Alta Equipment Group Inc. (ALTG): Business Model Canvas [Dec-2025 Updated]

You're digging into how a major equipment distributor actually makes its money, especially one like Alta Equipment Group Inc. (ALTG) navigating a year of significant strategic shifts as we head into late 2025. Forget just the top-line sales of new and used machinery; the real engine here is the sticky, high-margin service and rental business supporting a massive fleet of over 22,000 units across 85+ locations, all while pushing eMobility solutions. Based on their current structure, the focus is clearly on maximizing that aftermarket annuity while executing strategic moves, aiming for an Adjusted EBITDA between $168.0 million and $172.0 million for the full year. It's a masterclass in balancing cyclical sales with recurring stability. Dive below to see the full nine blocks of their operational blueprint.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Alta Equipment Group Inc. (ALTG) relies on to keep the equipment moving and the business profitable. These aren't just vendor lists; they are the structural agreements that underpin their revenue streams and service capabilities.

Major OEM Partners

Alta Equipment Group Inc. maintains deep relationships with major Original Equipment Manufacturers (OEMs) to ensure a steady supply of new equipment for sales, rentals, and service contracts. As of late 2025, their operational footprint supports this through over 80 locations. Hyster and Yale are foundational to the Material Handling segment, while Volvo CE is a cornerstone for the Construction Equipment segment.

Here's a look at the scale of their operations and the financing backbone supporting inventory:

OEM Partner Category	Key Brands Mentioned	Relevant Financial/Operational Metric	Data Point/Value
Material Handling	Hyster, Yale	Number of Locations Supported	80+
Construction Equipment	Volvo CE	Reporting Period for Financial Data	Q1, Q2, Q3 2025
Financing Facility (ABL) Size (Planned/Refinanced in 2024)	N/A	New ABL Facility Size (Due 2029)	$520 million
Financing Facility (Floor Plan) Size (Planned/Refinanced in 2024)	N/A	New Floor Plan Facility Size (Due 2029)	$90 million

Financing Institutions for Equipment Floor Plan and Customer Financing

Securing the capital to hold inventory-the equipment floor plan-and to help customers purchase that equipment is critical. The structure was recently updated to provide longer-term stability. For instance, the net revolving line of credit balance stood at $217.1 million at the end of the first quarter of 2025.

The financing structure is designed to support the asset base:

• Financing for customer purchases and inventory stocking.
• The Company announced pricing for a $500 million aggregate principal amount of Senior Secured Second Lien Notes due 2029 in May 2024.
• The goal for fiscal year 2025 for free cash flow before rent to sell decisioning is between $105 million and $110 million.

Suppliers for a Broad Range of Over 30 Equipment Manufacturers

Alta Equipment Group Inc. supports a wide array of equipment needs beyond the major OEMs listed above, drawing from a network of suppliers representing over 30 equipment manufacturers for parts and service. While the exact revenue contribution from each of these smaller partnerships isn't broken out, the strength of the product support segment is a key indicator of this network's health. Product support revenues for the third quarter ended September 30, 2025, were $141.7 million, showing a 1.1% increase year over year for that quarter.

Technology Partners for eMobility and Fleet Management Solutions

The Alta eMobility segment relies on specific technology and vehicle manufacturing partners to deliver turnkey electrification solutions. This vertical is focused on helping fleets transition to low- or zero-emission equipment.

Key technology and vehicle partners include:

• Nikola Corporation: For electric and hydrogen fuel cell Class 8 semi-trucks, with dealership territory expansion into Michigan noted in 2023.
• Battle Motors: For Class 6-8 electric work trucks like the Electric Striker and Electric Raider.
• Harbinger: For Class 4-6 electric trucks.
• BorgWarner: An agreement was announced in January 2023 for Alta eMobility to service and distribute Direct Current Fast Chargers.

The company's overall financial performance guidance for 2025, which is supported by these diverse segments, projects Adjusted EBITDA between $168.0 million and $172.0 million.

Finance: draft 13-week cash view by Friday.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Key Activities

You're looking at the core engine of Alta Equipment Group Inc. as of late 2025, which really boils down to moving iron, keeping it running, and strategically pruning the portfolio. The activities are centered on maximizing the value from their dealership footprint and the assets they hold.

Selling new and used material handling and construction equipment

The sales engine is definitely a primary focus, though it faced some headwinds through the first three quarters of 2025. For the third quarter of 2025, Alta Equipment Group Inc. reported total revenues of $422.6 million.

Breaking that down by equipment type for Q3 2025, you saw the following revenue contributions:

• Material Handling revenues totaled $167.9 million for the quarter.
• Construction Equipment and Master Distribution revenues combined for $256.6 million in Q3 2025.

To give you a sense of the sales activity earlier in the year, new and used equipment revenues in the second quarter of 2025 hit $265.6 million, which was a 5.6% year-over-year increase for that period.

Providing high-margin, recurring product support (parts and service)

This recurring revenue stream is where the quality of earnings really shows up, and Alta Equipment Group Inc. saw positive movement here even when equipment sales were soft. Product support revenues for the third quarter of 2025 were $141.7 million, marking a 1.1% increase compared to the prior year.

Honestly, the margin improvement is the real story here. The product support gross profit percentage in Q3 2025 reached 47.2%, which is 160 basis points better than the same time last year. If you look back to Q1 2025, the service gross profit percentage was even higher at 60.1%, showing strong execution on service margin initiatives across the segments.

Managing a large, optimized rental fleet of 22,000+ units

Managing the rental fleet is a balancing act; you want utilization high, but you also want to sell off older assets. Alta Equipment Group Inc. manages one of the largest rental fleets, stated as 22,000+ units.

The strategic activity here in 2025 was definitely optimization, not just maintenance. In Q2 2025, management noted they reduced the original equipment cost of their rental fleet by nearly $50 million from a year prior, aiming for better returns on invested capital. This optimization led to rental revenues being down $7.4 million year-over-year in Q2 2025, but it was a deliberate move to enhance earnings quality.

Executing strategic divestitures of non-core assets in 2025

You saw Alta Equipment Group Inc. actively refining its focus by shedding non-core assets throughout 2025. This is about streamlining the platform, you know?

Here are the key divestiture numbers for the year:

• The sale of substantially all of the aerial fleet rental business in the Chicago, Illinois marketplace closed on May 1, 2025, for $18.0 million in cash at closing.
• The implied enterprise value for that Chicago deal was about $20 million, with an estimated proforma Adjusted EBITDA of $4 million annually.
• Later, in August 2025, the Material Handling segment closed on the divestiture of its Dock and Door business for a total consideration of $6.4 million.
• Of that $6.4 million, $3.1 million was paid in cash at the close of the Dock and Door sale.

Here's a quick look at how the core revenue-generating activities stacked up in the latest reported quarter:

Key Activity Metric	Financial/Statistical Number (Q3 2025 unless noted)
Total Revenues	$422.6 million
Product Support Revenues	$141.7 million
Product Support Gross Profit Percentage	47.2%
Material Handling Segment Revenue	$167.9 million
Construction Equipment & Master Distribution Revenue (Combined)	$256.6 million
Rental Fleet Size (Units)	22,000+
Chicago Aerial Fleet Divestiture Proceeds (Cash at Close)	$18.0 million
Dock and Door Divestiture Total Consideration	$6.4 million

Also, remember that Selling, General and Administrative expenses were down by $4.7 million year-over-year in Q3 2025, reflecting the ongoing cost-saving initiatives tied to these operational focuses.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Key Resources

You're looking at the core assets Alta Equipment Group Inc. (ALTG) uses to deliver its value proposition. These aren't just line items on a balance sheet; they're the physical and human capital that make the whole operation run, especially given the company's focus on infrastructure and material handling.

The physical footprint is substantial. Alta Equipment Group Inc. maintains an extensive branch network with over 85 total locations across North America, giving them serious reach in their key markets across the Midwest, Northeast, and Florida. This scale helps ensure customers get the parts and service they need quickly, which is critical when equipment is down.

The human capital supporting that network is also a major asset. You've got 1,300+ factory-trained, specialized service technicians ready to go. Honestly, the commitment to keeping these folks trained is what drives that strong product support revenue stream, even if overall service revenue dipped slightly in Q3 2025.

Here's a quick look at the scale of the physical and human resources as of mid-2025:

Resource Category	Metric	Latest Reported Figure
Physical Footprint	Total Locations	Over 85
Human Capital	Factory-Trained Technicians	1,300+
Fleet Management	Rental Fleet Cost Reduction (YoY Q2 2025)	Nearly $50 million
Sales Volume (Q2 2025)	New and Used Equipment Revenue	$265.6 million

Inventory and fleet management are ongoing strategic focuses. For instance, as part of optimizing capital allocation, Alta Equipment Group Inc. reduced the original equipment cost of its rental fleet by nearly $50 million from a year ago by the second quarter of 2025. This shows they're actively managing the asset base to improve returns on invested capital. The sheer volume of transactions is also evident, with new and used equipment revenues hitting $265.6 million in the second quarter of 2025 alone.

A key differentiator is the relationship with manufacturers. Alta Equipment Group Inc. holds exclusive territorial distribution rights with major OEMs. While the company is a leading dealer for over 30 nationally recognized OEMs, the exclusivity on certain territories for specific product lines locks out direct competition in those defined areas, which is a powerful barrier to entry. This network of rights helps feed the sales pipeline for new equipment, which then feeds the higher-margin parts and service business.

You can see the operational scale reflected in their service capacity, which includes:

• Service gross profit percentage in the Construction segment improving significantly year-over-year in Q2 2025.
• Product support revenues increasing modestly year-over-year to $138.1 million in Q1 2025.
• A commitment to service vehicle deployment, including 700+ Mobile Service Vehicles mentioned previously.

Finance: draft a sensitivity analysis on the impact of a 10% drop in service gross profit percentage on the full-year Adjusted EBITDA guidance by Tuesday.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Value Propositions

You're looking at how Alta Equipment Group Inc. (ALTG) keeps customers coming back, even when equipment sales slow down. Their value proposition centers on being the indispensable partner across the entire equipment lifecycle, not just the initial sale.

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

The financial results from the third quarter of 2025 clearly show the breadth of this integrated model. While new and used equipment sales are the largest component, the recurring revenue streams from parts and service provide a crucial buffer when capital expenditure budgets tighten. For the third quarter ended September 30, 2025, total revenues hit $422.6 million.

Here's how that revenue was split across the core business areas, showing the depth of their one-stop-shop capability:

Revenue Source	Q3 2025 Revenue Amount	Percentage of Total Revenue
New and Used Equipment Sales	Approximately $211.1 million (Implied from segment data)	50% (Implied from source data)
Parts and Service (Product Support)	$141.7 million	34%
Rental Revenue	Approximately $48.4 million (Based on analyst estimate comparison)	Approximately 11% (Implied)
Master Distribution	Implied Remainder	3%

This mix means Alta Equipment Group Inc. isn't just reliant on big-ticket purchases; they are deeply embedded in the ongoing operational needs of their customers.

Minimized customer downtime via 24/7 service programs

The focus on product support is a key differentiator, offering higher-margin, sticky revenue. In Q3 2025, product support revenues grew year-over-year by 1.1% to reach $141.7 million, demonstrating customer reliance on their maintenance capabilities even during a revenue dip. Furthermore, the gross profit percentage for product support improved by 160 basis points year-over-year, landing at 47.2% for the quarter, which is definitely a sign of operational efficiency in service delivery.

This support structure is backed by a significant human capital investment:

• Access to over 1,500 expert technicians.
• Service gross profit percentage reached 60.1% in Q1 2025.
• Service gross profit percentage was 59.8% in Q2 2025.

The commitment to uptime is also reflected in fleet management; as part of optimizing returns, Alta Equipment Group Inc. reduced the original equipment cost of its rental fleet by nearly $50 million from a year ago as of Q2 2025, aligning supply better with demand.

Access to premium, industry-leading equipment brands

You get what you pay for, and Alta Equipment Group Inc. positions itself as the gateway to the best in the business. This value proposition is about trust and proven reliability in the equipment itself, which translates directly to customer productivity.

The company's core segments deal in premium material handling and construction equipment, ensuring customers have access to durable, high-performance machinery.

Turnkey fleet electrification solutions via Alta eMobility

This segment addresses the complex transition to zero-emission fleets, making the daunting process simple for the customer. Alta eMobility handles everything from the initial assessment of loads and routes to the execution of the plan, including charging infrastructure installation and software integration.

The service is supported by the same extensive network that supports traditional equipment:

• The maintenance and optimization arm relies on the network of over 1,500 expert technicians.
• They collaborate with prominent industry players like Battle Motors to offer electric and H2 trucks.

They guide fleets through a straightforward pathway to reduce Total Cost of Ownership (TCO) and increase profits through electrification.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Customer Relationships

You're looking at how Alta Equipment Group Inc. keeps its customers locked in, and honestly, it's all about sticking around after the initial sale. The focus is definitely on being the go-to partner, not just a one-time seller.

Dedicated, long-term relationships focused on being a total solution partner

The strategy here is to embed Alta Equipment Group Inc. deep within the customer's operation, especially for those relying on heavy machinery for essential work. This is evident in the consistent demand seen in the Construction Equipment segment, which management noted is supported by federal and state DOT infrastructure projects. This type of work requires reliable, long-term equipment support, which feeds directly into the aftermarket side of the business. It's about providing the full lifecycle of support.

Account management for large fleet and infrastructure customers

For customers with large fleets, particularly those tied to government-funded infrastructure, the relationship is managed closely. The stability in the Construction Equipment segment is attributed to customers focusing on infrastructure-related projects, which drives consistent demand for heavy equipment and, by extension, ongoing service needs. This suggests dedicated account management is key to securing that recurring revenue stream from these large, stable customers.

Service-centric model to drive recurring, high-margin aftermarket business

The service and parts business, called Product Support, is the engine for high-margin, recurring revenue. You can see the focus on profitability in the service gross profit percentages reported through the first three quarters of 2025. While total revenues for the trailing twelve months ended in 2025 were reported at $1.82 Billion USD, the aftermarket segment is where the margin focus is clear. The company achieved a Service gross profit percentage of 60.1% in the first quarter of 2025. By the second quarter, this was 59.8%, showing a slight dip but still very strong profitability. The third quarter showed a Product support gross profit percentage of 47.2%, which is lower but still represents a significant portion of the business, with Product support revenues reaching $141.7 million for that quarter.

Here's a quick look at the service profitability trend through the first three quarters of 2025:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Service Gross Profit Percentage	60.1%	59.8%	47.2%
Product Support Revenues (Millions USD)	$138.1	Not explicitly stated as a standalone figure, but revenue was up modestly year-over-year	$141.7

This service revenue stream is what provides the resiliency when new and used equipment sales face headwinds, such as the year-over-year decline in Material Handling revenues in Q2 2025.

24-hours-a-day, 7-days-a-week service availability for critical repairs

The commitment to being a total solution partner means having service ready when customers need it most, especially with heavy equipment downtime being extremely costly. While a specific metric for 24/7 availability isn't published, the operational focus is clear through the emphasis on service profitability and the deployment of the rental fleet as weather improves for peak construction season. The expectation for critical repairs is that response times are minimized to keep customer projects moving. This service capability is a core part of the value proposition that supports the high gross profit percentages seen in the Product Support department.

The company is definitely prioritizing the aftermarket to stabilize results. Finance: draft 13-week cash view by Friday.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Channels

You're looking at how Alta Equipment Group Inc. gets its value proposition-equipment sales, rentals, parts, and service-to the customer. It's a physical and digital mix, heavy on boots-on-the-ground presence, which is key for heavy equipment.

The physical reach is substantial, built over decades. Alta Equipment Group Inc. has developed a branch network that includes over 85 total locations across Michigan, Illinois, Indiana, Ohio, Pennsylvania, Massachusetts, Maine, Connecticut, New Hampshire, Vermont, Rhode Island, New York, Virginia, Nevada, Florida, and the Canadian provinces of Ontario and Quebec as of late 2025.

This physical footprint is supported by a significant mobile response capability. The company maintains a mobile service fleet ready to deploy for on-site repairs and maintenance.

Here's a quick look at the scale of their physical service delivery assets:

• Physical dealership network of over 85 full-service branches.
• Mobile service fleet with over 700+ road service vehicles.
• Product support revenues for the third quarter ended September 30, 2025, totaled $141.7 million.

Direct sales teams are the human interface for equipment and product support contracts. While the exact headcount isn't public detail in the latest filings, the revenue generated by these activities is reflected in the segment results. The focus is on selling, renting, and providing parts and service support for various equipment categories.

The online component supports the physical network, primarily for parts ordering and equipment browsing. This digital channel is crucial for efficiency, especially for parts fulfillment, which contributes to the overall Product Support revenue stream.

You can see the breakdown of the primary revenue-generating segments that these channels support:

Segment/Revenue Type	Q3 2025 Revenue (in millions)	Channel Relevance
Construction Equipment and Master Distribution	$256.6 million	Equipment Sales/Rental via Dealerships and Direct Sales
Material Handling	$167.9 million	Equipment Sales/Rental via Dealerships and Direct Sales
Product Support Revenues	$141.7 million	Parts Ordering and Mobile/Branch Service Fleets

The online platforms facilitate access to their broad product portfolio, which includes lift trucks, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes, aerial work platforms, and paving and asphalt equipment. The digital channel helps customers browse inventory and secure necessary service support contracts.

The service aspect, heavily reliant on the mobile fleet and branches, shows a service gross profit percentage of 47.2% for the third quarter of 2025. That number tells you how effectively the service channel is converting activity into profit.

Finance: draft 13-week cash view by Friday.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Customer Segments

You're looking at the customer base for Alta Equipment Group Inc. as of late 2025, grounded in their Q3 2025 performance figures. The company serves distinct groups through its integrated dealership platform across North America.

Heavy construction contractors focused on federal/state infrastructure projects represent a core group, particularly within the Construction Equipment segment. This segment, combined with Master Distribution, generated revenues of $256.6 million in the third quarter of 2025. Management noted strong demand from long-term, fully funded projects in key markets like Florida and Michigan, where the Florida DOT and federal government funding drive activity. October 2025 alone saw construction equipment sales top $75 million, which accounted for nearly 60% of the entire equipment sales for Q3.

Industrial and logistics companies needing material handling equipment form the other major equipment sales category. The Material Handling segment recorded revenues of $167.9 million for the third quarter of 2025. While this segment saw a year-over-year revenue decrease of $1.0 million in Q3, the company maintained a backlog in material handling exceeding $100 million, offering visibility into future quarters.

The aggregate, mining, and environmental processing industries are served through the Construction Equipment segment. This customer base, alongside infrastructure contractors, is critical to the equipment sales performance. The company is strategically focused on its core dealership operations following the divestiture of its Dock and Door business for $6.4 million in August 2025.

For customers requiring equipment rental, the dynamic shifted in 2025. Rental revenues were down $5.3 million year-over-year in Q3 2025, reflecting a strategic decision to reduce the size of the rent-to-sell fleet to enhance earnings quality. This optimization effort contributed to the gross book value of the rental fleet being down near $30 million year-over-year.

Here's a quick look at the revenue composition for Q3 2025:

Revenue Category	Q3 2025 Revenue Amount	Year-over-Year Change
Total Revenues	$422.6 million	Decreased $26.2 million
Material Handling Revenues	$167.9 million	Decreased $1.0 million
Construction Equipment & Master Distribution Revenues (Combined)	$256.6 million	Decreased $23.9 million
Product Support Revenues	$141.7 million	Increased 1.1%

The company's focus on operational efficiency, evidenced by Selling, General and Administrative expenses (SG&A) being down approximately $25 million year-to-date in 2025, supports serving these segments effectively. The updated full-year 2025 Adjusted EBITDA guidance stands between $168.0 million and $172.0 million.

Key customer-facing operational metrics include:

• Product support gross profit percentage reached 47.2% in Q3 2025.
• The company operates over 80 total locations across numerous US states and Canadian provinces.
• The company is focused on driving market share in warehousing related product categories within the Material Handling segment.
• Customers in Q3 2025 appeared to push capital spending into Q4, awaiting clarity on interest rates and tax incentives under the One Big Beautiful Bill Act.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Alta Equipment Group Inc. (ALTG)'s operations as of late 2025. These are the costs you need to watch closely to understand their margin profile.

High cost of revenue for new and used equipment and parts inventory represents a significant portion of the outflow. For the third quarter of 2025, the total cost of revenues was reported at $304.8 million, which was a decrease of $19.4 million year-over-year. This cost is directly tied to the inventory that Alta moves through its sales and rental channels.

Personnel costs are substantial given the specialized nature of the business. You are supporting a workforce that includes 1,300+ specialized technicians and sales staff. These are the people who service the equipment and drive the sales engine.

Selling, General, and Administrative (SG&A) expenses show a clear trend of cost control initiatives taking hold. For the second quarter of 2025 year-to-date, expense and inventory optimization cut SG&A by over $20 million. More recently, for the third quarter of 2025, SG&A expenses decreased by $4.7 million year-over-year.

Financing costs are a structural component of the business model, particularly due to the large asset base. You have interest expense on floor plan financing and senior indebtedness. The impact of financing costs is being viewed through the lens of new legislation; for instance, the enactment of the One Big Beautiful Bill Act (OBBBA) changed interest expense limitation rules, positioning Alta Equipment Group Inc. (ALTG) in a taxable loss situation as of Q3 2025.

Here's a quick look at some key Q3 2025 financial results that frame these costs:

Metric	Value (Q3 2025)
Total Revenues	$422.6 million
Cost of Revenues	$304.8 million
SG&A Expenses (YoY Change)	Decreased by $4.7 million
Product Support Revenues	$141.7 million
Adjusted EBITDA	$41.7 million

The cost structure is also influenced by inventory management, as seen in the strategic actions taken:

• Reduced the original equipment cost of the rental fleet by nearly $50 million from a year ago as of Q2 2025.
• Divestiture of the Dock and Door business for $6.4 million in Q3 2025.
• Divestiture of the aerial fleet rental business in Chicagoland for $18.0 million in cash at closing as of Q1 2025.

To be fair, the cost of revenue is inherently high because the core business is selling and servicing high-value equipment. Finance: draft 13-week cash view by Friday.

Alta Equipment Group Inc. (ALTG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Alta Equipment Group Inc. brings in money right now, late in 2025. It's a mix of big upfront sales and steadier after-market work.

New and Used Equipment Sales (largest top-line component)

Equipment sales, both new and used, form the biggest chunk of Alta Equipment Group Inc.'s total revenue. This stream is cyclical, tied closely to customer capital expenditure budgets, but infrastructure spending provides a floor. For the second quarter ended June 30, 2025, new and used equipment revenues hit $265.6 million. The Construction Equipment segment, which heavily relies on these sales, represented 57% of total revenue in the third quarter of 2025.

Here's how the revenue broke down by segment for the third quarter ending September 30, 2025:

Segment	Q3 2025 Revenue (in millions)	Percentage of Total Revenue
Construction Equipment and Master Distribution (Combined)	$256.6 million	60%
Material Handling	$167.9 million	40%

The total revenue for the third quarter of 2025 was $422.6 million.

Product Support Revenue (Parts and Service), a stable, high-margin stream

This is the reliable revenue stream that helps smooth out the ups and downs of equipment sales. Product support, which covers parts and service, is known for its higher margins. In the third quarter of 2025, product support revenues actually increased by 1.1% year over year, reaching $141.7 million. Furthermore, the company managed to improve the gross profit percentage for product support by 160 basis points to 47.2% for that quarter. This shows effective operational management even when overall equipment sales are soft.

Key performance indicators for this stream in Q3 2025 include:

• Product Support Revenues: $141.7 million
• Product Support Gross Profit Percentage: 47.2%
• Year-over-year Product Support Revenue Change: 1.1% increase

Equipment Rental Revenue from the large rental fleet

Alta Equipment Group Inc. maintains a substantial rental fleet, providing equipment on a temporary basis to customers. This stream supports the core business by keeping equipment utilized and generating cash flow. To improve returns on invested capital, the company actively manages fleet size. For instance, the original equipment cost of the rental fleet was reduced by nearly $50 million compared to the previous year as of the second quarter of 2025, which impacted rental revenues as part of a deliberate fleet optimization strategy.

Full-year 2025 Adjusted EBITDA guidance is between $168.0 million and $172.0 million

Management has narrowed its full-year 2025 financial outlook. The updated guidance for Adjusted EBITDA for the full year 2025 is set in the range between $168.0 million and $172.0 million.