Radiant Logistics (RLGT) Fiscal Q4 2026 Earnings Call: Adjusted EBITDA Rises 31.6%

Radiant Logistics (NYSE American: RLGT) reported stronger fiscal fourth-quarter results as U.S. forwarding, international airfreight and improving domestic freight conditions supported growth. Full-year adjusted earnings remained below fiscal 2025 levels.

Key Takeaways

• Fiscal Q4 2026 revenue increased 18.5% year over year to $261.4 million, while net income rose 53.1% to $7.517 million.
• Adjusted EBITDA increased 31.6% to $10.362 million, with adjusted EBITDA margin expanding 240 basis points. Adjusted gross profit grew 10.6%.
• Fiscal-year revenue reached $934.4 million and net income increased 8.7% to $18.786 million. However, full-year adjusted EBITDA declined 5.4% to $36.684 million.
• U.S. forwarding drove the quarterly improvement, supported by domestic and international services. International airfreight benefited from Western Pacific typhoon relief activity but would have grown year over year without that contribution, management said.
• Navegate is emerging as a growth catalyst. One enterprise customer is using the platform to manage more than 1,400 vendors, creating potential cross-selling opportunities.
• Radiant entered fiscal 2027 with no net debt after completing a $200 million senior credit facility with a 2031 maturity and a $100 million acquisition-focused accordion.

Key Financial Results

Business and Operating Performance

U.S. forwarding was the principal driver of the fiscal Q4 improvement, with contributions from domestic and international services. Management highlighted particular strength in international airfreight.

Domestic truckload and intermodal capacity continued to contract because of carrier attrition, tighter driver availability and fleet normalization. Spot rates and tender rejections increased through the spring. Management said the shift began in late May and early June, meaning only about one month of the improvement was reflected in fiscal Q4 results.

Radiant also launched an independent agent program at Radiant Road & Rail. The program provides logistics entrepreneurs access to the company’s carrier network, technology and back-office infrastructure, along with a structured path to build equity value.

Navegate is being positioned primarily as a revenue and customer-retention tool rather than a source of incremental margin. Depending on customer preference, its technology costs may be billed separately or embedded in transportation pricing. Radiant expects the platform to help win larger customers, increase retention and generate leads from customers’ vendor networks.

Internationally, management said ocean freight rates improved late in the quarter as carriers maintained capacity discipline and used blank sailings. Customs brokerage demand remained supported by tariff complexity and elevated IEEPA-related filing activity.

Management Outlook

Management expects improving truck brokerage and intermodal conditions to become more visible in the quarter ending September 2026 and potentially continue into subsequent quarters, depending on market conditions.

CFO Todd Macomber said fiscal Q4 organic growth was approximately 8% and described the current trend as stronger than in prior periods. The company did not provide a specific growth target. Management emphasized that adjusted gross profit dollars are a more relevant performance measure than revenue because fuel is generally passed through to customers and can inflate reported revenue without materially changing gross profit.

Radiant plans to pursue organic growth alongside disciplined acquisitions. Management said the acquisition pipeline is active following the prolonged freight downturn. CEO Bohn Crain also described a potential path to “practically double our EBITDA” through acquisitions within the existing capital structure, although no transaction timetable or formal target was provided.

Capital allocation priorities include agent-station conversions, synergistic tuck-in acquisitions and, when appropriate, share repurchases.

Risks and Watchpoints

• Domestic freight recovery remains at an early stage and depends on capacity, fuel prices and broader market conditions.
• International operations face uncertainty from trade policy, tariff changes and Middle East disruptions, including the closure of the Strait of Hormuz and Houthi activity affecting Suez Canal transits.
• New retaliatory tariffs between the U.S. and Canada could disrupt cross-border trucking and rail, although management also sees potential customs brokerage and forwarding opportunities.
• Fuel costs are generally passed through to customers, but management acknowledged modest timing lags.
• Disaster relief provided a meaningful airfreight contribution in fiscal Q4, though management said airfreight would still have grown year over year without it.
• Radiant said it is taking carrier-selection liability seriously and relies on documented vetting processes, safety ratings and insurance verification, but management noted that the company is not immune to related risks.

Analyst Q&A Highlights

When will the domestic freight improvement affect results? Management said truck brokerage and intermodal conditions improved mainly in late May and early June. The benefits should become more visible in the September quarter, subject to continued market improvement.

How should investors assess fiscal 2027 growth? Management declined to provide a precise revenue forecast. It directed investors toward gross profit growth because fuel pass-throughs can distort revenue comparisons. Fiscal Q4 organic growth was approximately 8%, with management seeing a stronger trend entering fiscal 2027.

What is Navegate’s financial role? Management views Navegate as a growth accelerator rather than a margin-expansion initiative. Its main objectives are winning customers, improving retention and converting vendors already using the platform into additional enterprise accounts.

What caused the unusually low fiscal Q4 tax provision? The company attributed it to a year-end true-up related to the One Big Beautiful Bill, which allowed certain internal software costs previously capitalized to be included in tax returns.

How active is the acquisition market? Management said the number of potential sellers has increased following the freight recession. Radiant intends to remain disciplined but has substantial capacity to pursue transactions through its unlevered balance sheet and expanded credit facility.

Full Earnings Call Transcript

Complete Earnings Call Transcript

Management Remarks

Operator

[Audio Gap]

This afternoon, Bohn Crain, Radiant Logistics' Founder and CEO; and Radiant's Chief Financial Officer, Todd Macomber, will provide a general business update and discuss financial results for the company's fourth fiscal quarter and fiscal year ended June 30, 2026.

Following their comments, we will open the call to questions. This conference is scheduled for 30 minutes. This conference call may include forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The company has based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the company that may cause the company's actual results or achievements to be materially different from the results or achievements expressed or implied by such forward-looking statements. While it is impossible to identify all the factors that may cause the company's actual results or achievements to differ materially from those set forth in our forward-looking statements, such factors include those that have in the past and may in the future be identified in the company's SEC filings and other public announcements, which are available on the Radiant website at www.radiantdelivers.com. In addition, past results are not necessarily an indication of future performance.

Now I'd like to pass the call over to Radiant's Founder and CEO, Bohn Crain.

Bohn Crain

Thank you. Good afternoon, everyone, and thank you for joining in on today's call. We are pleased to report another quarter of solid financial results, delivering $10.4 million in adjusted EBITDA for our fourth fiscal quarter ended June 30, 2026. Our fourth fiscal quarter results were strong across the board, with revenues up 18.5%, adjusted gross profit up 10.6%, adjusted net income up 34.5% and adjusted EBITDA up 31.6% and adjusted EBITDA margin expanding 240 basis points, all measured against the comparable prior year period.

Our quarter-over-quarter improvement was driven principally by our U.S. forwarding operations and contribution across the board from both our domestic and international service offerings, including notable strength in our international airfreight operations. On the domestic side, Navegate is beginning to prove itself out as a catalyst for growth, providing customers with better visibility and tools to manage complex supply chains with one of our enterprise customers now actively managing over 1,400 vendors using the platform.

More broadly, capacity has continued to exit the North America truckload and intermodal markets through a combination of carrier attrition, tighter driver availability, and the normalization of a fleet that had expanded aggressively in prior years. Spot rates, tender rejections, and other cyclical indicators moved higher through the spring and carried into our fourth quarter.

While these market trends are not fully reflected in our results for the June quarter, we view these developments as constructive for our domestic operations in general and our U.S. brokerage operations in particular. If these trends continue, we believe they support a broad-based and durable recovery for the domestic freight market. Also during the quarter, we extended our 2-decade track record as 1 of the industry's premier freight forwarding agent networks into the truck brokerage and intermodal space with the launch of a new independent agent program at Radiant Road & Rail. The program brings the same value proposition that has long distinguished our freight forwarding business, access to our carrier network, technology platform, back office infrastructure, and a clear structured path to build long-term equity value with a built-in exit strategy to a new population of logistics entrepreneurs.

We're pleased with the early response to the program and see this as a meaningful new avenue for organic growth as we bring the Radiant model to an entirely new market. The international picture, while still shaped by a complex and evolving trade environment, showed encouraging signs of improvement during the fourth fiscal quarter. Global trade flows continue to be influenced by 2 significant forces, the first is the ongoing disruption to traditional ocean shipping routes stemming from the closure of the Strait of Hormuz and continued Houthi activity affecting Suez Canal transits, which have kept capacity tight across key international trade lines.

Despite all of the complications impacting the ocean markets, we saw an encouraging uptick in ocean freight rates late in the quarter as carriers exercise continued capacity discipline, an early signal that the prolonged downturn in ocean pricing may be starting to stabilize. The second is the ongoing transformation of the global tariff landscape with U.S. trade policy sustaining a high degree of compliance complexity for shippers. This complexity together with a period of elevated IEEPA-related filing activity across the industry has continued to drive demand for our customs brokerage expertise as customers rely on experienced partners to navigate the evolving tariff structure.

More recently, escalating tariff action between the U.S. and Canada, including new retaliatory measures Canada put into effect in early September, add a further layer of complexity for shippers moving goods across our border. While it's early to gauge the full impact, we expect this cross-border dynamic to remain a source of demand for our customs brokerage and compliance capabilities and it may also create additional international air and ocean freight forwarding opportunities for our Canadian operations as shippers look to diversify away from cross-border trucking and rail.

Notably, our airfreight performance was up meaningfully during the quarter, driven in large part by our work in support of disaster relief following typhoon activity in the Western Pacific earlier this year. We are entering this next phase of the cycle from a position of real financial strength. In August of 2026, we completed an amended and restated $200 million senior credit facility extending its maturity to 2031, expanding our acquisition focused accordion to $100 million and improving our pricing terms, and we enter fiscal 2027 with no net debt.

That capacity, together with our long-term strategy for growing organically where our network gives us an advantage, and supplementing that growth through disciplined acquisitions positions us well to build on the encouraging, though still early, signs of a domestic freight recovery.

With that, I'll turn it over to Todd Macomber, our CFO, to walk us through our detailed financial results, and then we'll open it up for Q&A.

Todd Macomber

Thanks, Bohn, and good afternoon, everyone. Today, we will be discussing the financial results, including adjusted net income and adjusted EBITDA for the 3 and 12 months ended June 30, 2026. For the 3 months ended June 30, 2026, we reported net income attributable to Radiant Logistics of $7.517 million on $261.4 million of revenues or $0.16 per basic and $0.15 per fully diluted share.

For the 3 months ended June 30, 2025, we reported net income attributable to Radiant Logistics of $4.907 million on $220.6 million of revenue or $0.10 per basic and fully diluted share. This represents an increase of approximately $2.610 million of net income over the comparable prior year period or 53.1%.

For adjusted net income, we reported $7.373 million for the 3 months ended June 30, 2026, compared to adjusted net income of $5.487 million (sic) [ $5.485 million ] for the 3 months ended June 30, 2025. This represents an increase of approximately $1.886 million or approximately 34.5%.

For adjusted EBITDA, we reported $10.362 million for the 3 months ended June 30, 2026, compared to adjusted EBITDA of $7.886 million (sic) [ $7.890 million ] for the 3 months ended June 30, 2025. This represents an increase of approximately $2.472 million or approximately 31.6%.

Moving along to the full year numbers. For the 12 months ended June 30, 2026, we reported net income attributable to Radiant Logistics of $18.786 million on $934.4 million of revenues or $0.40 per basic and $0.39 per fully diluted share. For the 12 months ended June 30, 2025, we reported net income attributable to Radiant Logistics of $17.291 million on $902.7 million of revenues or $0.37 per basic and $0.35 per fully diluted share. This represents an increase of approximately $1.495 million over the comparable prior year period or 8.7%.

For adjusted net income, we reported $25.253 million for the 12 months ended June 30, 2026, compared to adjusted net income of $30.944 million for the 12 months ended June 30, 2025. This represents a decrease of approximately $5.691 million or approximately 18.4%.

For adjusted EBITDA, we reported $36.684 million for the 12 months ended June 30, 2026, compared to adjusted EBITDA of $38.756 million for the 12 months ended June 30, 2025. This represents a decrease of approximately $2.072 million or approximately 5.4%.

With that, I will turn the call over to our moderator to facilitate any Q&A from our callers.

Operator

[Operator Instructions] And your first question today is coming from Ryan Meyers from Lake Street Capital.

Question-and-Answer Session

Ryan Meyers

You guys noted in the prepared remarks that you've seen some improving metrics that were not fully reflected in the June quarter results. And maybe can you talk about what you've seen since quarter end and when you would think some of these trends will begin to show up more meaningfully in the financials?

Bohn Crain

Sure. So those comments were pointed directly at what we're seeing in the over-the-road truck brokerage and, kind of, related intermodal moves. So as capacities continue to come out of the market and fuel prices have gone higher, it's created incremental opportunities for our truck brokerage opportunity, and it's also created an environment where more and more shippers are looking to move ship back to intermodal.

And so both of those segments of the business, in particular, are, kind of, enjoying this current market environment. And I think it's going to continue for some time based upon everything that we see. So this kind of market pivot or evolution really didn't start happening until late May, early June. So we really -- in my mind, kind of, only have 1 month of the good news of what's happening at Road & Rail in our fiscal year-end results. But we expect that to, kind of, continue to manifest here into or, I guess, what will be our quarter ended September and then on into subsequent quarters, depending how the market continues to evolve.

Ryan Meyers

Okay. Got it. No, that's helpful. And then just thinking with fuel and energy prices, obviously, kind of, top of mind here. Is there -- or just sort of remind us the risk between higher transportation cost and your guys's ability to be able to kind of, pass those through to customers? And just, kind of, what you're seeing there and how we should think about the potential impact there?

Bohn Crain

Generally speaking, fuel is a pass-through. There may be modest lags between fuel fluctuation and when and how that gets passed through to the customer. But all in all, we're able to pass those increasing fuel cost onto the customers relatively quickly.

Operator

Your next question is coming from Jason Seidl from TD Cowen.

Elliot Alper

Yes. This is Elliot Alper on for Jason. Nice results in the quarter. You discussed some of these major shifts playing out in the market right now. Curious if we could get a bit more perspective on, like, how structural some of these shifts are? Maybe how we should think about forwarding in the back half of the year. You've historically had some helpful commentary on China bookings and outlook there. And then maybe along those same lines, interesting comment on the cross-border opportunities with Canada. I appreciate any more context around, kind of, what you're seeing and how that play out.

Bohn Crain

No. So thanks for your question. So we have a very broad, diversified platform between our domestic and international forwarding and our over the road brokerage and contract logistics capabilities and customs brokerage and the new technology. And in -- but I'm not sure if normal is the right word, but kind of thinking of the portfolio effect, I would say we're operating in an environment right now where most all of our businesses are actually kind of heading up into the right, which is encouraging.

Now who knows based upon trade policy and this evening's tweets and what's going to happen in the Middle East, how some of these things change over time. But I think the general market sentiment, at least with respect to the domestic freight market, it's seeming like it's setting up to be a fairly durable longer run, if you will, and I guess, anecdotally, I would say we're due because we've been in an extended softer market for a number of years. And so it will be nice to see things getting back to something that feels more normal. The international is just much harder to conclude on other than to say the steamship lines are doing a better and better job of managing capacity and doing blank sailings to try to constrain the market and support price on ocean freight, which ultimately is helpful from a freight standpoint.

And then I think there's also kind of an adjacent catalyst with it, that there's so much business going on in and around the data centers and the capital moving towards data centers, but that's drawing on capacity and kind of tightening capacity broadly, including international airfreight. So I think there's a lot of, kind of, underlying trends that, kind of, set up for a longer more durable positive freight environment, certainly on the domestic side, but you don't have to lean too far to see it also setting up positively on the international side of things as well.

Elliot Alper

Very helpful. And maybe just staying on the air freight side of the business. I mean we've heard some commentary about pull forward. Curious if you have any comments on that and then you guys called out some of the disaster relief business that fell in the quarter. Any way to size that up just to think about maybe the back half of the calendar year?

Bohn Crain

We -- I guess, I'll -- we don't want to get into too much detail on it, candidly, for competitive reasons but it was certainly meaningful on the air freight side. But even without it, we still would have been up year-over-year. So it wasn't -- it didn't tip the results but it's certainly, kind of, contributed to the improvement on the on the disaster relief as it relates to the broader international airfreight than what's going on.

It's -- ocean has been the more challenging mode up until recently and the more traditionally, kind of, West Coast imports drive the market in terms of demand and pricing. And that, kind of, demand or call on capacity has softened more recently because of trades and tariffs and some of those things. But that seems to be beginning to behave a little more like we would expect. And so time will tell. But again, I think we're -- seem to be finding our way back to more normal footing in terms of the broader marketplace.

Elliot Alper

Right. Okay. And then -- maybe just on the Navegate side. Nice to see some of that adoption you called out with customers on your platform. I guess, is this something that's being priced into customer agreements now? Or can you speak to maybe how in the future you guys think about pricing this offering at a high level or any way to frame up maybe the margin opportunity, maybe looking out a year or 2.

Bohn Crain

Yes, I'm not sure I'll do it quite that way, but let me try to be as responsive to your question as I can. And that is we want to meet our customers where they want to be met. And what I mean by that is some customers might say, "we love the solution, we want you to effectively embed that cost in our cost of transportation." We might have other customers that say, "we want to be effectively billed for the technology separately." So in some cases, the tech might effectively map into our value-added services, in other cases and more often the case, it's embedded as part of our transportation margin more broadly.

So I think of it as making of us basically providing a higher value solution to our customers making our -- I don't necessarily think of it as more margin. I think of it as winning more customers, making our customers stickier and hopefully, really Navegate really representing a catalyst for growth that hasn't been part of Radiant's historical narrative. I think we have a value proposition that's relatively unique to the marketplace and certainly new to Radiant and our ability to support larger customers with more complex supply chain, helping them manage their vendors, and then those vendors representing warm leads to turn those vendors into incremental customers themselves, is a really interesting intersection that we find ourselves in.

Operator

[Operator Instructions] Our next question is coming from Jeff Kauffman from Citizens Bank.

Jeffrey Kauffman

Well, first of all, congratulations on a real solid quarter. It was terrific to see. Just a couple of questions. So how should we be thinking about revenue growth rate as we head into 2027? And the reason I ask is with tariffs, seasonality is jumping all over the place, but we were kind of at a flat revenue growth rate on the year-to-date through the third quarter and then up almost 19% in the fourth quarter, and you did call out a lot of typhoon-related activity, which has been a little more than normal this year, even though typhoons do occur every year. But just in terms of thinking about the right way to think about, kind of, where the business is growing as we head into '27, we really shouldn't take that 19% growth rate and kind of straight line that out. How should we be thinking about that?

Bohn Crain

Well, we like to underpromise and overdeliver, Jeff. So keep that modeling relatively modest, and we'll continue to outperform. It will be interesting to tell -- well, I guess, first, I would reframe it just a little bit because as you know, we like to think about growth in our gross margin dollars rather than absolute growth in our top line revenue. And that does a couple of things relative to the question you're asking, which is kind of neutralizes fuel and what's happening in fuel because as we talked about earlier with some of this Q&A, kind of, what's happening in fuel can also drive those numbers with really not much of a net gross margin impact because fuel is a pass-through.

So I'm still not going to give you a very crisp answer, but I would -- I would kind of move you down the income statement a little further to the gross margin line item, the top line revenue to help field that question.

Jeffrey Kauffman

Yes. No, I just -- you called out the typhoons as a driver of revenue growth on the international side. So I was just trying to figure out is, kind of, what's the right way to think about growth for your business right now.

Todd Macomber

I could speak a little bit to it. I mean if you look at Q4, our organic was up about 8%. And we are seeing things improve overall in the market. I think it's going to -- it will uptick from that. Bohn mentioned, we were seeing things late in the latter part of the quarter. that trends into -- segues right into Q1. So it's -- things are looking good, let's put it that way. We can't give you an exact number or anything, but it's definitely at a stronger trend than what we've been seeing in the past.

Jeffrey Kauffman

Okay. And then Todd, while I got you. Fourth quarter tax rate is always a little wonky, right? Because that's, kind of, the catch-up that neutralizes the year. But in your pro forma to get to the adjusted, you were using a 24.5% rate, the actual rate was a little closer to 4% this quarter. And I know fourth quarters are always a little bit wonky, but what was the primary driver of the difference between...

Todd Macomber

Yes. That was the One Big Beautiful Bill where it allowed us beginning in January, and we really kind of captured that in the Q4 to take items that were previously capitalized as far as internal software. And so basically, that was a true-up that occurred with the -- when we go to the provision on a quarterly thing, it's estimated, of course, we're using the projections and when we get to the year-end and we do the actual -- the entire thing. We go through a deeper dive. But that was the driver.

It was basically taking previously capitalized expenses that we were allowed to include in the tax returns. So it -- so it was basically lower in the Q4 purely for that reason.

Jeffrey Kauffman

Okay. And then a broader picture. Bohn, you talked a little bit about what's going on in U.S. domestic brokerage. Montgomery is sending a lot of shock waves through the brokerage industry in terms of responsible selection, and every one of the traditional brokers is, kind of, rethinking their selection process. What does Montgomery mean for you guys? Are you potentially exposed for brokerage operations? Are you buying brokerage capacity from other people, so it's not really such an issue to you, but, kind of, how is all the consternation in brokerage impacting what you do? And I understand you're domestic forwarders, so it's not as relevant, but I was just wondering if you could touch on that.

Bohn Crain

Yes, sure. Well, so I think ultimately, everybody has got to be mindful. For me, I think it's -- you need to have a well-documented defined carrier vetting process in place, and you darn well need to be following your defined program or process. And we -- we have that in place. We had that in place before the ruling came out but it certainly has, kind of, heightened everyone's awareness and, kind of, what's at stake but we are in -- in my mind, as good of shape as we can be around the process and some of the software that we have in place that make sure that, kind of, the counterparties that are on the other side of the transaction are vetted and have the appropriate safety ratings and the appropriate insurances and so on. We're not immune so we're taking it very seriously.

Jeffrey Kauffman

All right. And then last question. Congratulations on the success with Navegate. As we think about modeling Navegate as its importance grows, how do we think about bringing that into the P&L. Are Navegate margin is a little better than average margins, are they a little less. Does it result in some margin dilution. Does it result in margin accretion? Clearly, it's going to help drive revenue. But as Navegate becomes a more successful business for you, how should we think about that affecting the models?

Bohn Crain

I'm -- at least in my own mind, I don't think about it in extra basis points in margin. I think about it as extra basis points in growth rate.

Jeffrey Kauffman

All right. So we should think about that primarily as a revenue driver.

Bohn Crain

Yes.

Jeffrey Kauffman

Okay. Very good. Well, again, congratulations, and thank you.

Operator

Our final question is coming from Mike Vermut from Newland Capital.

Michael Vermut

Great quarter and great release there. So a couple of quick ones for you on Navegate. I know it's the first time you really kind of discussed it a little more in depth. When you're saying enterprise customers, I assume that's one of a large anchor kind of customer. What do you take the -- or what's our pipeline like in landing more of those enterprise customers? Because it seems like that's what gets you into the multiple vendors and then bring those vendors into kind of -- it's a multiplier effect. So how does that look the pipeline for the enterprise customers? And expand on that, when we look out 2, 3 years, how does this accelerate the growth?

Bohn Crain

Good question. I don't have a crisp answer for you on that. Time will tell. I mean -- but I think 1 of the most interesting aspects of this, at least where we are right now is, back to this 1 particular example, account, each of those vendors represents an opportunity to kind of transform into an enterprise-type customer themselves, and they're already on the system. They've got familiarity with the system.

And we've -- it's not unusual for us to receive reverse inquiries from some of these vendors themselves, trying to learn more about how they would internalize the solution for themselves in their own business with their own sets of vendors. So I think there's a real amplification opportunity for us, particularly as we get -- let me backup just quickly for a second. When we -- when Navegate was selling itself, originally, they were trying to unbundle the freight forwarding from the tech, sell the freight forwarding, keep the tech, become a freight tech company and go and kind of take the proceeds from the sale and go instantiate a sales organization and go become a freight tech company.

But as we looked at the acquisition looked at the opportunity, we saw kind of the value proposition we weren't prepared to buy 1 without the other. And we believe we have through our 100-plus operating locations on the forwarding side a virtual sales organization where we can -- we hope to activate current and prospective customers on to the Navegate platform in a way that can really be a catalyst for incremental growth. So I'm sorry I can't better quantify it, but you get the thematic opportunity that we're pursuing.

Michael Vermut

And so it's an accelerant, really, over the next few years, and it could be significant, it seems.

Bohn Crain

Yes.

Michael Vermut

Okay. End markets. So how much are we doing data center related? I know there's so many markets construction-wise, all of that. Is that really driving a lot of business for us or not much? And then yes, sorry, go on...

Bohn Crain

No, I wouldn't say it's a driver, but we certainly have exposure to it. And we have a handful of long-term customers that are in the space that we're supporting and benefiting from, and we have a handful of incremental new customers that have come to us that we're supporting in the data center space. So I would say we have exposure, but it's not a big enough piece of our pie chart today to be driving the financial performance of the business.

Michael Vermut

Excellent. Okay. And then surprisingly, nobody touched on the acquisition market. And it looks like our organic growth over the next few years is looking great. What about the -- I don't think we've ever been in a position like this and...

Bohn Crain

I'm glad you asked. I was trying to figure out how I was going to answer the question that wasn't asked because, it's the -- it's a very interesting market right now. I think it's a byproduct of the freight recession that we're coming out of. There are several years' worth of potential sellers that are coming to the marketplace. So I can't remember a time where there were more CIMs flying around and people looking to transact. So we expect to remain very disciplined in our approach. But when I say that, we also hope and aspire to be acquisitive.

We've always been good allocators of capital, but we've got a lot of dry powder and an unlevered balance sheet, and we're looking for opportunities and ways that make sense to put that capital to work. And there's quite a bit of EBITDA growth that we can deliver against within our existing capital structure. I think it's one of the somewhat missed aspects of the Radiant opportunity is the -- is our unlevered balance sheet. And if you overlay some basket of acquisitions and, kind of, model out the pro forma effect of that, again, you don't have to get -- you don't have to look at it too aggressively to see a path to practically double our EBITDA within our existing capital structure.

Michael Vermut

Look, I also think it's probably difficult. You've done an amazing job on the acquisitions with the earnouts to find much as cheap as we are with our quality. So I assume that's part of the problem, right, that we're still not being rewarded for what you've done over the past 3, 4, 5 years. Hopefully, 1 day, our multiple will get there, and we can use multiple sources of capital.

Todd Macomber

Agreed.

Operator

This does conclude today's question-and-answer session. I would now like to pass the floor back to management for closing remarks.

Bohn Crain

Thank you. Let me close by saying that we remain optimistic about our prospects and opportunities to continue to leverage our best-in-class technology, robust North American footprint and extensive global network of service partners, to continue to build on the great platform we've created here at Radiant.

At the same time, we intend to thoughtfully relever our balance sheet through a combination of agent station conversions, synergistic tuck-in acquisitions, and when appropriate, stock buybacks. Through our multipronged approach, we believe we will continue to create meaningful value for our shareholders, operating partners and the end customers that we serve. Thanks for listening and your support of Radiant Logistics.

Operator

Thank you. This does conclude today's conference call. You may disconnect at this time, and have a wonderful day. Thank you once again for your participation.