CUSTER CUMPENS ONE ONE, Inc. (CTOs): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das soluções comerciais de caminhões e equipamentos, a Custom Truck One Source, Inc. (CTOs) surge como uma potência transformadora, redefinindo como as empresas adquirem, personalizam e gerenciam seus recursos de frota. Esta empresa inovadora criou um modelo de negócios sofisticado que vai além das vendas tradicionais de equipamentos, oferecendo um ecossistema abrangente de serviços que atendem às intrincadas necessidades de setores de transporte comercial, construção, município e transporte especializado. Ao integrar perfeitamente a tecnologia de ponta, o financiamento flexível e uma abordagem centrada no cliente, a CTOs se posicionou como um parceiro estratégico que capacita as empresas a otimizar seus investimentos em eficiência operacional e equipamentos.

Truck One Source, Inc. (CTOs) - Modelo de negócios: Parcerias -chave

Fabricantes de caminhões e equipamentos

Caminhão Custom One Source mantém parcerias estratégicas com os seguintes fabricantes de caminhões -chave:

Fabricante	Detalhes da parceria	Volume anual
Kenworth	Revendedor autorizado	1.247 caminhões em 2023
Peterbilt	Revendedor autorizado	1.089 caminhões em 2023

Instituições de locação e financiamento

Os CTOs colaboram com parceiros financeiros para fornecer financiamento de equipamentos:

• Finanças de equipamentos Fargo Wells
• Leasing Comercial Bank of America
• Grupo CIT

Provedores de tecnologia de gerenciamento de frota

Provedor de tecnologia	Tipo de tecnologia	Volume anual de integração
Samsara	Sistemas de rastreamento de frota	3.672 integrações de veículos em 2023
Geotab	Soluções telemáticas	2.945 integrações de veículos em 2023

Revendedores de equipamentos nacionais e regionais

A Rede de Parceria CTOS inclui:

• 16 revendedores de equipamentos regionais
• 7 redes de distribuição de equipamentos nacionais
• US $ 127,3 milhões na receita da rede de revendedores para 2023

Fornecedores de personalização de caminhões e peças de reposição

Fornecedor	Categoria de produto	Volume anual de oferta
Meritor	Componentes do trem de força	8.234 peças em 2023
Dana Incorporated	Sistemas de eixo e transmissão	6.712 peças em 2023

Truck One Source, Inc. (CTOs) - Modelo de Negócios: Atividades -chave

Vendas e distribuição de equipamentos

No ano fiscal de 2023, o Custom Truck One Source relatou receita total de vendas de equipamentos de US $ 647,3 milhões. A empresa distribuiu chassi comercial de caminhões, caminhões de trabalho especializados e equipamentos pesados ​​em 38 estados nos Estados Unidos.

Categoria de equipamento	Volume de vendas (2023)	Contribuição da receita
Caminhões comerciais	4.872 unidades	US $ 289,6 milhões
Caminhões de trabalho especializados	2.345 unidades	US $ 214,7 milhões
Equipamento pesado	1.156 unidades	US $ 143 milhões

Caminhão e personalização de equipamentos

O Caminhão Custom One Source opera 12 instalações de personalização dedicadas com uma capacidade anual de personalização de 6.500 unidades de caminhão e equipamento. Em 2023, a empresa concluiu 5.782 configurações de equipamentos personalizados.

• Receita do serviço de personalização: US $ 98,4 milhões
• Custo médio de personalização por unidade: $ 17.000
• Tempo de resposta da personalização: 7-14 dias úteis

Serviços de leasing e financiamento

O portfólio de leasing da empresa em 31 de dezembro de 2023, totalizou US $ 412,6 milhões em contratos de arrendamento ativo. Os serviços de financiamento geraram US $ 54,2 milhões em receita durante o ano fiscal.

Tipo de arrendamento	Contratos totais	Valor do contrato
Arrendamentos de curto prazo	1.247 contratos	US $ 156,3 milhões
Arrendamentos de longo prazo	873 contratos	US $ 256,3 milhões

Soluções de gerenciamento de frota

O Caminhão Custom One Source gerenciou soluções de frota para 287 clientes comerciais e municipais em 2023, com um valor total do contrato de gerenciamento de frota de US $ 89,7 milhões.

• Tamanho médio da frota gerenciado: 42 veículos por cliente
• Receita de gerenciamento de frota: US $ 23,6 milhões
• Taxa de retenção de clientes: 94,3%

Pós -mercado de pós -venda e suporte de serviço

A divisão de pós -venda gerou US $ 112,5 milhões em receita durante 2023, com 42 centros de serviço nos Estados Unidos.

Categoria de serviço	Receita	Volume de serviço
Vendas de peças	US $ 67,3 milhões	38.942 pedidos de peças
Serviços de manutenção	US $ 45,2 milhões	6.782 eventos de serviço

Caminhamento One Custom One, Inc. (CTOs) - Modelo de negócios: Recursos -chave

Extenso inventário de equipamentos

A partir do quarto trimestre 2023, o Custom Truck One Source mantém um inventário de equipamentos no valor de US $ 487,3 milhões. A frota consiste em:

Categoria de equipamento	Unidades totais	Valor estimado
Plataformas de trabalho aéreas	1.243 unidades	US $ 124,5 milhões
Caminhões de balde	876 unidades	US $ 98,7 milhões
Digger Derricks	612 unidades	US $ 87,3 milhões
Caminhões de guindaste	421 unidades	US $ 76,2 milhões

Rede de revendedores forte

O CTOS opera uma rede abrangente de revendedores em 38 estados, com:

• 52 Locais físicos
• 3 centros de distribuição primários
• Cobertura nas principais áreas metropolitanas

Plataforma de tecnologia avançada

A infraestrutura tecnológica inclui:

• Software de gerenciamento de frota personalizado
• Sistema de rastreamento de equipamentos em tempo real
• Diagnósticos de equipamentos habilitados para IoT

Capital financeiro e linhas de crédito

Recursos financeiros em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de linhas de crédito	US $ 275 milhões
Dinheiro disponível	US $ 42,6 milhões
Linha de crédito giratória	US $ 150 milhões

Vendas qualificadas e força de trabalho técnica

Composição da força de trabalho em 2023:

Categoria de funcionários	Total de funcionários
Representantes de vendas	287
Técnicos de serviço técnico	412
Equipe de gerenciamento e suporte	203

Truck One Source, Inc. (CTOs) - Modelo de Negócios: Proposições de Valor

Solução única para necessidades de caminhões e equipamentos comerciais

A partir do quarto trimestre 2023, o Custom Truck One Source oferece um inventário abrangente de 3.845 veículos comerciais e equipamentos especializados em várias categorias.

Categoria de equipamento	Unidades totais disponíveis	Faixa de preço médio
Caminhões de balde	672	$85,000 - $225,000
Caminhões de guindaste	413	$120,000 - $350,000
Digger Derrick Trucks	287	$95,000 - $265,000

Opções de equipamento personalizáveis

Caminhão personalizado One Source fornece personalização de equipamentos com as seguintes especificações:

• Mais de 78% dos equipamentos podem ser modificados para as especificações do cliente
• Tempo médio de personalização: 15-22 dias úteis
• Faixa de custo de modificação personalizada: US $ 5.000 - $ 45.000

Programas flexíveis de financiamento e leasing

Opções de financiamento a partir de 2024:

Tipo de financiamento	Intervalo de taxa de juros	Comprimento do prazo
Arrendamento de equipamentos	4.5% - 8.7%	24-84 meses
Financiamento de compras	3.9% - 7.5%	36-72 meses

Suporte abrangente de gerenciamento de frota

Os serviços de gerenciamento de frota incluem:

• Rastreamento de manutenção: Monitoramento em tempo real para 2.346 clientes de frota ativa
• Serviços de manutenção preditiva, cobrindo 92% dos tipos de equipamentos
• Custo médio de gerenciamento da frota: US $ 1.200 por veículo anualmente

Seleção de equipamentos confiáveis ​​de alta qualidade

Métricas de confiabilidade do equipamento para 2023:

Categoria de equipamento	Porcentagem de tempo de atividade	Intervalo de serviço médio
Caminhões utilitários	94.3%	8.500 milhas
Equipamento de construção	92.7%	7.200 milhas
Veículos especializados	96.1%	9.600 milhas

CUSTER CUMPENS ONE ONE, Inc. (CTOs) - Modelo de negócios: relacionamentos com o cliente

Gerenciamento de conta dedicado

A partir de 2024, o Caminhão Custom One fonte mantém 287 gerentes de contas dedicados que atendem aos clientes de frotas comerciais e governamentais. O portfólio médio de gerente de contas inclui 42 relacionamentos ativos do cliente.

Métricas de gerenciamento de contas	2024 dados
Total de gerentes de contas dedicadas	287
Relacionamentos médios do cliente por gerente	42
Taxa anual de retenção de clientes	84.6%

Portal de clientes on -line e suporte digital

Suportes de plataforma digital do CTOS:

• Rastreamento de inventário de equipamentos em tempo real
• Envios de solicitação de serviço on -line
• Aplicações de financiamento digital

Uso da plataforma digital	2024 Estatísticas
Usuários digitais ativos mensais	14,672
Solicitações de serviço online processadas	8.943 por mês

Consulta de equipamentos personalizados

O CTOS fornece consulta de equipamentos especializados com 126 especialistas técnicos em 17 escritórios regionais.

Abordagem de parceria de longo prazo

Duração média do relacionamento com o cliente: 7,3 anos, com 62% dos clientes mantendo contratos de serviço plurianual.

Equipe de atendimento ao cliente responsivo

A infraestrutura de atendimento ao cliente inclui:

• Centro de suporte 24/7
• Tempo médio de resposta: 17 minutos
• 98,3% Taxa de resolução de primeiro contato

Desempenho do atendimento ao cliente	2024 métricas
Representantes de atendimento ao cliente total	214
Pontuação anual de satisfação do cliente	4.7/5.0

Caminhão One Custom One, Inc. (CTOs) - Modelo de Negócios: Canais

Força de vendas direta

A partir de 2024, o Custom Truck One Source mantém uma equipe de vendas dedicada de 187 representantes de vendas diretas nos Estados Unidos. A força de vendas gera aproximadamente US $ 342,6 milhões em receita anual por meio de interações diretas do cliente e gerenciamento de relacionamento.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	187
Receita anual de vendas diretas	US $ 342,6 milhões
Vendas médias por representante	US $ 1,83 milhão

Plataforma online de comércio eletrônico

A plataforma digital da empresa gera US $ 124,7 milhões em vendas anuais on -line, representando 22,5% da receita total da empresa. A plataforma de comércio eletrônico processa aproximadamente 4.672 transações on-line mensalmente.

Métrica de plataforma online	2024 dados
Vendas on -line anuais	US $ 124,7 milhões
Transações online mensais	4,672
Porcentagem da receita total	22.5%

Locais de concessionária física

O CTOs opera 47 locais de concessionária física em 18 estados, com uma pegada total de varejo físico de 672.000 pés quadrados.

Métrica de localização da concessionária	2024 dados
Locais físicos totais	47
Estados cobertos	18
Espaço total de varejo	672.000 pés quadrados

Feiras e eventos da indústria

O CTOS participa de 22 feiras de comércio da indústria anualmente, gerando aproximadamente US $ 56,3 milhões em leads de vendas e oportunidades de vendas diretas.

• Fazer comércio anual total: 22
• Vendas geradas a partir de feiras: US $ 56,3 milhões
• Vendas médias por feira de comércio: US $ 2,56 milhões

Marketing digital e mídia social

Os esforços de marketing digital da empresa atingem 1,2 milhão de clientes em potencial mensalmente, com uma taxa de engajamento de mídia social de 4,7% nas plataformas.

Métrica de marketing digital	2024 dados
Alcance digital mensal	1,2 milhão
Taxa de engajamento de mídia social	4.7%
Orçamento de marketing digital	US $ 18,4 milhões

CUSTER CUMPENS ONE ONE, Inc. (CTOs) - Modelo de negócios: segmentos de clientes

Empresas de caminhões comerciais

A partir de 2023, o Custom Truck One Source atende a aproximadamente 15.750 empresas de caminhões comerciais nos Estados Unidos. O tamanho total do mercado para equipamentos comerciais de frota de caminhões é de US $ 45,3 bilhões.

Característica do segmento	Dados quantitativos
Número de empresas de caminhões comerciais serviram	15,750
Tamanho médio da frota alvo	25-250 caminhões
Orçamento anual de compras de equipamentos	US $ 2,1 milhões - US $ 18,5 milhões

Empresas de construção

O CTOS tem como alvo as empresas de construção com soluções especializadas em caminhões e equipamentos. O segmento de mercado de equipamentos de construção representa 22% de sua base de clientes.

Métricas do segmento de construção	Valor
Total de empresas de construção servidas	8,340
Penetração de mercado	18.6%
Investimento médio de equipamento	US $ 3,7 milhões por empresa

Frotas municipais e governamentais

O segmento de frota do governo representa 15% do portfólio de clientes da CTOs, com foco nas entidades do governo estadual e local.

• Total de clientes municipais: 4.210
• Valor médio do contrato: US $ 1,2 milhão
• Ciclo de compras: 18-24 meses

Organizações de utilidade e infraestrutura

O setor utilitário representa um segmento crítico de clientes com requisitos especializados de equipamentos.

Características do segmento de utilidade	Dados quantitativos
Total de empresas de serviços públicos servidos	2,750
Quota de mercado	12.4%
Investimento médio de equipamento	US $ 4,5 milhões

Provedores de serviços de transporte especializados

Esse segmento inclui empresas de logística, frete e transporte especializado que exigem soluções de equipamentos personalizados.

• Total de transportadores especializados servidos: 3.600
• Orçamento médio de modernização da frota: US $ 2,8 milhões
• Frequência de reposição de equipamentos: a cada 5-7 anos

Truck One Source, Inc. (CTOs) - Modelo de Negócios: Estrutura de Custo

Aquisição e manutenção de inventário

A partir do ano fiscal de 2023, a fonte Custom Truck One relatou custos totais de inventário de US $ 214,6 milhões. Os custos de transporte da empresa representavam aproximadamente 12,5% do total de despesas operacionais.

Categoria de inventário	Custo anual ($)	Porcentagem do total de despesas de estoque
Caminhões usados	98,700,000	46%
Novo inventário de caminhão	76,500,000	36%
Peças e acessórios	39,400,000	18%

Despesas de vendas e marketing

Em 2023, os CTOs alocaram US $ 37,2 milhões para iniciativas de vendas e marketing.

• Marketing Digital: US $ 8,4 milhões
• Comissões de pessoal de vendas: US $ 15,6 milhões
• Feira de feira e marketing de eventos: US $ 4,2 milhões
• Campanhas de publicidade: US $ 9 milhões

Infraestrutura de tecnologia

Os investimentos em infraestrutura tecnológica totalizaram US $ 22,5 milhões em 2023, com alocações importantes da seguinte forma:

Categoria de tecnologia	Investimento anual ($)
Software corporativo	9,800,000
Computação em nuvem	5,700,000
Segurança cibernética	3,600,000
Infraestrutura de hardware	3,400,000

Compensação dos funcionários

A compensação total dos funcionários em 2023 foi de US $ 128,3 milhões.

• Salários da base: US $ 89,4 milhões
• Bônus de desempenho: US $ 22,6 milhões
• Benefícios e seguro: US $ 16,3 milhões

Organização e instalações operacionais

As despesas gerais operacionais totalizaram US $ 45,7 milhões em 2023.

Categoria de sobrecarga	Custo anual ($)
Aluguel e manutenção da instalação	18,200,000
Utilitários	6,900,000
Seguro	7,500,000
Despesas administrativas	13,100,000

Caminhão One Custom One, Inc. (CTOs) - Modelo de negócios: fluxos de receita

Vendas de equipamentos

No ano fiscal de 2023, o Custom Truck One Source relatou receita total de vendas de equipamentos de US $ 632,4 milhões. A empresa vende caminhões e equipamentos comerciais especializados em vários segmentos, incluindo:

Categoria de equipamento	Receita anual de vendas
Plataformas de trabalho aéreas	US $ 214,6 milhões
Equipamento montado em caminhão	US $ 187,3 milhões
Veículos utilitários especializados	US $ 230,5 milhões

Leasing e financiamento de equipamentos

Caminhão Custom One Source gerou US $ 187,2 milhões em receita de arrendamento e financiamento para 2023. O portfólio de leasing inclui:

• Aluguel de equipamentos de curto prazo
• Arrendamentos de equipamentos de longo prazo
• Opções de financiamento flexíveis

Peças de reposição e serviço

Os serviços de pós -venda contribuíram com US $ 95,7 milhões em receita durante 2023, com a seguinte quebra:

Categoria de serviço	Receita anual
Peças de reposição	US $ 42,3 milhões
Serviços de manutenção	US $ 53,4 milhões

Assinaturas de tecnologia de gerenciamento de frota

A receita de assinatura de tecnologia atingiu US $ 24,6 milhões em 2023, oferecendo soluções de gerenciamento de frotas digitais com:

• Rastreamento de ativos em tempo real
• Software de manutenção preditiva
• Integração telemática

Serviços de personalização e modificação

As modificações personalizadas de caminhões e equipamentos geraram US $ 37,5 milhões em receita especializada em serviços durante 2023.

Tipo de personalização	Receita anual
Modificações de veículos utilitários	US $ 22,1 milhões
Conversões de caminhões comerciais	US $ 15,4 milhões

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.