Concrete Pumping Holdings Reports Decline in Revenue and Net Loss for Second Quarter of Fiscal 2025

Concrete Pumping Holdings, Inc. reported a decline in financial performance for the second quarter and first half of fiscal 2025, as detailed in its latest 10-Q filing. For the three months ended April 30, 2025, the company generated total revenue of $93.96 million, a decrease of 12.2% from $107.06 million in the same period last year. The decline was primarily driven by a 16.8% drop in revenue from the U.S. Concrete Pumping segment, which fell to $62.11 million, attributed to a slowdown in commercial construction and adverse weather conditions. The U.K. Operations also saw a revenue decrease of 11.3%, while the U.S. Concrete Waste Management Services segment experienced a 6.9% increase in revenue.

In terms of profitability, Concrete Pumping Holdings reported a net loss of $0.43 million for the second quarter, compared to a net income of $3.05 million in the prior year. The company’s gross profit for the quarter was $36.18 million, reflecting a gross margin of 38.5%, slightly down from 39.0% in the previous year. General and administrative expenses decreased to $27.9 million from $29.7 million, primarily due to lower labor costs and non-cash decreases in amortization expenses. However, interest expenses rose to $8.29 million, up from $6.87 million, largely due to the refinancing of senior notes.

The company has made strategic moves to enhance its financial position, including the issuance of $425 million in senior secured second lien notes due in 2032. The proceeds were used to extinguish existing debt and fund a special cash dividend of $1.00 per share, totaling approximately $53.1 million. As of April 30, 2025, Concrete Pumping Holdings had total debt of $425 million, with no outstanding balance under its asset-backed loan facility, and $314.7 million of available borrowing capacity.

Operationally, the company reported a total of 90 branch locations across 22 states in the U.S. and 35 locations in the U.K. The total assets as of April 30, 2025, were $878.79 million, a decrease from $897.99 million at the end of the previous fiscal year. The company’s employee headcount has also been adjusted in response to market conditions, contributing to a reduction in general and administrative expenses.

Looking ahead, Concrete Pumping Holdings remains cautious about the economic environment, particularly regarding inflationary pressures and uncertainties in the construction sector. The company plans to continue evaluating its operational strategies and may pursue further acquisitions to enhance its market position. The management believes that existing cash reserves and cash flow from operations will be sufficient to meet liquidity needs for the foreseeable future, although they acknowledge potential challenges in the broader economic landscape.