Custom Truck One Source, Inc. SEC 10-Q Report

Custom Truck One Source, Inc., a leading provider of specialty equipment for the utility, telecom, rail, and infrastructure markets, has released its Form 10-Q report for the third quarter of 2024. The report highlights significant financial and operational achievements, reflecting the company's robust performance and strategic growth initiatives.

Financial Highlights

Total Revenue: $482.1 million, increased by 7.8% compared to the same period in 2024, driven by strong new equipment sales and higher rental revenue.

Gross Profit: $100.8 million, representing a 9.7% increase from the prior year, attributed to a higher mix of rental revenue.

Operating Income: $32.6 million, up 41.6% from the previous year, reflecting improved operational efficiency and cost management.

Net Income (Loss): $(5.8) million, a reduction in loss by 66.9% compared to the same period in 2024, due to higher operating income.

Net Income (Loss) Per Share: $(0.03), reflecting the improved financial performance despite remaining in a loss position.

Business Highlights

Revenue Segments: The company operates in three segments: Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS). ERS saw an increase in rental revenue due to higher fleet utilization and average OEC on rent. TES experienced growth in equipment sales driven by demand for vocational vehicles. APS reported increased revenue from tools, kits, and accessories rentals.

Geographical Performance: The United States remains the primary market, contributing significantly to total revenue. Revenue from Canada decreased slightly, reflecting a shift in market dynamics.

Sales Units: The ERS segment reported an increase in rental equipment sales, driven by demand in the utility market for transmission and distribution jobs. The TES segment saw a rise in new equipment sales, particularly from local and regional customers.

Future Outlook: Management anticipates continued growth in rental revenue driven by higher fleet utilization and demand for new equipment. The company is focused on maintaining its competitive edge in the specialty equipment market and expects stable performance across its segments.

SEC Filing: Custom Truck One Source, Inc. [ CTOS ] - 10-Q - Oct. 27, 2025