Custom Truck One Source(US:CTOS)2025-10-28 13:00Financial Performance - Q3 2025 revenue reached $482 million, an 8% increase compared to Q3 2024[17] - Adjusted Gross Profit for Q3 2025 was $156 million, a 13% increase compared to Q3 2024[17] - Adjusted EBITDA for Q3 2025 was $96 million, a 20% increase compared to Q3 2024[17] Segment Performance - Equipment Rental Solutions (ERS) revenue increased by 12%, or $18 million, in Q3 2025 compared to Q3 2024[48] Rental revenue increased by 18%, or $19 million[48] - Truck & Equipment Sales (TES) revenue increased by 6%, or $16 million, in Q3 2025 compared to Q3 2024[57] - Aftermarket Parts & Service (APS) revenue increased by 3% in Q3 2025 compared to Q3 2024[59] Fleet and Utilization - The company's specialty rental fleet consists of more than 10,350 vehicles with an original equipment cost (OEC) of $1.62 billion[18] - Average utilization for ERS in Q3 2025 was over 79%, the highest quarterly average in over two years[53] - Average OEC on Rent increased by $180 million and average utilization increased by 610 basis points in Q3 2025 compared to Q3 2024[53] Market Dynamics - The company operates in favorable end markets with positive secular tailwinds, including T&D, Rail, Telecom, and Infrastructure[14] - U S IOU T&D Capex annual total spend in 2024 was ~$91 billion with 8.7% '20-'24 CAGR[21] - U S Telecom / Broadband Capex LTM Spend @ 06/30/25 was $13B+ with 7.9% '21-LTM CAGR[21] Financial Position - Total available liquidity is over $480 million[63] - The company reaffirms its 2025 outlook, projecting consolidated revenue between $1.97 billion and $2.06 billion, representing a 9% to 14% growth[64] Adjusted EBITDA is projected between $370 million and $390 million, representing a 9% to 15% growth[64]