Filing Flows › Pangaea Logistics Solutions (PANL) › Q2 2025
Pangaea Logistics Solutions (PANL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Pangaea Logistics Solutions (PANL) reported revenue of $157M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +28% from the quarter before. Operating margin was 2.3%, net loss $2.9M (1.9% of revenue).
Pangaea Logistics Solutions, Q2 2025: revenue $157M (+19% year over year), operating margin 2.3%, net loss $2.9M, operating cash flow $14.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $157M | +28% | +19% |
| Operating profit | $3.7M | +25% | — |
| Net earnings | −$2.9M | — | — |
| Operating cash flow | $14.4M | — | +61% |
| Free cash flow | $13.5M | — | +51% |
What changed
Revenue was $156.7M in Q2 2025, up 19% year over year and up 28% from the previous quarter. Voyage revenue was the largest line at 93% of revenue. Voyage revenue added $22.2M year over year (up 18%), 88% of the total change.
Operating profit was $3.7M, a 2.3% margin (down 3.5 points year over year). Operating profit fell $4.0M even though revenue rose $25.2M versus a year earlier, so costs grew faster than sales. Total costs grew 24% against revenue growth of 19%. The fastest-growing cost line was General & admin (+43%). The quarter ended with a net loss of $2.9M, wider than the previous quarter's $2.2M loss. Minority interests bore $158K of it: to shareholders the quarter was a loss of $2.7M. Net interest and other expense of $6.6M was the main reason.
Operating cash flow was $14.4M (up 61% year over year). Non-cash charges added back $10.6M of depreciation and amortization and $549K of share-based compensation. Working capital and other items added $6.1M. Capital expenditures of $944K left free cash flow of $13.5M.
Questions
What was Pangaea Logistics Solutions' revenue in the second quarter 2025?
Pangaea Logistics Solutions (PANL) reported revenue of $157M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +28% from the quarter before.
Was Pangaea Logistics Solutions profitable in the second quarter 2025?
Operating profit was $3.7M (2.3% of revenue) and net loss $2.9M.