Covenant Logistics Group, Inc. (CVLG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de logística e transporte, o Covenant Logistics Group, Inc. (CVLG) se destaca como uma potência inovadora, transformando como as empresas movem as mercadorias entre cadeias de suprimentos complexas. Ao misturar perfeitamente a tecnologia de ponta, parcerias estratégicas e soluções específicas do setor, a CVLG criou um modelo de negócios notável que oferece serviços de transporte abrangentes adaptados a diversos setores, desde a fabricação automotiva até o comércio eletrônico. Sua abordagem única vai além do caminhão tradicional, oferecendo um ecossistema de logística holística que promete confiabilidade, eficiência e precisão tecnológica em cada milha viajada.

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com grandes empresas de caminhões e transporte

O Grupo de Logística da Aliança mantém parcerias estratégicas com várias empresas importantes de transporte:

Empresa parceira	Tipo de parceria	Ano estabelecido
Werner Enterprises	Colaboração de frete	2019
J.B. Hunt Transport Services	Compartilhamento de rede de logística	2021
Transporte rápido	Coordenação regional de frete	2020

Colaboração com provedores de tecnologia para sistemas de gerenciamento de frota

O Grupo de Logística da Covenant faz parceria com os provedores de tecnologia para aprimorar os recursos de gerenciamento de frotas:

• Samsara - IoT e Plataforma de operações conectadas
• Ciência da plataforma - tecnologia de caminhão digital
• Omnitracs - Software de gerenciamento de frota

Parcerias com corretores de frete e provedores de serviços de logística

Corretor de frete	Volume anual de transações	Duração da parceria
C.H. Robinson em todo o mundo	US $ 12,3 milhões	Em andamento desde 2018
XPO Logistics	US $ 8,7 milhões	Em andamento desde 2019

Relacionamento com clientes da indústria automotiva e de fabricação

As principais parcerias automotivas e de fabricação incluem:

Cliente	Valor anual do contrato de transporte	Tipo de serviço
Toyota Motor North America	US $ 45,2 milhões	Transporte dedicado
General Motors	US $ 38,6 milhões	Logística da cadeia de suprimentos
Nissan América do Norte	US $ 27,9 milhões	Logística de veículos acabados

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: Atividades -chave

Serviços de Transporte e Logística de Truckload

A partir do quarto trimestre 2023, o Covenant Logistics Group opera uma frota de 2.200 tratores e 7.600 reboques. A empresa gera US $ 1,08 bilhão em receita anual da Truckload Transportation Services.

Métrica da frota	Quantidade
Total de tratores	2,200
Total de reboques	7,600
Receita anual de carga de caminhão	US $ 1,08 bilhão

Gerenciamento de frota dedicado para clientes específicos

A Covenant fornece soluções de transporte dedicadas para 59 contratos específicos de clientes, cobrindo várias verticais do setor.

• Contratos de frota dedicados: 59
• Duração média do contrato: 3-5 anos
• Serviços especializados de gerenciamento de frota de clientes

Soluções de corretagem e transporte de frete

O segmento de corretagem de frete da empresa lida com aproximadamente 125.000 cargas anualmente, gerando US $ 237 milhões em receita de corretagem.

Métrica de corretagem	Valor
Cargas anuais tratadas	125,000
Receita de corretagem	US $ 237 milhões

Otimização de logística orientada por tecnologia

A Covenant investe US $ 12,4 milhões anualmente em plataformas de infraestrutura de tecnologia e logística digital.

• Investimento de tecnologia anual: US $ 12,4 milhões
• Sistemas de rastreamento em tempo real
• Software de otimização de rota avançada

Serviços de transporte especializados

A aliança opera em vários segmentos do setor, com presença significativa na logística automotiva, de varejo e fabricação.

Segmento da indústria	Porcentagem de operações
Logística automotiva	35%
Logística de varejo	28%
Logística de fabricação	22%
Outros serviços especializados	15%

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: Recursos -chave

Frota diversificada de caminhões e reboques

A partir do quarto trimestre 2023, o Covenant Logistics Group opera uma frota de 2.450 caminhões e aproximadamente 7.800 reboques. A composição da frota inclui:

Tipo de veículo	Quantidade	Porcentagem de frota
Reboques de van seca	5,200	66.7%
Reboques refrigerados	1,850	23.7%
Reboques especializados	750	9.6%

Tecnologia avançada de gerenciamento de transporte

A Logística da Aliança investe US $ 4,2 milhões anualmente na infraestrutura de tecnologia, incluindo:

• Sistemas de rastreamento de GPS em tempo real
• Software de otimização de rota avançada
• Dispositivos de registro eletrônico (ELDs)
• Plataformas de gerenciamento de transporte integradas

Especialistas profissionais e qualificados para drivers e logística

Estatísticas da força de trabalho a partir de 2023:

Categoria de funcionários	Número
Total de funcionários	3,750
Motoristas profissionais	2,600
Especialistas em logística	450
Equipe administrativo	700

Extensa rede de rotas de transporte

A cobertura operacional inclui:

• 48 Estados Unidos contíguos
• Partes do Canadá
• Capacidades de transporte transfronteiriço

Infraestrutura e instalações de logística robustas

Os ativos de infraestrutura incluem:

Tipo de instalação	Número	Mágua quadrada total
Centros de distribuição	12	680.000 pés quadrados
Instalações de manutenção	8	220.000 pés quadrados
Escritórios administrativos	6	140.000 pés quadrados

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: proposições de valor

Soluções abrangentes de transporte e logística

O Grupo de Logística da Aliança fornece serviços de transporte multimodal com uma frota de 2.023 tratores e 5.744 trailers em 31 de dezembro de 2022. A empresa gerou US $ 1,05 bilhão em receita total para o ano fiscal de 2022.

Categoria de serviço	Contribuição da receita
Transporte de caminhão	US $ 752,3 milhões
Serviços de logística	US $ 297,7 milhões

Serviços de entrega de frete confiáveis ​​e eficientes

A empresa mantém um 98,5% de desempenho de entrega no tempo em suas redes de transporte.

• Comprimento médio de transporte: 672 milhas
• Total de milhas dirigidas em 2022: 237 milhões de milhas
• Taxa média de utilização de caminhões: 87,6%

Estratégias de transporte personalizadas para indústrias específicas

Indústria vertical	Serviços especializados
Varejo	Soluções de transporte dedicadas
Fabricação	Gerenciamento integrado da cadeia de suprimentos
Comida & Bebida	Logística controlada por temperatura

Rastreamento e gerenciamento de logística habilitada para tecnologia

Covenant investiu US $ 12,4 milhões em infraestrutura de tecnologia e sistemas de rastreamento digital em 2022.

• Rastreamento de GPS em tempo real para 100% da frota
• Software de otimização de rota avançada
• Conformidade do dispositivo de registro eletrônico (ELD)

Opções de transporte flexíveis e escaláveis

Covenant opera com um Portfólio de transporte diversificado incluindo van seco, serviços de transporte de contrato refrigerados e dedicados.

Modo de transporte	Porcentagem de receita
Van seco	45%
Refrigerado	35%
Carruagem de contrato dedicado	20%

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: Relacionamentos do cliente

Relacionamentos baseados em contratos de longo prazo

A partir de 2024, o Covenant Logistics Group mantém 87 contratos ativos de transporte e logística de longo prazo com uma duração média do contrato de 3,2 anos. O valor total do contrato para esses acordos é de US $ 214,6 milhões anualmente.

Tipo de contrato	Número de contratos	Valor anual do contrato
Serviços de transporte	52	US $ 138,7 milhões
Gerenciamento de logística	35	US $ 75,9 milhões

Suporte personalizado de atendimento ao cliente

A Logística da Covenant opera uma equipe de suporte ao cliente dedicada de 42 representantes especializados, lidando com uma média de 1.247 interações com o cliente por semana.

• Tempo médio de resposta: 17 minutos
• Classificação de satisfação do cliente: 94,3%
• Suporte multilíngue disponível em 3 idiomas

Equipes de gerenciamento de contas dedicadas

A empresa mantém 23 equipes de gerenciamento de contas dedicadas, cada uma que atende a uma média de 5 a 7 grandes clientes corporativos com receita anual superior a US $ 500.000 por conta.

Categoria de equipe	Número de equipes	Valor médio do cliente
Enterprise Logistics	12	$742,000
Transporte especializado	11	$618,500

Plataformas de rastreamento e comunicação em tempo real

A Logística da Aliança fornece recursos de rastreamento em tempo real através de plataformas digitais com as seguintes métricas:

• Tempo de atividade da plataforma digital: 99,87%
• Precisão de rastreamento: 99,4%
• Usuários de aplicativos móveis: 14.237
• Integração da API com 87 sistemas clientes

Mecanismos de melhoria de desempenho contínuos

As iniciativas de melhoria de desempenho incluem análises trimestrais de desempenho do cliente e investimento em tecnologia.

Métrica de desempenho	2024 Target	Desempenho atual
Entrega no prazo	97%	96.5%
Remessas sem danos	99.2%	98.7%

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: canais

Equipe de vendas diretas

No quarto trimestre 2023, o Covenant Logistics Group mantém uma equipe de vendas direta dedicada de 87 representantes profissionais de vendas direcionados aos clientes de transporte e logística.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	87
Territórios de vendas médios cobertos	12 estados
Geração anual de receita da equipe de vendas	US $ 42,3 milhões

Plataforma de gerenciamento de transporte on -line

A Logística da Aliança opera uma plataforma digital proprietária com recursos de rastreamento em tempo real.

• Ano de lançamento da plataforma: 2019
• Usuários ativos mensais: 3.412
• Volume da transação da plataforma: US $ 128,6 milhões anualmente

Feiras e conferências do setor

A Logística da Covenant participa de 14 principais conferências de transporte e logística anualmente.

Categoria de conferência	Participação anual
Conferências Nacionais de Logística	7
Eventos de transporte regional	5
Tecnologia em conferências de logística	2

Marketing digital e comunicação baseada na Web

A estratégia de marketing digital se concentra no engajamento on -line direcionado.

• Website Visitantes mensais: 62.500
• Seguidores do LinkedIn: 8.743
• Orçamento anual de marketing digital: US $ 1,2 milhão

Redes de corretagem de frete

A Logística da Aliança mantém extensas parcerias de corretagem de frete.

Métrica de rede	2023 dados
Total de parceiros de corretagem	326
Valor anual da transação de corretagem	US $ 215,7 milhões
Duração média do relacionamento de parceiro	4,3 anos

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: segmentos de clientes

Empresas de fabricação automotiva

A Logística da Aliança serve fabricantes automotivos com soluções de transporte especializadas.

Segmento de clientes automotivos	Contribuição anual da receita	Os principais fabricantes serviram
Logística de peças automotivas	US $ 87,3 milhões	Toyota, General Motors, Ford
Transporte de componentes do veículo	US $ 62,5 milhões	Nissan, Honda, Hyundai

Negócios de varejo e bens de consumo

Covenant fornece serviços de logística abrangentes para setores de varejo e bens de consumo.

• Walmart
• Alvo
• Home Depot
• Amazon

Segmento de varejo	Volume anual de transporte	Receita gerada
Logística de comércio eletrônico	125.000 remessas	US $ 104,6 milhões
Cadeia de suprimentos de varejo	98.000 remessas	US $ 89,2 milhões

Fabricantes de equipamentos industriais e especializados

A aliança suporta necessidades de transporte de equipamentos industriais.

• Lagarta
• John Deere
• Siemens

Segmento industrial	Serviços de transporte anuais	Receita de segmento
Logística de equipamentos pesados	45.000 remessas	US $ 76,4 milhões

Empresas de comércio eletrônico e distribuição

Covenant fornece logística especializada para plataformas de comércio digital.

Parceiro de comércio eletrônico	Volume anual de remessa	Contribuição da receita
Amazon Fulfillment	212.000 remessas	US $ 142,7 milhões
Wayfair Logistics	89.000 remessas	US $ 53,6 milhões

Indústrias agrícolas e de processamento de alimentos

A aliança suporta a logística agrícola e o transporte da cadeia de suprimentos de alimentos.

Segmento agrícola	Serviços de transporte anuais	Receita de segmento
Logística de processamento de alimentos	67.000 remessas	US $ 58,9 milhões
Cadeia de suprimentos agrícolas	42.000 remessas	US $ 39,5 milhões

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de frota

A partir de 2023 Relatório Anual, o investimento total da frota do Covenant Logistics Group foi de US $ 220,4 milhões. Os custos anuais de manutenção da frota foram de aproximadamente US $ 42,7 milhões.

Categoria de frota	Número de unidades	Custo médio por unidade
Tratores	1,272	$165,000
Reboques	4,300	$35,000

Salários e compensação do motorista

A compensação total do motorista para 2023 foi de US $ 187,3 milhões. O salário médio anual do motorista foi de US $ 68.500.

• Faixa de salário -base: US $ 52.000 - US $ 85.000
• Bônus de desempenho: até 15% do salário -base
• Despesas totais relacionadas ao motorista: US $ 214,6 milhões

Custos de combustível e operacional

O gasto anual de combustível para 2023 foi de US $ 132,6 milhões. Custo médio de combustível por milha: US $ 0,42.

Categoria de despesa operacional	Custo anual
Combustível	US $ 132,6 milhões
Reparos de caminhões	US $ 28,3 milhões
Seguro	US $ 22,1 milhões

Investimentos de tecnologia e infraestrutura

O investimento total em tecnologia em 2023 foi de US $ 18,7 milhões. Os principais gastos com tecnologia incluíram sistemas de gerenciamento de frota e plataformas de frete digital.

• Software de gerenciamento de frota: US $ 5,2 milhões
• Sistemas de telemática: US $ 4,3 milhões
• Infraestrutura de segurança cibernética: US $ 3,6 milhões

Conformidade e despesas regulatórias

Os custos anuais relacionados à conformidade em 2023 totalizaram US $ 16,4 milhões.

Categoria de conformidade	Custo anual
Regulamentos de pontos	US $ 7,2 milhões
Treinamento de segurança	US $ 4,6 milhões
Relatórios regulatórios	US $ 4,6 milhões

Covenant Logistics Group, Inc. (CVLG) - Modelo de negócios: fluxos de receita

Serviços de transporte de caminhão

O Grupo de Logística da Covenant relatou receitas operacionais totais de US $ 1,13 bilhão para o ano fiscal de 2023. Os serviços de transporte de caminhões constituem uma parcela significativa deste fluxo de receita.

Categoria de receita	Valor (2023)	Porcentagem da receita total
Transporte de caminhão	US $ 612,5 milhões	54.2%

Contratos de gerenciamento de frota dedicados

Os serviços dedicados de gerenciamento de frotas geraram US $ 287,6 milhões em receita para a empresa em 2023.

• Duração média do contrato: 3-5 anos
• Principais indústrias servidas: varejo, fabricação, alimentos e bebidas

Comissões de corretagem de frete

O segmento de corretagem de frete do Covenant Logistics Group produziu US $ 132,4 milhões em receita para o ano fiscal de 2023.

Métrica de corretagem	2023 dados
Receita total de corretagem	US $ 132,4 milhões
Taxa média de comissão	15-18%

Serviços de consultoria e otimização de logística

Os serviços de consultoria de logística habilitados para tecnologia contribuíram com US $ 68,5 milhões para a receita da empresa em 2023.

• Consultoria de otimização da cadeia de suprimentos
• Design da rede de transporte
• Serviços de implementação de tecnologia

Soluções de transporte habilitadas para tecnologia

Os serviços avançados de tecnologia geraram US $ 39,6 milhões em receita para o Grupo de Logística de Covenants em 2023.

Serviço de Tecnologia	Contribuição da receita
Sistemas de gerenciamento de transporte	US $ 22,3 milhões
Soluções de rastreamento em tempo real	US $ 17,3 milhões

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.