Second Quarter Financial Highlights:
- Total revenues increased $65.0 million sequentially versus the first quarter of 2026, with all three segments reporting increases. Total revenues decreased $5.7 million year over year to $475.5 million. On an organic basis*, revenues decreased $1.1 million year over year, or 0.2%
- Construction Equipment segment revenue increased $53.7 million sequentially versus the first quarter of 2026
- Rental revenues increased $6.3 million sequentially, or 16.3%, versus the first quarter of 2026
- New and used equipment sales gross profit margin increased 130 basis points year over year, with Master Distribution equipment sales gross profit margin increasing 760 basis points year over year
- Service gross profit percentage increased 160 basis points year over year to 61.4%
- Interest expense decreased $2.8 million year over year to $19.5 million in the quarter
- Rental fleet, gross book value decreased $50.3 million year over year to $519.2 million
- Net cash provided by operating activities of $26.1 million, year-to-date
- Net loss available to common stockholders of $(8.2) million
- Basic and diluted net loss per share of $(0.25)
- Adjusted basic and diluted pre-tax net loss per share* of $(0.04), an improvement of $0.19 per share versus prior year
- Adjusted EBITDA* increased $0.1 million year over year to $48.6 million, increasing $20.5 million sequentially versus the first quarter of 2026
LIVONIA, Mich., Aug. 06, 2026 (GLOBE NEWSWIRE) — Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”, “we”, “our” or the “Company”), a leading provider of premium material handling, construction and environmental processing equipment and related services, today announced financial results for the second quarter ended June 30, 2026.
CEO Comment:
Ryan Greenawalt, Chief Executive Officer of Alta, said, “Our second quarter performance reflected the long-term value of Alta’s equipment dealership model. Following an extended period of challenging markets across the construction and material handling industries, we see signs of market recovery emerging as bookings, equipment volumes, pricing and margin trends continue to improve. Combined with our operational initiatives, these trends helped us deliver similar Adjusted EBITDA compared to the prior year despite lower revenues and a smaller rental fleet. For the quarter, we delivered Adjusted EBITDA of $48.6 million, which reflects a significant improvement from the seasonally-impacted first quarter.”
Mr. Greenawalt continued, “We were particularly encouraged by the performance and momentum within our Material Handling business, where bookings have increased 12.3% year to date in our markets, supporting our belief that customer investment and fleet replenishment activity is recovering. Construction Equipment continued to benefit from improving market activity and stronger new and used equipment margins while the segment continues to focus on driving better returns on capital year over year. Within Master Distribution, performance improved meaningfully during the quarter, as tariff-related disruptions eased and end-market conditions stabilized, contributing to stronger revenues, gross profit and Adjusted EBITDA performance for the segment.”
In conclusion, Mr. Greenawalt said, “Operational execution remains a top priority of ours. During the quarter, we generated positive operating cash flow, further optimized our rental fleet, and reduced interest expense by approximately $2.8 million compared to the prior year. As we enter the second half of 2026, we remain encouraged by improving booking trends, growing backlog levels, and the favorable long-term fundamentals supporting our end-markets, including infrastructure investment, domestic manufacturing expansion, and energy-related development projects. We believe Alta is well positioned to convert improving demand into profitable growth while continuing to prioritize cash generation, leverage reduction, and long-term shareholder value creation.”
Full Year 2026 Financial Guidance and Other Financial Notes:
- The Company tightened its guidance range and now expects to report Adjusted EBITDA* between $167.5 million and $177.5 million for the 2026 fiscal year.
| CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) (amounts in millions unless otherwise noted) |
|||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Increase (Decrease) | Six Months Ended June 30, | Increase (Decrease) | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 versus 2025 | 2026 | 2025 | 2026 versus 2025 | ||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||
| New and used equipment sales | $ | 262.1 | $ | 265.6 | $ | (3.5 | ) | (1.3 | )% | $ | 469.0 | $ | 487.3 | $ | (18.3 | ) | (3.8 | )% | |||||||||||||
| Parts sales | 75.6 | 75.6 | — | — | 146.8 | 147.6 | (0.8 | ) | (0.5 | )% | |||||||||||||||||||||
| Service revenues | 63.8 | 64.9 | (1.1 | ) | (1.7 | )% | 127.4 | 131.0 | (3.6 | ) | (2.7 | )% | |||||||||||||||||||
| Rental revenues | 44.9 | 46.3 | (1.4 | ) | (3.0 | )% | 83.5 | 88.6 | (5.1 | ) | (5.8 | )% | |||||||||||||||||||
| Rental equipment sales | 29.1 | 28.8 | 0.3 | 1.0 | % | 59.3 | 49.7 | 9.6 | 19.3 | % | |||||||||||||||||||||
| Total revenues | 475.5 | 481.2 | (5.7 | ) | (1.2 | )% | 886.0 | 904.2 | (18.2 | ) | (2.0 | )% | |||||||||||||||||||
| Cost of revenues: | |||||||||||||||||||||||||||||||
| New and used equipment sales | 221.9 | 228.5 | (6.6 | ) | (2.9 | )% | 397.6 | 416.6 | (19.0 | ) | (4.6 | )% | |||||||||||||||||||
| Parts sales | 50.6 | 50.7 | (0.1 | ) | (0.2 | )% | 98.2 | 98.3 | (0.1 | ) | (0.1 | )% | |||||||||||||||||||
| Service revenues | 24.6 | 26.1 | (1.5 | ) | (5.7 | )% | 49.9 | 52.5 | (2.6 | ) | (5.0 | )% | |||||||||||||||||||
| Rental revenues | 4.0 | 5.2 | (1.2 | ) | (23.1 | )% | 8.0 | 10.2 | (2.2 | ) | (21.6 | )% | |||||||||||||||||||
| Rental depreciation | 27.2 | 27.0 | 0.2 | 0.7 | % | 50.7 | 51.9 | (1.2 | ) | (2.3 | )% | ||||||||||||||||||||
| Rental equipment sales | 23.0 | 21.4 | 1.6 | 7.5 | % | 48.1 | 37.4 | 10.7 | 28.6 | % | |||||||||||||||||||||
| Total cost of revenues | 351.3 | 358.9 | (7.6 | ) | (2.1 | )% | 652.5 | 666.9 | (14.4 | ) | (2.2 | )% | |||||||||||||||||||
| Gross profit | 124.2 | 122.3 | 1.9 | 1.6 | % | 233.5 | 237.3 | (3.8 | ) | (1.6 | )% | ||||||||||||||||||||
| Selling, general and administrative expenses | 105.6 | 102.3 | 3.3 | 3.2 | % | 213.8 | 209.0 | 4.8 | 2.3 | % | |||||||||||||||||||||
| Non-rental depreciation and amortization | 6.6 | 7.6 | (1.0 | ) | (13.2 | )% | 13.4 | 15.1 | (1.7 | ) | (11.3 | )% | |||||||||||||||||||
| Total operating expenses | 112.2 | 109.9 | 2.3 | 2.1 | % | 227.2 | 224.1 | 3.1 | 1.4 | % | |||||||||||||||||||||
| Income from operations | 12.0 | 12.4 | (0.4 | ) | (3.2 | )% | 6.3 | 13.2 | (6.9 | ) | (52.3 | )% | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||||||||||
| Interest expense, floor plan payable – new equipment | (1.6 | ) | (2.9 | ) | 1.3 | (44.8 | )% | (3.6 | ) | (6.1 | ) | 2.5 | (41.0 | )% | |||||||||||||||||
| Interest expense – other | (17.9 | ) | (19.4 | ) | 1.5 | (7.7 | )% | (35.4 | ) | (38.1 | ) | 2.7 | (7.1 | )% | |||||||||||||||||
| Other income | 0.3 | 0.8 | (0.5 | ) | (62.5 | )% | 2.0 | 1.7 | 0.3 | 17.6 | % | ||||||||||||||||||||
| (Loss) gain on divestitures | (0.7 | ) | 4.3 | (5.0 | ) | NM | (0.5 | ) | 4.3 | (4.8 | ) | NM | |||||||||||||||||||
| Total other expense, net | (19.9 | ) | (17.2 | ) | (2.7 | ) | 15.7 | % | (37.5 | ) | (38.2 | ) | 0.7 | (1.8 | )% | ||||||||||||||||
| Loss before taxes | (7.9 | ) | (4.8 | ) | (3.1 | ) | NM | (31.2 | ) | (25.0 | ) | (6.2 | ) | NM | |||||||||||||||||
| Income tax (benefit) expense | (0.4 | ) | 1.3 | (1.7 | ) | NM | (4.2 | ) | 2.0 | (6.2 | ) | NM | |||||||||||||||||||
| Net loss | (7.5 | ) | (6.1 | ) | (1.4 | ) | NM | (27.0 | ) | (27.0 | ) | — | NM | ||||||||||||||||||
| Preferred stock dividends | (0.7 | ) | (0.7 | ) | — | — | (1.5 | ) | (1.5 | ) | — | — | |||||||||||||||||||
| Net loss available to common stockholders | $ | (8.2 | ) | $ | (6.8 | ) | $ | (1.4 | ) | NM | $ | (28.5 | ) | $ | (28.5 | ) | — | NM | |||||||||||||
| Adjusted EBITDA(1) | $ | 48.6 | $ | 48.5 | $ | 0.1 | 0.2 | % | $ | 76.7 | $ | 82.1 | $ | (5.4 | ) | (6.6 | )% | ||||||||||||||
| NM – calculated change not meaningful | |||||||||||||||||||||||||||||||
(1) Adjusted EBITDA is a non-GAAP measure. Refer below to “Use of Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Adjusted EBITDA to net loss, the most comparable U.S. GAAP measure.
Conference Call Information:
Alta management will host a conference call and webcast today at 5:00 p.m. Eastern Time to discuss and answer questions about the Company’s financial results for the quarter ended June 30, 2026. Additionally, supplementary presentation slides will be accessible on the “Investor Relations” section of the Company’s website at https://investors.altaequipment.com.
Conference Call Details:
| What: | Alta Equipment Group Second Quarter 2026 Earnings Call and Webcast |
| Date: | Thursday, August 6, 2026 |
| Time: | 5:00 p.m. Eastern Time |
| Live call: | (833) 461-5787 |
| International: | International Dial-In Numbers |
| Meeting ID: | 116292610 |
| Webcast: | https://events.q4inc.com/attendee/116292610 |
The webcast replay will be archived through August 6, 2027.
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment dealership platforms in North America. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, concrete and asphalt paving equipment, other construction equipment, and allied products. Alta has operated as an equipment dealership for 42 years and has over 80 total locations across Michigan, Illinois, Indiana, Ohio, Pennsylvania, Massachusetts, Maine, Connecticut, New Hampshire, Vermont, Rhode Island, New York, Virginia, Nevada and Florida, and the Canadian provinces of Ontario, New Brunswick, and Quebec. Alta offers its customers a one-stop shop for their equipment needs through its broad, industry-leading product portfolio. More information can be found at www.altg.com.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Alta’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Alta’s control and are difficult to predict. Some factors that may cause such differences include, but are not limited to: supply chain disruptions and inflationary pressures resulting from supply chain disruptions; labor market dynamics that impact the price and availability of labor; economic, industry, business and political conditions including their effects on governmental policy and government actions that disrupt our supply chain or sales channels, including taxes and tariffs which impact us, our key suppliers or customers; adverse banking and governmental regulations, resulting in a potential reduction to the fair value of our assets; the performance and financial viability of key suppliers, contractors, customers, and financing sources; our key OEM’s relative approaches to competitive pricing dynamics in the marketplace and how their approaches impact the competitiveness of the equipment we sell and our market share; the impact of artificial intelligence, cyber or other security threats, or other disruptions to our businesses; fluctuations in interest rate levels and the relative tenor of those levels; an increase in the cost of diesel and unleaded gasoline where we are unable to hedge or pass through the increase to customers; the demand and market price for our equipment and product support; negative impacts related to customer payments; collective bargaining agreements and our relationship with our union-represented employees; a material increase in the volume of high-cost healthcare claims below our stop-loss insurance limit; our success in identifying acquisition targets and integrating acquisitions; our success in expanding into and doing business in additional markets; our ability to raise capital at favorable terms; the competitive environment for our products and services; our ability to continue to innovate and develop new business lines; our ability to attract and retain key personnel, including, but not limited to, skilled technicians; our ability to maintain our listing on the New York Stock Exchange; our ability to realize the anticipated benefits of acquisitions or divestitures, rental fleet and other organic investments, or internal reorganizations; federal, state, and local government budget uncertainty, especially as it relates to infrastructure projects and taxation; currency risks and other risks associated with international operations; changes in global economic and financial markets; and other risks and uncertainties identified in this presentation or indicated in the section entitled “Risk Factors” in Alta’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other filings with the U.S. Securities and Exchange Commission. Alta cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. Alta does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based.
*Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we disclose non-GAAP financial measures, including Adjusted EBITDA, Organic revenues, Adjusted total net debt and floor plan payables, Adjusted pre-tax net income (loss), and Adjusted basic and diluted pre-tax net income (loss) per share, in this press release because we believe they are useful performance measures that assist in an effective evaluation of our operating performance when compared to our peers, without regard to financing methods or capital structure. We believe such measures are useful for investors and others in understanding and evaluating our operating results in the same manner as our management. However, such measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for, or in isolation from, net income (loss), revenues, operating profit, debt, or any other operating performance measures calculated in accordance with GAAP.
We define Adjusted EBITDA as net income (loss) before interest expense (not including floor plan interest paid on new equipment), income taxes, depreciation and amortization, adjusted for certain one-time, non-recurring or non-cash items, and items not necessarily indicative of our underlying operating performance. We exclude these items from net income (loss) in arriving at Adjusted EBITDA because these amounts are either non-cash, non-recurring, or can vary substantially within the industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. We define organic revenue growth as revenue growth excluding the impact of acquisitions or divestitures that do not appear fully in both periods in the current and prior years. We believe organic revenue growth is a meaningful metric to investors as it provides a more consistent comparison of our revenues across reported periods as well as to industry peers. Management uses Adjusted total net debt and floor plan payables to reflect the Company’s estimated financial obligations less cash and floor plan payables on new equipment (“FPNP”). The FPNP is used to finance the Company’s new inventory, with its principal balance changing daily as equipment is purchased and sold and the sale proceeds are used to repay the notes. Consequently, in managing the business, management views the FPNP as interest bearing accounts payable, representing the cost of acquiring the equipment that is then repaid when the equipment is sold, as the Company’s floor plan credit agreements require repayment when such pieces of equipment are sold. The Company believes excluding the FPNP from the Company’s total debt for this purpose provides management with supplemental information regarding the Company’s capital structure and leverage profile and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. Adjusted total net debt and floor plan payables should be considered in addition to, and not as a substitute for, the Company’s debt obligations, as reported in the Company’s Consolidated Balance Sheets in accordance with GAAP. Adjusted pre-tax net income (loss) is defined as net income (loss) adjusted to reflect certain one-time, non-cash or non-recurring items, and other items not necessarily indicative of our underlying operating performance. Adjusted basic and diluted pre-tax net income (loss) per share is defined as adjusted pre-tax net income (loss) divided by the weighted average number of basic and diluted shares, respectively, outstanding during the period. Certain items excluded from Adjusted EBITDA, organic revenues, Adjusted total net debt and floor plan payables, Adjusted pre-tax net income (loss), and Adjusted basic and diluted pre-tax net income (loss) per share are significant components in understanding and assessing a company’s financial performance. For example, items such as a company’s cost of capital and tax structure, certain one-time, non-cash or non-recurring items as well as the historic costs of depreciable assets, are not reflected in Adjusted EBITDA or Adjusted pre-tax net income (loss). Our presentation of Adjusted EBITDA, Organic revenues, Adjusted total net debt and floor plan payables, Adjusted pre-tax net income (loss), and Adjusted pre-tax basic and diluted net income (loss) per share should not be construed as an indication that results will be unaffected by the items excluded from these metrics. Our computation of Adjusted EBITDA, Organic revenues, Adjusted total net debt and floor plan payables, Adjusted pre-tax net income (loss), and Adjusted basic and diluted pre-tax net income (loss) per share may not be identical to other similarly titled measures of other companies. For a reconciliation of non-GAAP measures to their most comparable measures under GAAP, please see the table entitled “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.
Contact
| Investors: |
| Kevin Inda |
| SCR Partners, LLC |
| kevin@scr-ir.com |
| (225) 772-0254 |
| CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) |
||||||||
| June 30, 2026 |
December 31, 2025 |
|||||||
| ASSETS | ||||||||
| Cash | $ | 20.9 | $ | 18.6 | ||||
| Accounts receivable, net of allowances of $10.8 and $11.3 as of June 30, 2026 and December 31, 2025, respectively | 213.2 | 186.7 | ||||||
| Inventories, net | 456.0 | 473.3 | ||||||
| Prepaid expenses and other current assets | 34.8 | 31.6 | ||||||
| Total current assets | 724.9 | 710.2 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property and equipment, net | 65.7 | 73.3 | ||||||
| Rental fleet, net | 300.4 | 313.7 | ||||||
| Operating lease right-of-use assets, net | 101.7 | 108.3 | ||||||
| Goodwill | 77.2 | 77.8 | ||||||
| Other intangible assets, net | 45.2 | 48.0 | ||||||
| Other assets | 7.4 | 5.0 | ||||||
| TOTAL ASSETS | $ | 1,322.5 | $ | 1,336.3 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Floor plan payable – new equipment | $ | 254.2 | $ | 241.0 | ||||
| Floor plan payable – used and rental equipment | 85.2 | 72.3 | ||||||
| Current portion of long-term debt | 10.9 | 11.0 | ||||||
| Accounts payable | 84.5 | 77.7 | ||||||
| Customer deposits | 12.4 | 15.0 | ||||||
| Accrued expenses | 46.8 | 45.3 | ||||||
| Current operating lease liabilities | 15.0 | 15.0 | ||||||
| Current deferred revenue | 11.9 | 13.7 | ||||||
| Other current liabilities | 3.2 | 4.0 | ||||||
| Total current liabilities | 524.1 | 495.0 | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Line of credit, net | 209.6 | 211.3 | ||||||
| Long-term debt, net of current portion | 486.3 | 484.5 | ||||||
| Finance lease obligations, net of current portion | 23.8 | 28.2 | ||||||
| Deferred revenue, net of current portion | 4.9 | 5.0 | ||||||
| Long-term operating lease liabilities, net of current portion | 93.9 | 100.1 | ||||||
| Deferred tax liabilities | 11.3 | 14.6 | ||||||
| Other liabilities | 4.8 | 6.4 | ||||||
| TOTAL LIABILITIES | 1,358.7 | 1,345.1 | ||||||
| STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Preferred stock, $0.0001 par value per share, 1,000,000 shares authorized, 1,200 shares issued and outstanding at both June 30, 2026 and December 31, 2025 (1,200,000 Depositary Shares representing a 1/1000th fractional interest in a share of 10% Series A Cumulative Perpetual Preferred Stock) | — | — | ||||||
| Common stock, $0.0001 par value per share, 200,000,000 shares authorized; 32,553,179 and 32,153,525 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | — | ||||||
| Additional paid-in capital | 250.8 | 248.4 | ||||||
| Treasury stock at cost, 2,904,614 shares of common stock held at both June 30, 2026 and December 31, 2025 | (19.2 | ) | (19.2 | ) | ||||
| Accumulated deficit | (264.8 | ) | (236.4 | ) | ||||
| Accumulated other comprehensive loss | (3.0 | ) | (1.6 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | (36.2 | ) | (8.8 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,322.5 | $ | 1,336.3 | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in millions, except share and per share amounts) |
|||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues: | |||||||||||||||
| New and used equipment sales | $ | 262.1 | $ | 265.6 | $ | 469.0 | $ | 487.3 | |||||||
| Parts sales | 75.6 | 75.6 | 146.8 | 147.6 | |||||||||||
| Service revenues | 63.8 | 64.9 | 127.4 | 131.0 | |||||||||||
| Rental revenues | 44.9 | 46.3 | 83.5 | 88.6 | |||||||||||
| Rental equipment sales | 29.1 | 28.8 | 59.3 | 49.7 | |||||||||||
| Total revenues | 475.5 | 481.2 | 886.0 | 904.2 | |||||||||||
| Cost of revenues: | |||||||||||||||
| New and used equipment sales | 221.9 | 228.5 | 397.6 | 416.6 | |||||||||||
| Parts sales | 50.6 | 50.7 | 98.2 | 98.3 | |||||||||||
| Service revenues | 24.6 | 26.1 | 49.9 | 52.5 | |||||||||||
| Rental revenues | 4.0 | 5.2 | 8.0 | 10.2 | |||||||||||
| Rental depreciation | 27.2 | 27.0 | 50.7 | 51.9 | |||||||||||
| Rental equipment sales | 23.0 | 21.4 | 48.1 | 37.4 | |||||||||||
| Total cost of revenues | 351.3 | 358.9 | 652.5 | 666.9 | |||||||||||
| Gross profit | 124.2 | 122.3 | 233.5 | 237.3 | |||||||||||
| Selling, general and administrative expenses | 105.6 | 102.3 | 213.8 | 209.0 | |||||||||||
| Non-rental depreciation and amortization | 6.6 | 7.6 | 13.4 | 15.1 | |||||||||||
| Total operating expenses | 112.2 | 109.9 | 227.2 | 224.1 | |||||||||||
| Income from operations | 12.0 | 12.4 | 6.3 | 13.2 | |||||||||||
| Other (expense) income: | |||||||||||||||
| Interest expense, floor plan payable – new equipment | (1.6 | ) | (2.9 | ) | (3.6 | ) | (6.1 | ) | |||||||
| Interest expense – other | (17.9 | ) | (19.4 | ) | (35.4 | ) | (38.1 | ) | |||||||
| Other income | 0.3 | 0.8 | 2.0 | 1.7 | |||||||||||
| (Loss) gain on divestitures | (0.7 | ) | 4.3 | (0.5 | ) | 4.3 | |||||||||
| Total other expense, net | (19.9 | ) | (17.2 | ) | (37.5 | ) | (38.2 | ) | |||||||
| Loss before taxes | (7.9 | ) | (4.8 | ) | (31.2 | ) | (25.0 | ) | |||||||
| Income tax (benefit) expense | (0.4 | ) | 1.3 | (4.2 | ) | 2.0 | |||||||||
| Net loss | (7.5 | ) | (6.1 | ) | (27.0 | ) | (27.0 | ) | |||||||
| Preferred stock dividends | (0.7 | ) | (0.7 | ) | (1.5 | ) | (1.5 | ) | |||||||
| Net loss available to common stockholders | $ | (8.2 | ) | $ | (6.8 | ) | $ | (28.5 | ) | $ | (28.5 | ) | |||
| Basic loss per share | $ | (0.25 | ) | $ | (0.21 | ) | $ | (0.87 | ) | $ | (0.87 | ) | |||
| Diluted loss per share | $ | (0.25 | ) | $ | (0.21 | ) | $ | (0.87 | ) | $ | (0.87 | ) | |||
| Basic weighted average common shares outstanding | 32,785,288 | 33,002,869 | 32,701,873 | 32,903,008 | |||||||||||
| Diluted weighted average common shares outstanding | 32,785,288 | 33,002,869 | 32,701,873 | 32,903,008 | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in millions) |
|||||||
| Six Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| OPERATING ACTIVITIES | |||||||
| Net loss | $ | (27.0 | ) | $ | (27.0 | ) | |
| Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities | |||||||
| Depreciation and amortization | 64.1 | 67.0 | |||||
| Amortization of debt discount and debt issuance costs | 2.1 | 2.3 | |||||
| Gain on sale of property and rental equipment | (10.7 | ) | (12.4 | ) | |||
| Provision for inventory reserves | 0.4 | 3.2 | |||||
| Provision for losses on accounts receivable | 1.7 | 2.5 | |||||
| Loss (gain) on divestitures | 0.5 | (4.3 | ) | ||||
| Stock-based compensation expense | 2.0 | 2.0 | |||||
| Changes in deferred income taxes | (3.2 | ) | (0.9 | ) | |||
| Other operating activities | (1.1 | ) | 0.1 | ||||
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||
| Accounts receivable | (29.6 | ) | (6.8 | ) | |||
| Inventories | (61.9 | ) | (21.1 | ) | |||
| Proceeds from sale of rental equipment – rent-to-sell | 50.6 | 44.8 | |||||
| Prepaid expenses and other assets | (4.1 | ) | (11.6 | ) | |||
| Manufacturers floor plans payable | 36.3 | (41.0 | ) | ||||
| Accounts payable, accrued expenses, leases, and other operating liabilities | 6.0 | (0.2 | ) | ||||
| Net cash provided by (used in) operating activities | 26.1 | (3.4 | ) | ||||
| INVESTING ACTIVITIES | |||||||
| Expenditures for rental equipment | (9.0 | ) | (23.7 | ) | |||
| Expenditures for property and equipment and intangibles | (6.0 | ) | (3.9 | ) | |||
| Proceeds from sale of property and equipment | 1.8 | 0.3 | |||||
| Proceeds from sale of rental equipment – rent-to-rent | 8.7 | 4.9 | |||||
| Acquisition of business, net of cash acquired | — | (2.9 | ) | ||||
| Proceeds from divestiture, net | 1.5 | 18.0 | |||||
| Other investing activities | (1.0 | ) | (1.1 | ) | |||
| Net cash used in investing activities | (4.0 | ) | (8.4 | ) | |||
| FINANCING ACTIVITIES | |||||||
| Proceeds from long-term borrowings | 100.3 | 193.5 | |||||
| Principal payments on long-term debt and finance lease obligations | (107.1 | ) | (163.9 | ) | |||
| Proceeds from non-manufacturer floor plan payable | 47.0 | 46.9 | |||||
| Payments on non-manufacturer floor plan payable | (56.6 | ) | (52.8 | ) | |||
| Preferred stock dividends paid | (1.5 | ) | (1.5 | ) | |||
| Common stock dividends declared and paid | — | (3.9 | ) | ||||
| Repurchases of common stock | — | (6.5 | ) | ||||
| Other financing activities | (1.7 | ) | (0.4 | ) | |||
| Net cash (used in) provided by financing activities | (19.6 | ) | 11.4 | ||||
| Effect of exchange rate changes on cash | (0.2 | ) | 0.2 | ||||
| NET CHANGE IN CASH | 2.3 | (0.2 | ) | ||||
| Cash, Beginning of year | 18.6 | 13.4 | |||||
| Cash, End of period | $ | 20.9 | $ | 13.2 | |||
| Supplemental schedule of noncash investing and financing activities: | |||||||
| Noncash asset purchases: | |||||||
| Net transfer of assets from inventory to rental fleet | $ | 69.1 | $ | 66.7 | |||
| Supplemental disclosures of cash flow information | |||||||
| Cash paid for interest | $ | 37.1 | $ | 42.2 | |||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in millions, except share and per share amounts) |
|||||||
| June 30, | December 31, | ||||||
| Debt and Floor Plan Payables Analysis | 2026 | 2025 | |||||
| Senior secured second lien notes | $ | 500.0 | $ | 500.0 | |||
| Line of credit | 211.6 | 213.6 | |||||
| Floor plan payable – new equipment | 254.2 | 241.0 | |||||
| Floor plan payable – used and rental equipment | 85.2 | 72.3 | |||||
| Finance lease obligations | 34.7 | 39.2 | |||||
| Total debt | $ | 1,085.7 | $ | 1,066.1 | |||
| Adjustments: | |||||||
| Floor plan payable – new equipment | (254.2 | ) | (241.0 | ) | |||
| Cash | (20.9 | ) | (18.6 | ) | |||
| Adjusted total net debt and floor plan payables(1) | $ | 810.6 | $ | 806.5 | |||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss available to common stockholders | $ | (8.2 | ) | $ | (6.8 | ) | $ | (28.5 | ) | $ | (28.5 | ) | |||
| Depreciation and amortization | 33.8 | 34.6 | 64.1 | 67.0 | |||||||||||
| Interest expense | 19.5 | 22.3 | 39.0 | 44.2 | |||||||||||
| Income tax (benefit) expense | (0.4 | ) | 1.3 | (4.2 | ) | 2.0 | |||||||||
| EBITDA(1) | $ | 44.7 | $ | 51.4 | $ | 70.4 | $ | 84.7 | |||||||
| Transaction and consulting costs(2) | — | 0.3 | (0.1 | ) | 0.4 | ||||||||||
| Loss (gain) on divestitures(3) | 0.7 | (4.3 | ) | 0.5 | (4.3 | ) | |||||||||
| Share-based incentives(4) | 1.0 | 0.9 | 2.0 | 2.0 | |||||||||||
| Other expenses(5) | 3.1 | 2.4 | 6.0 | 3.9 | |||||||||||
| Preferred stock dividend(6) | 0.7 | 0.7 | 1.5 | 1.5 | |||||||||||
| Showroom-ready equipment interest expense(7) | (1.6 | ) | (2.9 | ) | (3.6 | ) | (6.1 | ) | |||||||
| Adjusted EBITDA(1) | $ | 48.6 | $ | 48.5 | $ | 76.7 | $ | 82.1 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss available to common stockholders | $ | (8.2 | ) | $ | (6.8 | ) | $ | (28.5 | ) | $ | (28.5 | ) | |||
| Transaction and consulting costs(2) | — | 0.3 | (0.1 | ) | 0.4 | ||||||||||
| Loss (gain) on divestitures(3) | 0.7 | (4.3 | ) | 0.5 | (4.3 | ) | |||||||||
| Share-based incentives(4) | 1.0 | 0.9 | 2.0 | 2.0 | |||||||||||
| Other expenses(5) | 3.1 | 2.4 | 6.0 | 3.9 | |||||||||||
| Intangible amortization(8) | 2.5 | 2.5 | 5.1 | 5.0 | |||||||||||
| Income tax (benefit) expense(9) | (0.4 | ) | (2.7 | ) | (4.2 | ) | 2.0 | ||||||||
| Adjusted pre-tax net loss available to common stockholders(1) | $ | (1.3 | ) | $ | (7.7 | ) | $ | (19.2 | ) | $ | (19.5 | ) | |||
| Basic net loss per share | $ | (0.25 | ) | $ | (0.21 | ) | $ | (0.87 | ) | $ | (0.87 | ) | |||
| Diluted net loss per share | $ | (0.25 | ) | $ | (0.21 | ) | $ | (0.87 | ) | $ | (0.87 | ) | |||
| Adjusted basic pre-tax net loss per share(1) | $ | (0.04 | ) | $ | (0.23 | ) | $ | (0.59 | ) | $ | (0.59 | ) | |||
| Adjusted diluted pre-tax net loss per share(1) | $ | (0.04 | ) | $ | (0.23 | ) | $ | (0.59 | ) | $ | (0.59 | ) | |||
| Basic weighted average common shares outstanding | 32,785,288 | 33,002,869 | 32,701,873 | 32,903,008 | |||||||||||
| Diluted weighted average common shares outstanding | 32,785,288 | 33,002,869 | 32,701,873 | 32,903,008 | |||||||||||
| (1) | Non-GAAP measure |
| (2) | Non-recurring expenses related to corporate development, acquisition and divestiture activities, and associated legal and consulting costs |
| (3) | One-time loss (gain) associated with the divestiture of one location of our battery shop business in New England, our Dock and Door business, and our aerial fleet rental business in the Chicago |
| (4) | Non-cash equity-based compensation expense |
| (5) | Other non-recurring expenses inclusive of severance payments, cost redundancies, extraordinary demurrage fees, and suspended operations |
| (6) | Expenses related to preferred stock dividend payments |
| (7) | Interest expense associated with showroom-ready new equipment interest included in total interest expense above |
| (8) | Incremental expense associated with the amortization of other intangible assets relating to acquisition accounting |
| (9) | (Benefit) expense related to the income tax provision, including valuation allowance |
Consolidated Organic Revenues
| Organic Revenues | Organic Revenues | ||||||||||||||||||||||||||||||
| Three months ended June 30, | Increase (Decrease) | Six Months Ended June 30, | Increase (Decrease) | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 versus 2025 | 2026 | 2025 | 2026 versus 2025 | ||||||||||||||||||||||||||
| Total revenues | $ | 475.5 | $ | 481.2 | $ | (5.7 | ) | (1.2 | )% | $ | 886.0 | $ | 904.2 | $ | (18.2 | ) | (2.0 | )% | |||||||||||||
| Acquisition and divestitures revenues | — | 4.6 | 0.9 | 9.4 | |||||||||||||||||||||||||||
| Organic revenues: | |||||||||||||||||||||||||||||||
| New and used equipment sales | 262.1 | 261.9 | 0.2 | 0.1 | % | 468.6 | 480.2 | (11.6 | ) | (2.4 | )% | ||||||||||||||||||||
| Parts sales | 75.6 | 75.4 | 0.2 | 0.3 | % | 146.7 | 147.4 | (0.7 | ) | (0.5 | )% | ||||||||||||||||||||
| Service revenues | 63.8 | 64.8 | (1.0 | ) | (1.5 | )% | 127.2 | 130.8 | (3.6 | ) | (2.8 | )% | |||||||||||||||||||
| Rental revenues | 44.9 | 45.7 | (0.8 | ) | (1.8 | )% | 83.3 | 86.7 | (3.4 | ) | (3.9 | )% | |||||||||||||||||||
| Rental equipment sales | 29.1 | 28.8 | 0.3 | 1.0 | % | 59.3 | 49.7 | 9.6 | 19.3 | % | |||||||||||||||||||||
| Total organic revenues | $ | 475.5 | $ | 476.6 | $ | (1.1 | ) | (0.2 | )% | $ | 885.1 | $ | 894.8 | $ | (9.7 | ) | (1.1 | )% | |||||||||||||
Material Handling Organic Revenues
| Organic Revenues | Organic Revenues | ||||||||||||||||||||||||||||||
| Three months ended June 30, | Increase (Decrease) | Six Months Ended June 30, | Increase (Decrease) | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 versus 2025 | 2026 | 2025 | 2026 versus 2025 | ||||||||||||||||||||||||||
| Total revenues | $ | 155.5 | $ | 160.7 | $ | (5.2 | ) | (3.2 | )% | $ | 306.0 | $ | 318.6 | $ | (12.6 | ) | (4.0 | )% | |||||||||||||
| Acquisition and divestitures revenues | — | 4.0 | 0.9 | 7.6 | |||||||||||||||||||||||||||
| Organic revenues: | |||||||||||||||||||||||||||||||
| New and used equipment sales | 74.3 | 78.2 | (3.9 | ) | (5.0 | )% | 146.7 | 153.2 | (6.5 | ) | (4.2 | )% | |||||||||||||||||||
| Parts sales | 23.9 | 23.5 | 0.4 | 1.7 | % | 47.1 | 47.8 | (0.7 | ) | (1.5 | )% | ||||||||||||||||||||
| Service revenues | 35.1 | 33.2 | 1.9 | 5.7 | % | 68.9 | 67.2 | 1.7 | 2.5 | % | |||||||||||||||||||||
| Rental revenues | 16.7 | 17.5 | (0.8 | ) | (4.6 | )% | 33.0 | 35.0 | (2.0 | ) | (5.7 | )% | |||||||||||||||||||
| Rental equipment sales | 5.5 | 4.3 | 1.2 | 27.9 | % | 9.4 | 7.8 | 1.6 | 20.5 | % | |||||||||||||||||||||
| Total organic revenues | $ | 155.5 | $ | 156.7 | $ | (1.2 | ) | (0.8 | )% | $ | 305.1 | $ | 311.0 | $ | (5.9 | ) | (1.9 | )% | |||||||||||||
Construction Equipment Organic Revenues
| Organic Revenues | Organic Revenues | ||||||||||||||||||||||||||||||
| Three months ended June 30, | Increase (Decrease) | Six Months Ended June 30, | Increase (Decrease) | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 versus 2025 | 2026 | 2025 | 2026 versus 2025 | ||||||||||||||||||||||||||
| Total revenues | $ | 298.0 | $ | 300.7 | $ | (2.7 | ) | (0.9 | )% | $ | 542.3 | $ | 546.5 | $ | (4.2 | ) | (0.8 | )% | |||||||||||||
| Divestiture revenues | — | 0.6 | — | 1.8 | |||||||||||||||||||||||||||
| Organic revenues: | |||||||||||||||||||||||||||||||
| New and used equipment sales | 168.6 | 167.0 | 1.6 | 1.0 | % | 289.8 | 293.7 | (3.9 | ) | (1.3 | )% | ||||||||||||||||||||
| Parts sales | 49.1 | 49.1 | — | — | 94.5 | 94.4 | 0.1 | 0.1 | % | ||||||||||||||||||||||
| Service revenues | 28.6 | 31.3 | (2.7 | ) | (8.6 | )% | 58.0 | 63.1 | (5.1 | ) | (8.1 | )% | |||||||||||||||||||
| Rental revenues | 28.1 | 28.2 | (0.1 | ) | (0.4 | )% | 50.1 | 51.6 | (1.5 | ) | (2.9 | )% | |||||||||||||||||||
| Rental equipment sales | 23.6 | 24.5 | (0.9 | ) | (3.7 | )% | 49.9 | 41.9 | 8.0 | 19.1 | % | ||||||||||||||||||||
| Total organic revenues | $ | 298.0 | $ | 300.1 | $ | (2.1 | ) | (0.7 | )% | $ | 542.3 | $ | 544.7 | $ | (2.4 | ) | (0.4 | )% | |||||||||||||
