Custom Truck One Source, Inc. (CTOS): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las soluciones comerciales de camiones y equipos, Custom Truck One Source, Inc. (CTOS) surge como una potencia transformadora, redefiniendo cómo las empresas adquieren, personalizan y administran los recursos de su flota. Esta compañía innovadora ha creado un modelo de negocio sofisticado que va más allá de las ventas de equipos tradicionales, ofreciendo un ecosistema integral de servicios que satisfacen las intrincadas necesidades de sectores de transporte comerciales de transporte, construcción, municipales y especializados. Al integrar a la perfección la tecnología de vanguardia, el financiamiento flexible y un enfoque centrado en el cliente, CTOS se ha posicionado como un socio estratégico que faculta a las empresas a optimizar su eficiencia operativa e inversiones en equipos.

Custom Truck One Source, Inc. (CTOS) - Modelo de negocio: asociaciones clave

Fabricantes de camiones y equipos

Camión personalizado One Source mantiene asociaciones estratégicas con los siguientes fabricantes de camiones clave:

Fabricante	Detalles de la asociación	Volumen anual
Kenworth	Distribuidor autorizado	1.247 camiones en 2023
Peterbilt	Distribuidor autorizado	1.089 camiones en 2023

Instituciones de arrendamiento y financiamiento

CTOS colabora con socios financieros para proporcionar financiamiento de equipos:

• Wells Fargo Equipment Finance
• Lesaje comercial del Bank of America
• Grupo CIT

Proveedores de tecnología de gestión de flotas

Proveedor de tecnología	Tipo de tecnología	Volumen de integración anual
Samsara	Sistemas de seguimiento de flotas	3.672 integraciones de vehículos en 2023
Geotab	Soluciones telemáticas	2.945 integraciones de vehículos en 2023

Distribuidores de equipos nacionales y regionales

La red de asociación CTOS incluye:

• 16 distribuidores de equipos regionales
• 7 redes nacionales de distribución de equipos
• $ 127.3 millones En los ingresos de la red de distribuidores para 2023

Personalización de camiones y proveedores de piezas de posventa

Proveedor	Categoría de productos	Volumen de suministro anual
Meritor	Componentes de transmisión	8,234 partes en 2023
Dana Incorporated	Sistemas de eje y transmisión	6.712 partes en 2023

Custom Truck One Source, Inc. (CTOS) - Modelo de negocio: actividades clave

Venta y distribución de equipos

En el año fiscal 2023, Custom Truck One Source reportó ingresos totales de ventas de equipos de $ 647.3 millones. La compañía distribuyó chasis de camiones comerciales, camiones de trabajo especializados y equipos pesados ​​en 38 estados en los Estados Unidos.

Categoría de equipo	Volumen de ventas (2023)	Contribución de ingresos
Camiones comerciales	4.872 unidades	$ 289.6 millones
Camiones de trabajo especializados	2,345 unidades	$ 214.7 millones
Equipo pesado	1.156 unidades	$ 143 millones

Personalización de camiones y equipos

Custom Truck One Source opera 12 instalaciones de personalización dedicadas con una capacidad anual de personalización de 6.500 unidades de camiones y equipos. En 2023, la compañía completó 5,782 configuraciones de equipos personalizados.

• Ingresos del servicio de personalización: $ 98.4 millones
• Costo promedio de personalización por unidad: $ 17,000
• Tiempo de respuesta de personalización: 7-14 días hábiles

Servicios de arrendamiento y financiamiento

La cartera de arrendamiento de la compañía al 31 de diciembre de 2023 totalizó $ 412.6 millones en contratos de arrendamiento activo. Los servicios de financiación generaron $ 54.2 millones en ingresos durante el año fiscal.

Tipo de arrendamiento	Contratos totales	Valor de contrato
Arrendamientos a corto plazo	1.247 contratos	$ 156.3 millones
Arrendamientos a largo plazo	873 contratos	$ 256.3 millones

Soluciones de gestión de flotas

Custom Truck One Source soluciones de flota administradas para 287 clientes comerciales y municipales en 2023, con un valor total del contrato de gestión de la flota de $ 89.7 millones.

• Tamaño promedio de la flota administrada: 42 vehículos por cliente
• Ingresos de gestión de la flota: $ 23.6 millones
• Tasa de retención del cliente: 94.3%

Piezas de posventa y soporte de servicio

La división del mercado de accesorios generó $ 112.5 millones en ingresos durante 2023, con 42 centros de servicio en los Estados Unidos.

Categoría de servicio	Ganancia	Volumen de servicio
Ventas de piezas	$ 67.3 millones	38,942 pedidos de partes
Servicios de mantenimiento	$ 45.2 millones	6.782 eventos de servicio

Custom Truck One Source, Inc. (CTOS) - Modelo de negocio: recursos clave

Inventario de equipos extenso

A partir del cuarto trimestre de 2023, Custom Truck One Source mantiene un inventario de equipos valorado en $ 487.3 millones. La flota consiste en:

Categoría de equipo	Unidades totales	Valor estimado
Plataformas de trabajo aéreo	1.243 unidades	$ 124.5 millones
Camiones de cubo	876 unidades	$ 98.7 millones
Digger Derricks	612 unidades	$ 87.3 millones
Camiones de grúa	421 unidades	$ 76.2 millones

Red de distribuidores fuertes

CTOS opera una red integral de distribuidores en 38 estados, con:

• 52 ubicaciones físicas
• 3 centros de distribución primarios
• Cobertura en las principales áreas metropolitanas

Plataforma de tecnología avanzada

La infraestructura tecnológica incluye:

• Software de gestión de flotas personalizadas
• Sistema de seguimiento de equipos en tiempo real
• Diagnóstico de equipos habilitados para IoT

Capital financiero y facilidades de crédito

Recursos financieros al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Facilidades de crédito total	$ 275 millones
Efectivo disponible	$ 42.6 millones
Línea de crédito giratorio	$ 150 millones

Ventas calificadas y fuerza laboral técnica

Composición de la fuerza laboral en 2023:

Categoría de empleado	Total de empleados
Representantes de ventas	287
Técnicos de servicio técnico	412
Personal de gestión y apoyo	203

Custom Truck One Source, Inc. (CTOS) - Modelo de negocio: propuestas de valor

Solución única para necesidades comerciales de camiones y equipos

A partir del cuarto trimestre de 2023, Custom Truck One Source ofrece un inventario integral de 3.845 vehículos comerciales y equipos especializados en múltiples categorías.

Categoría de equipo	Unidades totales disponibles	Rango de precios promedio
Camiones de cubo	672	$85,000 - $225,000
Camiones de grúa	413	$120,000 - $350,000
Digger Derrick Trucks	287	$95,000 - $265,000

Opciones de equipos personalizables

Camión personalizado One Source proporciona personalización de equipos con las siguientes especificaciones:

• Más del 78% del equipo se puede modificar a las especificaciones del cliente
• Tiempo de personalización promedio: 15-22 días hábiles
• Rango de costos de modificación personalizada: $ 5,000 - $ 45,000

Programas de financiamiento y arrendamiento flexibles

Opciones de financiación a partir de 2024:

Tipo de financiamiento	Rango de tasas de interés	Longitud de término
Arrendamiento de equipos	4.5% - 8.7%	24-84 meses
Financiación de compras	3.9% - 7.5%	36-72 meses

Soporte integral de gestión de la flota

Los servicios de gestión de la flota incluyen:

• Seguimiento de mantenimiento: Monitoreo en tiempo real para 2,346 clientes activos de la flota
• Servicios de mantenimiento predictivo que cubren el 92% de los tipos de equipos
• Costo promedio de gestión de la flota: $ 1,200 por vehículo anualmente

Selección de equipos confiable y de alta calidad

Métricas de confiabilidad del equipo para 2023:

Categoría de equipo	Porcentaje de tiempo de actividad	Intervalo de servicio promedio
Camiones utilitarios	94.3%	8,500 millas
Equipo de construcción	92.7%	7,200 millas
Vehículos especializados	96.1%	9,600 millas

Custom Truck One Source, Inc. (CTOS) - Modelo comercial: relaciones con los clientes

Gestión de cuentas dedicada

A partir de 2024, Custom Truck One Source mantiene 287 gerentes de cuentas dedicados que sirven a clientes de flota comercial y gubernamental. La cartera promedio del administrador de cuentas incluye 42 relaciones activas de clientes.

Métricas de gestión de cuentas	2024 datos
Total de gerentes de cuentas dedicados	287
Relaciones promedio de clientes por gerente	42
Tasa anual de retención del cliente	84.6%

Portal de clientes en línea y soporte digital

Soporte de plataforma digital CTOS:

• Seguimiento de inventario de equipos en tiempo real
• Envíos de solicitudes de servicio en línea
• Aplicaciones de financiamiento digital

Uso de la plataforma digital	2024 estadísticas
Usuarios digitales activos mensuales	14,672
Solicitudes de servicio en línea procesadas	8,943 por mes

Consulta de equipos personalizados

CTOS ofrece una consulta de equipos especializados con 126 especialistas técnicos en 17 oficinas regionales.

Enfoque de asociación a largo plazo

Duración promedio de la relación con el cliente: 7.3 años con el 62% de los clientes que mantienen acuerdos de servicio de varios años.

Equipo de servicio al cliente receptivo

La infraestructura de servicio al cliente incluye:

• Centro de soporte 24/7
• Tiempo de respuesta promedio: 17 minutos
• Tasa de resolución de primer contacto de 98.3%

Rendimiento de servicio al cliente	2024 métricas
Representantes de servicio al cliente total	214
Puntuación anual de satisfacción del cliente	4.7/5.0

Custom Truck One Source, Inc. (CTOS) - Modelo de negocio: canales

Fuerza de ventas directa

A partir de 2024, Custom Truck One Source mantiene un equipo de ventas dedicado de 187 representantes de ventas directas en los Estados Unidos. La fuerza de ventas genera aproximadamente $ 342.6 millones en ingresos anuales a través de interacciones directas del cliente y gestión de relaciones.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	187
Ingresos anuales de ventas directas	$ 342.6 millones
Ventas promedio por representante	$ 1.83 millones

Plataforma de comercio electrónico en línea

La plataforma digital de la compañía genera $ 124.7 millones en ventas en línea anuales, que representa el 22.5% de los ingresos totales de la compañía. La plataforma de comercio electrónico procesa aproximadamente 4,672 transacciones en línea mensualmente.

Métrica de plataforma en línea	2024 datos
Ventas en línea anuales	$ 124.7 millones
Transacciones mensuales en línea	4,672
Porcentaje de ingresos totales	22.5%

Ubicaciones de concesionario físico

CTOS opera 47 ubicaciones de concesionarios físicos en 18 estados, con una huella física total de 672,000 pies cuadrados.

Métrica de ubicación del concesionario	2024 datos
Ubicaciones físicas totales	47
Estados cubiertos	18
Espacio minorista total	672,000 pies cuadrados

Ferias y eventos comerciales de la industria

CTOS participa en 22 ferias comerciales de la industria anualmente, generando aproximadamente $ 56.3 millones en clientes potenciales y oportunidades de ventas directas.

• Ferias comerciales anuales totales: 22
• Ventas generadas por ferias comerciales: $ 56.3 millones
• Ventas promedio por feria: $ 2.56 millones

Marketing digital y redes sociales

Los esfuerzos de marketing digital de la compañía alcanzan 1.2 millones de clientes potenciales mensualmente, con una tasa de participación en las redes sociales del 4.7% en las plataformas.

Métrica de marketing digital	2024 datos
Alcance digital mensual	1.2 millones
Tasa de compromiso de las redes sociales	4.7%
Presupuesto de marketing digital	$ 18.4 millones

Custom Truck One Source, Inc. (CTOS) - Modelo de negocio: segmentos de clientes

Empresas comerciales de camiones

A partir de 2023, Custom Truck One Source atiende a aproximadamente 15,750 compañías de camiones comerciales en todo Estados Unidos. El tamaño total del mercado para equipos de flota de camiones comerciales es de $ 45.3 mil millones.

Característica de segmento	Datos cuantitativos
Número de compañías de camiones comerciales atendidos	15,750
Tamaño promedio de la flota dirigido	25-250 camiones
Presupuesto anual de adquisición de equipos	$ 2.1 millones - $ 18.5 millones

Negocios de construcción

CTOS se dirige a negocios de construcción con soluciones especializadas de camiones y equipos. El segmento del mercado de equipos de construcción representa el 22% de su base de clientes.

Métricas de segmento de construcción	Valor
Total de las empresas de construcción atendidas	8,340
Penetración del mercado	18.6%
Inversión de equipo promedio	$ 3.7 millones por empresa

Flotas municipales y gubernamentales

El segmento de la flota gubernamental representa el 15% de la cartera de clientes de CTOS, con enfoque en las entidades gubernamentales estatales y locales.

• Total de clientes municipales: 4,210
• Valor promedio del contrato: $ 1.2 millones
• Ciclo de adquisición: 18-24 meses

Organizaciones de servicios públicos e infraestructura

El sector de servicios públicos representa un segmento crítico de clientes con requisitos de equipos especializados.

Características del segmento de servicios públicos	Datos cuantitativos
Compañías de servicios públicos totales atendidos	2,750
Cuota de mercado	12.4%
Inversión de equipo promedio	$ 4.5 millones

Proveedores de servicios de transporte especializados

Este segmento incluye logística, flete y compañías de transporte especializadas que requieren soluciones de equipos personalizados.

• Transportadores especializados totales servidos: 3.600
• Presupuesto promedio de modernización de la flota: $ 2.8 millones
• Frecuencia de reemplazo del equipo: cada 5-7 años

Custom Truck One Source, Inc. (CTOS) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento del inventario

A partir del año fiscal 2023, Custom Truck One Source reportó costos totales de inventario de $ 214.6 millones. Los costos de transporte de inventario de la compañía representaban aproximadamente el 12.5% ​​de los gastos operativos totales.

Categoría de inventario	Costo anual ($)	Porcentaje de gastos de inventario total
Camiones usados	98,700,000	46%
Nuevo inventario de camiones	76,500,000	36%
Piezas y accesorios	39,400,000	18%

Gastos de ventas y marketing

En 2023, los CTO asignaron $ 37.2 millones para iniciativas de ventas y marketing.

• Marketing digital: $ 8.4 millones
• Comisiones de personal de ventas: $ 15.6 millones
• Marketing de ferias comerciales y eventos: $ 4.2 millones
• Campañas publicitarias: $ 9 millones

Infraestructura tecnológica

Las inversiones en infraestructura tecnológica totalizaron $ 22.5 millones en 2023, con asignaciones clave de la siguiente manera:

Categoría de tecnología	Inversión anual ($)
Software empresarial	9,800,000
Computación en la nube	5,700,000
Ciberseguridad	3,600,000
Infraestructura de hardware	3,400,000

Compensación de empleados

La compensación total de los empleados para 2023 fue de $ 128.3 millones.

• Salarios base: $ 89.4 millones
• Bonos de rendimiento: $ 22.6 millones
• Beneficios y seguros: $ 16.3 millones

Gastos generales e instalaciones operativos

Los gastos generales operativos ascendieron a $ 45.7 millones en 2023.

Categoría de gastos generales	Costo anual ($)
Alquiler y mantenimiento de la instalación	18,200,000
Utilidades	6,900,000
Seguro	7,500,000
Gastos administrativos	13,100,000

Custom Truck One Source, Inc. (CTOS) - Modelo de negocio: flujos de ingresos

Venta de equipos

En el año fiscal 2023, Custom Truck One Source reportó ingresos totales de ventas de equipos de $ 632.4 millones. La compañía vende camiones y equipos comerciales especializados en múltiples segmentos, incluidos:

Categoría de equipo	Ingresos anuales de ventas
Plataformas de trabajo aéreo	$ 214.6 millones
Equipo montado en camiones	$ 187.3 millones
Vehículos utilitarios especializados	$ 230.5 millones

Arrendamiento y financiamiento de equipos

Camión personalizado Una fuente generó $ 187.2 millones en ingresos de arrendamiento y financiamiento para 2023. La cartera de arrendamiento incluye:

• Alquiler de equipos a corto plazo
• Arrendamientos de equipos a largo plazo
• Opciones de financiamiento flexible

Piezas y servicio del mercado de accesorios

Los servicios de posventa contribuyeron con $ 95.7 millones en ingresos durante 2023, con el siguiente desglose:

Categoría de servicio	Ingresos anuales
Piezas de repuesto	$ 42.3 millones
Servicios de mantenimiento	$ 53.4 millones

Suscripciones de tecnología de gestión de flotas

Los ingresos por suscripción de tecnología alcanzaron $ 24.6 millones en 2023, ofreciendo soluciones de gestión de flota digital con:

• Seguimiento de activos en tiempo real
• Software de mantenimiento predictivo
• Integración telemática

Servicios de personalización y modificación

Las modificaciones personalizadas de camiones y equipos generaron $ 37.5 millones en ingresos de servicios especializados durante 2023.

Tipo de personalización	Ingresos anuales
Modificaciones de vehículos utilidad	$ 22.1 millones
Conversiones de camiones comerciales	$ 15.4 millones

Custom Truck One Source, Inc. (CTOS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Custom Truck One Source, Inc. (CTOS) captures market share, especially in the demanding infrastructure space. The value proposition centers on integration and asset performance.

One-stop-shop model for rental, sales, parts, and service

Custom Truck One Source, Inc. offers a differentiated "one-stop-shop" business model, which is a key value driver. This model integrates four core offerings:

• Rental of specialty equipment.
• Sales of new and used equipment.
• Parts supply.
• Aftermarket service operations.

The company organizes this through three segments: Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS). For instance, in Q3 2025, the ERS segment rental revenue increased by 17.7% year-over-year.

Access to a specialized fleet for critical infrastructure work

The fleet is specialized, focusing on maintenance, repair, upgrade, and installation for critical infrastructure assets. This includes electric lines, telecommunications networks, and rail systems. The Transmission & Distribution (T&D) market is a cornerstone, representing 55% of the business as of late 2025. You get access to a coast-to-coast rental fleet comprising more than 10,350 units.

Equipment customization to meet unique project specifications

A significant part of the value is the ability to tailor equipment. This is evident in the sales order backlog, which includes purchase orders received specifically for customized equipment, alongside stock units. This capability directly supports the unique demands of specialized infrastructure projects.

High fleet utilization rate, reaching 79.3% in Q3 2025

Operational efficiency translates directly into value for Custom Truck One Source, Inc. through higher asset returns. The average utilization of the rental fleet hit 79.3% in the third quarter of 2025. That's a 610 basis point improvement compared to the 73.2% utilization seen in Q3 2024. The momentum continued into the next period, with Q4 2025 utilization already standing at more than 80%. This high utilization supported a 17% year-over-year increase in average Owned Equipment Cost (OEC) on rent for Q3 2025.

Here's a quick look at some key metrics underpinning these value propositions from the Q3 2025 report:

Metric	Value (Q3 2025)	Comparison/Context
Average Rental Fleet Utilization	79.3%	Up from 73.2% in Q3 2024
Average OEC on Rent Growth (YoY)	17%	Driven by increased rental volume
Total Rental Fleet Size	More than 10,350 units	Coast-to-coast fleet
T&D Market Revenue Share	55%	Represents the core business segment
Total Revenue (Q3 2025)	$482.1 million	Up 7.8% year-over-year

The company's ability to drive utilization up while growing the asset base-ending Q3 2025 with total OEC of $1.56 billion-shows they are effectively meeting infrastructure demand. Finance: draft 13-week cash view by Friday.

Custom Truck One Source, Inc. (CTOS) - Canvas Business Model: Customer Relationships

You're looking at how Custom Truck One Source, Inc. manages its interactions across its diverse client base, which spans electric utility transmission and distribution (T&D), telecommunications, and rail systems.

Dedicated account management for large utility and rail customers

Custom Truck One Source, Inc. serves over 8,000+ Customers across North America. The relationship structure is clearly tiered, with the largest infrastructure players receiving focused attention. In the first quarter of 2025, the top 15 customers accounted for approximately 18% of total revenue. Importantly, no single customer represented more than 3% of company revenue as of Q1 2025, suggesting a reliance on a broad base even among the largest accounts. The core of the Equipment Rental Solutions (ERS) segment is driven by utility contractors whose activity is expected to persist at least through the end of 2025.

High-touch, consultative sales for complex equipment purchases

The Truck & Equipment Sales (TES) segment, which deals with vocational vehicles, requires this deeper engagement. The company's coast-to-coast rental fleet, which stood at more than 10,350 units as of Q3 2025, is a key resource for consultative sales, allowing customers to test equipment before committing to purchase. The strength of this approach is reflected in the order flow; signed orders in Q3 2025 were up 30% on a year-over-year basis, with more than 40% growth among local and regional accounts. The TES segment's sales order backlog at the end of Q1 2025 represented approximately 4.8 months of new equipment sales, indicating significant forward commitment from customers.

Transactional relationships for aftermarket parts and tools

The Aftermarket Parts & Service (APS) segment supports relationships that are more frequent but lower-touch, focusing on consumables and routine needs. Consolidated parts sales and service revenue remained flat year-over-year in the first quarter of 2025. The APS segment revenue outlook for the full year 2025 was guided between $150 million and $160 million.

Service-oriented support for maintenance and repair operations

Maintenance and repair are embedded in the service offering, often tied to the rental fleet to ensure uptime. The ERS segment saw average fleet utilization increase to 79.3% in Q3 2025, up from 73.2% in Q3 2024, demonstrating the effectiveness of keeping the fleet operational. The average Original Cost of Equipment (OEC) on rent increased by $179.8 million, or 16.6%, in the third quarter of 2025 compared to the third quarter of 2024, requiring robust support infrastructure.

Here are some key financial and operational metrics from the 2025 reporting periods:

Metric	Value/Range (2025)	Reporting Period/Context
Total Revenue (Q3)	$482.1 million	Three Months Ended September 30, 2025
Full-Year Revenue Guidance (Midpoint)	$2.02 billion	Reaffirmed in Q3 2025
Adjusted EBITDA (Q3)	$96.0 million	Three Months Ended September 30, 2025
ERS Segment Rental Revenue Growth	17.3%	Q2 2025 vs. Q2 2024
Average ERS Fleet Utilization	Over 79%	Q3 2025
Average OEC on Rent Increase	$179.8 million	Q3 2025 vs. Q3 2024
Total Customers	8,000+	General Metric
Top 15 Customer Revenue Concentration	18%	Q1 2025

The company's strategy relies on high utilization of its rental assets to drive service demand. The ERS segment rental revenue grew 9.4% in the first quarter of 2025 compared to the first quarter of 2024. The overall fleet size is reported to be approximately 10,000 units or more than 10,350 units.

• Utility contractor customers expect sustained activity through the end of 2025.
• The company maintains a coast-to-coast rental fleet of approximately 10,000 units.
• Q3 2025 Adjusted EBITDA was $96.0 million, up 19.6% year-over-year.
• The company expects to generate $50 million to $100 million of levered free cash flow in 2025.

The relationship is further defined by the equipment sales cycle; the TES segment backlog at the end of Q3 2025 was $279.8 million. This backlog is supported by strong relationships with chassis and attachment suppliers.

Finance: draft 13-week cash view by Friday.

Custom Truck One Source, Inc. (CTOS) - Canvas Business Model: Channels

You're looking at how Custom Truck One Source, Inc. (CTOS) gets its specialized equipment and services to customers across North America. The channels strategy is built around a physical footprint supported by direct sales and digital access for parts.

Network of physical service and sales centers across North America

The physical network is the backbone for both rental and service operations. Custom Truck One Source, Inc. is actively expanding this footprint to better serve regional demand. For instance, a new location opened in Portland, Oregon, on June 1, 2025, adding 12,000 square feet of space and six service bays to the national presence. Also, a new facility was announced for Orlando, Florida, set to open on October 1, 2025, which will add 20,000 square feet and 11 service bays. As of October 2025, the company has approximately 1.1K employees across North America and Europe.

The physical locations support the Equipment Rental Solutions (ERS) segment, which is a major channel for equipment access. The coast-to-coast rental fleet is substantial:

• Rental fleet size: more than 10,350 units.
• Average Original Equipment Cost (OEC) on rent (Q3 2025): up 16.6% year-over-year.
• Average fleet utilization (Q3 2025): reached 79.3%.
• OEC in the rental fleet (End of Q1 2025): just under $1.55 billion.

Direct sales force for new and used equipment (TES segment)

The Truck and Equipment Sales (TES) segment relies heavily on a direct sales approach, driven by robust demand for vocational vehicles. This segment is expected to generate the most revenue in 2025, with guidance between $1,160 million and $1,210 million. The sales channel is supported by a healthy order book, though the backlog has seen fluctuations. For example, the TES new sales backlog at the end of Q1 2025 was just over $420 million.

The direct sales channel is critical for moving new and used equipment, including used rental units sold directly to customers. Here's a look at the sales and rental channel performance metrics for 2025:

Metric	ERS Segment 2025 Revenue Guidance (Low)	ERS Segment 2025 Revenue Guidance (High)	TES Segment 2025 Revenue Guidance (Low)	TES Segment 2025 Revenue Guidance (High)
Revenue (in millions USD)	$660 million	$690 million	$1,160 million	$1,210 million
Q2 2025 Revenue Growth (YoY)	20.9% (Total Revenue Growth)		22.4% (TES Revenue Growth Q2 2025)
Q3 2025 Revenue Growth (YoY)	7.8% (Total Revenue Growth)		6.0% (TES Revenue Growth Q3 2025)

Equipment Rental Solutions (ERS) segment for fleet deployment

The ERS segment uses its extensive, growing fleet as a primary channel for revenue generation. The company is actively deploying capital to meet demand, expecting mid-single-digit growth in net Original Equipment Cost (OEC) for the rental fleet in 2025. Following strong Q3 results, Custom Truck One Source, Inc. indicated plans to invest up to an additional net $50 million in the rental fleet for the year compared to previous guidance. The ERS segment revenue guidance for 2025 is between $660 million and $690 million.

The utilization rates show how effectively this channel is being used:

• Average utilization (Q3 2025): 79.3%.
• Average utilization (Q2 2025): 77.9%.
• Average utilization (Q1 2025): just under 78%.

E-commerce and parts counter for Aftermarket Parts and Services (APS)

The Aftermarket Parts and Services (APS) segment serves as a channel for parts, tools, and repair services, often supporting existing rental and sales customers. The 2025 revenue outlook for APS is set between $150 million and $160 million. Revenue in the APS segment saw an increase of 2.6% in the second quarter of 2025 compared to the second quarter of 2024, which was noted as being due to an increase in rental revenue. This indicates the parts and service counter is integrated with the core rental business.

The overall financial context for these channels as of late 2025 guidance is:

• Reaffirmed Full-Year 2025 Revenue Guidance (Midpoint): $2.02 billion.
• Reaffirmed Full-Year 2025 Adjusted EBITDA Guidance (Midpoint): $380 million.
• Expected Levered Free Cash Flow (2025): at least $50 million.

Finance: draft 13-week cash view by Friday.

Custom Truck One Source, Inc. (CTOS) - Canvas Business Model: Customer Segments

You're looking at the core groups Custom Truck One Source, Inc. (CTOS) serves to generate its revenue, which for the trailing twelve months ending September 30, 2025, reached $1.94 billion, up 7.39% year-over-year. The company serves a diverse customer base of over 8,000 customers across North America with a fleet exceeding 10,350 units.

The primary focus, representing the largest single market, is clearly the electric utility sector, which drives a significant portion of the business activity.

• Electric utility transmission and distribution (T&D) represents 55% of Custom Truck One Source, Inc.'s business.
• This segment is expected to benefit from spending required for data center investments and electrification.
• U.S. Investor-Owned Utility T&D capital spending is projected to total almost $600 billion from 2025 to 2029.
• Transmission spending within that is expected to grow at a 15%+ compound annual growth rate (CAGR).

The company's structure, broken down by its internal segments (Equipment Rental Solutions (ERS), Truck & Equipment Sales (TES), and Aftermarket Parts & Service (APS)), provides a financial lens on how these customer demands translate:

Customer Market Focus	Primary CTOS Segment Driver	2025 Full-Year Revenue Guidance (Low End)	2025 Full-Year Revenue Guidance (High End)
Electric utility T&D	TES and ERS	$1.16 billion (TES component)	$1.21 billion (TES component)
Telecommunications and rail infrastructure contractors	TES and ERS	$660 million (ERS component)	$690 million (ERS component)
Local and regional construction/infrastructure customers	TES	$150 million (APS component)	$160 million (APS component)
Forestry and waste management service providers	TES and ERS	N/A (Grouped in overall guidance)	N/A (Grouped in overall guidance)

The Equipment Rental Solutions (ERS) segment showed strong rental revenue growth of 17.7% in the third quarter of 2025 compared to the third quarter of 2024, with average fleet utilization reaching 79.3%. The full-year guidance for the ERS segment is $660 million to $690 million, representing 10-15% growth.

Local and regional customers are showing particularly strong purchasing intent, which is a good sign for near-term sales volume. You see this in the order book activity.

• Signed orders in the third quarter of 2025 were up 30% year-over-year.
• More than 40% of those signed orders came from local and regional accounts in Q3 2025.

The Truck and Equipment Sales (TES) segment, which handles the bulk of the equipment sales, has a 2025 guidance range of $1.16 billion to $1.21 billion, projecting 10-15% growth. This segment serves the T&D, telecom, and rail markets directly through equipment sales. The Aftermarket Parts and Services (APS) segment, which supports maintenance and repair across all these customer types, is guided to generate $150 million to $160 million in 2025.

Custom Truck One Source, Inc. (CTOS) - Canvas Business Model: Cost Structure

You're looking at the major expenses that eat into Custom Truck One Source, Inc.'s revenue, which is critical for understanding their asset-heavy model. Honestly, the cost structure is dominated by the equipment itself, both in acquisition and in keeping it running.

High Cost of Revenue, Including Equipment Depreciation

The cost of revenue is naturally high because Custom Truck One Source, Inc. is in the business of renting and selling heavy, specialized machinery. For the third quarter ended September 30, 2025, the reported Gross Profit was $100.8 million on $482.1 million in Total Revenue. This implies a Cost of Revenue of approximately $381.3 million for that quarter alone.

Depreciation is a massive, non-cash component of this. Looking at the trailing twelve months (TTM) ending March 31, 2025, the Depreciation of rental equipment was reported at ($49) million. This non-cash charge reflects the rapid wear and tear or scheduled obsolescence of their large, specialized fleet.

The company uses Adjusted Gross Profit to better gauge operational performance before this non-cash charge. For Q3 2025, Adjusted Gross Profit hit $155.5 million, up 12.9% year-over-year, which shows the underlying rental and sales margins are improving even with high depreciation.

Significant Interest Expense Due to High Total Debt

Carrying a large fleet means carrying significant debt, which translates directly into interest expense. As of September 30, 2025, Custom Truck One Source, Inc.'s Total Debt Outstanding was $1,666.4 million, resulting in a Net Leverage Ratio of 4.53x. While you mentioned a TTM debt figure over $2.49 billion, the latest reported outstanding debt as of the end of Q3 2025 is this $1.666 billion figure. The company remains committed to achieving a 3x net leverage target by the end of fiscal 2026.

Interest costs are a real cash drain. For the first half of 2025, the company noted that lower interest expense on variable-rate floor plan liabilities actually helped boost Q3 2025 Adjusted EBITDA. This suggests that while interest expense is significant, fluctuations in borrowing costs directly impact near-term profitability.

Costs Related to Maintaining a Large, Specialized Equipment Fleet

The fleet itself is a cost center beyond just depreciation. Custom Truck One Source, Inc. operates a coast-to-coast rental fleet of more than 10,350 units. The sheer scale of this asset base requires substantial ongoing investment in maintenance, parts, and servicing to keep utilization high.

The investment level is high, too. Management reaffirmed 2025 guidance but noted they planned to invest more than previously expected in the rental fleet, resulting in net rental CapEx of approximately $250 million for the full year 2025. The Average Original Equipment Cost (OEC) on rent for Q3 2025 was over $1.26 billion, a 17% year-over-year increase, showing the asset base is growing to meet demand.

Labor Costs for Skilled Technicians and Customization Staff

The specialized nature of the equipment-like aerial devices, digger derricks, and hi-rail gear-demands highly skilled labor for maintenance, repair, and customization. While specific labor dollar amounts aren't broken out in the high-level summaries, management cited additional expenses related to workforce expansion as a factor influencing downward revisions to internal earnings targets for FY25. These skilled technicians and customization staff are key cost drivers, necessary to maintain the quality and readiness of the high-value rental fleet.

Here's a quick look at some of the key financial metrics impacting the cost side as of late 2025:

Cost/Debt Metric	Period/As Of Date	Amount (USD)
Total Revenue (Q3)	Three Months Ended Sept 30, 2025	$482.1 million
Gross Profit (Q3)	Three Months Ended Sept 30, 2025	$100.8 million
Adjusted Gross Profit (Q3)	Three Months Ended Sept 30, 2025	$155.5 million
Depreciation of Rental Equipment (TTM)	Twelve Months Ended March 31, 2025	($49) million
Total Debt Outstanding	As of September 30, 2025	$1,666.4 million
Net Leverage Ratio	As of September 30, 2025	4.53x
Average OEC on Rent	Q3 2025	Over $1.26 billion
Projected Net Rental CapEx	Full Year 2025 Guidance	Approximately $250 million

The company's focus on achieving that 3x net leverage target by the end of 2026 definitely means debt servicing costs will remain a primary focus area for cost management going forward. Finance: draft 13-week cash view by Friday.

Custom Truck One Source, Inc. (CTOS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Custom Truck One Source, Inc. (CTOS) brings in money, which is really the engine of their whole operation. As of late 2025, their revenue streams are clearly segmented across equipment lifecycle management, from building and selling to renting and servicing. Honestly, the guidance for the full year shows a clear expectation for growth across the board, which is what we want to see.

The company reaffirms its consolidated revenue outlook for fiscal year 2025 to be between $1,970 million and $2,060 million. This range implies a consolidated revenue growth of between 9% and 14% over the prior year.

Here's the quick math on how that full-year 2025 guidance breaks down across the three main segments:

Revenue Stream	2025 Revenue Guidance (Lower End)	2025 Revenue Guidance (Upper End)	Implied Growth Rate (vs. 2024 Actuals)
Truck and Equipment Sales (TES)	$1,160 million	$1,210 million	10% - 15%
Equipment Rental Solutions (ERS)	$660 million	$690 million	10% - 15%
Aftermarket Parts and Services (APS)	$150 million	$160 million	1% - 7%

The Truck and Equipment Sales (TES) segment is the largest expected contributor to revenue. You should note that while they expect significant revenue growth, they anticipate landing at the lower end of this guidance range due to macroeconomic uncertainty and high interest rates affecting smaller customers' purchasing decisions. Still, robust demand from local and regional customers is a key driver.

The Equipment Rental Solutions (ERS) segment is expected to be a strong performer, with management guiding toward the higher end of its range, driven by sustained trends in what they call OEC on Rent (Original Equipment Cost on Rent). This segment is where the sales of used rental equipment live, which is a critical component of the ERS revenue stream, as it helps recycle capital and monetize assets at the end of their rental life.

For context on the revenue mix, looking at the first quarter of 2025, the total revenue of $422 million was composed of several parts, though this is a quarterly snapshot, not the full-year projection:

• Equipment Sales: $274 million
• Rental Revenue: $32 million (This is just the rental component, not including used sales)
• Parts and Services Revenue: $116 million

The Aftermarket Parts and Services (APS) segment has the tightest guidance range, suggesting more predictable, though slower, growth. This stream benefits from the large installed base of equipment in the field needing maintenance and parts.

The sales of used rental equipment are embedded within the ERS segment total, which is guided to $660 million to $690 million for the year. This activity is key because it directly impacts fleet turnover and the average OEC on rent metric, which management highlighted as a major driver for ERS performance. For example, in the third quarter of 2025, the average OEC on rent was over $1.26 billion, up from under $1.1 billion in Q3 2024, showing the growing asset base supporting rental revenue.

The ERS segment's revenue is further supported by strong utilization; average fleet utilization reached 79.3% in Q3 2025, the highest level in over two years. This high utilization directly supports both rental revenue and the eventual realization of value from used equipment sales.

Finance: draft 13-week cash view by Friday.