These terms and conditions govern your use of the website alphaminr.com and its related
services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr,
(“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms
include the provisions in this document as well as those in the Privacy Policy. These terms may
be modified at any time.
Subscription
Your subscription will be on a month to month basis and automatically renew every month. You may
terminate your subscription at any time through your account.
Fees
We will provide you with advance notice of any change in fees.
Usage
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Limitation of Liability
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The
service is provided “As is”. The materials and information accessible through the Service are
solely for informational purposes. While we strive to provide good information and data, we make
no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO
YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY
OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR
(2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE
CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR
CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision
shall not affect the validity or enforceability of the remaining provisions herein.
Privacy Policy
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal
information when we provide our service (“Service”). This Privacy Policy explains how
information is collected about you either directly or indirectly. By using our service, you
acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy
Policy, please do not use our Service. You should contact us if you have questions about it. We
may modify this Privacy Policy periodically.
Personal Information
When you register for our Service, we collect information from you such as your name, email
address and credit card information.
Usage
Like many other websites we use “cookies”, which are small text files that are stored on your
computer or other device that record your preferences and actions, including how you use the
website. You can set your browser or device to refuse all cookies or to alert you when a cookie
is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not
function properly. We collect information when you use our Service. This includes which pages
you visit.
Sharing of Personal Information
We use Google Analytics and we use Stripe for payment processing. We will not share the
information we collect with third parties for promotional purposes.
We may share personal information with law enforcement as required or permitted by law.
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
September 30,
2025
Or
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from
to
Commission File Number:
001-35392
RADIANT LOGISTICS, INC.
(Exact name of registrant as specified in its charter)
Delaware
04-3625550
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
Triton Tower Two
700 S Renton Village Place, Seventh Floor
Renton
,
Washington
98057
(Address of principal executive offices) (Zip Code)
(
425
)
462-1094
(Registrant’s telephone number, including area code)
N/A
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 Par Value
RLGT
NYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☒
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
☒
There were
46,886,380
shares outstanding of the registrant’s common stock as of November 7, 2025.
Accounts receivable, net of allowance of $
3,526
and $
2,128
, respectively
148,002
134,911
Contract assets
5,749
6,904
Income tax receivable
3,010
2,194
Prepaid expenses and other current assets
10,403
12,299
Total current assets
195,270
179,250
Property, technology, and equipment, net
22,773
23,489
Goodwill
120,749
117,637
Intangible assets, net
49,878
49,123
Operating lease right-of-use assets
54,550
55,066
Deposits and other assets
2,109
2,209
Total other long-term assets
227,286
224,035
Total assets
$
445,329
$
426,774
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
79,979
$
74,411
Operating partner commissions payable
11,328
10,541
Accrued expenses
9,952
10,637
Current portion of operating lease liabilities
12,916
12,741
Current portion of finance lease liabilities
272
282
Current portion of contingent consideration
6,200
6,050
Other current liabilities
750
483
Total current liabilities
121,397
115,145
Notes payable
30,000
20,000
Operating lease liabilities, net of current portion
48,087
49,245
Finance lease liabilities, net of current portion
909
969
Contingent consideration, net of current portion
15,350
13,300
Deferred tax liabilities
2,216
1,782
Other long-term liabilities
210
248
Total long-term liabilities
96,772
85,544
Total liabilities
218,169
200,689
Commitments and contingencies (Note 15)
Equity:
Common stock, $
0.001
par value,
100,000,000
shares authorized;
52,528,861
and
52,324,201
shares issued, and
47,207,846
and
47,143,178
shares outstanding,
respectively
34
34
Additional paid-in capital
110,767
110,588
Treasury stock, at cost,
5,321,015
and
5,181,023
shares, respectively
(
32,798
)
(
31,964
)
Retained earnings
151,862
150,569
Accumulated other comprehensive loss
(
4,173
)
(
3,211
)
Total Radiant Logistics, Inc. stockholders’ equity
225,692
226,016
Noncontrolling interest
1,468
69
Total equity
227,160
226,085
Total liabilities and equity
$
445,329
$
426,774
The accompanying notes are an integral part of these condensed consolidated financial statements.
N
otes to the Condensed Consolidated Financial Statements
(unaudited)
(Dollars in thousands, except share and per share data)
NOTE 1 – THE COMPANY AND BASIS OF PRESENTATION
The Company
Radiant Logistics, Inc., and its consolidated subsidiaries (the “Company”), operates as a leading third-party logistics company, providing technology-enabled global transportation and value-added logistics services primarily in the United States, Canada, and Mexico. The Company services a large, broad and diversified account base across a range of industries and geographies,
which is supported by an extensive network of operating locations across North America as well as an integrated international service partner network located in other key markets around the globe. The Company provides these services through a multi-brand network, which includes over
100
operating locations. Included in these operating locations are a number of independent agents, who are also referred to as “strategic operating partners,” that operate exclusively on the Company's behalf, and approximately
30
Company-owned locations. As the operator of a third-party logistics business, the Company has a vast carrier network of asset-based transportation companies, including motor carriers, railroads, airlines and ocean lines in its carrier network.
Through its operating locations across North America, the Company offers domestic and international freight forwarding and freight brokerage services, including air, ocean, truckload, less-than-truckload (“LTL”), and intermodal, which is the movement of freight in trailers or containers by combination of truck and rail. The Company’s primary transportation services involve arranging shipments, on behalf of its customers, of materials, products, equipment, and other goods that are generally larger than shipments handled by integrated carriers of primarily small parcels, such as FedEx, DHL and UPS, including arranging and monitoring all aspects of material flow activity utilizing advanced information technology systems. The Company also provides other value-added logistics services including materials management and distribution services (collectively, “materials management and distribution” or “MM&D” services), and customs house brokerage (“CHB”) services to complement its core transportation service offering.
Basis of Presentation
The condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
The interim period information included in this Quarterly Report on Form 10-Q reflects all adjustments, consisting of normal recurring adjustments, that are, in the opinion of the Company’s management, necessary for a fair statement of the results of the respective interim periods. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a) Principles of Consolidation
The condensed consolidated financial statements include the accounts of Radiant Logistics, Inc., and its wholly-owned and majority-owned subsidiaries, and a variable interest entity, Radiant Logistics Partners, LLC (“RLP”). RLP is
60
% owned by Radiant Capital Partners, LLC (“RCP,” see Note 11), an entity controlled by the Company’s Chief Executive Officer (“CEO”). All significant intercompany balances and transactions have been eliminated.
Noncontrolling interest in the condensed consolidated financial statements represents the proportionate share of equity and earnings in subsidiaries not wholly-owned by the Company. Net income (loss) of these subsidiaries or variable interest entities is allocated between the Company and the noncontrolling interest holders based on their respective ownership percentages
.
b) Use of Estimates
The preparation of condensed consolidated financial statements and related disclosures in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that could differ from these estimates
.
The Company maintains its cash in bank deposit accounts that may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts. Cash equivalents consist of highly liquid investments with original maturities of three months or less.
d) Accounts Receivable
Accounts receivable, which include billed and unbilled amounts, are stated net of the allowance for expected credit losses and represents the net amount expected to be collected. The Company measures the expected credit losses on a collective (pool) basis based on the levels of delinquency (i.e., aging analysis) and applying an expected loss percentage rate to each pool when similar risk characteristics exist. The Company determines the allowance for expected credit losses by computing an expected loss percentage rate to each pool based upon its historical write-off experience, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. When specific customers are identified as no longer sharing the same risk profile as their current pool, they are removed from the pool and evaluated separately. Amounts for shipments delivered but unbilled were
$
22,705
and
$
21,478
as of September 30, 2025 and June 30, 2025, respectively.
Through a contractual arrangement, the Company records trade accounts receivable from revenue generated from independently owned strategic operating partners operating under various Company brands. Under these contracts, each strategic operating partner is responsible for some or all of the collection of its customer accounts receivable. To facilitate this arrangement, certain strategic operating partners are required to maintain a deposit with the Company for these receivables. The Company charges the respective strategic operating partner’s deposit account for any accounts receivable aged beyond 90 days along with any other amounts owed to the Company by strategic operating partners. If a deficit balance occurs in the strategic operating partners’ deposit account, these amounts are included as accounts receivable in the Company’s condensed consolidated financial statements. For those strategic operating partners not required to maintain a deposit, the Company may withhold all or a portion of future commissions payable to the strategic operating partner to satisfy any deficit balance. The Company expects to replenish any deficit balance through the future business operations of these strategic operating partners, or as these amounts are ultimately collected from these customers. However, to the extent that any of these strategic operating partners were to cease operations or otherwise be unable to replenish these deficit amounts, the Company would be at risk of loss for any such amounts. Due to the nature and specific risk characteristics of these accounts, the Company evaluates these accounts separately in determining an allowance for expected credit losses.
The activity in the allowance for expected credit losses is as follows:
(In thousands)
Balance as of June 30, 2025
$
2,128
Provision for expected credit losses
1,499
Write-offs, less recoveries and other adjustments
(
101
)
Balance as of September 30, 2025
$
3,526
e) Property, Technology, and Equipment
Property, technology, and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets. Upon retirement or other disposition of these assets, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in other income (expense). Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major renewals and improvements are capitalized.
f) Goodwill
Goodwill represents the excess acquisition cost of an acquired entity over the estimated fair values assigned to the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but rather is reviewed for impairment as of April 1 of each year or more frequently if facts or circumstances indicate that its carrying amount may not be recoverable.
The Company has determined that there are
two
reporting units for the purpose of the goodwill impairment test. An entity first has the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, or to bypass the qualitative assessment and perform a quantitative assessment. The qualitative assessment evaluates various factors, such as macroeconomic conditions, industry and market conditions, cost factors, recent events, and financial trends that may impact the fair value of the reporting unit. If it is determined that the estimated fair value of the reporting unit is more-likely-than-not less than its carrying amount, including goodwill, a quantitative assessment is required. Otherwise, no further analysis is required.
If a quantitative assessment is performed, a reporting unit’s fair value is compared to its carrying amount. A reporting unit’s fair value is determined based upon consideration of various valuation methodologies, including the income approach, which utilizes projected future cash flows discounted at rates commensurate with the risks involved and the market approach, which utilizes multiples of current and future earnings based on a selection of guideline public companies. If the fair value of a reporting unit is less than its carrying amount, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit.
As of September 30, 2025
, management believes no impairment exists.
g) Long-Lived Assets
Long-lived assets, such as property, technology, and equipment, and definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company compares the undiscounted expected future cash flows to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent the carrying amount of the asset or asset group exceeds the fair value. Fair values of long-lived assets are determined through various techniques, such as applying probability weighted, expected present value calculations to the estimated future cash flows using assumptions a market participant would utilize or through the use of a third-party independent appraiser or valuation specialist.
Definite-lived intangible assets consist of customer-related intangible assets, trade names and trademarks, licenses, developed technology, and non-compete agreements arising from the Company’s acquisitions. Customer-related intangible assets and trademarks and trade names are amortized using the straight-line method over periods of up to
up to
15
years
, licenses are amortized using the straight-line method over
ten years
, developed technology is amortized using the straight-line method over
five years
, and non-compete agreements are amortized using the straight-line method over periods of up to
five years
.
h) Business Combinations
The Company accounts for business acquisitions using the acquisition method
.
The assets acquired and liabilities assumed in business combinations, including identifiable intangible assets, are recorded based upon their estimated fair values as of the acquisition date. The excess of the purchase price over the estimated fair value of the net tangible and identifiable intangible assets acquired is recorded as goodwill. Acquisition expenses are expensed as incurred. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed as of the acquisition date, the estimates are inherently uncertain and subject to refinement.
The fair values of intangible assets are generally estimated using a discounted cash flow approach with Level 3 inputs. The estimate of fair value of an intangible asset is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To estimate fair value, the Company generally uses risk-adjusted cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes the level and timing of cash flows appropriately reflects market participant assumptions.
For acquisitions that involve contingent consideration, the Company records a liability equal to the fair value of the contingent consideration obligation as of the acquisition date. The Company determines the acquisition date fair value of the contingent consideration based on the likelihood of paying the additional consideration. The fair value is generally estimated using projected future operating results and the corresponding future earn-out payments that can be earned upon the achievement of specified operating results and financial objectives by acquired companies using Level 3 inputs discounted to present value. These liabilities are measured quarterly at fair value, and any change in the fair value of the contingent consideration liability is recognized in the condensed consolidated statements of comprehensive income.
During the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in the condensed consolidated statements of comprehensive income.
i) Revenue Recognition
The Company recognizes revenue to depict the transfer of promised goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods and services. The Company’s revenues are primarily from transportation services, which include providing for the arrangement of freight, both domestically and internationally, through modes of transportation, such as air, ocean, truckload, LTL, and intermodal. The Company generates its transportation services revenue by purchasing transportation from carriers and reselling those services to its customers.
In general, each shipment transaction or service order constitutes a separate contract with the customer. A performance obligation is created once a customer agreement with an agreed upon transaction price exists. The transaction price is typically fixed and not contingent upon the occurrence or non-occurrence of any other event. The transaction price is generally due 30 to 45 days from the date of invoice. The Company’s transportation transactions provide for the arrangement of the movement of freight to a customer’s agreed upon destination. The transportation services, including certain ancillary services, such as loading/unloading, freight insurance and customs clearance, that are provided to the customer represent a single performance obligation as the ancillary services are not distinct in the context of the contract and therefore combined with the performance obligation for transportation services. This performance obligation is satisfied over time and recognized in revenue upon the transfer of control of the services over the requisite transit period as the customer’s goods move from point of origin to point of destination.
The Company determines the period to recognize revenue based upon the actual departure date and delivery date, if available, or estimated delivery date if delivery has not occurred as of the reporting date. Certain shipments may require the Company to estimate revenue, in which case the average revenue per shipment, per mode of transportation is used. Determination of the estimated revenue, transit period and the percentage of completion of the shipment as of the reporting date requires management to make judgments that affect the timing and amount of revenue recognition. The Company has determined that revenue recognition over the transit period provides a reasonable estimate of the transfer of services to its customers as it depicts the pattern of the Company’s performance under the contracts with its customers. The timing of revenue recognition, billings, cash collections, and allowance for expected credit losses results in billed and unbilled receivables. The Company receives the unconditional right to bill when shipments are delivered to their destination. The Company has elected to
not
disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of the end of the period as the Company’s contract with its transportation customers have an expected duration of one year or less. The corresponding direct costs of revenue, which primarily includes purchased transportation costs and commissions, have been expensed ratably as the goods are transferred to the customer.
The Company also provides MM&D services for its customers under contracts generally ranging from a few months to five years and include renewal provisions. These MM&D service contracts provide for inventory management, order fulfillment and warehousing of the customer’s product and arrangement of transportation of the customer’s product. The Company’s performance obligations are satisfied over time as the customers simultaneously receive and consume the services provided by the Company as it performs. Revenue is recognized in the amount for which the Company has the right to invoice the customer, as this amount corresponds directly with the value provided to the customer for the Company’s performance completed to date. The transaction price is based on the consideration specified in the contract with the customer and contains fixed and variable consideration. In general, the fixed consideration component of a contract represents reimbursement for facility and equipment costs incurred to satisfy the performance obligation and is recognized on a straight-line basis over the term of the contract. The variable consideration component is comprised of cost reimbursement per unit pricing for time and pricing for materials used and is determined based on cost plus a mark-up for hours of services provided and materials used and is recognized over time based on the level of activity volume.
Other services include primarily CHB services sold separately as a single performance obligation. The Company recognizes revenue from this performance obligation at a point in time, which is the completion of the services. Duties and taxes collected from the customer and paid to the customs agent on behalf of the customers are excluded from revenue.
The Company uses independent contractors and third-party carriers in the performance of its transportation services. The Company evaluates who controls the transportation services to determine whether its performance obligation is to transfer services to the customer or to arrange for services to be provided by another party. The Company determined it acts as the principal for its transportation services performance obligation since it is in control of establishing the prices for the specified services, managing all aspects of the shipments process and assuming the risk of loss for delivery and collection. Such transportation services revenue is presented on a gross basis in the condensed consolidated statements of comprehensive income.
Contract Assets
Contract assets represent estimated amounts for which the Company has the right to consideration for transportation services related to the completed portion of in-transit shipments at period end, but for which it has not yet completed the performance obligations. Upon completion of the performance obligations, which can vary in duration based upon the mode of transportation, the balance is included in accounts receivable.
Operating Partner and Other Commissions
The Company enters into contractual arrangements with strategic operating partners that operate, on behalf of the Company, an office in a specific location that engages primarily in arranging domestic and international transportation services. In return, the strategic operating partner is compensated through the payment of sales commissions, which are based on individual shipments. The Company accrues the strategic operating partners’ commission obligation ratably as the goods are transferred to the customer.
The Company records employee sales commissions related to transportation services as an expense when incurred since the amortization period of such costs is less than one year.
The Company has an employee savings plan under which the Company provides safe harbor matching contributions. The Company’s contributions under the plan were
$
553
and
$
499
for the three months ended September 30, 2025
and 2024, respectively.
k) Income Taxes
Income taxes are accounted for using the asset and liability method. Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
The Company records a liability for unrecognized tax benefits resulting from uncertain income tax positions taken or expected to be taken in an income tax return. Interest and penalties, if any, are recorded as a component of interest expense or other expense, respectively. Currently, the Company does not have any accruals for uncertain tax positions.
l) Share-Based Compensation
The Company grants restricted stock units and stock options to certain directors, officers, and employees. The fair value of restricted stock units is the market price of the Company’s common stock as of the grant date, and the fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option pricing model. Determining the fair value of stock option awards at the grant date requires judgment about, among other things, stock volatility, the expected life of the award, and other inputs.
Share-based compensation is recorded over the requisite service period, generally defined as the vesting period. The Company records share-based compensation for service-based restricted stock units and stock options on a straight-line basis over the requisite service period of the entire award. Certain restricted stock units also have performance-based conditions (“PSUs”) and will vest upon achievement of pre-established individual and Company performance goals as measured after a
three-year
period. Expense for PSUs is recognized over the requisite service period based on the most probable outcome of performance conditions. The probable outcome of performance conditions of each PSU grant is adjusted as of each reporting date.
The Company accounts for forfeitures as they occur.
The Company issues new shares of common stock to satisfy exercises and vesting of awards granted under its stock plans. Share-based compensation is reflected in personnel costs in the condensed consolidated statements of comprehensive income.
m) Basic and Diluted Income per Share Allocable to Common Stockholders
Basic income per common share is computed by dividing net income allocable to common stockholders by the weighted average number of common shares outstanding. Diluted income per common share is computed by dividing net income allocable to common stockholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding after giving effect to all potential dilutive securities, such as restricted stock units and stock options.
n) Foreign Currency
For the Company’s foreign subsidiaries that prepare financial statements in currencies other than U.S. dollars, the local currency is the functional currency. All assets and liabilities are translated at period end exchange rates and all revenue and expenses are translated at the weighted average rates for the period. Translation adjustments are recorded in foreign currency translation in other comprehensive income.
Gains and losses on transactions of monetary items denominated in a foreign currency are recognized within other income (expense) on the condensed consolidated statements of comprehensive income.
o) Leases
The Company determines if an arrangement is a lease at inception. Assets and obligations related to operating leases are included in operating lease right-of-use (“ROU”) assets; current portion of operating lease liabilities; and operating lease liabilities, net of current portion in the condensed consolidated balance sheets. Assets and obligations related to finance leases are included in property, technology, and equipment, net; current portion of finance lease liabilities; and finance lease liabilities, net of current portion in the condensed consolidated balance sheets.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate based on the information available at commencement date is used in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. Lease terms may include options to extend or terminate the lease, which the Company has generally not included in its calculation of ROU assets or lease liabilities as it is not reasonably certain that the option will be exercised in the normal course of business.
For the Company’s lease agreements containing fixed payments for both lease and non-lease components, the Company accounts for the components as a single lease component, as permitted. For leases with an initial term of twelve months or less, the Company elected the exemption from recording ROU assets and lease liabilities for all leases that qualify, and records rent expense on a straight-line basis over the lease term. Expenses for these short-term leases for the three months ended September 30, 2025 and 2024 are insignificant.
Certain leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. Variable payments, to the extent they are not considered fixed, are expensed as incurred. Variable lease costs for the three months ended September 30, 2025 and 2024 are insignificant.
For finance leases, interest expense on the lease liability is recognized using the effective interest method and amortization of the ROU asset is recognized on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term.
p) Derivatives
Derivative instruments are recognized as either assets or liabilities and measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation.
For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in earnings with the corresponding hedged item. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in earnings. As of September 30, 2025 and June 30, 2025
, the Company does
no
t have any derivatives designated as hedges.
For derivative instruments that are not designated as hedges, gains and losses from changes in fair value of interest rate swap contracts are recognized in the condensed consolidated statements of comprehensive income.
q) Treasury Stock
The Company accounts for treasury stock under the cost method, and repurchases are reflected as reductions of stockholders’ equity at cost (see Note 10). As of September 30, 2025
, there have been
no
reissuances of treasury stock.
r)
Reclassification of Previously Issued Financial Statements
Certain amounts in the prior period have been reclassified in the condensed consolidated financial statements to conform to the current year presentation. There has been no impact on previously reported net income or stockholders’ equity from such reclassification.
s) Recently Adopted Accounting Guidance
In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
(“ASU 2023-07”), which requires more disaggregated expense information about a public entity’s reportable segments if the significant segment expenses are regularly provided to the chief operating decision maker and included in each reported measure of segment profit or loss. Additionally, ASU 2023-07 allows public entities to disclose more than one measure of segment profit or loss used by the chief operating decision maker. ASU 2023-07 did not change the definition of a segment, the method of determining segments, or the criteria for aggregating operating segments into reportable segments. The Company retrospectively
adopted
ASU 2023-07 for the fiscal year ended June 30, 2025 and provided the required disclosures in Note 16
.
t) Recent Accounting Guidance Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
(“ASU 2023-09”), which requires greater disaggregation of information in a reporting entity’s effective tax rate reconciliation as well as disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its income tax disclosures.
In November 2024, the FASB issued ASU 2024-03,
Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220): Disaggregation of Income Statement Expenses
(“ASU 2024-03”), which requires greater disaggregation of information about a reporting entity’s specific expense categories (including employee compensation, depreciation, and amortization) presented on the face of the statement of comprehensive income. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 on its disclosures.
NOTE 3 – REVENUE
A summary of the Company’s gross revenues disaggregated by major service lines and geographic markets (reportable segments), and timing of revenue recognition are as follows:
Three Months Ended September 30, 2025
(In thousands)
United States
Canada
Corporate/ Eliminations
Total
Major service lines:
Transportation services
$
193,903
$
19,234
$
(
97
)
$
213,040
Value-added services
(1)
4,211
9,404
—
13,615
Total
$
198,114
$
28,638
$
(
97
)
$
226,655
Timing of revenue recognition:
Services transferred over time
$
196,373
$
28,570
$
(
97
)
$
224,846
Services transferred at a point in time
1,741
68
—
1,809
Total
$
198,114
$
28,638
$
(
97
)
$
226,655
Three Months Ended September 30, 2024
(In thousands)
United States
Canada
Corporate/ Eliminations
Total
Major service lines:
Transportation services
$
172,878
$
19,003
$
(
62
)
$
191,819
Value-added services
(1)
3,937
7,809
—
11,746
Total
$
176,815
$
26,812
$
(
62
)
$
203,565
Timing of revenue recognition:
Services transferred over time
$
175,092
$
26,777
$
(
62
)
$
201,807
Services transferred at a point in time
1,723
35
—
1,758
Total
$
176,815
$
26,812
$
(
62
)
$
203,565
(1)
Value-added services include MM&D, CHB, GTM, and other services.
NOTE 4 – EARNINGS PER SHARE
The computations of the numerator and denominator of basic and diluted income per share are as follows:
Three Months Ended September 30,
(In thousands, except share data)
2025
2024
Numerator:
Net income attributable to Radiant Logistics, Inc.
$
1,293
$
3,376
Denominator:
Weighted average common shares outstanding, basic
47,166,166
46,721,238
Dilutive effect of share-based awards
1,572,429
1,864,573
Weighted average common shares outstanding, diluted
The Company has finance leases for equipment, and operating leases for office space, warehouse space, and other equipment with lease terms expiring at various dates through
October 2034
.
The components of lease expense are as follows:
Three Months Ended September 30,
(In thousands)
2025
2024
Operating lease cost
$
4,213
$
3,518
Finance leases:
Amortization of leased assets
77
151
Interest on lease liabilities
18
17
Total finance lease cost
$
95
$
168
Supplemental cash flow information related to leases are as follows:
Three Months Ended September 30,
(In thousands)
2025
2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases
$
3,435
$
2,830
Operating cash flows paid for interest portion of finance leases
18
17
Financing cash flows paid for principal portion of finance leases
71
158
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases
$
3,497
$
796
Supplemental balance sheet information related to leases are as follows:
September 30,
June 30,
(In thousands)
2025
2025
Operating leases:
Operating lease right-of-use assets
$
54,550
$
55,066
Current portion of operating lease liabilities
12,916
12,741
Operating lease liabilities, net of current portion
As of
September 30, 2025, maturities of lease liabilities for each of the next five fiscal years ending June 30 and thereafter are as follows:
(In thousands)
Operating
Finance
2026 (Remaining)
$
12,096
$
260
2027
15,171
296
2028
10,794
282
2029
7,632
271
2030
6,765
184
Thereafter
20,854
55
Total lease payments
73,312
1,348
Less imputed interest
(
12,309
)
(
167
)
Total lease liabilities
$
61,003
$
1,181
NOTE 6 – PROPERTY, TECHNOLOGY, AND EQUIPMENT
September 30,
June 30,
(In thousands)
Useful Life
2025
2025
Computer software
3
−
5
years
$
29,189
$
29,103
Office and warehouse equipment
3
−
15
years
19,573
18,980
Leasehold improvements
(1)
11,864
11,976
Trailers and related equipment
3
−
15
years
3,442
3,996
Computer equipment
3
−
5
years
5,519
5,616
Furniture and fixtures
3
−
15
years
2,071
2,027
Property, technology, and equipment
71,658
71,698
Less: accumulated depreciation and amortization
(
48,885
)
(
48,209
)
Property, technology, and equipment, net
$
22,773
$
23,489
(1)
The cost is amortized over the shorter of the lease term or useful life.
Depreciation and amortization expenses related to property, technology, and equipment were
$
1,765
and
$
1,998
for the three months ended September 30, 2025 and 2024
, respectively.
NOTE 7 – GOODWILL AND INTANGIBLE ASSETS
Goodwill
Changes in the carrying amount of goodwill by reporting segment is as follows:
Amortization expense amounted to
$
1,761
and
$
2,807
for the three months ended September 30, 2025 and 2024, respectively.
Future amortization expense for each of the next five fiscal years ending June 30 are as follows:
(In thousands)
2026 (Remaining)
$
5,394
2027
6,599
2028
5,860
2029
5,276
2030
5,079
NOTE 8 – NOTES PAYABLE
Revolving Credit Facility
The Company entered into a $
200,000
syndicated, revolving credit facility (the “Revolving Credit Facility”) pursuant to a Credit Agreement dated as of August 5, 2022, and amended as of September 27, 2023. The Revolving Credit Facility is segregated into two tranches, a $
150,000
tranche that may be loaned in U.S. Dollars and a $
50,000
tranche that may be loaned in either U.S. Dollars or Canadian Dollars. The Revolving Credit Facility includes a $
75,000
accordion feature to support future acquisition opportunities. The Revolving Credit Facility was entered into with Bank of America, N.A. and BMO Capital Markets Corp. as joint book runners and joint lead arrangers, Bank of America, N.A. as Administrative Agent, Swingline Lender and Letter of Credit Issuer, Bank of Montreal as syndication agent, KeyBank National Association and MUFG Union Bank, N.A. as co-documentation agents and Bank of America, N. A., Bank of Montreal, KeyBank National Association, MUFG Union Bank, N.A. and Washington Federal Bank, National Association as lenders (such named lenders are collectively referred to herein as “Lenders”).
The Revolving Credit Facility matures on
August 5, 2027
and is collateralized by a first-priority security interest in the accounts receivable and other assets of the Company and its subsidiaries, including, without limitation, all of the capital stock of the subsidiaries.
Borrowings in U.S. Dollars accrue interest (at the Company’s option) at a) the Lenders’ base rate plus
0.50
% to
1.50
%; b) Term Secured Overnight Financing Rate (“SOFR”) plus
1.40
% to
2.40
%; or c) Term SOFR Daily Floating Rate plus
1.40
% to
2.40
%. Borrowings in Canadian Dollars accrue interest (at the Company’s option) at a) Term Canadian Overnight Repo Rate Average (“CORRA”) plus
0.29547
% to
0.32138
% depending on the term, plus
1.40
% to
2.40
%; or b) Daily Simple CORRA plus
0.29547
% plus
1.40
% to
2.40
%. Rates are adjusted based on the Company’s consolidated net leverage ratio.
The Company’s U.S. and Canadian subsidiaries are guarantors of the Revolving Credit Facility
. As of
September 30, 2025, the one-month SOFR was
4.13
%
.
For borrowings under the Revolving Credit Facility, the Company is subject to the maximum consolidated net leverage ratio of
3.00
and minimum consolidated interest coverage ratio of
3.00
. Additional minimum availability requirements and financial covenants apply in the event the Company seeks to use advances under the Revolving Credit Facility to pursue acquisitions or repurchase its common stock.
Borrowings outstanding on the Revolving Credit Facility were
$
30,000
and $
20,000
as of
September 30, 2025 and June 30, 2025, respectively. As of September 30, 2025
, the Company was in compliance with its covenants.
NOTE 9 – DERIVATIVES
In 2020, the Company entered into interest rate swap contracts with Bank of America to trade variable interest cash inflows at one-month LIBOR for a total notional amount of $
30,000
for fixed interest cash outflows. Both interest rate swap contracts matured and terminated on
March 13, 2025
and there is
no
notional amount or fair value as of
September 30, 2025.
The interest rate swap contracts were not designated as hedges, and gains and losses from changes in fair value were recognized in the condensed consolidated statements of comprehensive income.
NOTE 10 – STOCKHOLDERS’ EQUITY
The Company is authorized to issue
5,000,000
shares of preferred stock, par value at $
0.001
per share and
100,000,000
shares of common stock, $
0.001
per share.
No
shares of preferred stock are issued or outstanding as of
September 30, 2025 or June 30, 2025.
Common Stock
In December 2023, the Company’s board of directors authorized the repurchase of up to
5,000,000
shares of the Company’s common stock through
December 31, 2025
. Under the stock repurchase program, the Company is authorized to repurchase, from time to time, shares of its outstanding common stock in the open market at prevailing market prices or through privately negotiated transactions as permitted by securities laws and other legal requirements. The Company is not obligated to repurchase any specific number of shares and the program could be suspended or terminated at any time without prior notice. The Company purchased
139,992
shares of its common stock at an average cost of
$
5.96
per share for an aggregate cost of
$
834
, and
129,360
shares of its common stock at an average cost of
$
5.47
per share for an aggregate cost of
$
708
during the three months ended September 30, 2025 and 2024
, respectively.
NOTE 11 – VARIABLE INTEREST ENTITY AND RELATED PARTY TRANSACTIONS
RLP is owned
40
% by a wholly-owned subsidiary of the Company and
60
% by RCP, a company for which the CEO of the Company is the sole member. RLP is a certified minority business enterprise that was formed for the purpose of providing the Company with a national accounts strategy to pursue corporate and government accounts with diversity initiatives. RCP’s ownership interest entitles it to
60
% of the profits and distributable cash, if any, generated by RLP. The operations of RLP are intended to provide certain benefits to the Company, including expanding the scope of services offered by the Company and participating in supplier diversity programs not otherwise available to the Company. In the course of evaluating and approving the ownership structure, operations and economics emanating from RLP, a committee consisting of the independent Board members of the Company, considered, among other factors, the significant benefits provided to the Company through association with a minority business enterprise, particularly as many of the Company’s largest current and potential customers have a need for diversity offerings. In addition, the committee concluded that the economic relationship with RLP was on terms no less favorable to the Company than terms generally available from unaffiliated third-parties.
Certain entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties are considered variable interest entities. The Company has power over significant activities of RLP including the fulfillment of its contracts and financing its operations. Additionally, the Company also pays expenses and collects receivables on behalf of RLP. Thus, the Company is the primary beneficiary, RLP qualifies as a variable interest entity, and RLP is consolidated in these condensed consolidated financial statements.
RLP recorded
$
13
and
$
80
in net income, of which RCP’s distributable share was
$
8
and
$
48
for the three months ended September 30, 2025 and 2024
, respectively. The noncontrolling interest recorded as a reduction of net income available to common stockholders in the condensed consolidated statements of comprehensive income represents RCP’s distributive share.
The accounting guidance for fair value, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants as of the reporting date. The framework for measuring fair value consists of a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The fair value measurement level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques:
•
Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;
•
Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost); and
•
Income approach: Techniques to convert future amounts to a single present amount based upon market expectations, including present value techniques, option pricing, and excess earning models.
Items Measured at Fair Value on a Recurring Basis
The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis:
Fair Value Measurements as of September 30, 2025
(In thousands)
Level 3
Total
Contingent consideration
$
(
21,550
)
$
(
21,550
)
Fair Value Measurements as of June 30, 2025
(In thousands)
Level 3
Total
Contingent consideration
$
(
19,350
)
$
(
19,350
)
The following table provides a reconciliation of the financial liabilities measured at fair value using significant unobservable inputs (Level 3):
(In thousands)
Contingent
Consideration
Balance as of June 30, 2025
$
(
19,350
)
Increase related to acquisitions
(
2,000
)
Change in fair value
(
200
)
Balance as of September 30, 2025
$
(
21,550
)
The Company has contingent obligations to transfer cash payments to former shareholders of acquired operations in conjunction with certain acquisitions if specified operating results and financial objectives are met over their stated earn-out period. Contingent consideration is measured quarterly at fair value, and any change in the fair value of the contingent liability is included in the condensed consolidated statements of comprehensive income. The change in fair value in each period is principally attributable to a change in management’s estimates of future earn-out payments through the remainder of the earn-out periods.
The Company uses projected future financial results based on recent and historical data to value the anticipated future earn-out payments. To calculate fair value, the future earn-out payments were then discounted using Level 3 inputs. The Company has classified the contingent consideration as Level 3 due to the lack of relevant observable market data over fair value inputs. The Company believes the discount rate used to discount the earn-out payments reflects market participant assumptions. Changes in assumptions and operating results could have a significant impact on the earn-out amount up to a maximum of
$
48,961
through earn-out periods measured through August 2029.
The carrying amounts of the Company’s cash equivalents, receivables, contract assets, accounts payable, commissions payable, accrued expenses, and the income tax receivable approximate the fair values due to the relatively short maturities of these instruments. The carrying amounts of the Company’s Revolving Credit Facility would not differ significantly from fair value (based on Level 2 inputs) if recalculated based on current interest rates. During the three months ended September 30, 2025
, there were
no
transfers of financial instruments between Levels 1, 2, and 3.
NOTE 13 – INCOME TAXES
The components of income tax expense are as follows:
Three Months Ended September 30,
(In thousands)
2025
2024
Current income tax expense (benefit)
$
(
93
)
$
906
Deferred income tax expense
432
239
Income tax expense
$
339
$
1,145
The Company’s effective tax rate is
26.3
%
and
25.8
%
for the three months ended September 30, 2025 and 2024, respectively. Income tax expense for the three months ended September 30, 2025 is higher than the U.S. federal statutory rate due to jurisdictional mix of federal and state taxes. Income tax expense for the three months ended September 30, 2024 is higher than the U.S. federal statutory rate due to jurisdictional mix of federal, state and foreign income taxes, and reduced by share-based compensation
, which was discretely recognized and was not a component of the Company’s annualized forecasted effective tax rate. The Company does not have any uncertain tax positions.
NOTE 14 – SHARE-BASED COMPENSATION
The Radiant Logistics, Inc. 2021 Omnibus Incentive Plan (the “2021 plan”) permits the Company’s Audit and Executive Committee to grant share-based awards to eligible employees, non-employee directors, and consultants of the Company. The 2021 plan became effective immediately upon approval by the Company’s stockholders and will expire on
November 16, 2031
, unless terminated earlier by the Board. The 2021 plan replaced the 2012 Radiant Logistics, Inc. Stock Option and Performance Award Plan (the “2012 plan”). The remaining shares available for grant under the 2012 plan will roll over into the 2021 plan, and no new awards will be granted under the 2012 plan. The terms of the 2012 plan, as applicable, will continue to govern awards outstanding under the 2012 plan, until exercised, expired, paid or otherwise terminated or canceled. Other than the 2021 plan, there are no other equity compensation plans under which equity awards can be granted.
Restricted Stock Units
The Company recognized share-based compensation expense related to restricted stock units of
$
406
and
$
145
for the three months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had approximately
$
3,653
of total unrecognized share-based compensation expense for restricted stock units expected to be recognized over a weighted average period of approximately
2.35
years.
The following table summarizes restricted stock unit activity:
Number of
Units
Weighted Average
Grant Date Fair Value
Unvested balance as of June 30, 2025
1,468,057
$
6.60
Vested
(
217,369
)
6.85
Granted
278,797
6.52
Forfeited
(
259,462
)
6.47
Unvested balance as of September 30, 2025
1,270,023
$
6.57
The table above includes
641,043
and
892,578
PSUs with performance-based conditions as of
September 30, 2025 and June 30, 2025
, respectively. These awards will vest upon achievement of pre-established individual and Company performance goals as measured after a
three-year
period.
Stock options are granted at exercise prices equal to the fair value of the common stock at the date of the grant and have a term of
10 years
. Generally, grants vest
20
% annually over a
five-year
period from the date of grant. The Company recognized share-based compensation expense related to stock options of
$
18
for each of the three months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had approximately
$
48
of total unrecognized share-based compensation expense for stock options expected to be recognized over a weighted average period of approximately
0.67
years.
The following table summarizes stock option activity:
Number of
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual Life
(Years)
Aggregate
Intrinsic Value
(In thousands)
Outstanding as of June 30, 2025
285,000
$
4.89
2.54
$
476
Exercised
(
55,000
)
4.00
—
129
Outstanding as of September 30, 2025
230,000
$
5.10
2.82
$
338
Exercisable as of September 30, 2025
210,000
$
4.88
2.55
$
338
NOTE 15 – COMMITMENTS AND CONTINGENCIES
Legal Proceedings
The Company and its subsidiaries may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of business. Management is not aware of any pending or threatened legal proceedings that are considered other than routine legal proceedings. The Company believes that the ultimate disposition or resolution of its routine legal proceedings, in the aggregate, are not material to its financial position, results of operations and liquidity.
Contingent Consideration and Earn-out Payments
The Company’s agreements with respect to previous acquisitions contain future consideration provisions, which provide for the selling equity owners to receive additional consideration if specified operating results and financial objectives are achieved in future periods.
Earn-out payments are generally due annually on November 1
st
or
90 days
following each anniversary of each respective acquisition.
The following table represents the estimated discounted earn-out payments to be paid in each of the following fiscal years ended June 30:
NOTE 16 – OPERATING AND GEOGRAPHIC SEGMENT INFORMATION
In conjunction with the adoption of ASU 2023-07, the Company reevaluated its measure of segment profit or loss and determined that adjusted EBITDA provides a more meaningful representation of segment performance and aligns with how
the
Chief Operating
Decision Maker ("CODM”) evaluates operating results and allocates resources, including employees, technology investments, and capital expenditures. The Company considers adjusted EBITDA as its primary performance metric. In connection with this segment reporting change, the Company has recast previously reported amounts for the reportable segments to conform with the current segment presentation.
The Company is organized in
two
reportable segments: United States and Canada. The Company’s segment structure is aligned with its geographic operations, as this reflects the way management assesses business performance and allocates resources. The United States segment also includes the Company’s operations in Mexico. Each reportable segment derives its revenue primarily from providing transportation services, and to a lesser extent from other value-added services. Other segment expenses primarily include selling, general, and administrative expenses. Certain corporate costs, primarily the salaries and benefits of the Company’s executives, and other corporate functions, such as legal and financial reporting, amortization of intangible assets, and other corporate costs associated with operating as a public company are considered unallocated corporate costs and not reported in the segment results.
The CEO, who is the CODM, uses adjusted EBITDA to assess performance and allocate resources to each segment, primarily through performance reviews of the operating segment results and periodic reviews of the segment’s budget versus actual comparisons. The segment profit measure excludes the effects of interest, income taxes, depreciation and amortization, and further adjust for such items as share-based compensation, costs unrelated to our core operations, and other non-cash charges. The accounting policies of the reportable segments are the same as those described in Note 2. The Company does not report total assets by segment as its CODM does not assess performance, make strategic decisions, or allocate resources based on assets.
The following tables summarize key financial information by segment:
The following table presents a reconciliation of Segment adjusted EBITDA to income before income taxes:
Three Months Ended September 30,
(In thousands)
2025
2024
Segment adjusted EBITDA
$
9,601
$
12,260
Depreciation and amortization
(
3,526
)
(
4,919
)
Share-based compensation
(
424
)
(
163
)
Change in fair value of contingent consideration
(
200
)
(
200
)
Change in fair value of interest rate swap contracts
—
(
440
)
Interest income (expense), net
(
561
)
228
Other
(
131
)
(
14
)
Unallocated corporate costs
(
3,145
)
(
2,183
)
Income before income taxes
$
1,614
$
4,569
The following table presents depreciation and amortization expense by segment:
Three Months Ended September 30,
(In thousands)
2025
2024
United States
$
756
$
1,074
Canada
1,023
1,031
Corporate/Eliminations
1,747
2,814
Total
$
3,526
$
4,919
Long-lived tangible assets outside of the United States, including right-of-use assets, are primarily located in Canada and were
$
60,432
and
$
61,303
as of September 30, 2025 and June 30, 2025
, respectively.
NOTE 17 – BUSINESS COMBINATION
Fiscal Year 2026 Acquisitions
Effective
September 1, 2025
, the
Company acquired an
80
% stock ownership interest in Weport, S.A. de C.V. (“Weport”), a Mexico City-based, privately held company. Weport provides national coverage for goods moving to and from Mexico with international ocean and airfreight forwarding services, multi-modal domestic services, along with customs brokerage, warehousing, and other value-added services. The Company structured the transaction similar to its previous transactions, with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operation, along with the right to purchase the remaining
20
% in the future
. Weport is included in the United States segment.
The preliminary fair value estimates for the assets acquired and liabilities assumed are based upon preliminary calculations and valuations. The estimates and assumptions are subject to change as additional information is obtained for the estimates during the measurement period (up to one year from the acquisition date). The primary estimates not yet finalized relate to net assets acquired, identifiable intangible assets, working capital and contingent consideration.
NOTE 18 – SUBSEQUENT EVENTS
Repurchase of Common Stock
Pursuant to the stock repurchase program described in Note 10, the Company purchased
341,466
shares of Common Stock subsequent to September 30, 2025 and through November 7, 2025 for a total cost of
$
2,041
inclusive of transaction costs.
Item 2. M
anagement’s Discussion and Analysis of Financial Condition and Results of Operations
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” within the meaning set forth in United States securities laws and regulations – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “estimates,” “expect,” “future,” “intend,” “may,” “plan,” “see,” “seek,” “strategy,” or “will” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We have developed our forward-looking statements based on management’s beliefs and assumptions, which in turn rely upon information available to them at the time such statements were made. Such forward-looking statements reflect our current perspectives on our business, future performance, existing trends and information as of the date of this report. These include, but are not limited to, our beliefs about future revenue and expense levels, growth rates, prospects related to our strategic initiatives and business strategies, along with express or implied assumptions about, among other things: our continued relationships with our strategic operating partners; the performance of our historic business, as well as the businesses we have recently acquired, at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of such acquisitions; our ability to successfully integrate our recently acquired businesses; our ability to locate suitable acquisition opportunities and secure the financing necessary to complete such acquisitions; transportation costs remaining in line with recent levels and expected trends; our ability to mitigate, to the best extent possible, our dependence on current management and certain larger strategic operating partners; our compliance with financial and other covenants under our indebtedness; the absence of any adverse laws or governmental regulations affecting the transportation industry in general, and our operations in particular; our ability to continue to respond to macroeconomic factors that have recently had a negative effect on worldwide freight markets; the impact of any health pandemic or environmental event on our operations and financial results; continued disruptions in the global supply chain; higher inflationary pressures particularly surrounding the costs of fuel, labor, and other components of our operations; potential adverse legal, reputational and financial effects on the Company resulting from prior or future cyber incidents and the effectiveness of the Company’s business continuity plans in response to cyber incidents; the commercial, reputational and regulatory risks to our business that may arise as a consequence of our prior inability to remediate a material weakness in our internal control over financial reporting, and the further risks that may arise should we be unable to maintain an effective system of disclosure controls and internal control over financial reporting in the future; and such other factors that may be identified from time to time in our U.S Securities and Exchange Commission (“SEC”) filings and other public announcements including those set forth under the caption “Risk Factors” in Part 1 Item 1A of our Form 10-K for the year ended June 30, 2025. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. We disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
The following discussion and analysis of our financial condition and result of operations should be read in conjunction with the condensed consolidated financial statements and the related notes and other information included elsewhere in this report.
Overview
Radiant Logistics, Inc., and its consolidated subsidiaries (the “Company,” “we” or “us”), operates as a leading third-party logistics company, providing technology-enabled global transportation and value-added logistics services primarily in the United States and Canada. We service a large, broad, and diversified account base consisting of consumer goods, food and beverage, electronics and high-tech, aviation and automotive, military and government, and manufacturing and retail customers, which is supported by an extensive network of operating locations across North America as well as an integrated international service partner network located in other key markets around the globe. The Company provides these services through a multi-brand network, which includes over 100 operating locations. Included in these operating locations are a number of independent agents, who are also referred to as “strategic operating partners,” that operate exclusively on the Company's behalf, and approximately 30 Company-owned locations. As the operator of a third-party logistics business, the Company has a vast carrier network of asset-based transportation companies, including motor carriers, railroads, airlines and ocean lines in its carrier network. We believe shippers value our services because we are able to objectively arrange the most efficient and cost-effective means, type and provider of transportation service without undue influence caused by the ownership of transportation assets. In addition, our minimal investment in physical assets affords us the opportunity for a higher return on invested capital and generally stronger net cash flows than our asset-based competitors.
Through our operating locations across North America, we offer domestic and international freight forwarding and freight brokerage services, including air, ocean, truckload, less than truckload ("LTL"), and intermodal, which is the movement of freight in trailers or containers by combination of truck and rail. Our primary business operations involve arranging shipments, on behalf of our customers, of materials, products, equipment and other goods that are generally larger than shipments handled by integrated carriers of primarily small parcels, such as FedEx, DHL and UPS. Our services include arranging and monitoring all aspects of material flow activity utilizing advanced information technology systems. We also provide other value-added logistics services, including materials management and distributions ("MM&D"), customs house brokerage ("CHB") and global trade management ("GTM") solutions which complement our core transportation service offering.
The Company expects to grow its business organically and by completing acquisitions of other companies with complementary geographical and logistics service offerings. The Company’s organic growth strategy will continue to focus on strengthening existing and expanding new customer relationships leveraging the benefit of the Company’s technology platform, while continuing its efforts on the organic build-out of the Company’s network of strategic operating partner locations. In addition, as the Company continues to grow and scale its business, the Company believes that it is creating density in its trade lanes, enhances our ability to efficiently source and manage its transportation capacity.
In addition to its focus on organic growth, the Company will continue to search for acquisition candidates that bring critical mass from a geographic and purchasing power standpoint, along with providing complementary service offerings to the current platform. As the Company continues to grow and scale its business, it also remains focused on leveraging its back-office infrastructure and technology systems to drive productivity improvement across the organization.
Impact of Notable External Conditions
The global economic and trade environments remain uncertain, due to factors including inflation, tariff uncertainties, geopolitical tensions, and changes in consumer behavior, any or all of which could adversely affect our business and financial results.
Performance Metrics
Our principal source of income is derived from freight forwarding and freight brokerage services we provide to our customers. As a third-party logistics provider, we arrange for the shipment of our customers’ freight from point of origin to point of destination. Generally, we quote our customers a turnkey cost for the movement of their freight. Our price quote will often depend upon the customer’s time-definite needs (first day through fifth day delivery), special handling needs (heavy equipment, delicate items, environmentally sensitive goods, electronic components, etc.), and the means of transport (motor carrier, air, ocean or rail). In turn, we assume the responsibility for arranging and paying for the underlying means of transportation.
Our transportation revenue represents the total dollar value of services we sell to our customers. Our cost of transportation includes direct costs of transportation, including motor carrier, air, ocean, and rail services. Our adjusted gross profit, a non-GAAP financial measure, is gross revenue less the direct cost of transportation and other services (excluding depreciation and amortization, which are reported separately), and is used as an indicator of our ability to source, add value, and resell services provided by third-parties, and is considered by management to be a key performance measure. Adjusted gross profit percentage is adjusted gross profit as a percentage of our total revenue. In addition, management believes measuring its operating costs as a function of adjusted gross profit provides a useful metric, as our ability to control costs as a function of adjusted gross profit directly impacts operating results. We believe that these metrics provide investors with meaningful information to understand our results of operations and the ability to analyze financial and business trends on a period-to-period basis.
Our operating results will be affected as acquisitions occur. Since acquisitions are recorded using the acquisition method of accounting for business combinations, our financial statements will only include the results of operations and cash flows of acquired companies for periods subsequent to the date of acquisition.
Our GAAP-based net income will be affected by non-cash charges relating to the amortization of customer-related intangible assets and other intangible assets attributable to completed acquisitions. Under applicable accounting standards, purchasers are required to allocate the total consideration in a business combination to the identified assets acquired and liabilities assumed based on their fair values at the time of acquisition. The excess of the consideration paid over the fair value of the identifiable net assets acquired is to be allocated to goodwill, which is tested at least annually for impairment. Applicable accounting standards require that we separately account for and value certain identifiable intangible assets based on the unique facts and circumstances of each acquisition. As a result of our acquisition strategy, our net income will include material non-cash charges relating to the amortization of customer-related intangible assets and other intangible assets acquired in our acquisitions. Although these charges may increase as we complete more acquisitions, we believe we will be growing the value of our intangible assets (e.g., customer relationships). Thus, we believe that earnings before interest, income taxes, depreciation and amortization, or EBITDA, is a useful financial measure for investors because it eliminates the effect of these non-cash charges and provides an important metric for our business.
EBITDA is a non-GAAP financial measure of income and does not include the effects of interest, income taxes, and the “non-cash” effects of depreciation and amortization on long-term assets. Companies have some discretion as to which elements of depreciation and amortization are excluded in the EBITDA calculation. We exclude all depreciation charges related to property, technology, and equipment and all amortization charges (including amortization of leasehold improvements). We then further adjust EBITDA to exclude share-based compensation, costs unrelated to our core operations (primarily acquisition and litigation costs), allocation of earnings attributable to noncontrolling interests in subsidiaries, and other non-cash charges. While management considers EBITDA and adjusted EBITDA useful in analyzing our results, it is not intended to replace any presentation included in our condensed consolidated financial statements. The Company’s financial covenants with its lenders define an adjusted EBITDA as a key component of its covenant calculations. The Company’s ability to grow adjusted EBITDA is closely monitored by management as it’s directly tied to financial borrowing capacity and is a frequent point of discussion with its investors as well as the Company’s earnings calls.
Our operating results are also subject to seasonal trends when measured on a quarterly basis. The impact of seasonality on our business will depend on numerous factors, including the markets in which we operate, holiday seasons, consumer demand, and economic conditions. Since our revenue is largely derived from customers whose shipments are dependent upon consumer demand and just-in-time production schedules, the timing of our revenue is often beyond our control. Factors such as shifting demand for retail goods and/or manufacturing production delays could unexpectedly affect the timing of our revenue. As we increase the scale of our operations, seasonal trends in one area of our business may be offset to an extent by opposite trends in another area. We cannot accurately predict the timing of these factors, nor can we accurately estimate the impact of any particular factor, and thus we can give no assurance any historical seasonal patterns will continue in future periods.
Three months ended September 30, 2025 and 2024 (unaudited)
The following table summarizes revenues, cost of transportation and other services, and adjusted gross profit by reportable operating segments for the three months ended September 30, 2025 and 2024:
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
(In thousands)
United
States
Canada
Corporate/
Eliminations
Total
United
States
Canada
Corporate/
Eliminations
Total
Revenues
Transportation
$
193,903
$
19,234
$
(97
)
$
213,040
$
172,878
$
19,003
$
(62
)
$
191,819
Value-added services
4,211
9,404
—
13,615
3,937
7,809
—
11,746
198,114
28,638
(97
)
226,655
176,815
26,812
(62
)
203,565
Cost of transportation and other services
Transportation
147,081
15,123
(97
)
162,107
126,499
14,599
(62
)
141,036
Value-added services
1,432
3,663
—
5,095
1,553
3,422
—
4,975
148,513
18,786
(97
)
167,202
128,052
18,021
(62
)
146,011
Adjusted gross profit
(1)
Transportation
46,822
4,111
—
50,933
46,379
4,404
—
50,783
Value-added services
2,779
5,741
—
8,520
2,384
4,387
—
6,771
$
49,601
$
9,852
$
—
$
59,453
$
48,763
$
8,791
$
—
$
57,554
Adjusted gross profit percentage
Transportation
24.1
%
21.4
%
N/A
23.9
%
26.8
%
23.2
%
N/A
26.5
%
Value-added services
66.0
%
61.0
%
N/A
62.6
%
60.6
%
56.2
%
N/A
57.6
%
(1)
Adjusted gross profit is revenues less the cost of transportation and other services.
Transportation revenue was $213.0 million and $191.8 million for the three months ended September 30, 2025 and 2024, respectively. The increase of $21.2 million, or 11.1%, is primarily attributable to incremental revenues generated from prior year acquisitions. Adjusted transportation gross profit was $50.9 million and $50.8 million for the three months ended September 30, 2025 and 2024, respectively. Net transportation margins decreased from 26.5% to 23.9%, primarily due to increases in ocean revenues, which have lower gross profit margin characteristics than other service levels.
Value-added services revenue was $13.6 million and $11.7 million for the three months ended September 30, 2025 and 2024, respectively. Adjusted value-added services gross profit was $8.5 million for the three months ended September 30, 2025, compared to $6.8 million for the comparable prior year period. Adjusted value-added services gross profit percentage increased from 57.6% to 62.6%.
The following table provides a reconciliation for the three months ended September 30, 2025 and 2024 of adjusted gross profit to gross profit, the most directly comparable GAAP measure:
(In thousands)
Three Months Ended September 30,
Reconciliation of adjusted gross profit to GAAP gross profit
2025
2024
Revenues
$
226,655
$
203,565
Cost of transportation and other services (exclusive of
depreciation and amortization, shown separately below)
The following table compares condensed consolidated statements of comprehensive income data by reportable operating segments for the three months ended September 30, 2025 and 2024:
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
(In thousands)
United
States
Canada
Corporate/
Eliminations
Total
United
States
Canada
Corporate/
Eliminations
Total
Adjusted gross profit
(1)
$
49,601
$
9,852
$
—
$
59,453
$
48,763
$
8,791
$
—
$
57,554
Operating expenses:
Operating partner commissions
19,996
—
—
19,996
18,801
—
—
18,801
Personnel costs
15,184
4,718
1,669
21,571
13,554
4,757
1,312
19,623
Selling, general and administrative
expenses
8,258
2,125
1,691
12,074
6,250
2,170
1,901
10,321
Depreciation and amortization
756
1,023
1,747
3,526
960
1,031
2,814
4,805
Change in fair value of contingent
consideration
—
—
200
200
—
—
200
200
Total operating expenses
44,194
7,866
5,307
57,367
39,565
7,958
6,227
53,750
Income (loss) from operations
5,407
1,986
(5,307
)
2,086
9,198
833
(6,227
)
3,804
Other income (expense)
26
63
(561
)
(472
)
16
(39
)
788
765
Income (loss) before income taxes
5,433
2,049
(5,868
)
1,614
9,214
794
(5,439
)
4,569
Income tax expense
—
—
(339
)
(339
)
—
—
(1,145
)
(1,145
)
Net income (loss)
5,433
2,049
(6,207
)
1,275
9,214
794
(6,584
)
3,424
Less: Net income (loss) attributable to non-
controlling interest
18
—
—
18
(48
)
—
—
(48
)
Net income (loss) attributable to
Radiant Logistics, Inc.
$
5,451
$
2,049
$
(6,207
)
$
1,293
$
9,166
$
794
$
(6,584
)
$
3,376
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
Operating expenses as a percent of
adjusted gross profit:
United
States
Canada
Corporate/
Eliminations
Total
United
States
Canada
Corporate/
Eliminations
Total
Operating partner commissions
40.3
%
0.0
%
N/A
33.6
%
38.6
%
0.0
%
N/A
32.7
%
Personnel costs
30.6
%
47.9
%
N/A
36.3
%
27.8
%
54.1
%
N/A
34.1
%
Selling, general and administrative
expenses
16.6
%
21.6
%
N/A
20.3
%
12.8
%
24.7
%
N/A
17.9
%
(1)
Adjusted gross profit is revenues less the cost of transportation and other services.
Operating partner commissions increased $1.2 million, or 6.4%, to $20.0 million for the three months ended September 30, 2025. The increase is primarily due to an increase of adjusted gross profit generated from our strategic operating partners, partially offset by the conversions of strategic operating partners to Company-owned locations who earned commissions in the prior year. As a percentage of adjusted gross profit, operating partner commissions increased 97 basis points to 33.6% from 32.7% for the three months ended September 30, 2025 and 2024, respectively, as a result of a higher percentage of gross margin generated from Company-owned locations.
Personnel costs increased $2.0 million, or 9.9%, to $21.6 million for the three months ended September 30, 2025. The increase is primarily due to an increase in headcount from recent acquisitions and the share-based compensation expense in the period. As a percentage of adjusted gross profit, personnel costs increased 219 basis points to 36.3% from 34.1% for the three months ended September 30, 2025 and 2024, respectively.
Selling, general and administrative (“SG&A”) expenses increased $1.8 million, or 17.0%, to $12.1 million for the three months ended September 30, 2025. The increase is primarily due to increased allowance for credit losses and technology spending, partially offset by lower professional service fees. As a percentage of adjusted gross profit, SG&A increased 238 basis points to 20.3% from 17.9% for the three months ended September 30, 2025 and 2024, respectively.
Depreciation and amortization costs decreased $1.3 million, or 26.6%, to $3.5 million for the three months ended September 30, 2025. The decrease is primarily attributable to amortization of intangible assets from acquisitions that are now fully amortized, partially offset by amortization of intangible assets from acquisitions that have occurred since the prior year period. As a percentage of adjusted gross profit, depreciation and amortization costs decreased 242 basis points to 5.9% from 8.3% for the three months ended September 30, 2025 and 2024, respectively.
Change in fair value of contingent consideration was a loss of $0.2 million for each of the three months ended September 30, 2025 and 2024. The change in each fiscal year is principally attributable to a change in management’s estimates of future earn-out payments through the remainder of the respective earn-out periods.
Our decrease in net income is driven by increased personnel costs, SG&A, offset by decreases to depreciation and amortization.
Our future financial results may be impacted by amortization of intangible assets resulting from acquisitions, and gains or losses from changes in fair value of contingent consideration, which are difficult to predict.
The following table provides a reconciliation for the three months ended September 30, 2025 and 2024 of adjusted EBITDA to net income (loss), the most directly comparable GAAP measure:
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
(In thousands)
United
States
Canada
Corporate/
Eliminations
Total
United
States
Canada
Corporate/
Eliminations
Total
Net income (loss) attributable to
Radiant Logistics, Inc.
$
5,451
$
2,049
$
(6,207
)
$
1,293
$
9,166
$
794
$
(6,584
)
$
3,376
Income tax expense
—
—
339
339
—
—
1,145
1,145
Depreciation and amortization
(1)
756
1,023
1,747
3,526
1,074
1,031
2,814
4,919
Net interest expense
—
—
561
561
—
—
(228
)
(228
)
Share-based compensation
193
16
215
424
91
42
30
163
Change in fair value of contingent consideration
—
—
200
200
—
—
200
200
Lease termination costs
16
92
—
108
—
—
—
—
Change in fair value of interest rate swap contracts
—
—
—
—
—
—
440
440
Other
(2)
109
(104
)
341
346
22
40
(625
)
(563
)
Adjusted EBITDA
$
6,525
$
3,076
$
(2,804
)
$
6,797
$
10,353
$
1,907
$
(2,808
)
$
9,452
Adjusted EBITDA as a % of adjusted gross profit
(3)
13.2
%
31.2
%
N/A
11.4
%
21.2
%
21.7
%
N/A
16.4
%
(1)
Depreciation and amortization for the purposes of calculating adjusted EBITDA, a non-GAAP financial measure, includes depreciation expense recognized on certain computer software as a service.
(2)
Other includes costs unrelated to our core operations (primarily acquisition and litigation costs), and other non-cash charges.
(3)
Adjusted gross profit is revenues less the cost of transportation and other services.
Generally, our primary sources of liquidity are cash generated from operating activities and borrowings under our Revolving Credit Facility, as described below. These sources also fund a portion of our capital expenditures and contractual contingent consideration obligations. Our level of cash and financing capabilities along with cash flows from operations have historically been sufficient to meet our operating and capital needs. As of September 30, 2025, we have $28.1 million in unrestricted cash and cash equivalents on hand to serve as adequate working capital.
Net cash provided by operating activities was $2.5 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively. The cash provided primarily consisted of net income adjusted for depreciation and amortization and changes in accounts receivable, prepaid expenses, accounts payable, operating partner commissions payable, and accrued expenses and other liabilities. Cash flow from operating activities for the three months ended September 30, 2025 increased by $2.3 million, compared with the same period in fiscal year 2025, primarily due to net changes in operating assets and liabilities offset by increased net income.
Net cash used for investing activities was $6.0 million and $13.5 million for the three months ended September 30, 2025 and 2024, respectively. Cash paid for acquisitions were $5.0 million and $11.4 million for the three months ended September 30, 2025 and 2024, respectively. Cash paid for purchases of property, technology, and equipment were $1.5 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively. Proceeds from sale of property, technology, and equipment were $0.4 million and less than $0.1 million for the three months ended September 30, 2025 and 2024, respectively.
Net cash provided by financing activities was $8.8 million and net cash used for financing activities was $1.2 million for the three months ended September 30, 2025 and 2024, respectively. Net proceeds from the Revolving Credit Facility were $10.0 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively. Repayments of notes payable and finance lease liabilities were $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively. Repurchases of common stock were $0.8 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively. Distributions to noncontrolling interest were less than $0.1 million for each of the three months ended September 30, 2025 and 2024, respectively. Proceeds from exercise of stock options were $0.2 million and less than $0.1 million for the three months ended September 30, 2025 and 2024, respectively. Payments of employee tax withholdings related to restricted stock units and stock options were $0.5 million for each of the three months ended September 30, 2025 and 2024, respectively.
Revolving Credit Facility
The Company entered into a $200 million syndicated, revolving credit facility (the “Revolving Credit Facility”) pursuant to a Credit Agreement dated as of August 5, 2022, and amended as of September 27, 2023. The Revolving Credit Facility is segregated into two tranches, a $150 million tranche that may be loaned in U.S. Dollars and a $50 million tranche that may be loaned in either U.S. Dollars or Canadian Dollars. The Revolving Credit Facility includes a $75 million accordion feature to support future acquisition opportunities. The Revolving Credit Facility was entered into with Bank of America, N.A. and BMO Capital Markets Corp. as joint book runners and joint lead arrangers, Bank of America, N.A. as Administrative Agent, Swingline Lender and Letter of Credit Issuer, Bank of Montreal as syndication agent, KeyBank National Association and MUFG Union Bank, N.A. as co-documentation agents and Bank of America, N.A., Bank of Montreal, KeyBank National Association, MUFG Union Bank, N.A. and Washington Federal Bank, National Association as lenders (such named lenders are collectively referred to herein as “Lenders”).
The Revolving Credit Facility matures on August 5, 2027 and is collateralized by a first-priority security interest in the accounts receivable and other assets of the Company and our subsidiaries, including, without limitation, all of the capital stock of our subsidiaries. Borrowings in U.S. Dollars accrue interest (at the Company’s option) at a) the Lenders’ base rate plus 0.50% to 1.50%; b) Term Secured Overnight Financing Rate (“SOFR”) plus 1.40% to 2.40%; or c) Term SOFR Daily Floating Rate plus 1.40% to 2.40%. Borrowings in Canadian Dollars accrue interest (at the Company’s option) at a) Term Canadian Overnight Repo Rate Average (“CORRA”) plus 0.29547% to 0.32138% depending on the term, plus 1.40% to 2.40%; or b) Daily Simple CORRA plus 0.29547% plus 1.40% to 2.40%. Rates are adjusted based on the Company’s consolidated net leverage ratio. The Company’s U.S. and Canadian subsidiaries are guarantors of the Revolving Credit Facility.
For borrowings under the Revolving Credit Facility, the Company is subject to the maximum consolidated net leverage ratio of 3.00 and minimum consolidated interest coverage ratio of 3.00. Additional minimum availability requirements and financial covenants apply in the event the Company seeks to use advances under the Revolving Credit Facility to pursue acquisitions or repurchase its common stock.
As of September 30, 2025, borrowings outstanding on the Revolving Credit Facility were $30.0 million. The Company was in compliance with its covenants.
Item 3. Quantitative and Qualitat
ive Disclosure about Market Risk
We are exposed to market risks in the ordinary course of business. These risks are primarily related to foreign exchange risk. We have currency exposure arising from both sales and purchases denominated in foreign currencies, as well as intercompany transactions. Significant changes in exchange rates between foreign currencies in which we transact business and the U.S. dollar may adversely affect our results of operations and financial condition. Historically, we have not entered into any hedging activities, and, to the extent that we continue not to do so in the future, we may be vulnerable to the effects of currency exchange rate fluctuations. A portion of our business is conducted in Canada and Mexico. If foreign exchange rates were 1.0% higher or lower, our net income for the three months ended September 30, 2025 would have changed by approximately $0.1 million. A fluctuation in foreign exchange rates could have a modest impact on the contingent consideration payments that could be due under our acquisition of Weport, S.A. de C.V.
We are also subject to risks related to an increase in interest rates. For every $1.0 million outstanding on our Revolving Credit Facility, we will incur approximately $0.06 million of interest expense. For every 1.0% increase in interest rates, our interest expense per $1.0 million in borrowings will increase by approximately $0.01 million.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.
An evaluation of the effectiveness of our “disclosure controls and procedures” (as such term is defined in Rules 13a-15(e) or 15d-15(e) of the Exchange Act) as of September 30, 2025 was carried out by our management under the supervision and with the participation of our CEO and CFO. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of September 30, 2025.
Management believes that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations, and cash flows as of and for the periods presented, in accordance with U.S. GAAP.
Changes in Internal Control over Financial Reporting
There have not been any changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
P
ART II. OTHER INFORMATION
I
tem 1. Legal Proceedings
The Company and its subsidiaries may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of business. Management is not aware of any pending or threatened legal proceedings that are considered other than routine legal proceedings. The Company believes that the ultimate disposition or resolution of its routine legal proceedings, in the aggregate, are not material to its financial position, results of operations and liquidity.
It
em 1A. Risk Factors
There have been no material changes in the risk factors disclosed by us under Part I, Item 1A. Risk Factors contained in the Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
In December 2023, the Company’s board of directors authorized the repurchase of up to 5,000,000 shares of the Company’s common stock through December 31, 2025. Under the repurchase program, the Company purchased the following shares of Common Stock during the three months ended September 30, 2025:
Period
Total Number of Shares Purchased
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs
July 1 − 31, 2025
—
—
—
4,660,235
August 1 − 31, 2025
—
—
—
4,660,235
September 1 − 30, 2025
139,992
$
5.96
139,992
4,520,243
Total
139,992
$
5.96
139,992
4,520,243
Item 5. Other Information
(a) None
(b) None
(c) During the three months ended September 30, 2025
,
no
ne of our directors or “officers” (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Securities and Exchange Commission Regulation S-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RADIANT LOGISTICS, INC.
Date: November 10, 2025
/s/ Bohn H. Crain
Bohn H. Crain
Chief Executive Officer
(Principal Executive Officer)
Date: November 10, 2025
/s/ Todd E. Macomber
Todd E. Macomber
Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
Customers and Suppliers of RADIANT LOGISTICS, INC
Beta
No Customers Found
No Suppliers Found
Bonds of RADIANT LOGISTICS, INC
Price Graph
Price
Yield
Insider Ownership of RADIANT LOGISTICS, INC
company Beta
Owner
Position
Direct Shares
Indirect Shares
AI Insights
Summary Financials of RADIANT LOGISTICS, INC
Beta
(We are using algorithms to extract and display detailed data. This is a hard problem and we are working continuously to classify data in an accurate and useful manner.)