr. Moroun selling companies he was previously involved with to an acquirer or a pattern of managing private equity-backed companies.

Tyler Majors, Secretary

Tyler Majors serves as the Secretary for PAMT Corp. No further background information is available.

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PAMT (Pamt Corp) operates primarily in two main areas: truckload dry van carrier services and brokerage and logistics services across the continental United States, Canadian provinces of Ontario and Quebec, and Mexico.

Addressable Markets for PAMT's Main Products or Services:

1. Truckload Dry Van Carrier Services

The addressable market for PAMT's truckload dry van carrier services falls within the broader truck freight market. In North America, the truck freight market was valued at approximately USD 886.26 billion in 2024. Within this, dry van and box trucks accounted for nearly 44% of the freight trucking market share in North America in 2025, reflecting their capacity and versatility.

• North America: Approximately USD 886.26 billion in 2024 for the overall truck freight market.
• United States: Approximately USD 699.26 billion in 2024 for the truck freight market.
• Canada: Approximately USD 106.35 billion in 2024 for the truck freight market.
• Mexico: Approximately USD 80.65 billion in 2024 for the truck freight market.

2. Brokerage and Logistics Services

For its brokerage and logistics services, PAMT operates within the freight brokerage market in North America.

• North America: The freight brokerage market was accounted at approximately USD 18.11 billion in 2024.
• United States: The U.S. freight brokerage market is estimated at approximately USD 19.68 billion in 2025.
• Canada: The Canada freight brokerage services market is estimated at approximately USD 1.58 billion in 2025.
• Mexico: The Mexico freight brokerage services market size is estimated at approximately USD 1.52 billion in 2025.

Here are 3-5 expected drivers of future revenue growth for PAMT over the next 2-3 years:

• Digital Transformation and Technology Adoption: PAMT's investments in real-time data aggregation on truck locations, supply chain visibility, telematics systems for tracking and route optimization, and fuel-management analytics are expected to drive future revenue growth and improve free cash flow margins. This focus on digital transformation and product innovation is setting the stage for gradual improvement in the medium term.
• Diversification and Expansion of Logistics Services: The company is strategically working to reduce its reliance on the automotive sector and expand its logistics business. This includes a shift toward non-asset-based logistics, which could help insulate PAMT from asset depreciation and maintenance costs. PAMT's service portfolio already includes dedicated contract carriage, segmented dedicated services, on-demand truckload solutions, and intermodal support, catering to various commodities.
• Operational Efficiency and Cost Optimization: PAMT is actively pursuing cost savings through process automation, lean manufacturing, improved logistics management, retiring older trucks, optimizing routes, and cutting operating expenses. These initiatives are expected to yield incremental margin benefits in future quarters, balancing cost containment with investments in growth-oriented projects.
• Market Expansion and Strategic Partnerships: The company plans to selectively explore high-growth international markets and potential strategic partnerships to broaden its reach and resilience. Currently, PAMT provides truckload services throughout the continental United States, Canadian provinces of Ontario and Quebec, and Mexico.
• Potential Acquisitions: PAMT may look to acquire small competitors in the fragmented trucking industry to improve its financial figures and market position.

Share Repurchases

• A share repurchase program concluded on May 1, 2025, with 870,000 shares repurchased for $14.79 million.
• In July 2023, the Board of Directors reauthorized 500,000 shares for repurchase under a program initiated in September 2011.
• Since the July 2023 reauthorization, PAMT has repurchased 25,984 shares.

Share Issuance

• On February 15, 2024, the 2024 Equity Incentive Plan was adopted by the Board of Directors and approved by shareholders on October 31, 2024, reserving 1,600,000 shares for stock awards.
• In August 2025, the company granted 100,000 restricted stock units to its Chief Executive Officer, with a grant date fair value of $12.15 per share.

Outbound Investments

• PAMT reported no annual long-term investments from 2020 to 2024, and no quarterly long-term investments in 2025.

Capital Expenditures

• During the first nine months of 2025, PAMT utilized cash on hand and long-term debt to finance approximately $21.6 million in purchases of revenue equipment and other assets.
• Approximately $46.3 million of revenue equipment was acquired through vendor-direct financing arrangements in the first nine months of 2025.
• The company anticipates net capital expenditures of about $33.0 million for the remainder of 2025, primarily for the acquisition of 94 new trucks and 650 new trailers, alongside the sale or trade of older equipment.