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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS SECOND QUARTER 2025 RESULTS
Consolidated Revenue and Operating Income Improved Sequentially

Expedited Freight Segment Reports Highest Reported EBITDA Margin in Six Quarters

GREENEVILLE, Tenn. – (BUSINESS WIRE) – August 11, 2025 – Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months ended June 30, 2025, as presented in the tables below.

“We posted yet another solid quarter; even in this challenging environment, our team continues to deliver,” said Shawn Stewart, Chief Executive Officer. “Operationally, we remained focused on the customer and executed well in our linehaul and terminal operations. By tightly managing costs and improving most of our operating KPIs, we have improved margins in our Expedited Freight segment. Sequentially, on a consolidated basis second quarter income from operations increased by $15 million to $20 million and Consolidated EBITDA increased by $5 million to $74 million compared to the first quarter of the year. Our team has done an exceptional job managing through a very challenging freight recession, and given our expense management discipline and operational improvements, I believe that we are equally well positioned to improve both EBITDA and cash flow from operations once the freight environment normalizes. It takes a lot of discipline, but we are not focused on the next three months or even the next three quarters, but the next three plus years.

“At the Expedited Freight segment, we are seeing the benefits from maintaining rigorous cost controls and addressing pricing actions to more closely align with the quality of service we provide. Following corrective pricing actions completed in February of this year, the second quarter revenue per hundredweight, excluding fuel surcharge, increased sequentially for the second consecutive quarter. The improvements contributed to the highest reported EBITDA margin at the Expedited Freight segment since the fourth quarter of 2023. The Expedited Freight segment encompasses one of the largest expedited LTL networks in North America and is a recognized industry leader in time-critical, high-value freight. We believe our commitment to service excellence is key to sustainable growth and long-term profitability,” concluded Stewart.

Jamie Pierson, Chief Financial Officer added, “We reported consolidated revenue of $619 million in the second quarter 2025 compared to $644 million in the second quarter of 2024. Sequentially, consolidated revenue increased by $6 million compared to $613 million in the first quarter of this year. Income from operations improved to $20 million in the second quarter compared to a loss from operations of $3 million, excluding an impairment of goodwill, a year ago. On a sequential basis, that same $20 million income from operations improved by $15 million compared to $5 million reported in the first quarter 2025.

“For the second quarter, Consolidated EBITDA ("Consolidated EBITDA"), a non-GAAP measure calculated pursuant to our Senior Secured Term Loan Credit Agreement (the "Credit Agreement"), was $74 million. Correspondingly, the last twelve months Consolidated EBITDA as of June 30, 2025, was $298 million.

“Liquidity at the end of the second quarter was $368 million compared to $393 million at the end of the first quarter 2025. The $25 million decrease during the quarter includes the $34 million semi-annual interest on the Senior Secured Notes paid every April and October. Year-to-date through June 30, cash provided by operating activities is $14 million which is a $111 million improvement compared to the $97 million used by operations in the first half of 2024,” concluded Pierson.



Three Months Ended
(in thousands, except per share data)June 30, 2025June 30, 2024ChangePercent Change
Operating revenue$618,844 $643,666 $(24,822)(3.9)%
Income (loss) from continuing operations
$19,522 $(1,095,755)$1,115,277 101.8 %
Operating margin3.2 %(170.2)%NM
Net loss from continuing operations
$(20,364)$(966,471)$946,107 97.9 %
Net loss from continuing operations per diluted share
$(0.41)$(23.29)$22.88 98.2 %
Cash used in by operating activities
$(13,217)$(45,200)$31,983 70.8 %
Non-GAAP Financial Measures: 1
Consolidated EBITDA$73,813 $88,997 $(15,184)(17.1)%
Free cash flow$(17,157)$(59,069)$41,912 71.0 %
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables.
Review of Financial Results

Forward will hold a conference call to discuss second quarter 2025 results on Monday, August 11, 2025 at 4:30 p.m. ET. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 267-6316, Access Code: FWRDQ225.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.

About Forward Air Corporation

Forward is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.
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Forward Air Corporation
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited, in thousands, except per share data)
 Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Operating revenues:
Expedited Freight$257,696 $291,282 $507,077 $564,577 
Omni Logistics328,316 311,856 651,786 536,694 
Intermodal59,146 59,299 121,638 115,591 
Corporate (142)— — — 
Eliminations(26,172)(18,771)(48,376)(31,383)
Operating revenues618,844 643,666 1,232,125 1,185,479 
Operating expenses:   
Purchased transportation303,300 321,587 607,562 598,602 
Salaries, wages and employee benefits145,490 144,000 287,405 272,867 
Operating leases49,505 46,258 98,298 85,061 
Depreciation and amortization36,806 48,639 74,166 80,425 
Insurance and claims15,536 14,698 30,542 27,579 
Fuel expense5,278 5,859 10,927 11,105 
Other operating expenses43,407 65,666 98,940 178,613 
Impairment of goodwill— 1,092,714 — 1,092,714 
Total operating expenses599,322 1,739,421 1,207,840 2,346,966 
Income (loss) from continuing operations:
Expedited Freight19,495 21,946 35,129 41,444 
Omni Logistics7,186 (1,105,871)10,561 (1,134,456)
Intermodal4,415 5,317 9,957 8,903 
Other Operations(11,574)(17,147)(31,362)(77,378)
Income (loss) from continuing operations19,522 (1,095,755)24,285 (1,161,487)
Other expense:    
Interest expense, net(45,326)(47,265)(90,873)(88,018)
Foreign exchange (loss) gain(4,653)1,567 (5,575)899 
Other (expense) income, net(6,656)40 (6,552)49 
Total other expense(56,635)(45,658)(103,000)(87,070)
Net loss from continuing operations before income taxes(37,113)(1,141,413)(78,715)(1,248,557)
Income tax (benefit) expense(16,749)(174,942)2,840 (193,292)
Net loss from continuing operations(20,364)(966,471)(81,555)(1,055,265)
Loss from discontinued operations, net of tax— (4,876)— (4,876)
Net loss(20,364)(971,347)$(81,555)$(1,060,141)
Net loss attributable to noncontrolling interest(7,781)(325,914)(18,335)(352,996)
Net loss attributable to Forward Air$(12,583)$(645,433)$(63,220)$(707,145)
Basic and diluted loss per share attributable to Forward Air:
  
Continuing operations$(0.41)$(23.29)$(2.09)$(27.53)
Discontinued operations— (0.18)— (0.18)
Net loss per basic and diluted share
$(0.41)$(23.47)$(2.09)$(27.71)
Net loss$(20,364)$(971,347)$(81,555)$(1,060,141)
Other comprehensive loss:
Foreign currency translation adjustments4,561 (849)4,826 (1,000)
Comprehensive loss$(15,803)$(972,196)$(76,729)$(1,061,141)
Comprehensive loss attributable to noncontrolling interest$(7,781)$(325,914)$(18,335)$(352,996)
Comprehensive loss attributable to Forward Air$(8,022)$(646,282)$(58,394)$(708,145)
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Expedited Freight Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 June 30, 2025Percent of RevenueJune 30, 2024Percent of RevenueChangePercent Change
Operating revenues:
Network 1
$193,829 75.2 %$223,334 76.7 %$(29,505)(13.2)%
Truckload42,636 16.5 44,678 15.3 (2,042)(4.6)
Other21,231 8.3 23,270 8.0 (2,039)(8.8)
Total operating revenues257,696 100.0 291,282 100.0 (33,586)(11.5)
Operating expenses:
Purchased transportation124,448 48.3 142,512 48.9 (18,064)(12.7)
Salaries, wages and employee benefits53,938 20.9 63,845 21.9 (9,907)(15.5)
Operating leases17,355 6.7 14,730 5.1 2,625 17.8 
Depreciation and amortization10,357 4.0 10,692 3.7 (335)(3.1)
Insurance and claims10,693 4.1 10,969 3.8 (276)(2.5)
Fuel expense2,518 1.0 2,434 0.8 84 3.5 
Other operating expenses18,892 7.4 24,154 8.3 (5,262)(21.8)
Total operating expenses238,201 92.4 269,336 92.5 (31,135)(11.6)
Income from operations$19,495 7.6 %$21,946 7.5 %$(2,451)(11.2)%
1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.

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Expedited Freight Operating Statistics
Three Months Ended
June 30, 2025June 30, 2024Percent Change
Business days64 64 — %
Tonnage 1,2
    Total pounds623,394 713,919 (12.7)
    Pounds per day9,741 11,155 (12.7)
Shipments 1,2
    Total shipments739 870 (15.1)
    Shipments per day11.5 13.6 (15.4)
Weight per shipment843 821 2.7 
Revenue per hundredweight 3
$31.09 $31.29 (0.6)
Revenue per hundredweight, ex fuel 3
$24.82 $24.38 1.8 
Revenue per shipment 3
$261.82 $256.80 2.0 
Revenue per shipment, ex fuel 3
$209.24 $200.05 4.6 
1 In thousands
2 Excludes accessorial and Truckload and products
3 Includes intercompany revenue between the Network and Truckload revenue streams

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Omni Logistics Segment Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2025
Percent of Revenue
June 30, 2024
Percent of Revenue
ChangePercent Change
Operating revenue$328,316 100.0 %311,856 100.0 %16,460 5.3 %
Operating expenses:
Purchased transportation185,040 56.4 178,674 57.3 6,366 3.6 
Salaries, wages and employee benefits61,584 18.8 57,536 18.4 4,048 7.0 
Operating leases25,686 7.8 26,751 8.6 (1,065)(4.0)
Depreciation and amortization22,419 6.8 33,235 10.7 (10,816)(32.5)
Insurance and claims1,248 0.4 2,845 0.9 (1,597)(56.1)
Fuel expense888 0.3 1,182 0.4 (294)(24.9)
Other operating expenses24,265 7.4 24,790 7.9 (525)(2.1)
Impairment of goodwill— — 1,092,714 350.4 (1,092,714)(100.0)
Total operating expenses321,130 97.8 1,417,727 454.6 (1,096,597)(77.3)
Income (loss) from operations7,186 2.2 %(1,105,871)(354.6)%1,113,057 100.6 %



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Intermodal Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 June 30, 2025Percent of RevenueJune 30, 2024Percent of RevenueChangePercent Change
Operating revenue$59,146 100.0 %$59,299 100.0 %$(153)(0.3)%
Operating expenses:
Purchased transportation20,049 33.9 19,173 32.3 876 4.6 
Salaries, wages and employee benefits15,385 26.0 14,899 25.1 486 3.3 
Operating leases5,336 9.0 4,776 8.1 560 11.7 
Depreciation and amortization4,502 7.6 4,712 7.9 (210)(4.5)
Insurance and claims3,147 5.3 2,619 4.4 528 20.2 
Fuel expense1,857 3.1 2,243 3.8 (386)(17.2)
Other operating expenses4,455 7.6 5,560 9.4 (1,105)(19.9)
Total operating expenses54,731 92.5 53,982 91.0 749 1.4 
Income from operations$4,415 7.5 %$5,317 9.0 %$(902)(17.0)%

Intermodal Operating Statistics
Three Months Ended
June 30, 2025June 30, 2024Percent Change
Drayage shipments62,313 64,877 (4.0)%
Drayage revenue per shipment$862 $826 4.4 %

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Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 June 30, 2025December 31, 2024
Assets
Current assets: 
Cash and cash equivalents$95,128 $104,903 
Restricted cash and restricted cash equivalents179 363 
Accounts receivable, net335,716 322,291 
Prepaid expenses33,182 29,053 
Other current assets10,402 15,890 
Total current assets474,607 472,500 
Property and equipment, net of accumulated depreciation and amortization of $305,267 in 2025 and $292,855 in 2024321,329 326,188 
Operating lease right-of-use assets419,531 410,084 
Goodwill522,712 522,712 
Other acquired intangibles, net of accumulated amortization of $259,154 in 2025 and $212,905 in 2024
952,967 999,216 
Other long term assets70,089 71,941 
Total assets$2,761,235 $2,802,641 
Liabilities and Shareholders' Equity 
Current liabilities: 
Accounts payable$115,123 $105,692 
Accrued expenses115,605 119,836 
Other current liabilities48,072 45,148 
Current portion of debt and finance lease obligations16,877 16,930 
Current portion of operating lease liabilities101,008 96,440 
Total current liabilities396,685 384,046 
Finance lease obligations, less current portion29,191 30,858 
Long-term debt, less current portion1,681,468 1,675,930 
Liabilities under tax receivable agreement20,158 13,295 
Operating lease liabilities, less current portion334,318 325,640 
Other long-term liabilities49,725 48,835 
Deferred income taxes33,449 38,169 
Shareholders' equity:
Preferred stock— — 
Common stock306 298 
Additional paid-in capital551,845 542,392 
Accumulated deficit(402,451)(338,230)
Accumulated other comprehensive (loss) income2,094 (2,732)
Total Forward Air shareholders' equity151,794 201,728 
Noncontrolling interest64,447 84,140 
Total shareholders' equity216,241 285,868 
Total liabilities and shareholders' equity$2,761,235 $2,802,641 
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Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2025June 30, 2024
Operating activities:
Net loss from continuing operations$(20,364)$(966,471)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization36,806 48,639 
Impairment of goodwill— 1,092,714 
Share-based compensation expense4,711 3,620 
Provision for revenue adjustments990 1,121 
Deferred income tax benefit (1,933)(166,549)
Other10,673 2,300 
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable4,200 (21,770)
Other receivables743 164 
Other current and noncurrent assets8,952 (49,528)
Accounts payable and accrued expenses(57,995)10,560 
Net cash provided by (used in) operating activities of continuing operations(13,217)(45,200)
Investing activities:
Proceeds from sale of property and equipment804 557 
Purchases of property and equipment(4,744)(14,426)
Other55 (85)
Net cash used in investing activities of continuing operations(3,885)(13,954)
Financing activities:
Repayments of finance lease obligations(4,945)(4,567)
Proceeds from credit facility60,000 — 
Payments on credit facility(60,000)— 
Proceeds from common stock issued under employee stock purchase plan434 369 
Payment of minimum tax withholdings on share-based awards(107)(33)
Net cash used in financing activities of continuing operations(4,618)(4,231)
Effect of exchange rate changes on cash353 646 
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations(21,367)(62,739)
Cash from discontinued operations:
Net cash used in operating activities of discontinued operations— (4,876)
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents(21,367)(67,615)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period116,674 172,270 
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period$95,307 $104,655 
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Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2025June 30, 2024
Operating activities:
Net loss from continuing operations
$(81,555)$(1,055,265)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization74,166 80,425 
Impairment of goodwill— 1,092,714 
Share-based compensation expense7,669 5,187 
Provision for revenue adjustments1,637 2,159 
Deferred income tax benefit
(4,725)(163,604)
   Other14,472 6,469 
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable(16,945)(42,265)
Other receivables309 5,531 
Other current and noncurrent assets9,719 (56,637)
Accounts payable and accrued expenses9,651 28,362 
Net cash provided by (used in) operating activities of continuing operations
14,398 (96,924)
Investing activities:
Proceeds from sale of property and equipment1,495 1,406 
Purchases of property and equipment(16,650)(19,396)
Purchase of a business, net of cash acquired— (1,565,242)
Other31 (174)
Net cash used in investing activities of continuing operations
(15,124)(1,583,406)
Financing activities:
Repayments of finance lease obligations(9,376)(9,127)
Proceeds from credit facility85,000 — 
Payments on credit facility(85,000)(80,000)
Payment of debt issuance costs— (60,591)
Payment of earn-out liability— (12,247)
Proceeds from common stock issued under employee stock purchase plan434 369 
Payment of minimum tax withholdings on share-based awards(1,001)(1,361)
Net cash used in financing activities of continuing operations
(9,943)(162,957)
Effect of exchange rate changes on cash710 745 
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents from continuing operations
(9,959)(1,842,542)
Cash from discontinued operation:
Net cash used in operating activities of discontinued operation— (4,876)
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents(9,959)(1,847,418)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period105,266 1,952,073 
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period$95,307 $104,655 
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Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

In this press release, the Company includes financial measures that are derived on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.

For the three and six months ended June 30, 2025 and 2024, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), and free cash flow.

All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value.

The Company is also providing Consolidated EBITDA calculated in accordance with our credit agreement as we believe it provides investors with important information regarding our financial condition and compliance with our obligations under our credit agreement.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, the Company’s financial results prepared in accordance with GAAP. The Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable U.S. GAAP measures set forth below.

With respect to the 2025 Consolidated EBITDA guidance, please note that the Company is not providing a quantitative reconciliation of Consolidated EBITDA to Net Income because it is not available without unreasonable efforts. The Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation, or to quantify the probable significance of these items. The adjustments required for any such reconciliation of the Company’s forward-looking non-GAAP financial measures cannot be accurately forecast by the Company, and therefore the reconciliation has been omitted.





















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The following is a reconciliation of net income to Consolidated EBITDA for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net loss from continuing operations
$(20,364)$(966,471)$(81,555)$(1,055,265)
Interest expense45,326 47,265 90,873 88,018 
Income tax (benefit) expense(16,749)(174,942)2,840 (193,292)
Depreciation and amortization36,806 48,639 74,166 80,425 
Reported EBITDA45,019 (1,045,509)86,324 (1,080,114)
Impairment of goodwill— 1,092,714 — 1,092,714 
Transaction and integration costs5,987 10,018 19,913 71,942 
Severance costs830 4,029 2,404 11,585 
Change in the TRA Liability
6,864 — 6,864 — 
Optimization project costs
691 — 1,722 — 
Pro forma synergies
— 5,747 — 16,254 
Pro forma savings
— 10,328 — 21,775 
Other
14,422 11,670 25,545 18,201 
Consolidated EBITDA$73,813 $88,997 $142,772 $152,357 

The following is a reconciliation of net cash provided by operating activities to free cash flow for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net cash provided by operating activities$(13,217)$(45,200)$14,398 $(96,924)
Proceeds from sale of property and equipment804 557 1,495 1,406 
Purchases of property and equipment(4,744)(14,426)(16,650)(19,396)
Free cash flow$(17,157)$(59,069)$(757)$(114,914)


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Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to expectations regarding the Company’s long-term growth; ability to achieve and accelerate synergy capture and eliminate costs from our structure; expectations regarding the Company’s expedited freight business; ability to achieve the intended benefits of the acquisition of Omni Logistics, including any revenue and cost synergies; the Company’s expectations regarding the Company’s financial performance, including Consolidated EBITDA, and the impact it may have on the business and results of operations; the Company’s beliefs regarding the key drivers of sustainable growth and long-term profitability and expectations regarding the Company's revenue growth strategies, including with respect to operational efficiency and cost control.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as tariffs, recessions, inflation, higher interest rates and downturns in customer business cycles, the Company's ability to achieve the expected strategic, financial and other benefits of the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected, the risk that operating costs, customer loss, management and employee retention and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) as a result of the acquisition of Omni Logistics may be greater than expected, continued weakening of the freight environment, future debt and financing levels, our ability to deleverage, including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition, and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

We caution readers that any forward-looking statement made by us in this press release is based only on information currently available to us and they should not place undue reliance on these forward-looking statements, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward- looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law.
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Contact:

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Justin Moss
(404) 362-8933
jmoss@forwardair.com
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