[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Third Quarter Fiscal Year 2025 Highlights](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202025%20Highlights) Concrete Pumping Holdings reported a decline in revenue and profitability for **Q3 FY2025** compared to **Q3 FY2024**, primarily due to softness in commercial and residential construction demand. Despite these headwinds, the waste management segment showed modest growth, and the company maintained a strong liquidity position | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------------------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 103.7 | 109.6 | (5.9) | (5.4%) | | Gross Profit | 40.4 | 44.5 | (4.1) | (9.2%) | | Income from Operations | 12.9 | 16.6 | (3.7) | (22.3%) | | Net Income | 3.7 | 7.6 | (3.9) | (51.3%) | | Net Income Attributable to Common Shareholders | 3.3 | 7.1 | (3.8) | (53.5%) | | Diluted EPS | 0.07 | 0.13 | (0.06) | (46.2%) | | Adjusted EBITDA | 26.8 | 31.6 | (4.8) | (15.2%) | | Adjusted EBITDA Margin | 25.8% | 28.8% | (3.0%) | - | - Total available liquidity at quarter end was **$358.0 million**, a significant increase from **$236.3 million** one year ago[4](index=4&type=chunk) - Leverage ratio at quarter end was **3.8x**[4](index=4&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Bruce Young highlighted the business model's resilience amidst macroeconomic headwinds and weather disruptions. He noted softness in concrete pumping volumes but modest growth in the waste management segment, emphasizing the benefits of diversification. The company remains focused on cost management, fleet optimization, strategic pricing, generating healthy free cash flow, and thoughtful capital deployment - Concrete pumping volumes experienced softness in commercial demand and, to a lesser extent, residential construction sectors[3](index=3&type=chunk) - Waste management segment delivered modest growth, reinforcing stability and diversification benefits[3](index=3&type=chunk) - Company's strategy includes disciplined cost management, fleet optimization, and strategic pricing to buffer against topline softness[3](index=3&type=chunk) - Commitment to generating healthy free cash flow, maintaining flexibility, and deploying capital thoughtfully through opportunistic share repurchases or targeted acquisitions[3](index=3&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) [Consolidated Financial Results (Q3 FY2025 vs Q3 FY2024)](index=2&type=section&id=Consolidated%20Financial%20Results%20(Q3%20FY2025%20vs%20Q3%20FY2024)) The company experienced a decline in consolidated financial performance in **Q3 FY2025** compared to the prior year, driven by reduced revenue volumes and margin compression, primarily due to challenging market conditions in the construction sector [Revenue and Gross Profit](index=2&type=section&id=Revenue%20and%20Gross%20Profit) Consolidated revenue decreased by **5.4%** to **$103.7 million**, and gross profit declined by **9.2%** to **$40.4 million**, with gross margin contracting by **160 basis points** to **39.0%**. The decline was attributed to ongoing deferrals in commercial construction, softness in residential demand due to high interest rates, and higher rainfall | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 103.7 | 109.6 | (5.9) | (5.4%) | | Gross Profit | 40.4 | 44.5 | (4.1) | (9.2%) | | Gross Margin | 39.0% | 40.6% | (1.6%) | - | - Revenue decrease primarily due to ongoing deferrals in commercial construction demand and softness in residential demand, influenced by persistent high interest rates and higher rainfall in central and southeast regions[5](index=5&type=chunk) [Operating and Net Income](index=2&type=section&id=Operating%20and%20Net%20Income) Income from operations decreased by **22.3%** to **$12.9 million**, and net income fell by **51.3%** to **$3.7 million**. Diluted EPS also saw a significant reduction, reflecting the overall decline in profitability | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------------------------- | :------------- | :------------- | :---------- | :--------- | | Income from Operations | 12.9 | 16.6 | (3.7) | (22.3%) | | Net Income | 3.7 | 7.6 | (3.9) | (51.3%) | | Net Income Attributable to Common Shareholders | 3.3 | 7.1 | (3.8) | (53.5%) | | Diluted EPS | 0.07 | 0.13 | (0.06) | (46.2%) | - General and administrative expenses as a percentage of revenue increased to **26.5%** from **25.5%** in the prior year quarter[6](index=6&type=chunk) [Adjusted EBITDA](index=2&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA decreased by **15.2%** to **$26.8 million**, with the Adjusted EBITDA margin contracting by **300 basis points** to **25.8%**, indicating reduced operational efficiency relative to revenue | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------- | :------------- | :------------- | :---------- | :--------- | | Adjusted EBITDA | 26.8 | 31.6 | (4.8) | (15.2%) | | Adjusted EBITDA Margin | 25.8% | 28.8% | (3.0%) | - | [Liquidity](index=2&type=section&id=Liquidity) As of **July 31, 2025**, the company maintained substantial liquidity with **$358.0 million** available, despite having **$425.0 million** in outstanding debt and **$384.0 million** in net debt | Metric | Amount ($M) | | :-------------------- | :------------ | | Debt Outstanding | 425.0 | | Net Debt | 384.0 | | Total Available Liquidity | 358.0 | [Segment Results](index=2&type=section&id=Segment%20Results) Segment performance varied, with U.S. Concrete Pumping and U.K. Operations experiencing declines due to market softness, while U.S. Concrete Waste Management Services demonstrated growth driven by volume and pricing improvements [U.S. Concrete Pumping](index=2&type=section&id=U.S.%20Concrete%20Pumping) Revenue for U.S. Concrete Pumping decreased by **7.9%** to **$69.3 million**, leading to a significant drop in net income and Adjusted EBITDA, primarily due to economic uncertainty, high interest rates, and adverse weather conditions | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 69.3 | 75.2 | (5.9) | (7.9%) | | Net Income | 1.6 | 5.0 | (3.4) | (68.0%) | | Adjusted EBITDA | 15.6 | 20.3 | (4.7) | (23.2%) | - Decline driven by ongoing deferrals in commercial construction demand and softness in residential demand, mostly due to economic and market uncertainty from high interest rates, and higher rainfall[10](index=10&type=chunk) [U.S. Concrete Waste Management Services](index=2&type=section&id=U.S.%20Concrete%20Waste%20Management%20Services) This segment showed positive growth, with revenue increasing by **4%** to **$19.3 million** and Adjusted EBITDA rising by **3%** to **$7.4 million**, attributed to organic volume growth, pricing improvements, and disciplined cost control. Net income, however, saw a slight decrease | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 19.3 | 18.5 | 0.8 | 4.3% | | Net Income | 1.4 | 1.7 | (0.3) | (17.6%) | | Adjusted EBITDA | 7.4 | 7.2 | 0.2 | 2.8% | - Revenue increase driven by organic volume growth and pricing improvements[11](index=11&type=chunk) - Adjusted EBITDA increase due to improved year-over-year revenue and disciplined cost control[11](index=11&type=chunk) [U.K. Operations](index=2&type=section&id=U.K.%20Operations) U.K. Operations experienced a **5%** revenue decline to **$15.1 million**, with a **10%** decrease excluding foreign currency impacts, due to a slowdown in commercial construction demand. Net income and Adjusted EBITDA also decreased | Metric | Q3 FY2025 ($M) | Q3 FY2024 ($M) | Change ($M) | Change (%) | | :-------------- | :------------- | :------------- | :---------- | :--------- | | Revenue | 15.1 | 15.9 | (0.8) | (5.0%) | | Net Income | 0.7 | 0.9 | (0.2) | (22.2%) | | Adjusted EBITDA | 3.9 | 4.2 | (0.3) | (7.1%) | - Excluding foreign currency translation, revenue was down **10% year-over-year** due to lower volumes caused by a slowdown in commercial construction demand[12](index=12&type=chunk) [Fiscal Year 2025 Outlook](index=2&type=section&id=Fiscal%20Year%202025%20Outlook) The company maintains its **fiscal year 2025** guidance, anticipating revenue between **$380.0 million** and **$390.0 million**, Adjusted EBITDA between **$95.0 million** and **$100.0 million**, and free cash flow of approximately **$45.0 million**, with expectations for a construction market recovery not until **late fiscal year 2026** or **early fiscal year 2027** | Metric | FY2025 Outlook | | :-------------- | :------------- | | Revenue | $380.0M - $390.0M | | Adjusted EBITDA | $95.0M - $100.0M | | Free Cash Flow | ~$45.0M | - Expectations assume the construction market will not start to meaningfully recover until **late fiscal year 2026** or **early fiscal year 2027**[13](index=13&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) [About Concrete Pumping Holdings](index=3&type=section&id=About%20Concrete%20Pumping%20Holdings) 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 like Brundage-Bone, Camfaud, and Eco-Pan. The company leverages a large fleet and trained operators to offer cost-effective, safe, and quality concrete placement and environmental waste management solutions across a broad geographic footprint - Leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K. markets[17](index=17&type=chunk) - Operates under national brands: Brundage-Bone (U.S. concrete pumping), Camfaud (U.K. concrete pumping), and Eco-Pan (U.S. and U.K. waste management)[17](index=17&type=chunk) - As of **July 31, 2025**, the company had approximately **95** U.S. concrete pumping branch locations, **35** U.K. concrete pumping branch locations, and **23** U.S. (plus one shared U.K.) concrete waste management operating locations[17](index=17&type=chunk) [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) The company hosted a conference call on **September 4, 2025**, to discuss its third-quarter **2025** results, with replay options available through **September 11, 2025** - Conference call held on Thursday, **September 4, 2025**, at **5:00 p.m. Eastern time**[15](index=15&type=chunk) - A replay of the conference call was available until **September 11, 2025**[17](index=17&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section outlines the forward-looking nature of certain statements in the press release, cautioning investors that actual results may differ due to various risks and uncertainties, including macroeconomic factors, weather conditions, legal proceedings, and the ability to manage growth and acquisitions. The company disclaims any obligation to update these statements - Statements regarding future performance, including the **fiscal year 2025** outlook, are forward-looking and subject to risks and uncertainties[18](index=18&type=chunk) - Key risk factors include inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions, adverse weather, legal proceedings, ability to grow profitably, and successful acquisitions[18](index=18&type=chunk) - The company does not undertake any obligation to publicly release updates or revisions to forward-looking statements[18](index=18&type=chunk) [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) The report utilizes several non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow, and leverage ratio, to provide supplemental information for management and investors. These measures are defined, their utility explained, and their limitations acknowledged, with a note on the impracticality of reconciling forward-looking non-GAAP guidance to GAAP measures - Non-GAAP measures used include Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow, and leverage ratio[19](index=19&type=chunk) - These measures provide useful supplemental information for evaluating financial condition, operating results, and comparing performance with competitors[21](index=21&type=chunk) - Adjusted EBITDA is calculated by taking GAAP net income and adding back interest expense, income tax expense, depreciation and amortization, and further adjusting for items like loss on debt extinguishment, stock-based compensation, and other non-recurring expenses[20](index=20&type=chunk) - Net debt is calculated as total debt outstanding less cash, and free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest[22](index=22&type=chunk)[24](index=24&type=chunk) - The company has not reconciled forward-looking Adjusted EBITDA and free cash flow guidance to GAAP measures due to the lack of predictability of reconciling items[25](index=25&type=chunk) [Contact Information](index=5&type=section&id=Contact%20Information) Contact details for the company's Chief Financial Officer and Investor Relations are provided for inquiries - Contact for Company: Iain Humphries, Chief Financial Officer, **1-303-289-7497**[27](index=27&type=chunk) - Contact for Investor Relations: Cody Slach, Gateway Group, Inc., **1-949-574-3860**, BBCP@gateway-grp.com[27](index=27&type=chunk) [Financial Statements & Reconciliations](index=7&type=section&id=Financial%20Statements%20%26%20Reconciliations) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a slight decrease in total assets from **$898.0 million** in **October 2024** to **$886.0 million** in **July 2025**. Total liabilities increased from **$551.3 million** to **$599.7 million**, while total stockholders' equity decreased from **$321.7 million** to **$261.3 million** over the same period | 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 | | Cash and Cash Equivalents | $41,001 | $43,041 | | Long Term Debt, net | $417,629 | $373,260 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended **July 31, 2025**, revenue decreased by **5.4% year-over-year**, leading to a **51.1%** drop in net income. For the nine months ended **July 31, 2025**, revenue decreased by **9.6%**, and net income saw an **84.4%** decline compared to the prior year | 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 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | 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 | | Diluted EPS | $0.07 | $0.13 | $- | $0.10 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended **July 31, 2025**, net cash provided by operating activities decreased to **$49.9 million** from **$64.5 million** in the prior year. Net cash used in investing activities remained relatively stable at **$28.2 million**, while net cash used in financing activities decreased slightly to **$23.8 million** | 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 | $26,333 | [Segment Revenue](index=10&type=section&id=Segment%20Revenue) Consolidated revenue for **Q3 FY2025** decreased by **5.4% year-over-year**, primarily driven by declines in U.S. Concrete Pumping and U.K. Operations, partially offset by growth in U.S. Concrete Waste Management Services | Segment (in thousands) | Q3 FY2025 Revenue | Q3 FY2024 Revenue | Change ($) | Change (%) | | :-------------------------------- | :---------------- | :---------------- | :--------- | :--------- | | U.S. Concrete Pumping | $69,271 | $75,213 | $(5,942) | (7.9%) | | U.S. Concrete Waste Management Services | $19,337 | $18,545 | $792 | 4.3% | | U.K. Operations | $15,068 | $15,859 | $(791) | (5.0%) | | **Total Revenue** | **$103,676** | **$109,617** | **$(5,941)** | **(5.4%)** | | Segment (in thousands) | YTD FY2025 Revenue | YTD FY2024 Revenue | Change ($) | Change (%) | | :-------------------------------- | :----------------- | :----------------- | :--------- | :--------- | | U.S. Concrete Pumping | $188,293 | $216,514 | $(28,221) | (13.0%) | | U.S. Concrete Waste Management Services | $54,087 | $51,063 | $3,024 | 5.9% | | U.K. Operations | $41,700 | $46,813 | $(5,113) | (10.9%) | | **Total Revenue** | **$284,080** | **$314,390** | **$(30,310)** | **(9.6%)** | [Segment Adjusted EBITDA and Net Income (Loss)](index=10&type=section&id=Segment%20Adjusted%20EBITDA%20and%20Net%20Income%20(Loss)) Segment-wise, U.S. Concrete Pumping saw significant declines in both net income and Adjusted EBITDA for **Q3** and **YTD FY2025**. U.S. Concrete Waste Management Services showed growth in Adjusted EBITDA for both periods, while U.K. Operations experienced decreases in both metrics | Segment (in thousands) | Q3 FY2025 Net Income | Q3 FY2024 Net Income | Change ($) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | :--------- | | U.S. Concrete Pumping | $1,625 | $4,954 | $(3,329) | (67.2%) | | U.S. Concrete Waste Management Services | $1,391 | $1,701 | $(310) | (18.2%) | | U.K. Operations | $683 | $905 | $(222) | (24.5%) | | **Total** | **$3,699** | **$7,560** | **$(3,861)** | **(51.1%)** | | Segment (in thousands) | Q3 FY2025 Adjusted EBITDA | Q3 FY2024 Adjusted EBITDA | Change ($) | Change (%) | | :-------------------------------- | :------------------------ | :------------------------ | :--------- | :--------- | | U.S. Concrete Pumping | $15,604 | $20,255 | $(4,651) | (23.0%) | | U.S. Concrete Waste Management Services | $7,371 | $7,155 | $216 | 3.0% | | U.K. Operations | $3,868 | $4,228 | $(360) | (8.5%) | | **Total** | **$26,843** | **$31,638** | **$(4,795)** | **(15.2%)** | - The company updated its methodology for allocating corporate costs in **Q1 FY2025**, leading to reclassification of prior period segment results for conformity[33](index=33&type=chunk) [Quarterly Financial Performance](index=13&type=section&id=Quarterly%20Financial%20Performance) Quarterly performance shows fluctuations, with **Q3 FY2025** revenue at **$104 million** and net income at **$4 million**, an improvement from **Q1** and **Q2 FY2025**, but still below **Q3 FY2024** levels. Adjusted EBITDA also improved sequentially but remained lower year-over-year | Quarter | Revenue ($M) | Net Income ($M) | Adjusted EBITDA ($M) | Diluted EPS ($) | | :------ | :----------- | :-------------- | :------------------- | :-------------- | | Q1 2024 | 98 | (4) | 19 | (0.08) | | Q2 2024 | 107 | 3 | 28 | 0.05 | | Q3 2024 | 110 | 8 | 32 | 0.13 | | Q4 2024 | 111 | 9 | 34 | 0.16 | | Q1 2025 | 86 | (3) | 17 | (0.06) | | Q2 2025 | 94 | 0 | 22 | (0.01) | | Q3 2025 | 104 | 4 | 27 | 0.07 | - Capital expenditures for **Q3 2025** included approximately **$3 million** in growth investment[39](index=39&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=14&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) This section provides detailed reconciliations of net income to Adjusted EBITDA for consolidated operations and each segment (U.S. Concrete Pumping, U.S. Concrete Waste Management Services, U.K. Operations) for both the three and nine months ended **July 31, 2025** and **2024**, highlighting the adjustments made for non-GAAP reporting | Metric (in thousands) | Q3 FY2025 | Q3 FY2024 | YTD FY2025 | YTD FY2024 | | :---------------------------------------------------------------- | :-------- | :-------- | :--------- | :--------- | | **Consolidated** | | | | | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | Interest expense and amortization of deferred financing costs, net of interest income | $8,126 | $6,261 | $22,222 | $19,597 | | Income tax expense | $1,333 | $3,081 | $295 | $4,250 | | Depreciation and amortization | $13,638 | $14,491 | $40,422 | $42,827 | | **EBITDA** | **$26,796** | **$31,393** | **$63,995** | **$73,454** | | Loss on debt extinguishment | - | - | $1,392 | - | | Stock based compensation | $526 | $644 | $1,431 | $1,917 | | Change in fair value of warrant liabilities | - | - | - | $(130) | | Other income, net | $(228) | $(276) | $(290) | $(360) | | Other adjustments | $(251) | $(123) | $(177) | $3,586 | | **Adjusted EBITDA** | **$26,843** | **$31,638** | **$66,351** | **$78,467** | - Other adjustments for the nine months ended **July 31, 2024**, included a **$3.5 million** non-recurring charge related to sales tax litigation[40](index=40&type=chunk) [Reconciliation of Net Debt](index=15&type=section&id=Reconciliation%20of%20Net%20Debt) The reconciliation shows the company's net debt increased from **$348.7 million** as of **July 31, 2024**, to **$384.0 million** as of **July 31, 2025**, primarily due to an increase in Senior Notes outstanding | Metric (in thousands) | July 31, 2024 | October 31, 2024 | January 31, 2025 | April 30, 2025 | July 31, 2025 | | :-------------------- | :------------ | :--------------- | :--------------- | :------------- | :------------ | | Senior Notes | $375,000 | $375,000 | $425,000 | $425,000 | $425,000 | | Revolving loan draws outstanding | - | $20 | - | - | - | | Less: Cash | $(26,333) | $(43,041) | $(85,132) | $(37,788) | $(41,001) | | **Net Debt** | **$348,667** | **$331,979** | **$339,868** | **$387,212** | **$383,999** | [Reconciliation of Historical Adjusted EBITDA](index=15&type=section&id=Reconciliation%20of%20Historical%20Adjusted%20EBITDA) This table provides a quarterly reconciliation of net income (loss) to Adjusted EBITDA from **Q1 2024** through **Q3 2025**, detailing the adjustments for interest, taxes, depreciation, amortization, stock-based compensation, and other items | Metric (in thousands) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | :------ | :------ | | Net income (loss) | $(3,826) | $3,046 | $7,560 | $9,427 | $(2,639) | $(4) | $3,699 | | Interest expense and amortization of deferred financing costs | $6,463 | $6,873 | $6,261 | $5,976 | $5,802 | $8,294 | $8,126 | | Income tax expense (benefit) | $(1,011) | $2,180 | $3,081 | $3,854 | $(1,036) | $(2) | $1,333 | | Depreciation and amortization | $14,097 | $14,239 | $14,491 | $14,283 | $13,200 | $13,584 | $13,638 | | **EBITDA** | **$15,723** | **$26,338** | **$31,393** | **$33,540** | **$15,327** | **$21,872** | **$26,796** | | Loss on debt extinguishment | - | - | - | - | $1,392 | - | - | | Stock based compensation | $536 | $737 | $644 | $477 | $367 | $538 | $526 | | Change in fair value of warrant liabilities | $(130) | - | - | - | - | - | - | | Other expense (income), net | $(39) | $(44) | $(276) | $(47) | $(34) | $(28) | $(228) | | Other adjustments | $3,191 | $517 | $(123) | $(290) | $(41) | $155 | $(251) | | **Adjusted EBITDA** | **$19,281** | **$27,548** | **$31,638** | **$33,680** | **$17,011** | **$22,497** | **$26,843** | - Other adjustments for **Q1 FY2024** included a **$3.5 million** non-recurring charge related to sales tax litigation[43](index=43&type=chunk)

Core Viewpoint - Concrete Pumping Holdings, Inc. reported a decline in revenue and net income for the third quarter of fiscal year 2025, primarily due to ongoing deferrals in commercial construction demand and softness in residential construction, exacerbated by high interest rates and adverse weather conditions [4][6][9]. Financial Results - Revenue for Q3 FY 2025 was $103.7 million, down from $109.6 million in Q3 FY 2024, representing a decrease of 5.4% [4][10]. - Gross profit decreased to $40.4 million from $44.5 million, with a gross margin decline of 160 basis points to 39.0% [5][10]. - Net income fell to $3.7 million, compared to $7.6 million in the prior year, with net income attributable to common shareholders at $3.3 million, or $0.07 per diluted share [6][10]. - Adjusted EBITDA was $26.8 million, down from $31.6 million, with an adjusted EBITDA margin of 25.8%, compared to 28.8% in the prior year [7][10]. Segment Performance - U.S. Concrete Pumping revenue was $69.3 million, a decrease of 7.9% from $75.2 million in the prior year, with net income dropping to $1.6 million from $5.0 million [9][34]. - U.S. Concrete Waste Management Services saw a revenue increase of 4% to $19.3 million, driven by organic volume growth and pricing improvements [11][34]. - U.K. Operations revenue decreased to $15.1 million from $15.9 million, with a 10% decline when excluding foreign currency translation effects [12][34]. Liquidity and Debt - As of July 31, 2025, the company had outstanding debt of $425.0 million and net debt of $384.0 million, with total available liquidity of $358.0 million [8][10]. Fiscal Year 2025 Outlook - The company expects FY 2025 revenue to range between $380.0 million to $390.0 million, with adjusted EBITDA projected between $95.0 million to $100.0 million, and free cash flow around $45.0 million [13].

Core Viewpoint - Concrete Pumping Holdings, Inc. (CPH) will hold a conference call on September 4, 2025, to discuss its financial results for the third quarter ended July 31, 2025 [1][2] Company Overview - CPH is a leading provider of concrete pumping and waste management services in the U.S. and U.K., operating under established national brands: Brundage-Bone in the U.S., Camfaud in the U.K., and Eco-Pan for waste management [3] - The company operates approximately 90 branch locations across 22 states in the U.S. and 35 branch locations in the U.K. for concrete pumping services, along with 21 operating locations in the U.S. and one in the U.K. for route-based concrete waste management services [3] Conference Call Details - The conference call will be hosted by CEO Bruce Young and CFO Iain Humphries, followed by a Q&A session [2] - Participants can join the call using the toll-free number 1-877-407-9039 or the international number 1-201-689-8470, with a conference ID of 13755065 [2] - A live broadcast of the conference call will be available, and a replay will be accessible after 8:00 p.m. Eastern Time on the same day through September 11, 2025 [3]

Group 1 - Concrete Pumping Holdings (BBCP) provides concrete pumping and waste management services primarily in the U.S. and U.K. The Zacks Consensus Estimate for its current year earnings has been revised 70.8% downward over the last 60 days [1] - Belite Bio (BLTE) is focused on developing novel therapeutics for untreatable eye diseases and metabolic diseases. The Zacks Consensus Estimate for its current year earnings has been revised almost 59.1% downward over the last 60 days [2] - Camping World (CWH) offers services, protection plans, products, and resources for recreational vehicle enthusiasts. The Zacks Consensus Estimate for its current year earnings has been revised 17.8% downward over the last 60 days [3]

Core Viewpoint - Concrete Pumping Holdings, Inc. is discussing its financial results for the second quarter ended April 30, 2025, during a conference call with key executives present [2][3]. Company Overview - The conference call features CEO Bruce Young, CFO Iain Humphries, and External Director of Investor Relations Cody Slach [3]. - The company emphasizes the importance of understanding its operations through forward-looking statements, which are subject to various risks and uncertainties [4]. Financial Reporting - The call will reference non-GAAP financial measures such as adjusted EBITDA, net debt, and free cash flow, which are considered useful for investors [6].

Group 1 - Concrete Pumping reported a quarterly loss of $0.01 per share, missing the Zacks Consensus Estimate of $0.03, and compared to earnings of $0.05 per share a year ago, representing an earnings surprise of -133.33% [1] - The company posted revenues of $93.96 million for the quarter ended April 2025, missing the Zacks Consensus Estimate by 4.42%, and down from year-ago revenues of $107.06 million [2] - Over the last four quarters, Concrete Pumping has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Group 2 - The stock has gained approximately 6.6% since the beginning of the year, outperforming the S&P 500's gain of 1.5% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $0.13 on $110.3 million in revenues, and $0.24 on $409.6 million in revenues for the current fiscal year [7] Group 3 - The Zacks Industry Rank indicates that the Waste Removal Services industry is currently in the bottom 39% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Concrete Pumping is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it will perform in line with the market in the near future [6]

Financial Data and Key Metrics Changes - Revenue for the second quarter was $94 million, down from $107.1 million in the prior year quarter, primarily due to a decline in the U.S. Concrete Pumping segment [10][11] - Gross margin declined by 50 basis points to 38.5% compared to 39% in the same year ago quarter [12] - Net loss available to common shareholders was $400,000 or $0.01 per diluted share, compared to net income of $2.6 million or $0.05 per diluted share in the prior year quarter [13] - Consolidated adjusted EBITDA was $22.5 million, down from $27.5 million in the same year ago quarter, with an adjusted EBITDA margin of 23.9% compared to 25.7% in the prior year quarter [13][14] Business Line Data and Key Metrics Changes - U.S. Concrete Pumping segment revenue was $62.1 million, down from $74.6 million in the prior year quarter, with adverse weather impacting revenue by approximately $3 million to $4 million [10][11] - U.K. operations revenue was $13.8 million, down from $15.5 million in the same year ago quarter, due to lower volumes from a slowdown in commercial construction [11] - U.S. Concrete Waste Management Services revenue increased by 7% to $18.1 million, driven by increased pan pickup volumes and improved pricing [12][14] Market Data and Key Metrics Changes - The commercial end market is experiencing construction softness, particularly in interest rate-sensitive areas, while residential markets in certain regions remain resilient [6][8] - Infrastructure end markets continue to grow, with strong performance in the U.K. and the U.S., supported by funding from the Infrastructure Investment and Jobs Act [9][10] Company Strategy and Development Direction - The company is focused on capital allocation, cost discipline, fleet optimization, and strategic pricing to navigate the challenging construction environment [4][5] - The company plans to continue investments in fleet and strategic acquisitions when the timing is right, while maintaining a strong balance sheet [20] Management's Comments on Operating Environment and Future Outlook - Management noted that higher interest rates and macroeconomic uncertainty are delaying commercial project starts, with expectations for a market recovery pushed to 2026 at the earliest [17][19] - The company remains optimistic about the infrastructure market, expecting continued growth due to strong project backlogs and funding availability [26][30] Other Important Information - The company repurchased approximately 1 million shares for $6 million during the second quarter, with an additional $15 million authorized for the share buyback plan [16] - The adjusted EBITDA guidance for fiscal year 2025 is expected to range between $95 million and $100 million, with revenue projected between $380 million and $390 million [17] Q&A Session Summary Question: Clarification on guidance regarding construction market recovery - Management confirmed that the expectation of no meaningful recovery pertains to both commercial and residential construction, with optimism for recovery in the commercial market once tariff discussions settle [22][24] Question: Visibility into the infrastructure market - Management indicated strong growth across nearly all segments of infrastructure, including roads, bridges, and airport construction, with expectations for continued strength in both the U.S. and U.K. [25][26] Question: Project delays and customer feedback - Management noted that project delays are primarily due to tariffs and uncertainty, but customers have strong backlogs for the next year, indicating optimism for future project starts [29][30]

Financial Data and Key Metrics Changes - Revenue for the second quarter was $94 million, down from $107.1 million in the prior year quarter, primarily due to a decline in the U.S. Concrete Pumping segment [10][11] - Gross margin declined by 50 basis points to 38.5% compared to 39% in the same year ago quarter [12] - Net loss available to common shareholders was $400,000 or $0.01 per diluted share, compared to net income of $2.6 million or $0.05 per diluted share in the prior year quarter [13] - Consolidated adjusted EBITDA was $22.5 million, down from $27.5 million in the same year ago quarter, with an adjusted EBITDA margin of 23.9% compared to 25.7% in the prior year quarter [13][14] Business Line Data and Key Metrics Changes - U.S. Concrete Pumping segment revenue was $62.1 million, down from $74.6 million in the prior year quarter, with adverse weather impacting revenue by approximately $3 million to $4 million [10][11] - U.K. operations revenue was $13.8 million, down from $15.5 million in the same year ago quarter, due to lower volumes from a slowdown in commercial construction [11] - U.S. Concrete Waste Management Services segment revenue increased by 7% to $18.1 million compared to $16.9 million in the prior year quarter, driven by increased pan pickup volumes and improved pricing [12] Market Data and Key Metrics Changes - The commercial end market is experiencing construction softness, particularly in interest rate-sensitive sectors like commercial and office buildings [6] - Residential end markets in the Mountain and Texas regions remain resilient, but signs of softness are emerging in other U.S. regions due to elevated interest rates [7][8] - Infrastructure end markets continue to grow, with expectations for robust performance in fiscal year 2025 due to favorable funding environments in both the U.K. and U.S. [8][9] Company Strategy and Development Direction - The company remains focused on capital allocation, cost discipline, fleet optimization, and strategic pricing despite macroeconomic headwinds [4][5] - The company is committed to a prudent capital allocation and flexible investment strategy, with expectations for continued investments in fleet and service offerings [18][19] - The company plans to pursue disciplined strategic acquisitions and return capital to shareholders through share buybacks and dividends [21] Management's Comments on Operating Environment and Future Outlook - Management noted that higher interest rates and macroeconomic uncertainty are delaying commercial project starts and impacting residential construction [5][18] - The company does not expect a meaningful market rebound in the current fiscal year, adjusting revenue guidance to between $380 million and $390 million [18] - Management expressed optimism about the recovery of the commercial market once tariff discussions settle and interest rates potentially decrease [25] Other Important Information - The company repurchased approximately 1 million shares for $6 million during the second quarter, with an additional $15 million authorized for the share buyback plan [16][17] - Total debt outstanding as of April 30, 2025, was $425 million, with a net debt to EBITDA leverage ratio of approximately 3.7 times [15] Q&A Session Summary Question: Confirmation on guidance regarding construction recovery - Management confirmed that the expectation of no meaningful recovery pertains to both commercial and residential construction, with optimism for the commercial market once tariff discussions settle and interest rates decrease [24][25] Question: Visibility into the infrastructure market - Management indicated growth across nearly all segments of infrastructure, with strong results expected in 2025, particularly in roads, bridges, and airport construction [26][27] Question: Project delays and customer feedback - Management noted that project delays are primarily due to tariffs and uncertainty, but customers have strong backlogs for next year, indicating optimism for future project starts [30][31]

Revenue Performance - Total revenue for the three months ended April 30, 2025, was $93.96 million, a decrease of 12.2% from $107.06 million for the same period in 2024[98]. - Revenue from the U.S. Concrete Pumping segment decreased by 16.8%, or $12.5 million, from $74.6 million in Q2 2024 to $62.1 million in Q2 2025, primarily due to a slowdown in commercial construction and adverse weather[99]. - Revenue for the U.S. Concrete Waste Management Services segment increased by 6.9%, or $1.2 million, from $16.9 million in Q2 2024 to $18.1 million in Q2 2025, driven by organic growth and pricing improvements[100]. - Total revenue for the six months ended April 30, 2025, was $180.4 million, down 11.9% from $204.8 million for the same period in 2024[109]. - Revenue from the U.S. Concrete Pumping segment for the six months ended April 30, 2025, decreased by 15.8%, or $22.3 million, from $141.3 million in 2024 to $119.0 million in 2025[110]. - Revenue for the U.K. Operations segment decreased by 14.0%, or $4.3 million, from $30.9 million in the six months ended April 30, 2024, to $26.6 million in 2025[112]. Profitability Metrics - Gross profit for the three months ended April 30, 2025, was $36.18 million, down 13.4% from $41.77 million in the same period in 2024[102]. - Gross profit for the six months ended April 30, 2025 was $67.4 million, a decrease of $7.7 million (10.2%) from $75.1 million in the same period of 2024[113]. - Gross margin improved to 37.4% for the six months ended April 30, 2025, compared to 36.7% for the same period in 2024, primarily due to lower fuel and commercial insurance costs[113]. - Adjusted EBITDA for the U.S. Concrete Pumping segment was $21.8 million for the six months ended April 30, 2025, down $7.3 million (25.0%) from $29.1 million in 2024[125]. - Total adjusted EBITDA for the company was $46.8 million for the six months ended April 30, 2025, a decrease of $7.3 million (15.6%) from $39.5 million in 2024[125]. - Adjusted EBITDA for the three months ended April 30, 2025, was $22,497,000, down 18.2% from $27,548,000 in the prior year[152]. Expenses and Financial Costs - General and administrative expenses for Q2 2025 were $27.9 million, a decrease of $1.8 million from $29.7 million in Q2 2024, with G&A as a percentage of revenue increasing to 29.7%[103]. - Interest expense for Q2 2025 was $8.3 million, an increase of $1.4 million from $6.9 million in Q2 2024, primarily due to refinancing of senior notes[105]. - General and administrative (G&A) expenses decreased by $5.9 million to $55.7 million for the six months ended April 30, 2025, representing 30.9% of revenue, up from 30.1% in 2024[114]. - Interest expense for the six months ended April 30, 2025 was $14.1 million, an increase of $0.8 million from $13.3 million in the same period of 2024, mainly due to refinancing of senior notes[116]. - Total interest expense and amortization of deferred financing costs for the six months ended April 30, 2025, was $14,096,000, an increase from $13,336,000 in the prior year[152]. Net Income and Loss - Consolidated net income for the three months ended April 30, 2025, was a loss of $4,000 compared to a net income of $3,046,000 for the same period in 2024[152]. - Net loss for the U.S. Concrete Pumping segment was $4.7 million for the six months ended April 30, 2025, compared to a net loss of $2.3 million in the same period of 2024[125]. - U.S. Concrete Waste Management Services segment reported net income of $1.4 million for the six months ended April 30, 2025, compared to a net loss of $0.2 million in 2024[126]. - U.K. Operations segment net income decreased to $0.6 million for the six months ended April 30, 2025, down from $1.5 million in 2024[127]. - U.S. Concrete Pumping segment reported a net loss of $1,601,000 for the three months ended April 30, 2025, compared to a net income of $937,000 in the same period of 2024[152]. - U.S. Concrete Waste Management Services achieved a net income of $1,202,000 for the three months ended April 30, 2025, up from $1,065,000 in the prior year[152]. Cash Flow and Liquidity - As of April 30, 2025, the company had $37.8 million in cash and cash equivalents and $314.7 million in available borrowing capacity under the ABL Facility, totaling $352.5 million in liquidity[129]. - Net cash provided by operating activities for the six months ended April 30, 2025 was $30.8 million, despite a net loss of $2.6 million[143]. - Gross capital expenditures for the six months ended April 30, 2025 were approximately $19.5 million, down from $28.8 million in the same period of 2024[133]. - The company used $16.3 million for investing activities during the six months ended April 30, 2025, primarily for property, plant, and equipment[145]. - Net cash used in financing activities was $19.9 million for the six months ended April 30, 2025, which included $425.0 million from the issuance of 2032 Notes and $375.0 million for the extinguishment of 2026 Notes[147]. - The company had a working capital surplus of $45.7 million as of April 30, 2025, and is in compliance with its debt covenants[132]. Strategic Initiatives - The company views strategic acquisitions as opportunities to enhance competitiveness and plans to allocate capital for opportunistic M&A using cash and revolving credit[90]. - The ABL Facility was amended to increase maximum borrowings from $225.0 million to $350.0 million and extend its maturity to September 6, 2029[138]. - The company had no outstanding balance under the ABL Facility as of April 30, 2025, and maintained $1.1 million in credit line reserves[139]. - The company’s future capital requirements may vary significantly based on revenue growth, potential acquisitions, and overall economic conditions[130]. Other Financial Adjustments - The company incurred a loss on debt extinguishment of $1,392,000 for the six months ended April 30, 2025[152]. - Other adjustments for the six months ended April 30, 2025, included a non-recurring charge related to sales tax litigation amounting to $3.5 million[152]. - The company did not make modifications to its critical accounting policies and estimates during the six months ended April 30, 2025[154].

Business Overview - Concrete Pumping Holdings (CPH) reported revenue of $402 million [8], Adjusted EBITDA of $105 million with a 26.1% margin, and Free Cash Flow of $69 million for the trailing twelve months (TTM) ending Q2 2025 [8] - CPH is the largest concrete pumping service provider in the U S and the U K [12] - The company also provides concrete waste management services in the U S with an emerging presence in the U K [12] Market Position and Growth Strategy - CPH is approximately 6 times larger than its nearest competitor in the U S and U K concrete pumping industry [23] - The company aims to capture greater market share, optimize pricing and utilization, expand Eco-Pan services, pursue acquisitions, and explore greenfield opportunities for continued growth [25] - The total U S market opportunity for Eco-Pan is estimated to be over $850 million, with current penetration representing 17% of FY24 revenue, or $71 million [27] Financial Performance and Valuation - CPH's management team beneficially owns approximately 5% of the company [56] - The company's enterprise value is $776 million, with an equity value of $389 million and net debt of $387 million [84] - CPH's valuation measures include an EV/TTM Adjusted EBITDA of 7 4x and a free cash flow yield of 18% [84] FY 2025 Outlook - CPH anticipates revenue between $380 million and $390 million for FY 2025 [69] - Adjusted EBITDA is projected to be in the range of $95 million to $100 million [69] - Free cash flow is expected to be around $45 million, implying a 12% yield to the current equity value of $389 million [69, 70]