Custom Truck One Source, Inc. reported a total revenue of $482.1 million for the third quarter of 2025, marking a 7.8% increase from $447.2 million in the same period of 2024. The growth was driven by a 17.4% rise in rental revenue, which reached $127.1 million, and a 4.9% increase in equipment sales, totaling $320.6 million. For the nine months ended September 30, 2025, total revenue was $1.42 billion, up 10.5% from $1.28 billion in the prior year. Despite the revenue growth, the company reported a net loss of $5.8 million for the quarter, an improvement from a loss of $17.4 million in Q3 2024, and a net loss of $51.9 million for the nine-month period, compared to a loss of $56.2 million in the same timeframe last year.
The company's gross profit for the third quarter increased to $100.8 million, up 9.7% from $91.8 million a year earlier, with gross margins slightly improving to 20.9%. Operating income also saw a significant increase of 41.6%, reaching $32.6 million compared to $23.0 million in Q3 2024. The improvement in profitability was attributed to higher rental revenue and effective management of operating expenses, which remained relatively flat at $68.1 million for the quarter.
In terms of operational metrics, Custom Truck One Source reported an ending original equipment cost (OEC) of $1.62 billion, an 8.6% increase from the previous year. The average OEC on rent also rose by 16.6% to $1.26 billion, reflecting increased utilization of the rental fleet, which achieved a utilization rate of 79.3%, up from 73.2% in Q3 2024. However, the sales order backlog decreased by 29.3% to $279.8 million, indicating potential challenges in future revenue generation.
The company’s balance sheet showed total assets of $3.54 billion as of September 30, 2025, a slight increase from $3.50 billion at the end of 2024. Cash and cash equivalents improved significantly to $13.1 million from $3.8 million at year-end 2024. Custom Truck One Source continues to manage its debt levels, with total long-term debt increasing to $1.63 billion, up from $1.52 billion at the end of 2024. The company reported compliance with its debt covenants and expressed confidence in its liquidity position to support ongoing operations and capital investments.
Looking ahead, Custom Truck One Source anticipates continued growth driven by strong demand in the infrastructure sector, particularly in electric utility and telecommunications markets. The company plans to focus on enhancing its rental fleet and expanding its service offerings while managing costs effectively. However, it remains cautious about potential market fluctuations and operational challenges that could impact future performance.
About Custom Truck One Source, Inc.
Custom Truck One Source is a leading provider of specialty equipment rental, sales, and services for infrastructure industries such as electric utilities, telecom, rail, and waste management. It offers a broad fleet of over 10,000 units, including bucket trucks, cranes, and underground equipment, supported by integrated production, customization, and nationwide service. Its business model emphasizes a one-stop-shop approach, serving diverse customer needs across North America.
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