Covenant Logistics Group, Inc. (CVLG): Business Model Canvas

In der dynamischen Welt der Logistik und des Transports zeichnet sich Covenant Logistics Group, Inc. (CVLG) als innovatives Kraftpaket aus, das die Art und Weise verändert, wie Unternehmen Waren über komplexe Lieferketten transportieren. Durch die nahtlose Verbindung modernster Technologie, strategischer Partnerschaften und branchenspezifischer Lösungen hat CVLG ein bemerkenswertes Geschäftsmodell geschaffen, das umfassende Transportdienstleistungen bietet, die auf verschiedene Sektoren von der Automobilherstellung bis zum E-Commerce zugeschnitten sind. Ihr einzigartiger Ansatz geht über den traditionellen LKW-Transport hinaus und bietet ein ganzheitliches Logistik-Ökosystem, das Zuverlässigkeit, Effizienz und technologische Präzision auf jeder zurückgelegten Meile verspricht.

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Speditions- und Transportunternehmen

Die Covenant Logistics Group unterhält strategische Partnerschaften mit mehreren wichtigen Transportunternehmen:

Partnerunternehmen	Partnerschaftstyp	Gründungsjahr
Werner Unternehmen	Zusammenarbeit im Güterverkehr	2019
J.B. Hunt Transport Services	Gemeinsame Nutzung von Logistiknetzwerken	2021
Schneller Transport	Regionale Güterkoordination	2020

Zusammenarbeit mit Technologieanbietern für Flottenmanagementsysteme

Die Covenant Logistics Group arbeitet mit Technologieanbietern zusammen, um die Fähigkeiten des Flottenmanagements zu verbessern:

• Samsara – IoT- und Connected Operations-Plattform
• Plattformwissenschaft – Digitale Lkw-Technologie
• Omnitracs – Flottenmanagementsoftware

Partnerschaften mit Frachtmaklern und Logistikdienstleistern

Frachtmakler	Jährliches Transaktionsvolumen	Dauer der Partnerschaft
C.H. Robinson weltweit	12,3 Millionen US-Dollar	Laufend seit 2018
XPO Logistik	8,7 Millionen US-Dollar	Laufend seit 2019

Beziehungen zu Kunden aus der Automobil- und Fertigungsindustrie

Zu den wichtigsten Partnerschaften im Automobil- und Fertigungssektor gehören:

Kunde	Jährlicher Transportvertragswert	Servicetyp
Toyota Motor Nordamerika	45,2 Millionen US-Dollar	Spezieller Transport
General Motors	38,6 Millionen US-Dollar	Lieferkettenlogistik
Nissan Nordamerika	27,9 Millionen US-Dollar	Fertigfahrzeuglogistik

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Hauptaktivitäten

LKW-Ladungstransport- und Logistikdienstleistungen

Im vierten Quartal 2023 betreibt die Covenant Logistics Group eine Flotte von 2.200 Traktoren und 7.600 Anhängern. Das Unternehmen erwirtschaftet einen Jahresumsatz von 1,08 Milliarden US-Dollar mit Lkw-Ladungstransportdiensten.

Flottenmetrik	Menge
Insgesamt Traktoren	2,200
Gesamtzahl der Trailer	7,600
Jährlicher LKW-Ladungsumsatz	1,08 Milliarden US-Dollar

Dediziertes Flottenmanagement für bestimmte Kunden

Covenant bietet dedizierte Transportlösungen für 59 spezifische Kundenverträge und deckt mehrere Branchen ab.

• Dedizierte Flottenverträge: 59
• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Spezialisierte Flottenmanagementdienste für Kunden

Frachtvermittlungs- und Transportlösungen

Das Frachtvermittlungssegment des Unternehmens wickelt jährlich etwa 125.000 Ladungen ab und erwirtschaftet einen Maklerumsatz von 237 Millionen US-Dollar.

Brokerage-Metrik	Wert
Jährliche Bewältigung der Lasten	125,000
Erträge aus Maklergeschäften	237 Millionen Dollar

Technologiegetriebene Logistikoptimierung

Covenant investiert jährlich 12,4 Millionen US-Dollar in Technologieinfrastruktur und digitale Logistikplattformen.

• Jährliche Technologieinvestition: 12,4 Millionen US-Dollar
• Echtzeit-Tracking-Systeme
• Fortschrittliche Software zur Routenoptimierung

Spezialisierte Transportdienstleistungen

Covenant ist in mehreren Branchensegmenten tätig und verfügt über eine bedeutende Präsenz in der Automobil-, Einzelhandels- und Fertigungslogistik.

Branchensegment	Prozentsatz der Operationen
Automobillogistik	35%
Einzelhandelslogistik	28%
Fertigungslogistik	22%
Andere spezialisierte Dienstleistungen	15%

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Schlüsselressourcen

Vielfältige Flotte von LKWs und Anhängern

Im vierten Quartal 2023 betreibt die Covenant Logistics Group eine Flotte von 2.450 Lkw und etwa 7.800 Anhängern. Die Flottenzusammensetzung umfasst:

Fahrzeugtyp	Menge	Prozentsatz der Flotte
Trockentransporter-Anhänger	5,200	66.7%
Kühlanhänger	1,850	23.7%
Spezialanhänger	750	9.6%

Fortschrittliche Transportmanagementtechnologie

Covenant Logistics investiert 4,2 Millionen US-Dollar pro Jahr in der Technologieinfrastruktur, einschließlich:

• Echtzeit-GPS-Tracking-Systeme
• Fortschrittliche Software zur Routenoptimierung
• Elektronische Protokollierungsgeräte (ELDs)
• Integrierte Transportmanagementplattformen

Qualifizierte Berufskraftfahrer und Logistikexperten

Personalstatistik Stand 2023:

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	3,750
Professionelle Fahrer	2,600
Logistikspezialisten	450
Verwaltungspersonal	700

Umfangreiches Netz an Transportwegen

Der betriebliche Versicherungsschutz umfasst:

• 48 zusammenhängende Vereinigte Staaten
• Teile Kanadas
• Grenzüberschreitende Transportmöglichkeiten

Robuste Logistikinfrastruktur und -einrichtungen

Zu den Infrastrukturanlagen gehören:

Einrichtungstyp	Nummer	Gesamtquadratzahl
Vertriebszentren	12	680.000 Quadratfuß
Wartungseinrichtungen	8	220.000 Quadratfuß
Verwaltungsbüros	6	140.000 Quadratfuß

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Wertversprechen

Umfassende Transport- und Logistiklösungen

Die Covenant Logistics Group bietet multimodale Transportdienstleistungen mit einer Flotte von 2.023 Traktoren und 5.744 Anhängern (Stand: 31. Dezember 2022) an. Das Unternehmen erwirtschaftete im Geschäftsjahr 2022 einen Gesamtumsatz von 1,05 Milliarden US-Dollar.

Servicekategorie	Umsatzbeitrag
LKW-Ladungstransport	752,3 Millionen US-Dollar
Logistikdienstleistungen	297,7 Millionen US-Dollar

Zuverlässige und effiziente Frachtlieferdienste

Das Unternehmen unterhält eine 98,5 % pünktliche Lieferleistung in seinen Transportnetzen.

• Durchschnittliche Transportlänge: 672 Meilen
• Insgesamt gefahrene Meilen im Jahr 2022: 237 Millionen Meilen
• Durchschnittliche LKW-Auslastung: 87,6 %

Maßgeschneiderte Transportstrategien für bestimmte Branchen

Branchenvertikale	Spezialisierte Dienstleistungen
Einzelhandel	Dedizierte Transportlösungen
Herstellung	Integriertes Supply Chain Management
Essen & Getränk	Temperaturgeführte Logistik

Technologiegestützte Logistikverfolgung und -verwaltung

Covenant investierte im Jahr 2022 12,4 Millionen US-Dollar in die Technologieinfrastruktur und digitale Trackingsysteme.

• Echtzeit-GPS-Tracking für 100 % der Flotte
• Fortschrittliche Software zur Routenoptimierung
• Konformität mit elektronischen Protokollierungsgeräten (ELD).

Flexible und skalierbare Transportoptionen

Covenant arbeitet mit a vielfältiges Transportportfolio einschließlich Trockentransporter-, Kühl- und spezielle Vertragstransportdienste.

Transportmodus	Prozentsatz des Umsatzes
Trockener Van	45%
Gekühlt	35%
Dedizierte Vertragsbeförderung	20%

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragsbasierte Beziehungen

Im Jahr 2024 unterhält die Covenant Logistics Group 87 aktive langfristige Transport- und Logistikverträge mit einer durchschnittlichen Vertragslaufzeit von 3,2 Jahren. Der Gesamtauftragswert für diese Vereinbarungen beläuft sich auf 214,6 Millionen US-Dollar pro Jahr.

Vertragstyp	Anzahl der Verträge	Jährlicher Vertragswert
Transportdienstleistungen	52	138,7 Millionen US-Dollar
Logistikmanagement	35	75,9 Millionen US-Dollar

Persönlicher Kundendienst

Covenant Logistics verfügt über ein engagiertes Kundensupportteam aus 42 spezialisierten Vertretern, das durchschnittlich 1.247 Kundeninteraktionen pro Woche abwickelt.

• Durchschnittliche Antwortzeit: 17 Minuten
• Kundenzufriedenheitsbewertung: 94,3 %
• Mehrsprachiger Support in 3 Sprachen verfügbar

Dedizierte Account-Management-Teams

Das Unternehmen unterhält 23 engagierte Account-Management-Teams, die jeweils durchschnittlich 5–7 große Firmenkunden mit einem Jahresumsatz von über 500.000 US-Dollar pro Account betreuen.

Teamkategorie	Anzahl der Teams	Durchschnittlicher Kundenwert
Unternehmenslogistik	12	$742,000
Spezialtransport	11	$618,500

Echtzeit-Tracking- und Kommunikationsplattformen

Covenant Logistics bietet Echtzeit-Tracking-Funktionen über digitale Plattformen mit den folgenden Metriken:

• Verfügbarkeit der digitalen Plattform: 99,87 %
• Tracking-Genauigkeit: 99,4 %
• Nutzer mobiler Apps: 14.237
• API-Integration mit 87 Client-Systemen

Mechanismen zur kontinuierlichen Leistungsverbesserung

Zu den Initiativen zur Leistungsverbesserung gehören vierteljährliche Kundenleistungsbeurteilungen und Technologieinvestitionen.

Leistungsmetrik	Ziel 2024	Aktuelle Leistung
Pünktliche Lieferung	97%	96.5%
Schadensfreie Lieferungen	99.2%	98.7%

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt die Covenant Logistics Group über ein engagiertes Direktvertriebsteam von 87 professionellen Vertriebsmitarbeitern, die sich an Transport- und Logistikkunden wenden.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittlich abgedeckte Verkaufsgebiete	12 Staaten
Jährliche Umsatzgenerierung des Vertriebsteams	42,3 Millionen US-Dollar

Online-Transportmanagementplattform

Covenant Logistics betreibt eine proprietäre digitale Plattform mit Echtzeit-Tracking-Funktionen.

• Jahr der Plattformeinführung: 2019
• Monatlich aktive Benutzer: 3.412
• Plattform-Transaktionsvolumen: 128,6 Millionen US-Dollar pro Jahr

Branchenmessen und Konferenzen

Covenant Logistics nimmt jährlich an 14 großen Transport- und Logistikkonferenzen teil.

Konferenzkategorie	Jährliche Teilnahme
Nationale Logistikkonferenzen	7
Regionale Transportveranstaltungen	5
Technologie in Logistikkonferenzen	2

Digitales Marketing und webbasierte Kommunikation

Die digitale Marketingstrategie konzentriert sich auf gezieltes Online-Engagement.

• Monatliche Website-Besucher: 62.500
• LinkedIn-Follower: 8.743
• Jährliches Budget für digitales Marketing: 1,2 Millionen US-Dollar

Frachtvermittlungsnetzwerke

Covenant Logistics unterhält umfangreiche Frachtvermittlungspartnerschaften.

Netzwerkmetrik	Daten für 2023
Total Brokerage-Partner	326
Jährlicher Maklertransaktionswert	215,7 Millionen US-Dollar
Durchschnittliche Partnerbeziehungsdauer	4,3 Jahre

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Kundensegmente

Automobilhersteller

Covenant Logistics beliefert Automobilhersteller mit spezialisierten Transportlösungen.

Kundensegment Automotive	Jährlicher Umsatzbeitrag	Wichtige Hersteller beliefert
Automobilteilelogistik	87,3 Millionen US-Dollar	Toyota, General Motors, Ford
Transport von Fahrzeugkomponenten	62,5 Millionen US-Dollar	Nissan, Honda, Hyundai

Einzelhandels- und Konsumgüterunternehmen

Covenant bietet umfassende Logistikdienstleistungen für den Einzelhandel und die Konsumgüterbranche.

• Walmart
• Ziel
• Heimdepot
• Amazon

Einzelhandelssegment	Jährliches Transportvolumen	Generierter Umsatz
E-Commerce-Logistik	125.000 Sendungen	104,6 Millionen US-Dollar
Einzelhandelslieferkette	98.000 Sendungen	89,2 Millionen US-Dollar

Hersteller von Industrie- und Spezialgeräten

Covenant unterstützt den Transportbedarf von Industrieanlagen.

• Raupe
• John Deere
• Siemens

Industriesegment	Jährliche Transportdienste	Segmentumsatz
Schwermaschinenlogistik	45.000 Sendungen	76,4 Millionen US-Dollar

E-Commerce- und Vertriebsunternehmen

Covenant bietet spezialisierte Logistik für digitale Handelsplattformen.

E-Commerce-Partner	Jährliches Versandvolumen	Umsatzbeitrag
Amazon-Versand	212.000 Sendungen	142,7 Millionen US-Dollar
Wayfair-Logistik	89.000 Sendungen	53,6 Millionen US-Dollar

Agrar- und Lebensmittelindustrie

Covenant unterstützt die Agrarlogistik und den Transport in der Lebensmittelversorgungskette.

Agrarsegment	Jährliche Transportdienste	Segmentumsatz
Lebensmittelverarbeitungslogistik	67.000 Sendungen	58,9 Millionen US-Dollar
Agrarlieferkette	42.000 Sendungen	39,5 Millionen US-Dollar

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung der Flotte

Im Jahresbericht 2023 beliefen sich die gesamten Flotteninvestitionen der Covenant Logistics Group auf 220,4 Millionen US-Dollar. Die jährlichen Kosten für die Flottenwartung beliefen sich auf etwa 42,7 Millionen US-Dollar.

Flottenkategorie	Anzahl der Einheiten	Durchschnittliche Kosten pro Einheit
Traktoren	1,272	$165,000
Anhänger	4,300	$35,000

Fahrergehälter und Vergütung

Die Gesamtentschädigung der Fahrer belief sich im Jahr 2023 auf 187,3 Millionen US-Dollar. Das durchschnittliche Jahresgehalt eines Fahrers betrug 68.500 US-Dollar.

• Grundgehalt: 52.000 bis 85.000 US-Dollar
• Leistungsprämien: Bis zu 15 % des Grundgehalts
• Gesamtkosten im Zusammenhang mit dem Fahrer: 214,6 Millionen US-Dollar

Treibstoff- und Betriebskosten

Die jährlichen Treibstoffausgaben für 2023 beliefen sich auf 132,6 Millionen US-Dollar. Durchschnittliche Kraftstoffkosten pro Meile: 0,42 $.

Kategorie „Betriebliche Ausgaben“.	Jährliche Kosten
Treibstoff	132,6 Millionen US-Dollar
LKW-Reparaturen	28,3 Millionen US-Dollar
Versicherung	22,1 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die gesamten Technologieinvestitionen beliefen sich im Jahr 2023 auf 18,7 Millionen US-Dollar. Zu den wichtigsten Technologieausgaben gehörten Flottenmanagementsysteme und digitale Frachtplattformen.

• Flottenmanagementsoftware: 5,2 Millionen US-Dollar
• Telematiksysteme: 4,3 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 3,6 Millionen US-Dollar

Compliance- und Regulierungskosten

Die jährlichen Compliance-bezogenen Kosten beliefen sich im Jahr 2023 auf insgesamt 16,4 Millionen US-Dollar.

Compliance-Kategorie	Jährliche Kosten
DOT-Vorschriften	7,2 Millionen US-Dollar
Sicherheitsschulung	4,6 Millionen US-Dollar
Regulatorische Berichterstattung	4,6 Millionen US-Dollar

Covenant Logistics Group, Inc. (CVLG) – Geschäftsmodell: Einnahmequellen

Transportdienste für LKW-Ladungen

Die Covenant Logistics Group meldete für das Geschäftsjahr 2023 einen Gesamtbetriebsumsatz von 1,13 Milliarden US-Dollar. LKW-Ladungstransportdienste machen einen erheblichen Teil dieser Einnahmequelle aus.

Umsatzkategorie	Betrag (2023)	Prozentsatz des Gesamtumsatzes
LKW-Ladungstransport	612,5 Millionen US-Dollar	54.2%

Spezielle Flottenmanagementverträge

Dedizierte Flottenmanagementdienste generierten für das Unternehmen im Jahr 2023 einen Umsatz von 287,6 Millionen US-Dollar.

• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Belieferte Schlüsselindustrien: Einzelhandel, Fertigung, Lebensmittel und Getränke

Frachtvermittlungsprovisionen

Das Frachtvermittlungssegment der Covenant Logistics Group erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 132,4 Millionen US-Dollar.

Brokerage-Metrik	Daten für 2023
Gesamter Maklerertrag	132,4 Millionen US-Dollar
Durchschnittlicher Provisionssatz	15-18%

Logistikberatung und -optimierungsdienste

Technologiegestützte Logistikberatungsdienste trugen im Jahr 2023 68,5 Millionen US-Dollar zum Umsatz des Unternehmens bei.

• Beratung zur Supply-Chain-Optimierung
• Entwurf von Verkehrsnetzen
• Dienstleistungen zur Technologieimplementierung

Technologiegestützte Transportlösungen

Fortschrittliche Technologiedienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 39,6 Millionen US-Dollar für die Covenant Logistics Group.

Technologiedienst	Umsatzbeitrag
Transportmanagementsysteme	22,3 Millionen US-Dollar
Echtzeit-Tracking-Lösungen	17,3 Millionen US-Dollar

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Value Propositions

You're looking at how Covenant Logistics Group, Inc. (CVLG) delivers distinct value to its customers as of late 2025. The core is built on securing long-term commitments while maintaining the agility to handle specialized, time-sensitive needs.

Guaranteed, customized Dedicated truckload capacity for long contracts is a cornerstone, designed to shield customers from spot market swings. This commitment is backed by fleet expansion; for instance, in the first quarter of 2025, the Dedicated segment increased its average total tractors by 212 units, representing a 16.7% year-over-year jump to 1,479 tractors. This segment aims for committed capacity over contracted periods generally targeted for three to five years in length. The segment showed its strength with revenue growing 13.1% in Q1 2025.

For urgent needs, the value proposition centers on high-speed, time-critical expedited delivery. While the Expedited segment faced headwinds, with revenue decreasing 8.2% in Q3 2025, the company maintains a service focus, targeting an operating ratio between 83-93 for this segment going forward. This service line is about reliability under pressure, even when utilization dips, as seen when utilization decreased 3.5% in Q2 2025, yet freight revenue per total mile still saw a 2.4% increase.

The flexibility comes from integrated asset-based and asset-light 3PL solutions. This blend allows Covenant Logistics Group, Inc. to manage capacity fluctuations effectively. The asset-light Managed Freight segment delivered significant growth in Q2 2025, with revenue increasing 28% to $77.5 million. The Warehousing segment also contributed, posting revenue of $25.5 million in that same quarter, a 1% year-over-year gain. Management is actively allocating capital toward these better-returning, asset-light business units.

Finally, Covenant Logistics Group, Inc. offers specialized, high-service niche transport for complex supply chains. This is where they focus investment, such as growing their dedicated fleet in niche areas. For example, growth in the dedicated protein supply chain business in Q1 2025 drove salaries, wages, and related expenses up by 15 cents, or approximately 12%, on a per total mile basis. Operational excellence in these specialized areas is recognized, with subsidiaries Landair and AAT Carriers earning the 2025 TCA Elite Fleet Certification.

Here's a quick look at the segment performance data from the first three quarters of 2025:

Segment	Key Metric	Value (Latest Reported 2025 Period)
Dedicated Truckload	Revenue Increase (Q1 2025 YoY)	13.1%
Dedicated Tractors (Avg.)	Count (Q1 2025)	1,479 units
Expedited Truckload	Revenue Decrease (Q3 2025 YoY)	8.2%
Expedited Target Operating Ratio	Target Range (Outlook)	83-93
Managed Freight	Revenue Increase (Q2 2025 YoY)	28%
Warehousing	Revenue (Q2 2025)	$25.5 million

The specific service capabilities Covenant Logistics Group, Inc. emphasizes include:

• Committed capacity over contracted periods.
• High-service freight delivery standards.
• Freight brokerage services and TMS (Transportation Management System).
• Distribution Center Management.

The company's overall trailing twelve-month revenue as of September 30, 2025, stood at approximately $1.15B.

Finance: review the Q4 2025 dedicated contract renewal pipeline against the three to five year target commitment length by next Tuesday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Customer Relationships

You're looking at how Covenant Logistics Group, Inc. (CVLG) manages its customer interactions, which clearly splits based on the service type. For the Dedicated segment, the relationship is deep and hands-on. This is where the company commits its own assets, aiming for those multi-year contracts, often three to five years in length, to sidestep the spot market volatility. It's about embedding into a customer's supply chain.

The focus here is definitely on dedicated account management, helping clients optimize their flow. This strategy is translating into growth; for instance, in the second quarter of 2025, freight revenue in the Dedicated segment grew by $8.3 million, which is a 10.2% year-over-year increase, supported by adding 162 tractors, an 11.7% jump from the prior year, reaching 1,546 tractors. By the third quarter of 2025, the Dedicated Truckload Revenue was up another 10.8%, adding $8.9 million, with the average tractor count at 1,539. This investment in owned capacity shows a commitment to specific, long-term partners, even if utilization dipped slightly in Q2 2025 by 7.7%.

The Managed Freight segment, on the other hand, operates more transactionally. This is the brokerage arm where Covenant subcontracts carriers, and interactions are often rate-driven, especially when securing capacity for their Expedited segment. This business saw a significant, but perhaps less stable, revenue spike in Q2 2025, hitting $77.5 million, a 28% increase year-over-year, though one analyst noted this was thanks to a one-off contract. This segment also faced strategic changes, as the company incurred $3.7 million in severance and abandonment expenses in Q3 2025 related to exiting a large Managed Freight contract and exiting legacy Dedicated contracts not providing sufficient returns. That's the cost of pruning relationships that don't meet the long-term return profile.

Building lasting trust through superior service is a stated core value, which is why the shift toward Dedicated is so important. The company is actively allocating capital toward these more stable, specialized services, like poultry or food transportation, which are considered less cyclical. However, customer concentration remains a factor you need to watch; in the 2024 10-K, ten clients accounted for 45% of revenue. You want to see that trust spread out, but the focus on high-touch Dedicated service is the mechanism to keep those big accounts locked in.

Here's a quick comparison of the two primary customer-facing segments based on recent performance:

Metric	Dedicated Segment (Q2 2025)	Managed Freight Segment (Q2 2025)
Freight Revenue Change (YoY)	$8.3 million increase (10.2%)	$77.5 million revenue
Tractor Count Change (YoY)	162 units increase (11.7%)	N/A (Asset-Light)
Utilization Change (Q2 2025)	7.7% decrease	N/A

The operational reality of these customer relationships is reflected in the fleet metrics and financial positioning as of late 2025:

• Consolidated Freight Revenue reached an all-time high of $276.5 million in Q2 2025.
• The average tractor age across the combined Truckload fleet increased to 23 months by September 30, 2025.
• Net Indebtedness stood at approximately $268.3 million as of September 30, 2025.
• Cash and cash equivalents were thin, reported at $2.7 million at the end of Q3 2025.
• The leverage ratio remained around 2x EBITDA following Q2 2025 results.

Finance: draft 13-week cash view by Friday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Channels

You're looking at how Covenant Logistics Group, Inc. gets its services-from dedicated truckload capacity to brokerage-into the hands of its customers. This is all about the physical and digital pathways they use to deliver value across their four main segments: Expedited, Dedicated Services, Managed Freight, and Warehousing.

Direct sales team for securing multi-year Dedicated and Expedited contracts

The sales effort here is focused on locking in committed capacity, which is the backbone of the asset-based side. You see the results of these long-term agreements reflected in the Dedicated segment's growth, even when the broader market is soft. For instance, in the third quarter ending September 30, 2025, freight revenue in the Dedicated segment grew by $8.9 million, or 10.8%, year-over-year. This growth came as the average total tractor count in Dedicated rose to 1,539 units, an increase of 136 units, or about 9.7% compared to the prior year's quarter. This shows the sales team is successfully landing and growing those multi-year commitments, aiming for that three-to-five-year contract length mentioned in their structure.

Company-owned and operated truckload fleet and terminals

The physical assets are the core delivery mechanism for the Expedited and Dedicated services. Covenant Logistics Group owns a fleet that, as of late 2024, was noted to be over 2,500 trucks. The company strategically shifts equipment based on contract performance; for example, the Expedited fleet saw its average tractor count shrink to 861 units in Q3 2025, a decrease of 31 units or 3.4%, as resources moved toward Dedicated operations. The physical network supporting these operations includes shared terminals in key locations:

• Chattanooga, Tennessee
• Hutchins, Texas
• Pomona, California
• Texarkana, Arkansas
• La Vergne, Tennessee
• Allentown, Pennsylvania
• Orlando, Florida
• Greenville, Tennessee

The combined Truckload operations, which include both Expedited and Dedicated, posted total revenue of $199.7 million in the third quarter of 2025.

Digital freight matching and TMS platforms for brokerage

For the asset-light side, specifically the Managed Freight segment which includes brokerage services and the Transportation Management System (TMS), the channel is digital and capacity-focused. The TMS is used both internally and as part of the service offering to customers. The success of this channel varies; for instance, Managed Freight revenue saw a strong 28% increase year-over-year in the second quarter of 2025, though it also experienced a 9.1% reduction year-over-year in Q3 2024. By Q3 2025, Managed Freight revenue was up 14.0% from the prior year quarter. This shows the digital channel's ability to quickly scale revenue based on new business awards.

Warehousing facilities for day-to-day management services

The Warehousing segment uses its physical facilities as the direct channel for providing day-to-day management services. Revenue for this segment in the third quarter ending September 30, 2025, was $24.8 million. Management anticipates growth here from a major new facility startup scheduled for November 2025. The segment's performance is tied directly to the utilization and service levels within these buildings.

Here's a quick look at how the primary revenue-generating channels performed across the latest reported periods. Remember, these figures are snapshots of the top-line revenue contribution for each channel's segment:

Channel/Segment	Reporting Period End Date	Revenue Amount (USD)	Year-over-Year Change
Dedicated Truckload (Asset-Based)	Q3 2025 (Sep 30)	Implied Freight Revenue Growth: $8.9 million	+10.8% (Freight Revenue)
Expedited Truckload (Asset-Based)	Q3 2025 (Sep 30)	Freight Revenue Change: -$7.2 million	-8.2% (Freight Revenue)
Managed Freight (Brokerage/TMS)	Q3 2025 (Sep 30)	Freight Revenue Change: +$1.7 million	+14.0% (Freight Revenue)
Warehousing	Q3 2025 (Sep 30)	$24.8 million	-1.5% (Revenue)
Combined Truckload (Asset-Based)	Q3 2025 (Sep 30)	$199.7 million	+0.3% (Total Revenue)

The overall Trailing Twelve Month (TTM) revenue as of September 30, 2025, stood at $1.15 Billion, up from the full-year 2024 revenue of $1.131 Billion. That's the total flow through all these channels.

Finance: draft 13-week cash view by Friday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Customer Segments

You're looking at Covenant Logistics Group, Inc.'s customer base as of late 2025, which shows a clear strategic pivot toward more stable, contractual business, even while managing the risks of a concentrated top tier of clients. Honestly, the customer concentration is something to watch; in the 2024 10-K, ten clients accounted for 45% of revenue. On top of that, one of those clients alone represented 10% of sales in both 2023 and 2024, and those figures have stayed stable. Still, the company is actively growing its Dedicated segment, which directly targets the food and long-term contract space.

Here's a quick look at how the revenue was split across the main operating segments for the second quarter of 2025, which gives us a good proxy for the types of customers they serve:

Segment	Q2 2025 Revenue (Millions USD)	YoY Growth	Primary Focus Indication
Dedicated Services	102.3	9%	Committed Capacity, Food/Protein
Expedited Truckload	97.3	-10%	Auto Parts (Large Manufacturers)
Managed Freight	77.5	28%	Brokerage, Overflow Capacity
Warehousing	25.5	1%	Supply Chain Support

The Dedicated segment is where you see the focus on long-term relationships, running with more than 1,500 tractors as of late 2024, and it contracts heavily with poultry and food customers. This segment's freight revenue grew 11% year-over-year in the third quarter of 2025, supported by new contracts in the protein supply chain. This directly addresses the food and beverage shippers, including the protein supply chain requirement.

The Expedited segment, which saw revenue fall 10% in Q2 2025, operates on a just-in-time model focused mainly on transporting auto parts. This points directly to serving large manufacturers, likely within the automotive sector, who require high service and delivery standards.

The Managed Freight segment, which includes brokerage services, is the asset-light arm that helps absorb loads when internal capacity is lacking, and it showed strong growth in Q2 2025, up 28% year-over-year to $77.5 million. While not explicitly stated as parcel or LTL carriers, this segment's brokerage function and ability to subcontract other carriers is the mechanism used to serve broader market needs, including potentially those shippers that use parcel or LTL networks.

The commitment to long-term revenue stability is evident in the Dedicated Services segment, which provides committed truckload capacity over contracted periods with the goal of three to five years in length. The company is actively shifting capital toward these better-returning business units, expecting modest contraction in the combined truckload fleet overall but growth in asset-light segments.

• The Dedicated segment is the primary source for customers requiring committed capacity over three to five years.
• Dedicated segment freight revenue was $91.6 million in Q3 2025.
• The company is investing in new start-up contracts within the Dedicated segment, which are expected to improve over time.
• The Expedited segment serves customers with high service freight and delivery standards, likely large manufacturers.
• The Expedited segment generated freight revenue of $80.2 million in Q3 2025.

Finance: draft updated customer concentration analysis based on Q3 2025 data by next Tuesday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Covenant Logistics Group, Inc. (CVLG) operations as of late 2025. The cost structure is heavily weighted toward variable, per-mile expenses, which makes utilization a critical lever for profitability, especially when rates are flat or declining.

The third quarter of 2025 showed clear pressure points. For instance, salaries, wages, and related expenses rose by 5 cents, or about 4%, on a per-total-mile basis year-over-year. That increase was tied to growth in the dedicated protein supply chain business and separation costs incurred during the quarter. That's the reality of labor costs in this environment.

Here's a quick look at the key per-mile cost movements from Q3 2025 compared to the prior year:

• Salaries, wages and related expenses: Increased by 5 cents per total mile, or 4%.
• Operations and maintenance expenses: Increased by 2 cents per total mile, or 10%.
• Total equipment-related expenses (O&M plus Depreciation/Amortization): Increased by 8 cents per total mile, or 15%.
• Insurance and claims expense: Hit 4 cents per mile, marking a 24% year-over-year increase.

Fuel is a wash on the bottom line for Q3 2025, but don't be fooled; when fuel surcharge revenue is netted out, the impact to operating income was unfavorable by 5 cents per total mile. That's a hidden cost you need to track.

The persistent industry headwind, high insurance and claims expense, is definitely biting. In Q3 2025, this cost component alone was 4 cents per mile. This is driven by the incurrence and development of certain large claims, and management expects this expense to remain elevated into Q4.

For capital expenditures (CapEx), the baseline you mentioned for FY2025 was in the $55 million to $65 million range. However, looking at the most recent guidance, Covenant Logistics Group expected net capital equipment expenditures for the fourth quarter alone to be between $15 million to $20 million. This suggests a potential shift or acceleration in equipment spending late in the fiscal year, possibly to support growth in better-returning business units.

You can see how these major cost buckets stack up in the Truckload segment, where operating income dropped sharply to $9.2 million in Q3 2025 from $23.1 million a year earlier, directly due to these rising costs weighing on margins.

Cost Category	Q3 2025 Metric	Year-over-Year Change
Salaries, Wages, Related Expenses (Per Mile)	5 cents	+4%
Operations & Maintenance (Per Mile)	Increased by 2 cents	+10%
Insurance & Claims (Per Mile)	4 cents	+24%
Net Fuel Impact (Per Mile)	Unfavorable by 5 cents	N/A
Truckload Segment Operating Income	$9.2 million	Down from $23.1 million (Q3 2024)

The company is actively managing this by evaluating contracts for improvement or exit, signaling a cost-focused approach to right-size the combined Truckload fleet. Finance: draft 13-week cash view by Friday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Revenue Streams

Covenant Logistics Group, Inc. generates revenue across several distinct service lines as of the third quarter of 2025.

Revenue Stream Category	Q3 2025 Revenue Amount	Year-over-Year Change (Freight Revenue)
Dedicated Truckload Freight Revenue	$105 million	10.8% increase
Managed Freight/Brokerage Revenue	$72.2 million	14.0% increase
Expedited Truckload Freight Revenue	$94.6 million	8.2% decrease
Warehousing Revenue	$24.8 million	1.5% decrease

The total revenue for the combined Truckload operations (which includes Dedicated and Expedited) for the quarter was $199.7 million.

• Equity income from TEL (Transport Enterprise Leasing) contributed pre-tax net income of $3.6 million for Q3 2025.
• Revenue from used equipment sales is not separately itemized but is part of the broader operational adjustments, including the disposal of equipment in volatile used equipment markets.