Custom Truck One Source, Inc. (CTOS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des solutions commerciales de camionnage et d'équipement, Custom Truck One Source, Inc. (CTOS) apparaît comme une puissance transformatrice, redéfinissant la façon dont les entreprises acquièrent, personnalisent et gèrent leurs ressources de flotte. Cette entreprise innovante a conçu un modèle commercial sophistiqué qui va au-delà des ventes d'équipements traditionnels, offrant un écosystème complet de services qui répondent aux besoins complexes des secteurs commerciaux du camionnage, de la construction, du municipal et des transports spécialisés. En intégrant de manière transparente la technologie de pointe, un financement flexible et une approche centrée sur le client, CTOS s'est positionné comme un partenaire stratégique qui permet aux entreprises d'optimiser leur efficacité opérationnelle et leurs investissements d'équipement.

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: partenariats clés

Fabricants de camions et d'équipement

Custom Truck One Source maintient des partenariats stratégiques avec les principaux fabricants de camions suivants:

Fabricant	Détails du partenariat	Volume annuel
Kenworth	Concessionnaire autorisé	1 247 camions en 2023
Peterbilt	Concessionnaire autorisé	1 089 camions en 2023

Institutions de location et de financement

CTOS collabore avec des partenaires financiers pour fournir un financement d'équipement:

• Finance de l'équipement Wells Fargo
• Bank of America Commercial loue
• Groupe CIT

Provideurs de technologie de gestion de la flotte

Fournisseur de technologie	Type de technologie	Volume d'intégration annuel
Samsara	Systèmes de suivi de la flotte	3 672 intégrations de véhicules en 2023
Géotab	Solutions de télématique	2 945 intégrations de véhicules en 2023

Concessionnaires d'équipements nationaux et régionaux

CTOS Partnership Network comprend:

• 16 concessionnaires d'équipements régionaux
• 7 Réseaux de distribution d'équipements nationaux
• 127,3 millions de dollars dans les revenus du réseau de concessionnaires pour 2023

Personnages de personnalisation des camions et de pièces de rechange

Fournisseur	Catégorie de produits	Volume de l'offre annuelle
Méritante	Composants de la transmission	8 234 parties en 2023
Dana a incorporé	Systèmes d'essieu et de transmission	6 712 parties en 2023

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: Activités clés

Ventes et distribution d'équipement

Au cours de l'exercice 2023, Custom Truck One Source a déclaré un chiffre d'affaires total des ventes d'équipements de 647,3 millions de dollars. La société a distribué des châssis de camions commerciaux, des camions de travail spécialisés et des équipements lourds dans 38 États aux États-Unis.

Catégorie d'équipement	Volume des ventes (2023)	Contribution des revenus
Camions commerciaux	4 872 unités	289,6 millions de dollars
Camions de travail spécialisés	2 345 unités	214,7 millions de dollars
Matériel lourd	1 156 unités	143 millions de dollars

Personnalisation des camions et de l'équipement

Custom Truck One Source exploite 12 installations de personnalisation dédiées avec une capacité annuelle de personnalisation de 6 500 unités de camions et d'équipements. En 2023, la société a terminé 5 782 configurations d'équipement personnalisé.

• Revenus de services de personnalisation: 98,4 millions de dollars
• Coût de personnalisation moyen par unité: 17 000 $
• Temps de redressement de la personnalisation: 7-14 jours ouvrables

Services de location et de financement

Le portefeuille de location de la société au 31 décembre 2023, a totalisé 412,6 millions de dollars en contrats de location actifs. Les services de financement ont généré 54,2 millions de dollars de revenus au cours de l'exercice.

Type de location	Total des contrats	Valeur du contrat
Baux à court terme	1 247 contrats	156,3 millions de dollars
Baux à long terme	873 contrats	256,3 millions de dollars

Solutions de gestion de la flotte

Custom Truck One Source a géré des solutions de flotte pour 287 clients commerciaux et municipaux en 2023, avec une valeur totale de contrat de gestion de la flotte de 89,7 millions de dollars.

• Taille moyenne de la flotte gérée: 42 véhicules par client
• Revenus de gestion de la flotte: 23,6 millions de dollars
• Taux de rétention de la clientèle: 94,3%

Pièces de rechange et support de service

La division du marché secondaire a généré 112,5 millions de dollars de revenus en 2023, avec 42 centres de service aux États-Unis.

Catégorie de service	Revenu	Volume de service
Ventes de pièces	67,3 millions de dollars	38 942 commandes de pièces
Services de maintenance	45,2 millions de dollars	6 782 événements de service

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: Ressources clés

Inventaire approfondi de l'équipement

Au quatrième trimestre 2023, Custom Truck One Source maintient un inventaire d'équipement d'une valeur de 487,3 millions de dollars. La flotte se compose de:

Catégorie d'équipement	Total des unités	Valeur estimée
Plates-formes de travail aérien	1 243 unités	124,5 millions de dollars
Camions de seau	876 unités	98,7 millions de dollars
Derricks Digger	612 unités	87,3 millions de dollars
Camions de grue	421 unités	76,2 millions de dollars

Réseau de concessionnaires solide

CTOS exploite un réseau de concessionnaires complet dans 38 États, avec:

• 52 emplacements physiques
• 3 centres de distribution primaires
• Couverture dans les grandes zones métropolitaines

Plateforme de technologie avancée

L'infrastructure technologique comprend:

• Logiciel de gestion de flotte personnalisé
• Système de suivi des équipements en temps réel
• Diagnostics d'équipement compatibles IoT

Capitaux financiers et facilités de crédit

Ressources financières au 31 décembre 2023:

Métrique financière	Montant
Facilités de crédit total	275 millions de dollars
Cash disponible	42,6 millions de dollars
Ligne de crédit tournante	150 millions de dollars

Ventes qualifiées et effectifs techniques

Composition de la main-d'œuvre en 2023:

Catégorie des employés	Total des employés
Représentants des ventes	287
Techniciens de service technique	412
Personnel de gestion et de soutien	203

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: propositions de valeur

Solution à guichet unique pour les besoins en camions et équipements commerciaux

Depuis le quatrième trimestre 2023, Custom Truck One Source offre un inventaire complet de 3 845 véhicules commerciaux et du matériel spécialisé dans plusieurs catégories.

Catégorie d'équipement	Unités totales disponibles	Fourchette de prix moyenne
Camions de seau	672	$85,000 - $225,000
Camions de grue	413	$120,000 - $350,000
Camions Derrick Digger	287	$95,000 - $265,000

Options d'équipement personnalisables

Custom Truck One Source fournit une personnalisation des équipements avec les spécifications suivantes:

• Plus de 78% des équipements peuvent être modifiés selon les spécifications du client
• Temps de personnalisation moyen: 15-22 jours ouvrables
• Gamme de coûts de modification personnalisée: 5 000 $ - 45 000 $

Programmes de financement et de location flexibles

Options de financement à partir de 2024:

Type de financement	Fourchette de taux d'intérêt	Durée
Bail d'équipement	4.5% - 8.7%	24-84 mois
Financement d'achat	3.9% - 7.5%	36-72 mois

Support complet de gestion de la flotte

Les services de gestion de la flotte comprennent:

• Suivi de maintenance: Surveillance en temps réel pour 2 346 clients de flotte active
• Services de maintenance prédictive couvrant 92% des types d'équipement
• Coût moyen de gestion de la flotte: 1 200 $ par véhicule par an

Sélection d'équipement fiable de haute qualité

Mesures de fiabilité de l'équipement pour 2023:

Catégorie d'équipement	Pourcentage de disponibilité	Intervalle de service moyen
Camions de services publics	94.3%	8 500 miles
Équipement de construction	92.7%	7 200 miles
Véhicules spécialisés	96.1%	9 600 miles

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: relations avec les clients

Gestion de compte dédiée

En 2024, Custom Truck One Source maintient 287 gestionnaires de comptes dédiés au service des clients commerciaux et du gouvernement. Le portefeuille de gestionnaire de compte moyen comprend 42 relations clients actives.

Métriques de gestion des comptes	2024 données
Total des gestionnaires de comptes dédiés	287
Relations moyennes des clients par gestionnaire	42
Taux de rétention de la clientèle annuelle	84.6%

Portail client en ligne et support numérique

Prise en charge de la plate-forme numérique CTOS:

• Suivi des stocks d'équipement en temps réel
• Soumissions de demande de service en ligne
• Applications de financement numérique

Utilisation de la plate-forme numérique	2024 statistiques
Utilisateurs numériques actifs mensuels	14,672
Demandes de service en ligne traitées	8 943 par mois

Consultation d'équipement personnalisé

CTOS fournit une consultation spécialisée en équipement avec 126 spécialistes techniques dans 17 bureaux régionaux.

Approche de partenariat à long terme

Durée moyenne des relations avec le client: 7,3 ans, 62% des clients conservant des accords de service pluriannuels.

Équipe de service client réactif

L'infrastructure du service client comprend:

• Centre de soutien 24/7
• Temps de réponse moyen: 17 minutes
• Taux de résolution de 98,3%

Performance du service client	2024 mesures
Représentants totaux du service à la clientèle	214
Score de satisfaction du client annuel	4.7/5.0

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, Custom Truck One Source maintient une équipe de vente dédiée de 187 représentants des ventes directes à travers les États-Unis. La force de vente génère environ 342,6 millions de dollars de revenus annuels grâce aux interactions clients directes et à la gestion des relations.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	187
Revenus annuels des ventes directes	342,6 millions de dollars
Ventes moyennes par représentant	1,83 million de dollars

Plateforme de commerce électronique en ligne

La plate-forme numérique de l'entreprise génère 124,7 millions de dollars de ventes en ligne annuelles, ce qui représente 22,5% du total des revenus de l'entreprise. La plate-forme de commerce électronique traite environ 4 672 transactions en ligne mensuellement.

Métrique de la plate-forme en ligne	2024 données
Ventes en ligne annuelles	124,7 millions de dollars
Transactions en ligne mensuelles	4,672
Pourcentage du total des revenus	22.5%

Lieux de concessionnaires physiques

CTOS exploite 47 lieux de concessionnaires physiques dans 18 États, avec une empreinte physique totale de 672 000 pieds carrés.

Métrique de l'emplacement des concessionnaires	2024 données
Emplacements physiques totaux	47
États couverts	18
Espace de vente au détail total	672 000 pieds carrés

Salons et événements commerciaux de l'industrie

CTOS participe à 22 salons de l'industrie chaque année, générant environ 56,3 millions de dollars en prospects de vente et des opportunités de vente directes.

• Affichages commerciaux annuels totaux: 22
• Ventes générées par les salons commerciaux: 56,3 millions de dollars
• Ventes moyennes par salon: 2,56 millions de dollars

Marketing numérique et médias sociaux

Les efforts de marketing numérique de l'entreprise atteignent 1,2 million de clients potentiels mensuellement, avec un taux d'engagement des médias sociaux de 4,7% sur toutes les plateformes.

Métrique du marketing numérique	2024 données
Trache numérique mensuelle	1,2 million
Taux d'engagement des médias sociaux	4.7%
Budget de marketing numérique	18,4 millions de dollars

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: segments de clientèle

Sociétés de camionnage commercial

En 2023, Custom Truck One Source dessert environ 15 750 sociétés de camionnage commerciaux à travers les États-Unis. La taille totale du marché pour l'équipement de flotte de camionnage commercial est de 45,3 milliards de dollars.

Caractéristique du segment	Données quantitatives
Nombre de sociétés de camionnage commerciales servies	15,750
Taille moyenne de la flotte ciblée	25-250 camions
Budget d'approvisionnement de l'équipement annuel	2,1 millions de dollars - 18,5 millions de dollars

Entreprises de construction

CTOS cible les entreprises de construction avec des solutions spécialisées de camions et d'équipements. Le segment du marché des équipements de construction représente 22% de leur clientèle.

Métriques du segment de construction	Valeur
Total des entreprises de construction servies	8,340
Pénétration du marché	18.6%
Investissement moyen de l'équipement	3,7 millions de dollars par entreprise

Flottes municipales et gouvernementales

Le segment de la flotte gouvernementale représente 15% du portefeuille de clients CTOS, en mettant l'accent sur les entités gouvernementales et gouvernementales locales.

• Clients municipaux totaux: 4 210
• Valeur du contrat moyen: 1,2 million de dollars
• Cycle d'approvisionnement: 18-24 mois

Organisations de services publics et d'infrastructures

Le secteur des services publics représente un segment de clientèle essentiel avec des exigences spécialisées sur l'équipement.

Caractéristiques du segment des services publics	Données quantitatives
Les sociétés de services publics totales ont servi	2,750
Part de marché	12.4%
Investissement moyen de l'équipement	4,5 millions de dollars

Fournisseurs de services de transport spécialisés

Ce segment comprend la logistique, le fret et les sociétés de transport spécialisées nécessitant des solutions d'équipement personnalisées.

• Total des transporteurs spécialisés servis: 3 600
• Budget moyen de modernisation de la flotte: 2,8 millions de dollars
• Fréquence de remplacement de l'équipement: tous les 5 à 7 ans

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance des stocks

Depuis l'exercice 2023, Custom Truck One Source a déclaré des coûts d'inventaire totaux de 214,6 millions de dollars. Les coûts de transport des stocks de la société représentaient environ 12,5% des dépenses opérationnelles totales.

Catégorie d'inventaire	Coût annuel ($)	Pourcentage des dépenses d'inventaire total
Camions d'occasion	98,700,000	46%
Nouvel inventaire de camions	76,500,000	36%
Pièces et accessoires	39,400,000	18%

Dépenses de vente et de marketing

En 2023, CTOS a alloué 37,2 millions de dollars aux initiatives de vente et de marketing.

• Marketing numérique: 8,4 millions de dollars
• Commissions du personnel des ventes: 15,6 millions de dollars
• Salon du commerce et marketing d'événements: 4,2 millions de dollars
• Campagnes publicitaires: 9 millions de dollars

Infrastructure technologique

Les investissements en infrastructure technologique ont totalisé 22,5 millions de dollars en 2023, avec des allocations clés comme suit:

Catégorie de technologie	Investissement annuel ($)
Logiciel d'entreprise	9,800,000
Cloud computing	5,700,000
Cybersécurité	3,600,000
Infrastructure matérielle	3,400,000

Compensation des employés

La rémunération totale des employés pour 2023 était de 128,3 millions de dollars.

• Salaires de base: 89,4 millions de dollars
• Bonus de performance: 22,6 millions de dollars
• Avantages et assurance: 16,3 millions de dollars

Frais généraux opérationnels et installations

Les frais généraux opérationnels s'élevaient à 45,7 millions de dollars en 2023.

Catégorie aérienne	Coût annuel ($)
Loyer et entretien de l'installation	18,200,000
Services publics	6,900,000
Assurance	7,500,000
Frais administratifs	13,100,000

Custom Truck One Source, Inc. (CTOS) - Modèle d'entreprise: Strots de revenus

Ventes d'équipement

Au cours de l'exercice 2023, Custom Truck One Source a déclaré un chiffre d'affaires total des ventes d'équipements de 632,4 millions de dollars. La société vend des camions et équipements commerciaux spécialisés sur plusieurs segments, notamment:

Catégorie d'équipement	Revenus de ventes annuels
Plates-formes de travail aérien	214,6 millions de dollars
Équipement monté sur un camion	187,3 millions de dollars
Véhicules utilitaires spécialisés	230,5 millions de dollars

Location et financement d'équipement

Custom Truck Une source a généré 187,2 millions de dollars de revenus de location et de financement pour 2023. Le portefeuille de location comprend:

• Location d'équipement à court terme
• Baux d'équipement à long terme
• Options de financement flexibles

Pièces de rechange et service

Les services de rechange ont apporté 95,7 millions de dollars de revenus en 2023, avec la ventilation suivante:

Catégorie de service	Revenus annuels
Pièces de rechange	42,3 millions de dollars
Services de maintenance	53,4 millions de dollars

Abonnements à la technologie de gestion de la flotte

Les revenus de l'abonnement technologique ont atteint 24,6 millions de dollars en 2023, offrant des solutions de gestion de flotte numérique avec:

• Suivi des actifs en temps réel
• Logiciel de maintenance prédictive
• Intégration télématique

Services de personnalisation et de modification

Les modifications personnalisées sur les camions et l'équipement ont généré 37,5 millions de dollars de revenus de services spécialisés en 2023.

Type de personnalisation	Revenus annuels
Modifications des véhicules utilitaires	22,1 millions de dollars
Conversions de camions commerciaux	15,4 millions de dollars

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.