Forward Air Q1 2025 revenue up 13.2% to $613M; operating income swings to $4.8M from -$65.7M

FORWARD AIR CORP

2025-Q1 EPS reported -$1.68 revenue$613,281,000

Revenue $613M vs $542M YoY (+13.2%); income from operations improved $70.5M to $4.8M.
Net loss narrowed to $61.2M ($1.68/share) from $88.8M ($2.81/share) a year ago.
Expedited Freight segment: revenue per hundredweight (ex-fuel) up 4.3% sequentially and 2.5% YoY; EBITDA margin 10.4% (+400 bps vs Q4 2024).
Liquidity increased to $393M from $382M at Q4 2024 end; operating cash flow $27.6M vs -$51.7M YoY.
Consolidated EBITDA (credit agreement) $69M for Q1; LTM $313M with ~$66M covenant cushion.

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