Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) will release earnings results for the fourth quarter, after the closing bell on Tuesday, Jan. 13, 2025.Analysts expect the Thornton, Colorado-based company to report quarterly earnings at 9 cents per share, down from 17 cents per share in the year-ago period. The consensus estimate for Concrete Pumping's quarterly revenue is $103.3 million, up from $111.48 million a year earlier, according to data from Benzinga Pro.On Nov. 11, Concrete Pumping completed the acqu ...

Group 1 - Concrete Pumping Holdings, Inc. is set to release its fourth-quarter earnings results on January 13, 2025, with analysts expecting earnings of 9 cents per share, a decrease from 17 cents per share in the same period last year [1] - The consensus estimate for quarterly revenue is $103.3 million, which represents a decline from $111.48 million a year earlier [1] - On November 11, Concrete Pumping completed the acquisition of C.G.A. Concrete Pumping Ltd., based in Cork, Republic of Ireland [2] Group 2 - Following the acquisition, shares of Concrete Pumping increased by 2.2%, closing at $7.08 [2] - DA Davidson analyst Brent Thielman maintained a Buy rating and raised the price target from $8 to $8.5 on September 8, 2025, with an accuracy rate of 82% [3] - Baird analyst Andrew Wittmann maintained a Neutral rating and increased the price target from $6 to $6.5 on September 5, 2025, with an accuracy rate of 75% [3]

DENVER, Jan. 05, 2026 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (“CPH” or the “Company”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., will hold a conference call on Tuesday, January 13, 2026, at 5:00 p.m. Eastern Time to discuss its financial results for the fourth quarter and fiscal year ended October 31, 2025. The Company will report its financial results in a press release prior to the conference call. CPH’s CEO Bruce Young and CFO I ...

Core Insights - Concrete Pumping Holdings, Inc. has completed the acquisition of C.G.A. Concrete Pumping Ltd., marking a significant step in its international expansion strategy [1][2] - The acquisition aligns with the company's ongoing investment strategy and is expected to enhance its geographic footprint and business growth [3][4] Company Overview - Concrete Pumping Holdings is a leading provider of concrete pumping and waste management services in the U.S. and U.K., operating under established national brands [5] - The company operates approximately 95 branch locations across 23 states in the U.S. and 35 branch locations in the U.K., along with route-based waste management services from 23 locations in the U.S. and one in the U.K. [5] Strategic Importance of Acquisition - The acquisition of CGA is seen as a successful example of the company's M&A strategy, with a valuation consistent with its proven acquisition criteria [3] - CGA is recognized for its quality service and technical expertise, which will enhance the company's service offerings and growth potential in Southern Ireland [4][5]

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Core Insights - Concrete Pumping (BBCP) reported quarterly earnings of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.06 per share, but down from $0.13 per share a year ago, representing an earnings surprise of +16.67% [1] - The company posted revenues of $103.68 million for the quarter ended July 2025, surpassing the Zacks Consensus Estimate by 2.25%, but down from $109.62 million year-over-year [2] - The stock has underperformed the market with a gain of about 1.7% since the beginning of the year, compared to the S&P 500's gain of 9.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $102.2 million, and for the current fiscal year, it is $0.07 on revenues of $384 million [7] - The estimate revisions trend for Concrete Pumping was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Waste Removal Services industry, to which Concrete Pumping belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $103.7 million, down from $109.6 million in the prior year quarter, primarily due to a volume decline in the U.S. concrete pumping segment [7][8] - Net income available to common shareholders decreased to $3.3 million, or $0.07 per diluted share, compared to $7.1 million, or $0.13 per diluted share in the prior year quarter [9] - Consolidated adjusted EBITDA was $26.8 million, down from $31.6 million in the same year-ago quarter, with an adjusted EBITDA margin of 25.8% compared to 28.8% [10] Business Line Data and Key Metrics Changes - Revenue in the U.S. concrete pumping segment was $69.3 million, down from $75.2 million in the prior year quarter, impacted by adverse weather [7][8] - U.S. concrete waste management services revenue increased 4% to $19.3 million, driven by robust can pickup volumes and sustained pricing improvement [8] - U.K. operations revenue was $15.1 million, down from $15.9 million in the same year-ago quarter due to lower volumes from a slowdown in commercial construction [8] Market Data and Key Metrics Changes - The U.S. concrete pumping business faced construction softness, particularly in interest rate-sensitive light commercial projects, while larger commercial projects remained durable but slower [4][5] - The U.K. market experienced heavier impacts from interest rates and economic uncertainty, although infrastructure projects like HS2 construction remained resilient [6] - The residential end market in the U.S. remained resilient, accounting for 32% of total revenue, supported by a structural supply-demand imbalance in housing [5] Company Strategy and Development Direction - The company remains committed to generating healthy free cash flow and maintaining flexibility for capital deployment to position for stronger performance as market conditions improve [4][12] - The focus is on disciplined growth strategy, maintaining commercial leadership, and driving efficiencies through operational excellence [13] - The company plans to continue investing in its fleet to strengthen service offerings in anticipation of a market recovery in fiscal 2026 and beyond [12] Management Comments on Operating Environment and Future Outlook - Management noted ongoing macroeconomic headwinds and localized weather disruptions but expressed confidence in the business model's resilience [4] - There is cautious optimism regarding bidding activity and infrastructure projects, with expectations for continued strength in the residential market [18][19] - The company does not anticipate meaningful near-term impacts from tariffs but noted heightened uncertainty affecting customer decision-making [14] Other Important Information - The company repurchased approximately 593,000 shares for $3.8 million during the third quarter, demonstrating commitment to enhancing shareholder value [11] - Full-year guidance remains unchanged, with expected revenue between $380 million and $390 million and adjusted EBITDA between $95 million and $100 million [12] Q&A Session Summary Question: Outlook for the fourth quarter and margin expectations - Management indicated that while revenues may be down, they expect margins to trend positively due to an extra day in the fourth quarter and improved volume [15][16] Question: Insights on recovery timing and backlog - Management noted increased bidding activity and resilience in residential markets, but emphasized uncertainty regarding the timing of recovery [17][18] Question: Pricing pressure in the U.S. business - Pricing pressure persists due to competitors targeting more complex projects, with expectations for this to continue for another six months [23] Question: Factors affecting U.S. pumping margins - Lower margins are attributed to volume changes and operating leverage, with expectations for recovery as volumes improve [24][25] Question: Weather-related impacts on revenue - Management clarified that the weather-related headwind for the current quarter was $2 million compared to a worse situation last year [31] Question: Geographic footprint and market exposure - The company feels confident about its current geographic footprint but is open to expanding into new areas for sizable projects [33]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section provides the company's unaudited condensed consolidated financial statements and accompanying notes for the specified periods [Condensed Consolidated Balance Sheets (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) Key Balance Sheet Metrics (in thousands) | Metric (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :-------------------- | :------------------ | :--------------------- | | Total Assets | $886,031 | $897,990 | | Total Liabilities | $599,710 | $551,275 | | Total Stockholders' Equity | $261,321 | $321,715 | - Total assets decreased by **$11.96 million (1.33%)**, while total liabilities increased by **$48.43 million (8.78%)** and total stockholders' equity decreased by **$60.39 million (18.77%)**[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) Key Operating Metrics (in thousands, except per share) | Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Revenue | $103,676 | $109,617 | $284,080 | $314,390 | | Gross profit | $40,389 | $44,505 | $107,806 | $119,586 | | Income from operations | $12,930 | $16,625 | $24,675 | $30,136 | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | Basic EPS | $0.07 | $0.13 | $- | $0.10 | | Diluted EPS | $0.07 | $0.13 | $- | $0.10 | - For the three months ended July 31, 2025, revenue decreased by **5.4% YoY** and net income decreased by **51.1% YoY**; for the nine months, revenue decreased by **9.6% YoY** and net income decreased by **84.4% YoY**[13](index=13&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Unaudited)) Key Comprehensive Income Metrics (in thousands) | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | Foreign currency translation adjustment | $(904) | $2,315 | $2,668 | $4,874 | | Total comprehensive income | $2,795 | $9,875 | $3,724 | $11,654 | - Total comprehensive income decreased significantly by **71.7%** for the three months and **68.1%** for the nine months ended July 31, 2025, due to foreign currency translation adjustments[16](index=16&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Unaudited)) Stockholders' Equity Components (in thousands) | Metric (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :-------------------- | :------------------ | :--------------------- | | Common Stock | $6 | $6 | | Additional Paid-In Capital | $389,263 | $386,313 | | Treasury Stock | $(39,817) | $(25,881) | | Accumulated Other Comprehensive Income (Loss) | $2,185 | $(483) | | Accumulated Deficit | $(90,316) | $(38,240) | | Total Stockholders' Equity | $261,321 | $321,715 | - Key changes in stockholders' equity included a **$53.1 million dividend payment**, **$11.77 million in treasury stock purchases**, and a **$2.67 million positive foreign currency translation adjustment**[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Key Cash Flow Metrics (in thousands) | Metric (in thousands) | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------- | :------------------------------ | :------------------------------ | | Net cash provided by operating activities | $49,850 | $64,474 | | Net cash used in investing activities | $(28,202) | $(30,012) | | Net cash used in financing activities | $(23,834) | $(24,772) | | Net increase (decrease) in cash and cash equivalents | $(2,040) | $10,472 | | Cash and cash equivalents, end of period | $41,001 | $26,333 | - Net cash from operating activities decreased by **$14.62 million (22.7%)**, while 2025 financing activities included **$425.0 million in new debt proceeds** and a **$53.1 million dividend payment**[23](index=23&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Organization and Description of Business](index=11&type=section&id=Note%201.%20Organization%20and%20Description%20of%20Business) - Concrete Pumping Holdings, Inc, operates through subsidiaries in the U.S. and U.K, providing concrete pumping and industrial cleanup services[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The Company's sales are historically seasonal, with revenue influenced by weather patterns[29](index=29&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=11&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) - No significant accounting policies were changed during the nine months ended July 31, 2025[30](index=30&type=chunk) - The corporate cost allocation methodology was updated in Q1 FY2025, leading to reclassification of prior period segment results[33](index=33&type=chunk) - The Company is evaluating new accounting standards for segment, income tax, and expense disclosures[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Note 3. Prepaid Expenses and Other Current Assets](index=13&type=section&id=Note%203.%20Prepaid%20Expenses%20and%20Other%20Current%20Assets) Prepaid Expenses and Other Current Assets Breakdown (in thousands) | Component (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :----------------------- | :------------------ | :--------------------- | | Expected recoveries related to self-insured commercial liabilities | $902 | $3,155 | | Prepaid insurance | $7,403 | $1,462 | | Prepaid licenses and deposits | $1,518 | $884 | | Other current assets and prepaids | $2,095 | $1,455 | | Total prepaid expenses and other current assets | $11,918 | $6,956 | - Total prepaid expenses and other current assets increased by **$4.96 million (71.3%)**, primarily due to a significant increase in prepaid insurance[40](index=40&type=chunk) [Note 4. Property, Plant and Equipment](index=13&type=section&id=Note%204.%20Property%2C%20Plant%20and%20Equipment) Property, Plant and Equipment, Net (in thousands) | Component (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :----------------------- | :------------------ | :--------------------- | | Property, plant and equipment, gross | $607,418 | $582,058 | | Less accumulated depreciation | $(192,510) | $(166,332) | | Property, plant and equipment, net | $414,908 | $415,726 | Depreciation Expense (in thousands) | Depreciation Expense (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Total depreciation expense | $10,728 | $10,781 | $31,454 | $31,345 | [Note 5. Goodwill and Intangible Assets](index=14&type=section&id=Note%205.%20Goodwill%20and%20Intangible%20Assets) Intangible Assets, Net (in thousands) | Intangible Asset (in thousands) | As of July 31, 2025 (Net Carrying Amount) | As of October 31, 2024 (Net Carrying Amount) | | :------------------------------ | :---------------------------------------- | :------------------------------------------- | | Customer relationship | $43,995 | $52,185 | | Trade name (amortizing) | $1,858 | $2,212 | | Assembled workforce | $39 | $128 | | Noncompete agreements | $437 | $587 | | Trade names (indefinite life) | $50,500 | $50,500 | | Total intangibles | $96,829 | $105,612 | Goodwill by Segment (in thousands) | Goodwill (in thousands) | As of October 31, 2024 | Foreign Currency Translation | As of July 31, 2025 | | :---------------------- | :--------------------- | :--------------------------- | :------------------ | | U.S. Concrete Pumping | $147,482 | $- | $147,482 | | U.K. Operations | $26,381 | $747 | $27,128 | | U.S. Concrete Waste Management Services | $49,133 | $- | $49,133 | | Total | $222,996 | $747 | $223,743 | - Amortization expense for intangible assets decreased to **$2.9 million** for the three months and **$9.0 million** for the nine months ended July 31, 2025[43](index=43&type=chunk) [Note 6. Long Term Debt and Revolving Lines of Credit](index=15&type=section&id=Note%206.%20Long%20Term%20Debt%20and%20Revolving%20Lines%20of%20Credit) Debt Summary (in thousands) | Debt (in thousands) | Interest Rate | Maturity | July 31, 2025 | October 31, 2024 | | :------------------ | :------------ | :--------- | :------------ | :--------------- | | ABL Facility | Varies | Sept 2029 | $- | $20 | | Senior notes due 2026 | 6.000% | Feb 2026 | $- | $375,000 | | Senior notes due 2032 | 7.500% | Feb 2032 | $425,000 | $- | | Total debt, gross | | | $425,000 | $375,020 | | Long term debt, net of unamortized deferred financing costs | | | $417,629 | $373,260 | - On January 31, 2025, the Company issued **$425.0 million in 7.500% senior notes due 2032** to redeem its 2026 notes and pay a **$1.00 per share special dividend**[45](index=45&type=chunk) - The ABL Facility was amended, increasing borrowings to **$350.0 million** and extending maturity to 2029, with **$317.0 million available** as of July 31, 2025[48](index=48&type=chunk)[51](index=51&type=chunk) [Note 7. Stockholders' Equity](index=17&type=section&id=Note%207.%20Stockholders'%20Equity) - In June 2025, the share repurchase program was increased by **$15.0 million** to a total of **$50.0 million** and extended to December 31, 2026[53](index=53&type=chunk) Share Repurchase Activity (in thousands, except price per share) | Share Repurchase Activity (in thousands, except price per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :--------------------------------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Shares repurchased | 593 | 371 | 1,904 | 578 | | Total cost of shares repurchased | $3,845 | $2,460 | $11,770 | $3,977 | | Average price per share | $6.48 | $6.64 | $6.18 | $6.89 | [Note 8. Revenue Recognition](index=17&type=section&id=Note%208.%20Revenue%20Recognition) Revenue by Type (in thousands) | Revenue Type (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Service revenue | $94,159 | $100,575 | $257,379 | $289,262 | | Lease fixed revenue | $6,077 | $5,744 | $16,683 | $15,516 | | Lease variable revenue | $3,440 | $3,298 | $10,018 | $9,612 | | Total revenue | $103,676 | $109,617 | $284,080 | $314,390 | - Service revenue, the largest component, decreased by **6.4%** for the three months and **11.0%** for the nine months ended July 31, 2025, compared to the prior year[57](index=57&type=chunk) [Note 9. Income Taxes](index=17&type=section&id=Note%209.%20Income%20Taxes) Income Tax Metrics (in thousands) | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Income before income taxes | $5,032 | $10,641 | $1,351 | $11,030 | | Income tax expense | $1,333 | $3,081 | $295 | $4,250 | | Effective tax rate | 26.5% | 29.0% | 21.8% | 38.5% | - The effective tax rate for the nine months ended July 31, 2025, was **21.8%**, down from **38.5%** in the prior year, primarily due to excess tax deficiencies from share-based compensation in fiscal 2024[58](index=58&type=chunk)[59](index=59&type=chunk) - New U.S. legislation is not expected to have a material impact on the effective tax rate or cash flows in the current fiscal year[60](index=60&type=chunk) [Note 10. Stock-Based Compensation](index=19&type=section&id=Note%2010.%20Stock-Based%20Compensation) Stock-Based Compensation Expense (in thousands) | Compensation Expense (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Restricted stock | $475 | $580 | $1,298 | $1,710 | | Stock options | $51 | $64 | $133 | $207 | | Total | $526 | $644 | $1,431 | $1,917 | - Total stock-based compensation expense decreased by **18.3%** for the three months and **25.3%** for the nine months ended July 31, 2025, compared to the prior year[61](index=61&type=chunk) [Note 11. Earnings Per Share](index=19&type=section&id=Note%2011.%20Earnings%20Per%20Share) Earnings Per Share Calculation (in thousands, except per share) | EPS Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income (loss) attributable to common stockholders | $3,258 | $7,089 | $(253) | $5,429 | | Basic earnings per share | $0.07 | $0.13 | $- | $0.10 | | Diluted earnings per share | $0.07 | $0.13 | $- | $0.10 | - The Company paid a special cash dividend of **$1.00 per share**, totaling approximately **$53.1 million**, during the nine months ended July 31, 2025[63](index=63&type=chunk) - Certain securities, including **2.5 million Series A Preferred Stock shares**, were excluded from diluted EPS calculations as they were anti-dilutive[64](index=64&type=chunk) [Note 12. Supplemental Cash Flow Information](index=20&type=section&id=Note%2012.%20Supplemental%20Cash%20Flow%20Information) Supplemental Cash Flow Data (in thousands) | Supplemental Cash Flow (in thousands) | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------ | :------------------------------ | :------------------------------ | | Cash payments related to operating lease liabilities | $3,897 | $3,811 | | Cash paid for interest | $11,436 | $12,614 | | Cash paid for income taxes | $955 | $2,571 | | Operating lease assets obtained in exchange for new operating lease liabilities | $1,784 | $6,109 | | PP&E acquired but not yet paid, end of period | $1,629 | $1,453 | [Note 13. Fair Value Measurement](index=20&type=section&id=Note%2013.%20Fair%20Value%20Measurement) - The carrying amounts of short-term financial instruments approximate their fair value[66](index=66&type=chunk) Long-Term Debt Fair Value (in thousands) | Long-Term Debt (in thousands) | As of July 31, 2025 (Carrying Value) | As of July 31, 2025 (Fair Value) | As of October 31, 2024 (Carrying Value) | As of October 31, 2024 (Fair Value) | | :---------------------------- | :----------------------------------- | :------------------------------- | :-------------------------------------- | :---------------------------------- | | 2026 Notes | $- | $- | $375,000 | $372,656 | | 2032 Notes | $425,000 | $420,750 | $- | $- | - Non-financial assets are reported at carrying value and assessed for impairment[69](index=69&type=chunk) [Note 14. Commitments and Contingencies](index=21&type=section&id=Note%2014.%20Commitments%20and%20Contingencies) Self-Insured Commercial Liabilities (in thousands) | Self-Insured Commercial Liabilities (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :------------------------------------------------- | :------------------ | :--------------------- | | Total self-insured commercial liabilities | $20,996 | $24,542 | | Total expected recoveries | $11,870 | $15,325 | | Total self-insured commercial liability, net | $9,126 | $9,217 | - The Company accrued **$1.1 million** for estimated health claims incurred but not reported as of July 31, 2025[73](index=73&type=chunk) - An unfavorable judgment on a Washington State sales tax issue resulted in a **$3.5 million loss** recorded in Q1 FY2024[78](index=78&type=chunk) [Note 15. Segment Reporting](index=23&type=section&id=Note%2015.%20Segment%20Reporting) - The Company operates in three reportable segments: U.S. Concrete Pumping, U.S. Concrete Waste Management Services, and U.K. Operations[81](index=81&type=chunk) Segment Revenue (in thousands) | Segment Revenue (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $69,271 | $75,213 | $188,293 | $216,514 | | U.S. Concrete Waste Management Services | $19,337 | $18,545 | $54,087 | $51,063 | | U.K. Operations | $15,068 | $15,859 | $41,700 | $46,813 | | Total revenue | $103,676 | $109,617 | $284,080 | $314,390 | Segment EBITDA (in thousands) | Segment EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $15,642 | $20,078 | $35,902 | $45,348 | | U.S. Concrete Waste Management Services | $7,275 | $7,382 | $18,184 | $16,695 | | U.K. Operations | $3,879 | $3,933 | $9,909 | $11,281 | | Reportable segment EBITDA | $26,796 | $31,393 | $63,995 | $73,324 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, condition, liquidity, and capital resources [Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary](index=26&type=section&id=Cautionary%20Statement%20Concerning%20Forward-Looking%20Statements%20and%20Risk%20Factors%20Summary) - The report contains forward-looking statements subject to risks including inflation, economic conditions, and substantial indebtedness[87](index=87&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk) [Business Overview](index=27&type=section&id=Business%20Overview) - The Company's core business segments are U.S. Concrete Pumping, U.S. Concrete Waste Management Services, and U.K. Operations[91](index=91&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Strategic acquisitions are a key component of the Company's growth and capital allocation strategy[92](index=92&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) [Three Months Ended July 31, 2025 Compared to the Three Months Ended July 31, 2024](index=28&type=section&id=Three%20Months%20Ended%20July%2031%2C%202025%20Compared%20to%20the%20Three%20Months%20Ended%20July%2031%2C%202024) Q3 2025 vs Q3 2024 Performance Summary (in thousands) | Metric (in thousands, unless otherwise stated) | 2025 | 2024 | Change ($) | Change (%) | | :--------------------------------------------- | :-------- | :-------- | :--------- | :--------- | | Total Revenue | $103,676 | $109,617 | $(5,941) | (5.4)% | | U.S. Concrete Pumping Revenue | $69,271 | $75,213 | $(5,942) | (7.9)% | | U.S. Concrete Waste Management Services Revenue| $19,337 | $18,545 | $792 | 4.3% | | U.K. Operations Revenue | $15,068 | $15,859 | $(791) | (5.0)% | | Gross Profit | $40,389 | $44,505 | $(4,116) | (9.2)% | | Gross Margin | 39.0% | 40.6% | | | | General and administrative expenses | $27,459 | $27,880 | $(421) | (1.5)% | | Interest expense and amortization of deferred financing costs | $8,399 | $6,318 | $2,081 | 33.0% | | Income tax expense | $1,333 | $3,081 | $(1,748) | (56.7)% | - U.S. Concrete Pumping and U.K. Operations revenue decreased due to slowdowns in commercial and residential construction[101](index=101&type=chunk)[103](index=103&type=chunk) - U.S. Concrete Waste Management Services revenue improved due to organic volume growth and better pricing[102](index=102&type=chunk) [Nine Months Ended July 31, 2025 Compared to the Nine Months Ended July 31, 2024](index=30&type=section&id=Nine%20Months%20Ended%20July%2031%2C%202025%20Compared%20to%20the%20Nine%20Months%20Ended%20July%2031%2C%202024) YTD 2025 vs YTD 2024 Performance Summary (in thousands) | Metric (in thousands, unless otherwise stated) | 2025 | 2024 | Change ($) | Change (%) | | :--------------------------------------------- | :-------- | :-------- | :--------- | :--------- | | Total Revenue | $284,080 | $314,390 | $(30,310) | (9.6)% | | U.S. Concrete Pumping Revenue | $188,293 | $216,514 | $(28,221) | (13.0)% | | U.S. Concrete Waste Management Services Revenue| $54,087 | $51,063 | $3,024 | 5.9% | | U.K. Operations Revenue | $41,700 | $46,813 | $(5,113) | (10.9)% | | Gross Profit | $107,806 | $119,586 | $(11,780) | (9.9)% | | Gross Margin | 37.9% | 38.0% | | | | General and administrative expenses | $83,131 | $89,450 | $(6,319) | (7.1)% | | Interest expense and amortization of deferred financing costs | $23,168 | $19,744 | $3,424 | 17.3% | | Loss on extinguishment of debt | $1,392 | $- | $1,392 | * | | Income tax expense | $295 | $4,250 | $(3,955) | (93.1)% | - U.S. Concrete Pumping and U.K. Operations revenue decreased due to construction slowdowns, high interest rates, and disruptive weather[112](index=112&type=chunk)[114](index=114&type=chunk) - U.S. Concrete Waste Management Services revenue improved due to organic volume growth and pricing[113](index=113&type=chunk) - G&A expenses decreased primarily due to a non-recurring **$3.5 million sales tax litigation charge** in fiscal 2024[117](index=117&type=chunk) [Net Income (Loss) and Adjusted EBITDA Results](index=32&type=section&id=Net%20Income%20(Loss)%20and%20Adjusted%20EBITDA%20Results) Segment Net Income (Loss) (in thousands) | Segment Net Income (Loss) (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $1,625 | $4,954 | $(3,056) | $2,688 | | U.S. Concrete Waste Management Services | $1,391 | $1,701 | $2,817 | $1,529 | | U.K. Operations | $683 | $905 | $1,295 | $2,433 | | Total | $3,699 | $7,560 | $1,056 | $6,780 | Segment Adjusted EBITDA (in thousands) | Segment Adjusted EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $15,604 | $20,255 | $37,395 | $49,318 | | U.S. Concrete Waste Management Services| $7,371 | $7,155 | $19,081 | $17,582 | | U.K. Operations | $3,868 | $4,228 | $9,875 | $11,567 | | Total | $26,843 | $31,638 | $66,351 | $78,467 | - U.S. Concrete Pumping segment performance declined due to lower revenue, while U.S. Concrete Waste Management Services saw growth from improved revenue and cost control[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) [Overview](index=36&type=section&id=Overview) - The Company's capital structure includes equity, preferred stock, Senior Notes, and the ABL Facility[133](index=133&type=chunk) - As of July 31, 2025, total available liquidity was **$358.0 million**, including **$41.0 million in cash** and **$317.0 million in ABL borrowing capacity**[133](index=133&type=chunk) - Management believes current liquidity is sufficient for needs over the next 12 months[134](index=134&type=chunk) [Material Cash Requirements](index=36&type=section&id=Material%20Cash%20Requirements) - Principal uses of cash include operations, capital expenditures, acquisitions, and debt service[135](index=135&type=chunk) - Working capital surplus was **$48.4 million** as of July 31, 2025, and gross capital expenditures for the nine months were **$34.2 million**[136](index=136&type=chunk)[137](index=137&type=chunk) [Dividends](index=36&type=section&id=Dividends) - A special cash dividend of **$1.00 per share**, totaling **$53.1 million**, was paid during the nine months ended July 31, 2025[139](index=139&type=chunk) [Senior Notes and ABL Facility](index=37&type=section&id=Senior%20Notes%20and%20ABL%20Facility) - The Company refinanced its debt by issuing **$425.0 million in 7.500% Senior Notes due 2032**[141](index=141&type=chunk) - The ABL Facility was amended to increase maximum borrowings to **$350.0 million** and extend maturity to September 2029[142](index=142&type=chunk)[143](index=143&type=chunk) [Cash Flows](index=38&type=section&id=Cash%20Flows) - Net cash from operating activities decreased to **$49.9 million** from **$64.5 million** in the prior year, primarily due to lower net income[147](index=147&type=chunk)[148](index=148&type=chunk) - Net cash used in investing activities was **$28.2 million**, mainly for property, plant, and equipment purchases[149](index=149&type=chunk) - Net cash used in financing activities was **$23.8 million**, reflecting debt refinancing, dividend payments, and treasury stock purchases[151](index=151&type=chunk) [Accounting and Other Reporting Matters](index=39&type=section&id=Accounting%20and%20Other%20Reporting%20Matters) [Non-GAAP Measures (EBITDA and Adjusted EBITDA)](index=39&type=section&id=Non-GAAP%20Measures%20(EBITDA%20and%20Adjusted%20EBITDA)) - EBITDA and Adjusted EBITDA are used as supplemental measures to evaluate operating performance[153](index=153&type=chunk) - These non-GAAP measures have limitations and should not be considered substitutes for GAAP measures[154](index=154&type=chunk) Consolidated Adjusted EBITDA Reconciliation (in thousands) | Consolidated Adjusted EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | EBITDA | $26,796 | $31,393 | $63,995 | $73,454 | | Adjusted EBITDA | $26,843 | $31,638 | $66,351 | $78,467 | [Critical Accounting Policies and Estimates](index=42&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - No modifications were made to critical accounting policies and estimates during the period[158](index=158&type=chunk) [New Accounting Pronouncements](index=42&type=section&id=New%20Accounting%20Pronouncements) - Information regarding recent accounting pronouncements is provided in Note 2 to the financial statements[159](index=159&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from providing market risk disclosures as a smaller reporting company - The Company is a smaller reporting company and is not required to provide these disclosures[160](index=160&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms the effectiveness of disclosure controls with no material internal control changes - Management concluded that disclosure controls and procedures were effective as of July 31, 2025[161](index=161&type=chunk)[162](index=162&type=chunk) - There were no material changes in internal control over financial reporting during the quarter[163](index=163&type=chunk) [Part II. Other Information](index=43&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) Information on legal proceedings is referenced from Note 14 of the financial statements - Legal proceedings information is referenced from Note 14, "Commitments and Contingencies—Litigation"[166](index=166&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor concerning foreign trade policies and tariffs has been added - No material changes to risk factors were reported, other than a new risk related to foreign trade policies and tariffs[167](index=167&type=chunk)[168](index=168&type=chunk) - Changes in foreign trade policies could adversely impact the business by reducing demand or increasing operational costs[168](index=168&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 592,655 shares for $3.8 million and increased its repurchase authorization Share Repurchase Details | Period | Total Number of Shares Purchased | Average Price Paid Per Share (1) | | :------------------------- | :------------------------------- | :------------------------------- | | May 1, 2025 - May 31, 2025 | 104,565 | $6.40 | | June 1, 2025 - June 30, 2025 | 276,283 | $6.14 | | July 1, 2025 - July 31, 2025 | 211,807 | $6.75 | | Total | 592,655 | $6.40 | - In June 2025, the board approved a **$15.0 million increase** to the share repurchase program, bringing total authorizations to **$50.0 million**[171](index=171&type=chunk) - As of July 31, 2025, **$20.4 million** remained available for repurchase under the program[172](index=172&type=chunk) [Item 3. Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The Company reported no defaults upon senior securities - No defaults upon senior securities were reported[173](index=173&type=chunk) [Item 4. Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - Mine Safety Disclosures are not applicable to the Company[173](index=173&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) No other information was reported under this item - No other information was reported[174](index=174&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the report, including CEO/CFO certifications and XBRL documents - The exhibits include certifications from the CEO and CFO, and various Inline XBRL documents[175](index=175&type=chunk) [Signatures](index=45&type=section&id=Signatures) The report is duly signed by the Chief Financial Officer and Secretary on September 4, 2025 - The report was signed by Iain Humphries, Chief Financial Officer and Secretary, on September 4, 2025[178](index=178&type=chunk)

Business Overview - Concrete Pumping Holdings (CPH) is a market leader in concrete pumping services in the US and UK, and a leading concrete waste management service provider in the US[8, 12] - CPH's business model is low risk, as it does not purchase, transport, or own concrete, and invoices daily for its services[17] - CPH's competitive advantages include a wide range of equipment, availability, technical expertise, and reliability[19] Financial Performance - TTM Q3'25 Revenue is $396 million[8] - TTM Q3'25 Adjusted EBITDA is $100 million, with a 253% margin[8] - TTM Q3'25 Free Cash Flow is $58 million[8] Growth Strategy - CPH aims to capture greater market share, optimize pricing and utilization, expand Eco-Pan services, pursue acquisitions, and explore greenfield opportunities[25] - The total US market opportunity for Eco-Pan is estimated at over $850 million, with FY24 revenue at $71 million, representing approximately 8% penetration[27] Financial Outlook and Valuation - FY 2025 Revenue outlook is $380-$390 million, and Adjusted EBITDA outlook is $95-$100 million[71] - FY 2025 Free Cash Flow outlook is approximately $45 million, implying a 12% yield to the current equity value of $380 million[71, 72] - The company's net debt is approximately $384 million, with a leverage ratio of 38x[81, 86]