Custom Truck One Source Inc

customtruck.com

What Do They Do?

Rents, sells, builds and services specialty trucks and equipment for utilities, contractors and infrastructure businesses.

How Do They Make Money?

Customers rent equipment under 28-day or monthly agreements; most are billed at the end of each period, with payment due on receipt. Equipment buyers usually pay within 30 days after pickup or delivery; parts and service customers usually pay within 30 days after parts are delivered or service is completed.

revenue

Segment	Share	How money arrives
Total rental revenue Recurring	26% FY2022: 30%	Recurring
Equipment sales Sold outright	67% FY2022: 62%	Sold outright
Parts sales and services Sold outright	6.9% FY2022: 8.1%	Sold outright

Who Are Their Customers?

Utilities and contractors use its equipment for electric lines, telecommunications, rail and other infrastructure work. A nationwide direct sales team handles sales, and rental representatives work directly with customers to arrange orders.

Do Revenues Turn Into Profits?

No. It lost $31.1M in FY2025.

Operating income, FY2025

6% of revenue

▼ −1% vs FY2024 ($126.4M, 7%)

Net income, FY2025

−2% of revenue

▲ +8% (Loss) vs FY2024 (−$28.7M, −2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +3%; vs $482.1M in Q3 FY2025
Net income: ▲ Now profitable; vs −$5.8M in Q3 FY2025

Equipment Sales share of revenue vs 66.5% in Q3 FY2025

Aug 3, 2026 Raises full-year revenue and adjusted EBITDA guidance It raised 2026 revenue guidance to $2.1 billion - $2.2 billion and adjusted EBITDA guidance to $437.5 million - $455 million.

Growing. Revenue grew 67% in 4 years, from $1.2B in FY2021 to $1.9B in FY2025, about 14% a year.

Revenue over time

Total rental revenue Equipment sales Parts sales and services Rental Shipping and handling

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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