HAMILTON, Bermuda--(BUSINESS WIRE)--Typewriter Ascend Ltd, an entity controlled by Stonepeak and an affiliate of Textainer, has completed its acquisition of marine container leasing company Global Sea Containers Limited ("Seaco†) from Global Sea Containers Two Limited, a wholly owned subsidiary of Bohai Leasing Co., Ltd. The acquisition demonstrates Stonepeak's ongoing commitment to container leasing and reinforces Textainer's long-standing strategic objective to be customers' "first call†for the supply o ...

CALGARY, AB / ACCESS Newswire / December 1, 2025 / Tornado Infrastructure Equipment Ltd. ("Tornado" or the "Company") (TSXV:TGH)(OTCQX:TGHLF) today reported its unaudited condensed consolidated financial results for the three and nine-month periods ended September 30, 2025. ...

Core Insights - Tornado Infrastructure Equipment Ltd. has entered into a private label manufacturing agreement with Ascend Hydrovacs Inc. to produce hydrovac units, which is expected to generate significant revenue for the company [1][3]. Group 1: Supply Agreement Details - CustomVac will manufacture 13-yard tipping tank hydrovac units exclusively for Ascend, tailored to meet specific operational requirements [2]. - The Supply Agreement includes a commitment for the delivery of proprietary hydrovac trucks over the next four fiscal years starting in 2026, estimated to generate minimum gross revenue of CAD$88.2 million [3][13]. - Ascend will pay Tornado an intellectual property fee of up to CAD$1.8 million per unit for rights to the co-developed hydrovac product design [3][13]. Group 2: Operational Developments - The partnership enhances CustomVac's position as a leading original equipment manufacturer in private label hydrovac manufacturing [4][13]. - Production will take place at CustomVac's advanced facility in Nisku, Alberta, with initial deliveries expected later this year [4][13]. - Tornado's new manufacturing facility in Red Deer is nearing completion, which is anticipated to improve operational efficiencies and increase capacity starting in Q3 2025 [4][13]. Group 3: Company Background - CustomVac specializes in manufacturing and servicing mobile vacuum equipment for various sectors including oil and gas, utilities, and environmental services [5][6]. - Tornado has sold over 1,800 hydrovacs since 2008 and is recognized as a leader in the vacuum truck industry [7].

Core Viewpoint - Tornado Infrastructure Equipment Ltd. reported a strong financial performance in Q1 2025, highlighted by a 17.3% increase in net income and the strategic acquisition of Custom Vacuum Services Ltd. to enhance its product offerings and operational efficiency [1][2][3]. Financial Performance - Net income for Q1 2025 was $2,846,000, an increase of $419,000 (17.3%) compared to $2,427,000 in Q1 2024 [3][5]. - Net income per share (diluted) rose to $0.020, up by $0.002 (11.1%) from $0.018 in Q1 2024 [3][5]. - Revenue reached $35,649,000, reflecting a $1,745,000 (5.1%) increase from $33,904,000 in Q1 2024, driven by higher hydrovac truck sales and strategic partnerships [3][5]. - Gross profit increased to $7,749,000, a rise of $2,007,000 (35.0%) compared to $5,742,000 in Q1 2024, attributed to improved operational efficiency and increased sales [3][4]. Acquisition of CustomVac - The acquisition of Custom Vacuum Services Ltd. was completed for $28 million, aimed at expanding Tornado's footprint in the infrastructure equipment sector [2][3]. - CustomVac's trailing 12-month gross profit was $9.58 million, with assets of $11.59 million as of January 31, 2025 [3]. - The acquisition is expected to be immediately accretive and profitable, providing new product lines and synergy opportunities for cross-selling [3][10]. Operational Highlights - EBITDAS for Q1 2025 was $4,522,000, an increase of $1,088,000 (31.7%) from $3,434,000 in Q1 2024, driven by increased revenue and gross profit [3][5]. - EBITDAS per share (diluted) rose to $0.032, up by $0.007 (25.0%) from $0.025 in Q1 2024 [3][5]. - The company sold 81 hydrovac trucks in Q1 2025, compared to 79 in Q1 2024, indicating a growing demand in North America [3][4]. Future Outlook - Management anticipates continued growth in production and sales of hydrovac trucks in 2025, supported by ongoing infrastructure spending and the benefits from the CustomVac acquisition [6][9]. - The completion of a new production building in Red Deer is expected to enhance production capacity and operational efficiencies [9][10]. - The company is committed to continuous product innovation and improvement, aiming to maintain a competitive edge in the hydrovac truck market [9][10].

Company Overview - Tornado Infrastructure Equipment Ltd. is a leading manufacturer of specialized infrastructure and excavation equipment, particularly known for its hydrovac trucks [2] - The company has sold over 1,800 hydrovacs since 2008, establishing itself as a pioneer in the vacuum truck industry [2] - Tornado designs and manufactures hydrovac trucks and provides heavy-duty truck maintenance operations in central Alberta [2] Product and Market Position - Hydrovac trucks utilize high-pressure water and vacuum to safely excavate soil, exposing critical infrastructure for repair and installation without causing damage [2] - The hydrovac excavation method is becoming a standard practice in North America, especially for urban excavations and around critical infrastructure, significantly reducing damage and fatalities [2] Recent Developments - On May 20, 2025, Tornado granted incentive stock options for the purchase of up to 500,000 common shares to a key employee, with an exercise price of $1.71 per share, expiring five years from the grant date [1]

Core Viewpoint - The acquisition of Custom Vacuum Services Ltd. by Tornado Infrastructure Equipment Ltd. is a strategic move aimed at expanding Tornado's presence in the infrastructure equipment sector and enhancing its product portfolio [2][6][23]. Acquisition Details - Tornado has acquired all issued and outstanding shares of CustomVac for an aggregate purchase price of $28,000,000, paid in cash [1]. - CustomVac specializes in manufacturing and servicing truck-mounted and semi-trailer mounted vacuum equipment for various sectors in Canada [1][8]. - The acquisition is classified as an "Exempt Transaction" under TSX Venture Exchange Policy 5.3, with no finders' fees involved [5]. Strategic Importance - The acquisition is part of Tornado's broader strategy to identify and acquire high-quality businesses that complement its existing offerings [2][3]. - CustomVac's strong market presence in Western Canada, combined with Tornado's North American sales channels, is expected to drive immediate growth and cost efficiencies [6][23]. - The in-house manufacturing capabilities of CustomVac will allow Tornado to localize production of key components, improving speed and cost-effectiveness [6][23]. Financial Aspects - CustomVac's unaudited trailing 12-month gross profit was reported at $9,580,000, with total assets of $11,592,000 as of January 31, 2025 [9]. - The acquisition is expected to be profitable and immediately accretive to Tornado [9][23]. - Tornado entered the transaction with modest existing debt and plans to utilize a combination of cash on hand and a new term loan to fund the acquisition [7][11]. Financing Structure - Tornado has amended its TD Facility, which includes a new $25,000,000 term loan to partially finance the acquisition [11][12]. - The Operating Line has been increased from $6,000,000 to a maximum of $8,000,000, providing additional working capital for the growing business [13][15]. - The TD Facility is secured by a first-ranking security interest in all present and future assets of the Company and its subsidiaries [15].

Core Insights - Tornado Infrastructure Equipment Ltd. reported a record year in 2024, achieving significant increases in net income and revenue despite the absence of a one-time intellectual property sale from 2023 [3][5]. Financial Performance - Net income per share (diluted) increased by 37.7% to $0.073 in 2024 from $0.053 in 2023 [5]. - Total net income rose by 40.3% to $10,302 thousand in 2024 compared to $7,342 thousand in 2023, primarily driven by increased revenue from hydrovac truck sales [5]. - Revenue for 2024 reached $136,891 thousand, a 30.4% increase from $105,008 thousand in 2023, attributed to several factors including a supply contract with Ditch Witch and increased demand for hydrovac trucks [5][9]. - Gross profit for 2024 was $25,632 thousand, up 30.8% from $19,600 thousand in 2023, reflecting improved production efficiency [5]. Quarterly Overview - In Q4 2024, net income per share (diluted) was $0.024, a decrease of 27.1% from $0.033 in Q4 2023, mainly due to the absence of a one-time IP profit recognized in Q4 2023 [6][8]. - Revenue for Q4 2024 was $38,113 thousand, a 14.4% increase from $33,302 thousand in Q4 2023, driven by strong customer demand [8]. Strategic Outlook - The company anticipates continued growth in production and sales of hydrovac trucks in 2025, supported by the expansion of the Red Deer Facility and new product development [3][9]. - Management is closely monitoring the tariff landscape between the U.S. and Canada and has established mitigation strategies [3][14]. - Expected infrastructure spending in North America and the introduction of new products are anticipated to further drive revenue growth [9][14]. Market Position - Tornado is recognized as a leader in the vacuum truck industry, having sold over 1,800 hydrovacs since 2008, and continues to innovate in hydrovac truck design [10]. - The company has strengthened dealer relationships in both Canada and the U.S. to meet increasing demand [14].

Core Insights - Tornado Infrastructure Equipment Ltd. has launched new products and received recognition in the TSX Venture 50™ for 2025, highlighting its strong market position and financial performance [1][3]. New Products Launch - The company introduced the EF4 Tornado Hydrovac and Coring Machine at the WWETT Show in Indianapolis, showcasing its commitment to innovation and excellence in infrastructure equipment [2]. TSX Venture 50™ Recognition - Tornado has been named to the 2025 TSX Venture 50™, which includes ten companies from five industry sectors, based on factors such as market capitalization growth, share price appreciation, and trading volume [3]. Company Overview - Tornado is a leader in the vacuum truck industry, having sold over 1,700 hydrovacs since 2008, and focuses on designing and manufacturing hydrovac trucks for the infrastructure and industrial construction and oil and gas markets [5]. - The hydrovac trucks utilize high-pressure water and vacuum technology to safely excavate soil, minimizing damage to critical infrastructure and reducing related fatalities [5].

Company Leadership Transition - Tornado Infrastructure Equipment Ltd. has promoted Derek Li to Vice President and Chief Financial Officer, effective immediately, replacing Al Robertson who is retiring [1][2] - Derek Li has been with the company for eight years, previously serving as Vice President, Finance and Controller, and has played a significant role in the company's growth [3] Financial Strategy and Stock Options - The company has granted incentive stock options for the purchase of up to 500,000 common shares at an exercise price of $1.16 per share, effective February 24, 2025 [4] Company Overview - Tornado is a leader in the vacuum truck industry, having sold over 1,700 hydrovacs since 2008, and provides hydrovac trucks and heavy-duty truck maintenance operations in central Alberta [5] - The company's hydrovac trucks utilize high-pressure water and vacuum technology to safely excavate soil, minimizing damage to critical infrastructure and reducing fatalities in urban areas [5]

Core Viewpoint - Tornado Infrastructure Equipment Ltd. has launched Tornado Equipment Finance, a financing arm aimed at providing flexible financial solutions for Canadian customers to acquire hydrovac trucks and infrastructure equipment, enhancing customer accessibility and generating additional revenue streams [2][3][11] Group 1: Launch of Tornado Finance - Tornado Finance will offer financing, rental, and leasing solutions exclusively to Canadian customers, facilitating easier access to Tornado's hydrovac trucks [2][3] - The initiative is expected to strengthen long-term customer relationships and solidify Tornado's position as a full-service provider in the infrastructure equipment sector [2][11] Group 2: Q4/2024 Business Update - Tornado reported a record quarter for hydrovac truck sales and production in Q4/2024, manufacturing and selling 88 hydrovac trucks, totaling 320 for the year, compared to 241 in 2023 [3][4] - The strong performance followed a temporary production slowdown in Q3/2024 due to the launch of a new product line and preparations for an expanded manufacturing facility [4] Group 3: Tariff Mitigation Strategies - In response to a delayed 25% tariff on imports from Canada, Tornado is implementing strategies to mitigate its impact, including supplying backend-only units to U.S. customers to reduce tariff exposure [5][6] - The company is exploring opportunities for final assembly in the U.S. and leveraging its existing U.S. entity, Tornado USA, to navigate tariff-related challenges [6][7] Group 4: Company Overview - Tornado is a leader in the vacuum truck industry, having sold over 1,700 hydrovacs since 2008, and specializes in designing and manufacturing hydrovac trucks for the infrastructure and industrial construction markets [8]