$CTOS

Custom Truck One Source, Inc.

CIK:0001709682|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 563,446	$ 511,483	$ 1,025,068	$ 933,715
Cost of Revenue
Depreciation of rental equipment	56,927	54,007	113,124	104,098
Total cost of revenue	439,472	408,941	798,031	745,637
Gross Profit	123,974	102,542	227,037	188,078
Operating Expenses
Selling, general and administrative expenses	61,274	59,165	118,900	118,616
Amortization	6,683	6,911	13,369	13,591
Non-rental depreciation	3,404	3,232	6,794	6,572
Transaction expenses and other	5,998	5,303	9,890	8,963
Total operating expenses	77,359	74,611	148,953	147,742
Operating Income	46,615	27,931	78,084	40,336
Other Expense
Interest expense, net	38,190	40,204	73,227	79,117
Financing and other expense (income)	(551)	(1,371)	(314)	(2,387)
Total other expense	37,639	38,833	72,913	76,730
Income (Loss) Before Income Taxes	8,976	(10,902)	5,171	(36,394)
Income Tax Expense (Benefit)	(1,423)	17,478	(1,126)	9,777
Net Income (Loss)	10,399	(28,380)	6,297	(46,171)
Other Comprehensive Income (Loss):
Unrealized foreign currency translation adjustments	(1,157)	4,766	(2,096)	4,838
Other Comprehensive Income (Loss)	(1,157)	4,766	(2,096)	4,838
Comprehensive Income (Loss)	$ 9,242	$ (23,614)	$ 4,201	$ (41,333)
Net Income (Loss) Per Share:
Basic (in dollars per share)	$ 0.05	$ (0.13)	$ 0.03	$ (0.20)
Diluted (in dollars per share)	$ 0.05	$ (0.13)	$ 0.03	$ (0.20)
Weighted-Average Common Shares Outstanding:
Basic (in shares)	227,433	226,477	227,032	227,371
Diluted (in shares)	229,666	226,477	228,897	227,371
Rental revenue
Revenue
Total revenue	$ 145,060	$ 120,814	$ 282,275	$ 237,075
Cost of Revenue
Cost of goods and services	34,847	30,338	65,912	60,738
Equipment sales
Revenue
Total revenue	383,559	356,112	676,193	629,975
Cost of Revenue
Cost of goods and services	319,927	296,672	563,845	525,149
Parts sales and services
Revenue
Total revenue	34,827	34,557	66,600	66,665
Cost of Revenue
Cost of goods and services	$ 27,771	$ 27,924	$ 55,150	$ 55,652

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net Income (Loss)	$ 6,297	$ (46,171)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	137,106	128,168
Amortization of debt issuance costs	2,197	2,222
Provision for losses on accounts receivable	5,233	5,008
Share-based compensation	4,610	4,179
Gain on sales and disposals of rental equipment	(27,137)	(21,599)
Deferred tax expense (benefit)	(1,293)	7,653
Changes in assets and liabilities:
Accounts and financing receivables	(50,148)	23,375
Inventories	(112,587)	(37,760)
Prepaids, operating leases and other	(114)	(14,541)
Accounts payable	25,931	39,504
Accrued expenses and other liabilities	(1,090)	18,368
Floor plan payables - trade, net	77,991	77,776
Customer deposits and deferred revenue	1,190	(4,829)
Net cash flow from operating activities	68,186	181,353
Investing Activities
Purchases of rental equipment	(191,584)	(225,299)
Proceeds from sales and disposals of rental equipment	106,987	93,967
Purchase of non-rental property and cloud computing arrangements	(21,627)	(8,475)
Net cash flow for investing activities	(106,224)	(139,807)
Financing Activities
Borrowings under revolving credit facilities	135,300	144,269
Repayments under revolving credit facilities	(118,392)	(56,694)
Principal payments on long-term debt	(4,454)	(4,523)
Acquisition of inventory through floor plan payables - non-trade	263,194	237,812
Repayment of floor plan payables - non-trade	(232,395)	(326,725)
Repurchase of common stock	0	(32,575)
Share-based payments	(1,957)	(1,453)
Net cash flow from (for) financing activities	41,296	(39,889)
Effect of exchange rate changes on cash and cash equivalents	756	(203)
Net Change in Cash and Cash Equivalents	4,014	1,454
Cash and Cash Equivalents at Beginning of Period	6,273	3,805
Cash and Cash Equivalents at End of Period	10,287	5,259
Supplemental Cash Flow Information
Interest paid	71,846	77,619
Income taxes paid, net	183	697
Non-Cash Investing and Financing Activities
Property and equipment purchases in accounts payable	2,236	1,052
Rental equipment sales in accounts receivable	$ 739	$ 1,775

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 10,287	$ 6,273
Accounts receivable, net	245,233	195,541
Financing receivables, net	10,708	8,853
Inventory	1,042,203	930,939
Prepaid expenses and other	17,942	17,009
Total current assets	1,326,373	1,158,615
Property and equipment, net	155,959	142,526
Rental equipment, net	1,077,543	1,086,678
Goodwill	704,905	705,167
Intangible assets, net	212,186	225,725
Operating lease assets	117,254	110,921
Other assets	10,396	11,822
Total Assets	3,604,616	3,441,454
Current Liabilities
Accounts payable	115,437	88,366
Accrued expenses	68,177	69,228
Deferred revenue and customer deposits	24,625	23,500
Floor plan payables - trade	369,206	291,215
Floor plan payables - non-trade	397,007	366,208
Operating lease liabilities - current	9,378	8,955
Current maturities of long-term debt	3,209	25,858
Total current liabilities	987,039	873,330
Long-term debt, net	1,656,652	1,619,352
Operating lease liabilities - noncurrent	112,699	105,909
Deferred income taxes	32,269	33,760
Total long-term liabilities	1,801,620	1,759,021
Stockholders' Equity
Common stock — $0.0001 par value, 500,000,000 shares authorized; 254,549,822 and 253,312,368 shares issued; and 227,505,535 and 226,625,924 shares outstanding, at June 30, 2026 and December 31, 2025, respectively	25	25
Treasury stock, at cost — 27,044,287 and 26,686,444 shares at June 30, 2026 and December 31, 2025, respectively	(124,971)	(122,602)
Additional paid-in capital	1,564,896	1,559,874
Accumulated other comprehensive loss	(12,710)	(10,614)
Accumulated deficit	(611,283)	(617,580)
Total stockholders' equity	815,957	809,103
Total Liabilities and Stockholders' Equity	$ 3,604,616	$ 3,441,454