Exhibit 99.1
Concrete Pumping Holdings Reports Strong First Quarter Fiscal Year 2026 Results
- Revenue up 5% to $90.6 Million with a 29% Increase in Income from Operations –
- Adjusted EBITDA up 6% to $18.0 Million -
DENVER, CO – March 10, 2026 – Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the "Company" or "CPH"), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the first quarter ended January 31, 2026.
First Quarter Fiscal Year 2026 Summary vs. First Quarter of Fiscal Year 2025 (where applicable)
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Revenue up 5% to $90.6 million compared to $86.4 million. | |||
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Gross profit up 2% to $32.0 million compared to $31.2 million. | |||
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Income from operations up 29% to $4.5 million compared to $3.5 million. | |||
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Net loss of $2.4 million compared to a net loss of $2.6 million. | |||
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Net loss attributable to common shareholders was $2.9 million, or $(0.06) per diluted share, compared to a net loss of $3.1 million, or $(0.06) per diluted share. | |||
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Adjusted EBITDA1 up 6% to $18.0 million compared to $17.0 million, with Adjusted EBITDA margin1 of 19.9% compared to 19.7%. | |||
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Amounts outstanding under debt agreements were $425.0 million with net debt1 of $372.0 million. Total available liquidity at quarter end was $350.3 million compared to $409.6 million one year ago. | |||
| ● | Leverage ratio1 at quarter end of 3.8x. | |||
Management Commentary
"This was a strong start to the year for Concrete Pumping Holdings, with revenue increasing 5% and Adjusted EBITDA growing 6% year over year," said Bruce Young, CEO of Concrete Pumping Holdings. "We were particularly encouraged by a return to growth in our U.S. Concrete Pumping operations, which delivered 5% year-over-year revenue growth, alongside another solid quarter of free cash flow generation. While it is still early in the year, the quarter reinforced what we continue to emphasize—disciplined cost management, improved fleet efficiency, and the operating leverage and scale advantages of our platform. We remain focused on executing our strategy and positioning the business for sustained growth as market conditions continue to evolve."
1 Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See "Non-GAAP Financial Measures" below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.
First Quarter Fiscal Year 2026 Financial Results
Revenue in the first quarter of fiscal year 2026 increased 5% to $90.6 million compared to $86.4 million in the first quarter of fiscal year 2025. The increase was primarily attributable to an increase in U.S. Concrete Pumping revenue, which benefited from an increase in commercial and infrastructure volumes and pricing from data center and infrastructure projects and more favorable weather conditions.
Gross profit in the first quarter of fiscal year 2026 increased 2% to $32.0 million compared to $31.2 million in the prior year quarter. Gross margin declined 80 basis points to 35.3% compared to 36.1% in the prior year quarter. The margin decline was primarily related to increases in commercial insurance expense and repair and maintenance activity.
General and administrative expenses ("G&A") in the first quarter declined to $27.5 million compared to $27.8 million in the prior year quarter. As a percentage of revenue, G&A costs were 30.3% in the first quarter compared to 32.2% in the prior year quarter.
Net loss in the first quarter of fiscal year 2026 was $2.4 million compared to net loss of $2.6 million in the prior year quarter. Net loss attributable to common shareholders in the first quarter of fiscal year 2026 was $2.9 million, or $(0.06) per diluted share, compared to net loss attributable to common shareholders of $3.1 million, or $(0.06) per diluted share, in the prior year quarter.
Adjusted EBITDA in the first quarter of fiscal year 2026 increased 6% to $18.0 million compared to $17.0 million in the prior year quarter. Adjusted EBITDA margin was 19.9% compared to 19.7% in the prior year quarter.
Liquidity
On January 31, 2026, the Company had debt outstanding of $425.0 million, net debt of $372.0 million and total available liquidity of $350.3 million.
Segment Results
U.S. Concrete Pumping. Revenue in the first quarter of fiscal year 2026 increased 5% to $59.9 million compared to $56.9 million in the prior year quarter. The increase was driven by the improved commercial and infrastructure project volumes and pricing and more favorable weather conditions, as discussed above. Net loss in the first quarter of fiscal year 2026 improved to $2.8 million compared to a net loss of $3.1 million in the prior year quarter. Adjusted EBITDA increased 6% to $9.7 million in the first quarter of fiscal year 2026 compared to $9.2 million in the prior year quarter. These increases were largely driven by the increase in revenue volume, as discussed above.
U.S. Concrete Waste Management Services. Revenue in the first quarter of fiscal year 2026 increased 8% to $18.1 million compared to $16.7 million in the prior year quarter. The increase was driven by organic volume growth and pricing improvements. Net income in the first quarter of fiscal year 2026 increased to $0.7 million compared to $0.2 million in the prior year quarter. Adjusted EBITDA in the first quarter of fiscal year 2026 increased 20% to $6.0 million compared to $5.0 million in the prior year quarter due to improved year-over-year revenue.
U.K. Operations. Revenue in the first quarter of fiscal year 2026 was $12.5 million compared to $12.8 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 8% year-over-year due to a continued slowdown in commercial construction demand. Net loss in the first quarter of fiscal year 2026 was $0.3 million compared to net income of $0.2 million in the prior year quarter. Adjusted EBITDA was $2.3 million in the first quarter of fiscal year 2026 compared to $2.8 million in the prior year quarter. Excluding the impact from foreign currency translation, the changes in net income and adjusted EBITDA were primarily related to the decrease in revenue.
Fiscal Year 2026 Outlook
The Company continues to expect fiscal year 2026 revenue to range between $390.0 million to $410.0 million, Adjusted EBITDA to range between $90.0 million to $100.0 million, and free cash flow2 to be at least $40.0 million. These expectations continue to assume the construction market will not meaningfully recover in fiscal year 2026.
As announced in January 2026, due to stricter U.S. emissions laws that are expected to take effect on January 1, 2027, for all heavy-duty engines with a 2027 model year or later, the Company has approved accelerating approximately $22.0 million of planned capital equipment investments from calendar year 2027 into calendar year 2026. No 2027 capital expenditures have been pulled forward as of January 31, 2026.
This decision is based on a few key considerations including navigating expected disruptions from first-generation truck technologies and anticipated truck price increases in 2027 for new trucks associated with incremental OEM production costs. This pull-forward of calendar year 2027 investments will reduce replacement capital expenditures in calendar year 2027 and aligns with the Company capital allocation roadmap to allow for a smooth transition under new regulations to improve the Company’s competitive positioning.
Conference Call
The Company will hold a conference call on Tuesday, March 10, 2026, at 5:00 p.m. Eastern time to discuss its first quarter 2026 results.
Date: Tuesday, March 10, 2026
Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13758369
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc. at 1-949-574-3860.
The conference call will be broadcast live and is available for replay here https://viavid.webcasts.com/starthere.jsp?ei=1750552&tp_key=bbb27a9b00 as well as the investor relations section of the Company’s website at www.concretepumpingholdings.com.
A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through March 17, 2026.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13758369
About Concrete Pumping Holdings
Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of January 31, 2026, the Company provided concrete pumping services in the U.S. from a footprint of approximately 95 branch locations across 23 states, concrete pumping services in the U.K. and Republic of Ireland from approximately 35 branch locations, and route-based concrete waste management services from 23 operating locations in the U.S. and one shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.
Forward‐Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "outlook" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2026 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measures
This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow and leverage ratio, all of which are important financial measures for the Company but are not financial measures defined by GAAP.
EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods.
The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.
Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See "Reconciliation of Net Debt" below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.
The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.
Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.
The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization.
Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.
Contact:
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Company: Iain Humphries Chief Financial Officer 1-303-289-7497 |
Investor Relations: Gateway Group, Inc. Cody Slach 1-949-574-3860 BBCP@gateway-grp.com |
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Concrete Pumping Holdings, Inc. |
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Condensed Consolidated Balance Sheets |
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As of January 31, |
As of October 31, |
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(in thousands, except per share amounts) |
2026 |
2025 |
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Current assets: |
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Cash and cash equivalents |
$ | 53,015 | $ | 44,394 | ||||
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Receivables, net of allowance for doubtful accounts of $831 and $905, respectively |
45,843 | 53,132 | ||||||
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Inventory |
8,450 | 7,419 | ||||||
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Prepaid expenses and other current assets |
8,972 | 8,408 | ||||||
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Total current assets |
116,280 | 113,353 | ||||||
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Property, plant and equipment, net |
415,466 | 412,516 | ||||||
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Intangible assets, net |
91,713 | 93,933 | ||||||
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Goodwill |
224,788 | 223,581 | ||||||
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Right-of-use operating lease assets |
22,774 | 22,943 | ||||||
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Other non-current assets |
10,816 | 11,195 | ||||||
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Deferred financing costs |
1,889 | 2,021 | ||||||
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Total assets |
$ | 883,726 | $ | 879,542 | ||||
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Current liabilities: |
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Operating lease obligations, current portion |
$ | 5,091 | $ | 4,851 | ||||
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Accounts payable |
7,631 | 6,267 | ||||||
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Accrued payroll and payroll expenses |
7,512 | 11,973 | ||||||
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Accrued expenses and other current liabilities |
38,376 | 28,730 | ||||||
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Income taxes payable |
753 | 463 | ||||||
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Total current liabilities |
59,363 | 52,284 | ||||||
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Long term debt, net of discount for deferred financing costs |
418,175 | 417,891 | ||||||
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Operating lease obligations, non-current |
18,243 | 18,659 | ||||||
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Deferred income taxes |
88,798 | 89,431 | ||||||
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Other liabilities, non-current |
11,498 | 11,488 | ||||||
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Total liabilities |
596,077 | 589,753 | ||||||
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Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of January 31, 2026 and October 31, 2025 |
25,000 | 25,000 | ||||||
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Stockholders' equity |
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Common stock, $0.0001 par value, 500,000,000 shares authorized, 50,779,137 and 51,272,503 issued and outstanding as of January 31, 2026 and October 31, 2025, respectively |
6 | 6 | ||||||
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Additional paid-in capital |
390,498 | 389,880 | ||||||
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Treasury stock |
(46,289 | ) | (41,687 | ) | ||||
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Accumulated other comprehensive income |
5,875 | 1,589 | ||||||
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Accumulated deficit |
(87,441 | ) | (84,999 | ) | ||||
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Total stockholders' equity |
262,649 | 264,789 | ||||||
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Total liabilities and stockholders' equity |
$ | 883,726 | $ | 879,542 | ||||
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Concrete Pumping Holdings, Inc. |
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Condensed Consolidated Statements of Operations |
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Three Months Ended January 31, |
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(in thousands, except per share amounts) |
2026 |
2025 |
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Revenue |
$ | 90,561 | $ | 86,447 | ||||
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Cost of operations |
58,597 | 55,212 | ||||||
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Gross profit |
31,964 | 31,235 | ||||||
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General and administrative expenses |
27,459 | 27,750 | ||||||
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Income from operations |
4,505 | 3,485 | ||||||
| Other income (expense): | ||||||||
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Interest expense and amortization of deferred financing costs |
(8,397 | ) | (6,215 | ) | ||||
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Loss on extinguishment of debt |
- | (1,392 | ) | |||||
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Interest income |
315 | 413 | ||||||
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Other income, net |
33 | 34 | ||||||
| Total other expense | (8,049 | ) | (7,160 | ) | ||||
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Loss before income taxes |
(3,544 | ) | (3,675 | ) | ||||
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Income tax benefit |
(1,102 | ) | (1,036 | ) | ||||
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Net loss |
(2,442 | ) | (2,639 | ) | ||||
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Less accretion of liquidation preferences on preferred stock |
(441 | ) | (440 | ) | ||||
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Loss available to common shareholders |
$ | (2,883 | ) | $ | (3,079 | ) | ||
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Weighted average common shares outstanding |
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Basic |
51,009 | 53,045 | ||||||
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Diluted |
51,009 | 53,045 | ||||||
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Net income per common share |
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Basic |
$ | (0.06 | ) | $ | (0.06 | ) | ||
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Diluted |
$ | (0.06 | ) | $ | (0.06 | ) | ||
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Concrete Pumping Holdings, Inc. |
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Condensed Consolidated Statements of Cash Flows |
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For the Three Months Ended January 31, |
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(in thousands, except per share amounts) |
2026 |
2025 |
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Net loss |
$ | (2,442 | ) | $ | (2,639 | ) | ||
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Non-cash operating lease expense |
1,243 | 1,284 | ||||||
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Foreign currency adjustments |
(121 | ) | (41 | ) | ||||
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Depreciation |
10,457 | 10,172 | ||||||
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Deferred income taxes |
(1,212 | ) | (1,787 | ) | ||||
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Amortization of deferred financing costs |
416 | 480 | ||||||
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Amortization of intangible assets |
2,471 | 3,028 | ||||||
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Stock-based compensation expense |
618 | 367 | ||||||
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Loss on extinguishment of debt |
- | 1,392 | ||||||
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Net gain on the sale of property, plant and equipment |
(169 | ) | (192 | ) | ||||
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Other operating activities |
(175 | ) | (37 | ) | ||||
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Net changes in operating assets and liabilities: |
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Receivables |
7,947 | 13,206 | ||||||
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Inventory |
(828 | ) | (332 | ) | ||||
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Other operating assets |
(355 | ) | (1,415 | ) | ||||
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Accounts payable |
1,609 | (3,343 | ) | |||||
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Other operating liabilities |
1,909 | (14,111 | ) | |||||
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Net cash provided by operating activities |
21,368 | 6,032 | ||||||
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Cash flows from investing activities: |
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Purchases of property, plant and equipment |
(9,516 | ) | (5,841 | ) | ||||
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Proceeds from sale of property, plant and equipment |
1,237 | 1,989 | ||||||
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Net cash used in investing activities |
(8,279 | ) | (3,852 | ) | ||||
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Cash flows from financing activities: |
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Proceeds on long term debt |
- | 425,000 | ||||||
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Payments on long term debt |
- | (375,000 | ) | |||||
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Proceeds on revolving loan |
60,338 | 65,466 | ||||||
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Payments on revolving loan |
(60,338 | ) | (65,486 | ) | ||||
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Payment of debt issuance costs |
- | (7,312 | ) | |||||
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Purchase of treasury stock |
(4,571 | ) | (2,582 | ) | ||||
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Other financing activities |
(324 | ) | (67 | ) | ||||
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Net cash provided by (used in) financing activities |
(4,895 | ) | 40,019 | |||||
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Effect of foreign currency exchange rate changes on cash |
427 | (108 | ) | |||||
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Net increase in cash and cash equivalents |
8,621 | 42,091 | ||||||
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Cash and cash equivalents: |
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Beginning of period |
44,394 | 43,041 | ||||||
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End of period |
$ | 53,015 | $ | 85,132 | ||||
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Concrete Pumping Holdings, Inc. |
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Segment Revenue |
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Three Months Ended January 31, |
Change |
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(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
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U.S. Concrete Pumping |
$ | 59,941 | $ | 56,914 | $ | 3,027 | 5.3 | % | ||||||||
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U.S. Concrete Waste Management Services(1) |
18,072 | 16,693 | 1,379 | 8.3 | % | |||||||||||
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U.K. Operations |
12,548 | 12,840 | (292 | ) | (2.3 | )% | ||||||||||
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Total revenue |
$ | 90,561 | $ | 86,447 | $ | 4,114 | 4.8 | % | ||||||||
(1) For both the three months ended January 31, 2026 and 2025, intersegment revenue of $0.1 million is excluded.
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Concrete Pumping Holdings, Inc. |
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Segment Adjusted EBITDA and Net Income (Loss) |
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Net Income (Loss) |
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Three Months Ended January 31, |
Change |
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(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
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U.S. Concrete Pumping |
$ | (2,752 | ) | $ | (3,080 | ) | $ | 328 | 10.6 | % | ||||||
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U.S. Concrete Waste Management Services |
653 | 224 | 429 | 191.5 | % | |||||||||||
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U.K. Operations |
(343 | ) | 217 | (560 | ) | (258.1 | )% | |||||||||
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Total |
$ | (2,442 | ) | $ | (2,639 | ) | $ | 197 | 7.5 | % | ||||||
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Adjusted EBITDA |
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Three Months Ended January 31, |
Change |
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(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
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U.S. Concrete Pumping |
$ | 9,696 | $ | 9,159 | $ | 537 | 5.9 | % | ||||||||
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U.S. Concrete Waste Management Services |
6,029 | 5,024 | 1,005 | 20.0 | % | |||||||||||
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U.K. Operations |
2,300 | 2,828 | (528 | ) | (18.7 | )% | ||||||||||
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Total |
$ | 18,025 | $ | 17,011 | $ | 1,014 | 6.0 | % | ||||||||
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Concrete Pumping Holdings, Inc. |
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Quarterly Financial Performance |
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(dollars in millions, except per share amounts) |
Revenue |
Net Income |
Adjusted EBITDA1 |
Capital Expenditures2 |
Adjusted EBITDA less Capital Expenditures |
Earnings Per Diluted Share |
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Q2 2024 |
$ | 107 | $ | 3 | $ | 28 | $ | 7 | $ | 21 | $ | 0.05 | ||||||||||||
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Q3 2024 |
$ | 110 | $ | 8 | $ | 32 | $ | 6 | $ | 26 | $ | 0.13 | ||||||||||||
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Q4 2024 |
$ | 111 | $ | 9 | $ | 34 | $ | 2 | $ | 32 | $ | 0.16 | ||||||||||||
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Q1 2025 |
$ | 86 | $ | (3 | ) | $ | 17 | $ | 4 | $ | 13 | $ | (0.06 | ) | ||||||||||
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Q2 2025 |
$ | 94 | $ | - | $ | 22 | $ | 12 | $ | 10 | $ | (0.01 | ) | |||||||||||
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Q3 2025 |
$ | 104 | $ | 4 | $ | 27 | $ | 12 | $ | 15 | $ | 0.07 | ||||||||||||
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Q4 2025 |
$ | 109 | $ | 5 | $ | 31 | $ | 9 | $ | 22 | $ | 0.09 | ||||||||||||
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Q1 2026 |
$ | 91 | $ | (2 | ) | $ | 18 | $ | 8 | $ | 10 | $ | (0.06 | ) | ||||||||||
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1Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure. |
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2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below: |
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*Q2 2024 capex includes approximately $1 million M&A and $3 million growth investment. |
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|
*Q3 2024 capex includes approximately $4 million growth investment. |
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|
*Q4 2024 capex includes approximately $3 million growth investment. |
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|
*Q1 2025 capex includes approximately $2 million growth investment. |
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|
*Q2 2025 capex includes approximately $2 million growth investment. |
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| *Q3 2025 capex includes approximately $3 million growth investment. | ||||||||||||||||||||||||
| *Q4 2025 capex includes approximately $2 million growth investment. | ||||||||||||||||||||||||
| *Q1 2026 capex includes approximately $5 million M&A and $1 million growth investment. | ||||||||||||||||||||||||
|
Concrete Pumping Holdings, Inc. |
|
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA |
|
Three Months Ended January 31, |
||||||||
|
(dollars in thousands) |
2026 |
2025 |
||||||
|
Consolidated |
||||||||
|
Net loss |
$ | (2,442 | ) | $ | (2,639 | ) | ||
|
Interest expense and amortization of deferred financing costs, net of interest income |
8,082 | 5,802 | ||||||
|
Income tax benefit |
(1,102 | ) | (1,036 | ) | ||||
|
Depreciation and amortization |
12,928 | 13,200 | ||||||
|
EBITDA |
17,466 | 15,327 | ||||||
|
Loss on debt extinguishment |
- | 1,392 | ||||||
|
Stock based compensation |
618 | 367 | ||||||
|
Other income, net |
(33 | ) | (34 | ) | ||||
|
Other adjustments |
(26 | ) | (41 | ) | ||||
|
Adjusted EBITDA |
$ | 18,025 | $ | 17,011 | ||||
|
U.S. Concrete Pumping |
||||||||
|
Net loss |
$ | (2,752 | ) | $ | (3,080 | ) | ||
|
Interest expense and amortization of deferred financing costs, net of interest income |
4,858 | 3,311 | ||||||
|
Income tax benefit |
(1,249 | ) | (1,180 | ) | ||||
|
Depreciation and amortization |
8,422 | 9,075 | ||||||
|
EBITDA |
9,279 | 8,126 | ||||||
|
Loss on debt extinguishment |
- | 862 | ||||||
|
Stock based compensation |
409 | 238 | ||||||
|
Other income, net |
(1 | ) | (13 | ) | ||||
|
Other adjustments |
9 | (54 | ) | |||||
|
Adjusted EBITDA |
$ | 9,696 | $ | 9,159 | ||||
|
U.S. Concrete Waste Management Services |
||||||||
|
Net income |
$ | 653 | $ | 224 | ||||
|
Interest expense and amortization of deferred financing costs, net of interest income |
2,465 | 1,772 | ||||||
|
Income tax expense |
306 | 83 | ||||||
|
Depreciation and amortization |
2,443 | 2,276 | ||||||
|
EBITDA |
5,867 | 4,355 | ||||||
|
Loss on debt extinguishment |
- | 530 | ||||||
|
Stock based compensation |
209 | 129 | ||||||
|
Other income, net |
(12 | ) | (3 | ) | ||||
|
Other adjustments |
(35 | ) | 13 | |||||
|
Adjusted EBITDA |
$ | 6,029 | $ | 5,024 | ||||
|
Three Months Ended January 31, |
||||||||
|
(dollars in thousands) |
2026 |
2025 |
||||||
|
U.K. Operations |
||||||||
|
Net income (loss) |
$ | (343 | ) | $ | 217 | |||
|
Interest expense, net |
759 | 719 | ||||||
|
Income tax expense (benefit) |
(159 | ) | 61 | |||||
|
Depreciation and amortization |
2,063 | 1,849 | ||||||
|
EBITDA |
2,320 | 2,846 | ||||||
|
Other income, net |
(20 | ) | (18 | ) | ||||
|
Adjusted EBITDA |
$ | 2,300 | $ | 2,828 | ||||
| Concrete Pumping Holdings, Inc. |
|
Reconciliation of Net Debt |
|
January 31, |
April 30, |
July 31, |
October 31, |
January 31, |
||||||||||||||||
|
(in thousands) |
2025 |
2025 |
2025 |
2025 |
2026 |
|||||||||||||||
|
Senior Notes |
$ | 425,000 | $ | 425,000 | $ | 425,000 | $ | 425,000 | $ | 425,000 | ||||||||||
|
Less: Cash |
(85,132 | ) | (37,788 | ) | (41,001 | ) | (44,394 | ) | (53,015 | ) | ||||||||||
|
Net debt |
$ | 339,868 | $ | 387,212 | $ | 383,999 | $ | 380,606 | $ | 371,985 | ||||||||||
| Concrete Pumping Holdings, Inc. |
|
Reconciliation of Historical Adjusted EBITDA |
|
(dollars in thousands) |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
||||||||||||||||||||||||
|
Consolidated |
||||||||||||||||||||||||||||||||
|
Net income (loss) |
$ | 3,046 | $ | 7,560 | $ | 9,427 | $ | (2,639 | ) | $ | (4 | ) | $ | 3,699 | $ | 5,317 | $ | (2,442 | ) | |||||||||||||
|
Interest expense and amortization of deferred financing costs, net of interest income |
6,873 | 6,261 | 5,976 | 5,802 | 8,294 | 8,126 | 8,200 | 8,082 | ||||||||||||||||||||||||
|
Income tax expense (benefit) |
2,180 | 3,081 | 3,854 | (1,036 | ) | (2 | ) | 1,333 | 3,384 | (1,102 | ) | |||||||||||||||||||||
|
Depreciation and amortization |
14,239 | 14,491 | 14,283 | 13,200 | 13,584 | 13,638 | 13,121 | 12,928 | ||||||||||||||||||||||||
|
EBITDA |
26,338 | 31,393 | 33,540 | 15,327 | 21,872 | 26,796 | 30,022 | 17,466 | ||||||||||||||||||||||||
|
Loss on debt extinguishment |
- | - | - | 1,392 | - | - | - | - | ||||||||||||||||||||||||
|
Stock based compensation |
737 | 644 | 477 | 367 | 538 | 526 | 617 | 618 | ||||||||||||||||||||||||
|
Other expense (income), net |
(44 | ) | (276 | ) | (47 | ) | (34 | ) | (28 | ) | (228 | ) | (45 | ) | (33 | ) | ||||||||||||||||
|
Other adjustments |
517 | (123 | ) | (290 | ) | (41 | ) | 115 | (251 | ) | 72 | (26 | ) | |||||||||||||||||||
|
Adjusted EBITDA |
$ | 27,548 | $ | 31,638 | $ | 33,680 | $ | 17,011 | $ | 22,497 | $ | 26,843 | $ | 30,666 | $ | 18,025 | ||||||||||||||||