PAL Files H&A Deal Financials: Pro Forma Revenue $825M, Combined Net Loss $38.2M
PAL is trading near its 52-week low of $2.68 (1.1% above the low).
Summary
PAL's 8-K/A supplies Hansen & Adkins and MCL McGill historical financials and pro forma statements for the $130 million acquisition, showing combined 2025 revenue of $825.2 million against a pro forma net loss of $38.2 million.
Key Events · M&A and Partnerships · PAL
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Deal Financials Finally Filed
Amendment No. 1 to the August 14, 2026 8-K provides the audited and interim financial statements of Hansen & Adkins and MCL McGill plus unaudited pro forma combined statements required by Item 9.01.
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Acquired Business Earnings Profile
H&A reported 2025 sales of $345,203,677 and net income of $7,858,624; for the six months ended June 30, 2026 revenue was $160,383,844 and net income $2,079,039, down from $4,255,672 a year earlier. MCL's 2025 revenue was $49,385,189 with net income of $1,270,305.
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Pro Forma Loss and Leverage
Combined pro forma 2025 revenue was $825,219,765 but the net loss attributable to PAL was $38,244,614, including $27,787,000 of goodwill and intangible impairment and $16,434,916 of pro forma interest expense. The pro forma balance sheet carries $72,375,000 of convertible notes and $102,859,350 of long-term debt.
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Purchase Price and Earnout Terms
Preliminary consideration transferred was $62.8 million, including $60.5 million cash and 421,354 PAL shares valued at $2.2 million, with $18.2 million of intangibles and $22.8 million of goodwill recognized. Sellers can earn up to $22.1 million more on 2026 EBITDA, preliminarily valued at $0.
Analysis · PAL · Energy & Transportation
The numbers the market has been waiting on since the August 13 close are finally here, and they show what PAL actually bought. In 2025, H&A generated $345.2 million of sales and $7.9 million of net income, while MCL added $49.4 million of revenue, making the combined business far larger than PAL standalone. The pro forma, however, reveals the cost of the deal: combined 2025 revenue of $825.2 million against a net loss of $38.2 million, driven by $27.8 million of goodwill and intangible impairment, $16.4 million of pro forma interest expense and $4.8 million of acquisition costs. Leverage and dilution overhang are now explicit on the balance sheet, which carries $72.4 million of 5.500% convertible notes convertible at roughly $6.50 per share plus $82 million of M&T equipment borrowings. The acquired trucking fleets are also soft: H&A's first-half 2026 revenue fell to $160.4 million from $169.7 million and net income dropped to $2.1 million from $4.3 million, and MCL's first-half net income fell to $54,702 from $898,415. With the stock near its 52-week low, the pro forma loss and the debt load are the story, not the revenue scale.
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At the time of this filing, PAL was trading at $2.71 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $76M. The 52-week trading range was $2.68 to $10.97. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.