Radiant Logistics: Riding the Domestic Inflection While International Disruptions Compel
Q3 FY2026: Flat Revenue, Resilient EBITDA
Radiant Logistics reported another quarter that was far better than the 'noisy' numbers suggest. Revenue came in at $214M, unchanged year-over-year, while adjusted EBITDA of $7.15M was down 17.5% — but the story isn't in the quarter; it's in the inflection.
On the domestic side, the CEO sees a genuine turning point: “With spot rates, tender rejections, and other key cycle indicators moving meaningfully higher, and driver headcount at multiyear lows, the domestic freight market appears to be approaching a genuine inflection point.” — Bohn Crain, Chief Executive Officer · 2026-05-11 The asset-based carriers are pushing through double-digit rate increases, and Radiant is positioned to ride those coattails. As Bohn Crain put it in Q&A: “we saw a much stronger March and, sequentially, we continue to see that building.” — Bohn Crain, Chief Executive Officer · 2026-05-11 The company's limited contracted exposure means it can navigate to better spot and intermodal business opportunities as rates firm.
Internationally, the picture is messier. The shutdown of the Strait of Hormuz and ongoing Red Sea diversions have reshaped ocean freight, while tariffs have re-routed supply chains. The CEO sees this chaos as an opportunity: “The Navigate technology itself is really valuable-down to SKU-level landed cost analysis.” — Bohn Crain, Chief Executive Officer · 2026-05-11 Alongside the AI agent Ray, Navigate is the differentiator that should convert dislocated global trade flows into future organic growth. The company is also opportunistically buying NVOCC businesses at the bottom of the cycle and expanding in Hong Kong and Shenzhen, adding critical presence in the China to U.S. corridor.
Financially, the balance sheet is a weapon. Effective net cash of $25M on a $200M credit facility gives Radiant dry powder for station conversions and tuck-ins. But the market cap is just ~$396M, and the stock trades at 0.4x sales — a valuation that has drawn buyback activity before.
We are essentially debt-free on a net basis relative to our $200 million credit facility, giving us substantial flexibility to pursue the combination of strategic operating partner conversions, synergistic tuck-in acquisitions, and share repurchases that have long defined our approach to capital allocation.
The key question is whether the domestic recovery is durable. Prior commentary was more cautious: “And I think all of this capacity tightening will be constructive for us in our -- in the peer group more broadly.” — Bohn Crain, Founder and CEO · 2026-02-09 That was in February; now the language is more confident. If the cycle turns, Radiant's mix of truck brokerage, intermodal, and value-added services should see meaningful margin lift. The $214M quarterly revenue is the base; the operating leverage is the option.