Filing Flows › Pangaea Logistics Solutions (PANL) › Q1 2026
Pangaea Logistics Solutions (PANL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Pangaea Logistics Solutions (PANL) reported revenue of $171M for the first quarter 2026 (Q1 2026), +39% from a year earlier and -7% from the quarter before. Operating margin was 6.1%, net earnings $13.3M (7.8% of revenue).
Pangaea Logistics Solutions, Q1 2026: revenue $171M (+39% year over year), operating margin 6.1%, net earnings $13.3M, operating cash flow $4.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $171M | -7% | +39% |
| Operating profit | $10.5M | -40% | +258% |
| Net earnings | $13.3M | +12% | — |
| Operating cash flow | $4.5M | -70% | — |
| Free cash flow | $2.7M | — | — |
What changed
Revenue was $170.6M in Q1 2026, up 39% year over year and down 7% from the previous quarter. Voyage revenue was the largest line at 89% of revenue. Voyage revenue added $42.3M year over year (up 39%), 89% of the total change.
Operating profit was $10.5M, a 6.1% margin (up 3.8 points year over year). Of the extra revenue versus Q1 2025, 16% reached operating profit, above the 2% margin then. Total costs grew 34% against revenue growth of 39%. The fastest-growing cost line was General & admin (+38%). Net earnings were $13.3M. The effective tax rate was 0.0%. Non-operating items added $3.2M, 23% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $4.5M, 33% of net income including minority interests. Non-cash charges added back $11.9M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $22.7M. Capital expenditures of $1.8M left free cash flow of $2.7M.
Questions
What was Pangaea Logistics Solutions' revenue in the first quarter 2026?
Pangaea Logistics Solutions (PANL) reported revenue of $171M for the first quarter 2026 (Q1 2026), +39% from a year earlier and -7% from the quarter before.
Was Pangaea Logistics Solutions profitable in the first quarter 2026?
Operating profit was $10.5M (6.1% of revenue) and net earnings $13.3M.