UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____ to ____
Commission File Number:
CONCRETE PUMPING HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
| | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| | |
| | |
| (Address of principal executive offices) | (Zip Code) |
(
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| | | The |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | |
| Emerging growth company | |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of March 5, 2026, the registrant had
CONCRETE PUMPING HOLDINGS, INC.
QUARTERLY REPORT ON FORM 10-Q
fOR THE PERIOD ENDED January 31, 2026
PART I
Concrete Pumping Holdings, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| As of January 31, | As of October 31, | |||||||
| (in thousands, except per share amounts) | 2026 | 2025 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Receivables, net of allowance for doubtful accounts of $ and $, respectively | ||||||||
| Inventory | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Intangible assets, net | ||||||||
| Goodwill | ||||||||
| Right-of-use operating lease assets | ||||||||
| Other non-current assets | ||||||||
| Deferred financing costs | ||||||||
| Total assets | $ | $ | ||||||
| Current liabilities: | ||||||||
| Operating lease obligations, current portion | $ | $ | ||||||
| Accounts payable | ||||||||
| Accrued payroll and payroll expenses | ||||||||
| Accrued expenses and other current liabilities | ||||||||
| Income taxes payable | ||||||||
| Total current liabilities | ||||||||
| Long term debt, net of discount for deferred financing costs | ||||||||
| Operating lease obligations, non-current | ||||||||
| Deferred income taxes | ||||||||
| Other non-current liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies (Note 15) | ||||||||
| Zero-dividend convertible perpetual preferred stock, $ par value, shares issued and outstanding as of January 31, 2026 and October 31, 2025 | ||||||||
| Stockholders' equity | ||||||||
| Common stock, $ par value, shares authorized, and issued and outstanding as of January 31, 2026 and October 31, 2025, respectively | ||||||||
| Additional paid-in capital | ||||||||
| Treasury stock | ( | ) | ( | ) | ||||
| Accumulated other comprehensive income | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders' equity | ||||||||
| Total liabilities and stockholders' equity | $ | $ | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
| Three Months Ended January 31, |
||||||||
| (in thousands, except per share amounts) |
2026 |
2025 |
||||||
| Revenue |
$ | $ | ||||||
| Cost of operations |
||||||||
| Gross profit |
||||||||
| General and administrative expenses |
||||||||
| Income from operations |
||||||||
| Other income (expense): |
||||||||
| Interest expense and amortization of deferred financing costs |
( |
) | ( |
) | ||||
| Loss on extinguishment of debt |
( |
) | ||||||
| Interest income |
||||||||
| Other income, net |
||||||||
| Total other expense |
( |
) | ( |
) | ||||
| Loss before income taxes |
( |
) | ( |
) | ||||
| Income tax benefit |
( |
) | ( |
) | ||||
| Net loss |
( |
) | ( |
) | ||||
| Less accretion of liquidation preference on preferred stock |
( |
) | ( |
) | ||||
| Loss available to common shareholders |
$ | ( |
) | $ | ( |
) | ||
| Weighted average common shares outstanding (Note 12) |
||||||||
| Basic |
||||||||
| Diluted |
||||||||
| Net loss per common share (Note 12) |
||||||||
| Basic |
$ | ( |
) | $ | ( |
) | ||
| Diluted |
$ | ( |
) | $ | ( |
) | ||
The accompanying notes are an integral part of these condensed consolidated financial statements.
Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
| Three Months Ended January 31, |
||||||||
| (in thousands) |
2026 |
2025 |
||||||
| Net loss |
$ | ( |
) | $ | ( |
) | ||
| Other comprehensive income: |
||||||||
| Foreign currency translation adjustment |
( |
) | ||||||
| Total comprehensive income (loss) |
$ | $ | ( |
) | ||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
| Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
Total |
|||||||||||||||||||||||
| (in thousands, except share amounts) |
Shares |
Amount |
||||||||||||||||||||||||||
| Balance, October 31, 2025 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
| Stock-based compensation expense |
- | |||||||||||||||||||||||||||
| Shares issued under stock-based program |
||||||||||||||||||||||||||||
| Treasury shares purchased from shares issued under stock-based program |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
| Treasury shares purchased under share repurchase program |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
| Net loss |
- | ( |
) | ( |
) | |||||||||||||||||||||||
| Foreign currency translation adjustment |
- | |||||||||||||||||||||||||||
| Balance, January 31, 2026 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||||
| Balance, October 31, 2024 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||
| Stock-based compensation expense |
- | |||||||||||||||||||||||||||
| Shares issued under stock-based program |
||||||||||||||||||||||||||||
| Treasury shares purchased from shares issued under stock-based program |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
| Treasury shares purchased under share repurchase program |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
| Dividend |
( |
) | ( |
) | ||||||||||||||||||||||||
| Net loss |
- | ( |
) | ( |
) | |||||||||||||||||||||||
| Foreign currency translation adjustment |
- | ( |
) | ( |
) | |||||||||||||||||||||||
| Balance, January 31, 2025 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| For the Three Months Ended January 31, |
||||||||
| (in thousands) |
2026 |
2025 |
||||||
| Net loss |
$ | ( |
) | $ | ( |
) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
| Non-cash operating lease expense |
||||||||
| Foreign currency adjustments |
( |
) | ( |
) | ||||
| Depreciation |
||||||||
| Deferred income taxes |
( |
) | ( |
) | ||||
| Amortization of deferred financing costs |
||||||||
| Amortization of intangible assets |
||||||||
| Stock-based compensation expense |
||||||||
| Loss on extinguishment of debt |
||||||||
| Net gain on the sale of property, plant and equipment |
( |
) | ( |
) | ||||
| Other operating activities |
( |
) | ( |
) | ||||
| Net changes in operating assets and liabilities: |
||||||||
| Receivables |
||||||||
| Inventory |
( |
) | ( |
) | ||||
| Other operating assets |
( |
) | ( |
) | ||||
| Accounts payable |
( |
) | ||||||
| Other operating liabilities |
( |
) | ||||||
| Net cash provided by operating activities |
||||||||
| Cash flows from investing activities: |
||||||||
| Purchases of property, plant and equipment |
( |
) | ( |
) | ||||
| Proceeds from sale of property, plant and equipment |
||||||||
| Net cash used in investing activities |
( |
) | ( |
) | ||||
| Cash flows from financing activities: |
||||||||
| Proceeds on long term debt |
||||||||
| Payments on long term debt |
( |
) | ||||||
| Proceeds on revolving loan |
||||||||
| Payments on revolving loan |
( |
) | ( |
) | ||||
| Payment of debt issuance costs |
( |
) | ||||||
| Purchase of treasury stock |
( |
) | ( |
) | ||||
| Other financing activities |
( |
) | ( |
) | ||||
| Net cash provided by (used in) financing activities |
( |
) | ||||||
| Effect of foreign currency exchange rate changes on cash |
( |
) | ||||||
| Net increase in cash and cash equivalents |
||||||||
| Cash and cash equivalents: |
||||||||
| Beginning of period |
||||||||
| End of period |
$ | $ | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
Concrete Pumping Holdings, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
Note 1. Organization and Description of Business
Organization
Concrete Pumping Holdings, Inc. (the "Company") is a Delaware corporation headquartered in Thornton, Colorado. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. ("Brundage-Bone"), Camfaud Group Limited ("Camfaud") and Eco-Pan, Inc. ("Eco-Pan").
Nature of business
Brundage-Bone is a concrete pumping service provider in the United States ("U.S.") and Camfaud is a concrete pumping service provider primarily operating in the United Kingdom ("U.K."). Their core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Most often equipment returns to a "home base" nightly and Brundage-Bone and Camfaud do not contract to purchase, mix, or deliver concrete. Brundage-Bone has approximately
Eco-Pan is a leading provider of concrete waste management services in the U.S, providing a full-service, route-based, cost-effective, regulation-compliant solution to manage environmental issues caused by concrete washout. Eco-Pan offers pans and roll-off containers that are specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has
Seasonality
The Company’s sales are historically seasonal, with lower revenue in the first half and higher revenue in the second half of each year. Such seasonality also causes the Company’s working capital cash flow requirements to vary from quarter to quarter and primarily depends on the variability of weather patterns with the Company generally having lower sales volume during the winter and spring months.
Note 2. Summary of Significant Accounting Policies
We describe our significant accounting policies in Note 2 of the notes to the consolidated financial statements in our annual report on Form 10-K for the year ended October 31, 2025 ("Annual Report"). During the three months ended January 31, 2026, there were no changes to those accounting policies.
Basis of presentation
We have prepared these unaudited condensed consolidated financial statements based on Securities and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair statement of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report.
Certain prior period amounts have been reclassified in order to conform to the current year presentation.
Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Newly adopted accounting pronouncements
ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07") - In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this standard for our fiscal year 2025 annual financial statements and interim financial statements thereafter and have applied this standard retrospectively for all prior periods presented in the financial statements. See Note 16 for further information.
Recently issued accounting pronouncements not yet effective
ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") - In December 2023, the FASB issued ASU No. 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt the standard during the fourth quarter of its fiscal year ending October 31, 2026, and is currently evaluating the effects that the adoption of this guidance will have on related disclosures.
ASU 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASU 2024-03) - In November 2024, the FASB issued ASU No. 2024-03, which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effects of adoption of this guidance will have on its consolidated financial statements.
Note 3. Property, Plant and Equipment
The significant components of property, plant and equipment as of January 31, 2026 and October 31, 2025 are comprised of the following:
| As of January 31, | As of October 31, | |||||||
| (in thousands) | 2026 | 2025 | ||||||
| Land, building and improvements | $ | $ | ||||||
| Machinery and equipment | ||||||||
| Transportation equipment | ||||||||
| Furniture and office equipment | ||||||||
| Accumulated depreciation | ( | ) | ( | ) | ||||
| Property, plant and equipment, net | $ | $ | ||||||
For the three months ended January 31, 2026 and 2025 depreciation expense is as follows:
| Three Months Ended January 31, | ||||||||
| (in thousands) | 2026 | 2025 | ||||||
| Cost of operations | $ | $ | ||||||
| General and administrative expenses | ||||||||
| Total depreciation expense | $ | $ | ||||||
Note 4. Goodwill and Intangible Assets
The Company has recognized goodwill and certain intangible assets in connection with prior business combinations.
There were no triggering events during the three months ended January 31, 2026. The Company will continue to evaluate its goodwill and intangible assets in future quarters.
The following table summarizes the composition of intangible assets as of January 31, 2026 and October 31, 2025:
| As of January 31, | ||||||||||||||||||||||||
| 2026 | ||||||||||||||||||||||||
| Weighted Average | Gross | Foreign Currency | Net | |||||||||||||||||||||
| Remaining Life | Carrying | Accumulated | Accumulated | Translation | Carrying | |||||||||||||||||||
| (in thousands) | (in Years) | Value | Impairment | Amortization | Adjustment | Amount | ||||||||||||||||||
| Intangibles subject to amortization: | ||||||||||||||||||||||||
| Customer relationship | $ | $ | - | $ | ( | ) | $ | $ | ||||||||||||||||
| Trade name | - | ( | ) | |||||||||||||||||||||
| Assembled workforce | - | ( | ) | - | ||||||||||||||||||||
| Noncompete agreements | - | ( | ) | - | ||||||||||||||||||||
| Indefinite-lived intangible assets: | ||||||||||||||||||||||||
| Trade names (indefinite life) | - | ( | ) | - | - | |||||||||||||||||||
| Total intangibles | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||
| As of October 31, | ||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||
| Weighted Average | Gross | Foreign Currency | Net | |||||||||||||||||||||
| Remaining Life | Carrying | Accumulated | Accumulated | Translation | Carrying | |||||||||||||||||||
| (in thousands) | (in Years) | Value | Impairment | Amortization | Adjustment | Amount | ||||||||||||||||||
| Intangibles subject to amortization: | ||||||||||||||||||||||||
| Customer relationship | $ | $ | - | $ | ( | ) | $ | $ | ||||||||||||||||
| Trade name | - | ( | ) | |||||||||||||||||||||
| Assembled workforce | - | ( | ) | - | ||||||||||||||||||||
| Noncompete agreements | - | ( | ) | - | ||||||||||||||||||||
| Indefinite-lived intangible assets: | ||||||||||||||||||||||||
| Trade names (indefinite life) | - | ( | ) | - | - | |||||||||||||||||||
| Total intangibles | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||
Amortization expense for the three months ended January 31, 2026 and 2025 was $
The changes in the carrying value of goodwill by reportable segment for the three months ended January 31, 2026 are as follows:
| (in thousands) | U.S. Concrete Pumping | U.K. Operations | U.S. Concrete Waste Management Services | Total | ||||||||||||
| Balance as of October 31, 2025 | $ | $ | $ | $ | ||||||||||||
| Foreign currency translation | ||||||||||||||||
| Balance as of January 31, 2026 | $ | $ | $ | $ | ||||||||||||
Note 5. Long Term Debt and Revolving Lines of Credit
The table below is a summary of the composition of the Company’s debt balances as of January 31, 2026 and October 31, 2025:
| January 31, | October 31, | ||||||||||||
| (in thousands) | Interest Rates | Maturities | 2026 | 2025 | |||||||||
| Senior notes due 2032 - all long term | February 2032 | ||||||||||||
| Total debt, gross | |||||||||||||
| Less: Unamortized deferred financing costs offsetting long term debt | ( | ) | ( | ) | |||||||||
| Long term debt, net of unamortized deferred financing costs | $ | $ | |||||||||||
Senior Notes - 2032 Notes
On January 31, 2025, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the "Issuer") and a wholly-owned subsidiary of the Company issued $
ABL Credit Facility
The asset-backed loan credit facility ("ABL Facility") provides a maximum revolver available of $
There was
As of January 31, 2026 we had $
For further information, see Note 7 of the notes to consolidated financial statements in our Annual Report.
Note 6. Accrued Payroll and Payroll Expense
The following table summarizes accrued payroll and expenses as of January 31, 2026 and October 31, 2025:
| As of January 31, |
As of October 31, |
|||||||
| (in thousands) |
2026 |
2025 |
||||||
| Accrued vacation |
$ | $ | ||||||
| Accrued payroll |
||||||||
| Accrued bonus |
||||||||
| Accrued employee-related taxes |
||||||||
| Other accrued |
||||||||
| Total accrued payroll and payroll expenses |
$ | $ | ||||||
Note 7. Accrued Expenses and Other Current Liabilities
The following table summarizes accrued expenses and other current liabilities as of January 31, 2026 and October 31, 2025:
| As of January 31, |
As of October 31, |
|||||||
| (in thousands) |
2026 |
2025 |
||||||
| Accrued self-insured commercial liabilities |
$ | $ | ||||||
| Accrued self-insured health liabilities |
||||||||
| Accrued interest |
||||||||
| Accrued equipment purchases |
||||||||
| Accrued property, sales and use tax |
||||||||
| Accrued professional fees |
||||||||
| Other |
||||||||
| Total accrued expenses and other current liabilities |
$ | $ | ||||||
Share Repurchase Program
In June 2025, the board of directors of the Company approved a $
The repurchase program permits shares to be repurchased in the open market, by block purchase, in privately negotiated transactions, in one or more transactions from time to time, or pursuant to any trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal and regulatory requirements. The repurchase program may be suspended, terminated, extended or otherwise modified by the board of directors without notice at any time for any reason, including, without limitation, market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, capital and liquidity objectives, and other factors deemed appropriate by the Company's management.
The following table summarizes the shares repurchased, total cost of shares repurchased and average price per share for the three months ended January 31, 2026 and 2025. All repurchases were at market value.
| Three Months Ended January 31, | ||||||||
| (in thousands, except price per share) | 2026 | 2025 | ||||||
| Shares repurchased | ||||||||
| Total cost of shares repurchased | $ | $ | ||||||
| Average price per share | $ | $ | ||||||
The table below summarizes our revenues as presented in our unaudited condensed consolidated statements of operations for the periods ended January 31, 2026 and 2025 by revenue type:
| Three Months Ended January 31, |
||||||||
| (in thousands) |
2026 |
2025 |
||||||
| Service revenue |
$ | $ | ||||||
| Lease fixed revenue |
||||||||
| Lease variable revenue |
||||||||
| Total revenue |
$ | $ | ||||||
For further information, see Note 2 of the notes to consolidated financial statements in our Annual Report.
The following table summarizes income before income taxes and income tax expense for the three months ended January 31, 2026 and 2025:
| Three Months Ended January 31, | ||||||||
| (in thousands) | 2026 | 2025 | ||||||
| Loss before income taxes | $ | ( | ) | $ | ( | ) | ||
| Income tax benefit | $ | ( | ) | $ | ( | ) | ||
For the three months ended January 31, 2026 and 2025, the Company’s effective tax rate was
Note 11. Stock-Based Compensation
Pursuant to the Concrete Pumping Holdings, Inc. 2018 Omnibus Incentive Plan, the Company has granted stock-based awards to certain employees in the U.S. and U.K.
The following table summarizes realized compensation expense related to stock options and restricted stock awards in the accompanying condensed consolidated statements of operations:
| Three Months Ended January 31, | ||||||||
| (in thousands) | 2026 | 2025 | ||||||
| Compensation expense – restricted stock | $ | $ | ||||||
| Compensation expense – stock options | ||||||||
| Total | $ | $ | ||||||
Total cash payments to taxing authorities for employees' tax obligations related to restricted stock unit vesting's for the three months ended January 31, 2026 and 2025 were $
The table below shows our basic and diluted EPS calculations for the three months ended January 31, 2026 and 2025:
| Three Months Ended January 31, | ||||||||
| (in thousands, except per share amounts) | 2026 | 2025 | ||||||
| Net loss (numerator): | ||||||||
| Net loss attributable to Concrete Pumping Holdings, Inc. | $ | ( | ) | $ | ( | ) | ||
| Less: Accretion of liquidation preference on preferred stock | ( | ) | ( | ) | ||||
| Net loss attributable to common stockholders (numerator for basic earnings per share) | $ | ( | ) | $ | ( | ) | ||
| Weighted average shares (denominator): | ||||||||
| Weighted average shares - basic | ||||||||
| Weighted average shares - diluted | ||||||||
| Basic earnings per share | $ | ( | ) | $ | ( | ) | ||
| Diluted earnings per share | $ | ( | ) | $ | ( | ) | ||
Certain outstanding stock awards, options and preferred stock as provided below were excluded from the diluted earnings per share calculation for the periods presented because they were anti-dilutive. For the three months ended January 31, 2026,
Dividends
On , the Company's Board of Directors declared a special cash dividend of $
Note 13. Supplemental Cash Flow Information
The table below shows supplemental cash flow information for the three months ended January 31, 2026 and 2025:
| Three Months Ended January 31, |
||||||||
| (in thousands) |
2026 |
2025 |
||||||
| Supplemental cash flow information: |
||||||||
| Cash payments related to operating lease liabilities |
$ | $ | ||||||
| Cash paid for interest |
$ | $ | ||||||
| Cash refunded for income taxes |
$ | ( |
) | $ | ||||
| Non-cash investing and financing activities: |
||||||||
| Operating lease assets obtained in exchange for new operating lease liabilities |
$ | $ | ||||||
The table below shows property, plant and equipment acquired but not yet paid for as of January 31, 2026 and 2025:
| As of January 31, |
||||||||
| (in thousands) |
2026 |
2025 |
||||||
| Beginning of period: |
||||||||
| PP&E acquired but not yet paid |
$ | $ | ||||||
| End of period: |
||||||||
| PP&E acquired but not yet paid |
$ | $ | ||||||
Note 14. Fair Value Measurement
The carrying amounts of the Company's cash and cash equivalents, accounts receivable, accounts payable and current accrued liabilities approximate their fair value as recorded due to the short-term maturity of these instruments, which approximates fair value. The Company’s outstanding obligations on its asset-backed loan ("ABL") credit facility are deemed to be at fair value as the interest rates on these debt obligations are variable and consistent with prevailing rates. There were no changes since October 31, 2025 in the Company's valuation techniques used to measure fair value.
Long-term debt instruments
The Company's long-term debt instruments are recorded at their carrying values in the condensed consolidated balance sheet, which may differ from their respective fair values. The fair values of the long-term debt instruments are derived from Level 2 inputs. The fair value amount of the long-term debt instruments as of January 31, 2026 and October 31, 2025 is presented in the table below based on the prevailing interest rates and trading activity of the Senior Notes.
| As of January 31, |
As of October 31, |
|||||||||||||||
| 2026 |
2025 |
|||||||||||||||
| (in thousands) |
Carrying Value |
Fair Value |
Carrying Value |
Fair Value |
||||||||||||
| 2032 Notes |
$ | $ | $ | $ | ||||||||||||
All other non-financial assets
The Company's non-financial assets, which primarily consist of property and equipment, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite lived intangibles), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value.
Note 15. Commitments and Contingencies
Insurance
Commercial Self-Insured Losses
The Company retains a significant portion of the risk for workers' compensation, automobile, and general liability losses ("self-insured commercial liability"). Reserves have been recorded that reflect the undiscounted estimated liabilities including claims incurred but not reported. When a recognized liability is covered by third-party insurance, the Company records an insurance claim receivable to reflect the covered liability. Amounts estimated to be paid within one year have been included in accrued expenses and other current liabilities, with the remainder included in other non-current liabilities on the condensed consolidated balance sheets. Insurance claims receivables that are expected to be received from third-party insurance within one year have been included in prepaid expenses and other current assets, with the remainder included in other non-current assets on the condensed consolidated balance sheets.
The following table summarizes as of January 31, 2026 and October 31, 2025 for (1) recorded liabilities, related to both asserted as well as unasserted insurance claims and (2) any related insurance claims receivables:
| As of January 31, 2026 | As of October 31, 2025 | ||||||||
| (in thousands) | Classification on the Condensed Consolidated Balance Sheets | ||||||||
| Self-insured commercial liability, current | Accrued expenses and other current liabilities | $ | $ | ||||||
| Self-insured commercial liability, non-current | Other non-current liabilities | ||||||||
| Total self-insured commercial liabilities | $ | $ | |||||||
| Expected recoveries related to self-insured commercial liabilities, current | Prepaid expenses and other current assets | $ | $ | ||||||
| Expected recoveries related to self-insured commercial liabilities, non-current | Other non-current assets | ||||||||
| Total expected recoveries related to self-insured commercial liabilities | $ | $ | |||||||
| Total self-insured commercial liability, net of expected recoveries | $ | $ | |||||||
Medical Self-Insured Losses
The Company offers employee health benefits via a partially self-insured medical benefit plan. Participant claims exceeding certain limits are covered by a stop-loss insurance policy. The Company contracts with a third-party administrator for tasks including, but not limited to, processing claims and remitting benefits. The third-party administrator requires the Company to maintain a bank account to facilitate the administration of claims.
As of January 31, 2026 and October 31, 2025, the Company had accrued $
Litigation
The Company is currently involved in certain legal proceedings and other disputes with third parties that have arisen in the ordinary course of business. Management believes that the outcomes of these matters will not have a material impact on the Company’s financial statements and does not believe that any amounts need to be recorded for contingent liabilities in the Company’s condensed consolidated balance sheet.
Letters of credit
The ABL Facility provides for up to $
The Company conducts business through reportable segments based on geography and the nature of services sold, U.S. Concrete Pumping, U.S. Concrete Waste Management Services and U.K. Operations. Any differences between segment reporting and consolidated results are reflected in Other/Eliminations below or noted as intersegment amounts. All other non-segmented assets primarily include cash and cash equivalents and intercompany eliminations. The accounting policies of the segment reporting are the same as those described in Note 2 of our Annual Report.
The Company’s chief operating decision maker ("CODM"), who is the CEO of the Company, makes decisions and evaluates the performance of each segment based on segment adjusted EBITDA. This measure is reviewed in monthly performance reports and is used to assess operating results, compare profitability across segments, and support resource allocation decisions such as budgeting and long-term planning. Results are compared to both budgeted amounts and prior year amounts to provide context and evaluate performance trends. Segment adjusted EBITDA includes direct operating expenses that are attributable to each segment and are regularly reviewed by the CODM. These direct operating expenses include employee cost of operations expenses, repairs and maintenance, fuel, and employee general and administrative ("G&A") expenses. Prior to the fourth quarter of 2025, the CODM evaluated segment performance using segment EBITDA, which included results after allocated corporate expenses, loss on extinguishment of debt, stock-based compensation, other expense (income), net, and other adjustments. Beginning in the fourth quarter of 2025, the CODM transitioned to using segment adjusted EBITDA as the measure of profit and loss. Segment adjusted EBITDA excludes the above allocations and adjustments, consistent with how the CODM now evaluates performance and allocates resources.
The following items are excluded from our segment adjusted EBITDA results as they are managed centrally, not regularly provided to our CODM by segment and are not used in evaluating segment performance or resource allocation decisions:
| ● | Depreciation and amortization |
| ● | Interest expense and amortization of deferred financing costs, net of interest income |
| ● | Unallocated corporate expenses – These are central shared costs managed separately and included in "unallocated corporate expenses" in the tables below. |
| ● | Loss on debt extinguishment |
| ● | Stock-based compensation |
| ● | Other expense (income), net |
| ● | Other adjustments |
The following tables summarize the Company’s segment results, provide a reconciliation of total segment adjusted EBITDA to loss before income taxes and discloses other segmented balances or expenditures for the three months ending January 31, 2026 and 2025:
| Three Months Ended January 31, 2026 | ||||||||||||||||||||
| (in thousands) | US Concrete Pumping | US Concrete Waste Management Services | UK Operations | Other / Eliminations | Total | |||||||||||||||
| Segment Revenue: (1) | $ | $ | $ | $ | ||||||||||||||||
| Segment expenses: | ||||||||||||||||||||
| Segment employee cost of operation expenses (2)(3) | ||||||||||||||||||||
| Repairs & maintenance (2) | ||||||||||||||||||||
| Fuel (2) | ||||||||||||||||||||
| Segment employee G&A expenses (2)(4) | ||||||||||||||||||||
| Other segment items (5) | ||||||||||||||||||||
| Total segment adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||
| Reconciliation of segment adjusted EBITDA to income before taxes: | ||||||||||||||||||||
| Depreciation and amortization (6) | $ | |||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||||||
| Unallocated corporate expenses | ||||||||||||||||||||
| Stock-based compensation | ||||||||||||||||||||
| Other income, net | ( | ) | ||||||||||||||||||
| Other adjustments | ( | ) | ||||||||||||||||||
| Loss before income taxes | $ | ( | ) | |||||||||||||||||
| Other segment disclosures: | ||||||||||||||||||||
| Total assets (at quarter end) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
| Capital expenditures | $ | $ | $ | $ | $ | |||||||||||||||
| (1) | For the three months ended January 31, 2026, intersegment revenue of $ | |
| (2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |
| (3) | Employee cost of operations expenses include salaries, benefits and bonuses. | |
| (4) | Employee G&A expenses include salaries, benefits and bonuses. | |
| (5) | Other segment items primarily include expenses that are included in segment adjusted EBITDA but are not individually significant and regularly provided to the CODM, such as insurance, facilities costs, professional fees and subscriptions, and other minor operational costs. | |
| (6) | Depreciation expense is regularly provided to the CODM; however, only an immaterial portion of depreciation is directly expensed to the operating segments and included in the information regularly provided to the CODM. The remaining depreciation is excluded from the segment results and allocated along with other overhead costs, as it is not used by the CODM in assessing segment performance or allocating resources. |
| Three Months Ended January 31, 2025 | ||||||||||||||||||||
| (in thousands) | US Concrete Pumping | US Concrete Waste Management Services | UK Operations | Other / Eliminations | Total | |||||||||||||||
| Segment Revenue: (1) | $ | $ | $ | $ | ||||||||||||||||
| Segment expenses: | ||||||||||||||||||||
| Segment employee cost of operation expenses (2)(3) | ||||||||||||||||||||
| Repairs & maintenance (2) | ||||||||||||||||||||
| Fuel (2) | ||||||||||||||||||||
| Segment employee G&A expenses (2)(4) | ||||||||||||||||||||
| Other segment items (5) | ||||||||||||||||||||
| Total segment adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||
| Reconciliation of segment adjusted EBITDA to income before taxes: | ||||||||||||||||||||
| Depreciation and amortization (6) | $ | |||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||||||
| Unallocated corporate expenses | ||||||||||||||||||||
| Loss on debt extinguishment | ||||||||||||||||||||
| Stock-based compensation | ||||||||||||||||||||
| Other income, net | ( | ) | ||||||||||||||||||
| Other adjustments | ( | ) | ||||||||||||||||||
| Loss before income taxes | $ | ( | ) | |||||||||||||||||
| Other segment disclosures: | ||||||||||||||||||||
| Total assets (at quarter end) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
| Capital expenditures | $ | $ | $ | $ | $ | |||||||||||||||
| (1) | For the three months ended January 31, 2025, intersegment revenue of $ | |
| (2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |
| (3) | Employee cost of operations expenses include salaries, benefits and bonuses. | |
| (4) | Employee G&A expenses include salaries, benefits and bonuses. | |
| (5) | Other segment items primarily include expenses that are included in segment adjusted EBITDA but are not individually significant and regularly provided to the CODM, such as insurance, facilities costs, professional fees and subscriptions, and other minor operational costs. | |
| (6) | Depreciation expense is regularly provided to the CODM; however, only an immaterial portion of depreciation is directly expensed to the operating segments and included in the information regularly provided to the CODM. The remaining depreciation is excluded from the segment results and allocated along with other overhead costs, as it is not used by the CODM in assessing segment performance or allocating resources. |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
You should read the following management’s discussion and analysis together with Concrete Pumping Holdings, Inc.’s (the "Company", "we", "us" or "our") condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report. All references to "Notes" in this Item 2 of Part I refer to the notes to condensed consolidated financial statements included in Item 1 of Part I of this Report. All references to "Annual Report" refers to our Form 10-K for the year ended October 31, 2025 filed with the SEC on January 13, 2026.
Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary
Certain statements in this Quarterly Report on Form 10-Q ("Report") constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. These forward-looking statements may be identified by terminology such as "likely," "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained in this Report are reasonable, we cannot guarantee future results.
The forward-looking statements contained in this Report are based on our current expectations and beliefs concerning future developments and their potential effects. These statements involve known and unknown risks, uncertainties (some of which are beyond our control) and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the items in the following:
|
|
● |
the adverse impact of recent inflationary pressures, including increases in fuel costs, global economic conditions and events related to these conditions; |
| ● | general economic and business conditions, which may affect demand for commercial, infrastructure, and residential construction and adverse effects of major endemics or pandemics on our business; | |
| ● | seasonal and inclement weather conditions, which impede the installation of ready-mixed concrete; | |
| ● | the cyclical nature of, and changes in, the real estate and construction markets, including pricing changes by our competitors; | |
| ● | our ability to successfully implement our operating strategy; | |
| ● | our ability to successfully identify, manage and integrate acquisitions; | |
| ● | changes in foreign trade policies and other factors beyond our control; | |
| ● | our ability to maintain effective internal controls necessary to provide reliable financial reports; | |
| ● | governmental requirements and initiatives, including those related to mortgage lending, financing or deductions, funding for public or infrastructure construction, land usage, and environmental, health, and safety matters; | |
| ● | our ability to maintain favorable relationships with third parties who supply us with equipment and essential supplies; | |
| ● | our ability to retain key personnel and maintain satisfactory labor relations; | |
| ● | disruptions, uncertainties or volatility in the credit markets that may limit our, our suppliers’ and our customers’ access to capital; | |
| ● | personal injury, property damage, results of litigation, proceedings, adverse rulings, other claims and insurance coverage issues; | |
| ● | our substantial indebtedness and the restrictions imposed on us by the terms of our indebtedness; | |
| ● | the effects of currency fluctuations on our results of operations and financial condition; and | |
| ● | our ability to monitor, protect and reduce disruptions to our information technology systems from cybersecurity threats and incidents; | |
| ● | other factors as described in the section entitled "Risk Factors" in our Annual Report. |
Our forward-looking statements speak only as of the date of this Report or as of the date they are made, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports on Forms 10-K, 10-Q and 8-K should be considered.
Business Overview
The Company is a Delaware corporation headquartered in Thornton, Colorado. The unaudited condensed consolidated financial statements included herein include the accounts of Concrete Pumping Holdings, Inc. and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. ("Brundage-Bone"), Camfaud Group Limited ("Camfaud") and Eco-Pan, Inc. ("Eco-Pan").
As part of the Company’s business growth and capital allocation strategy, the Company views strategic acquisitions as opportunities to enhance our value proposition through differentiation and competitiveness. Depending on the deal size and characteristics of the M&A opportunities available, we expect to allocate capital for opportunistic M&A utilizing cash on the balance sheet and the Company's revolving line of credit.
U.S. Concrete Pumping
All branches operating within our U.S. Concrete Pumping segment are concrete pumping service providers in the United States ("U.S."). Our U.S. Concrete Pumping core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a "home base" nightly and these branches do not contract to purchase, mix, or deliver concrete. This segment primarily consists of our Brundage-Bone business which has approximately 95 branch locations across 23 states with its corporate headquarters in Thornton, Colorado.
U.S. Concrete Waste Management Services
Our U.S. Concrete Waste Management Services segment consists of our U.S. based Eco-Pan business. Eco-Pan is a leading provider of concrete waste management services in the U.S, providing a full-service, route-based, cost-effective, regulation-compliant solution to manage environmental issues caused by concrete washout. Eco-Pan uses pans and roll-off containers specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 23 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado.
U.K. Operations
Our U.K. Operations segment consists of our Camfaud, Premier and U.K. based Eco-Pan businesses. Camfaud is a concrete pumping service provider primarily operating in the United Kingdom ("U.K."). Our U.K. core business is primarily the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a "home base" nightly and does not contract to purchase, mix, or deliver concrete. Camfaud has approximately 35 branch locations throughout the U.K. and Republic of Ireland, with its corporate headquarters in Epping (near London), England. In addition, we have concrete waste management operations under our Eco-Pan brand name in the U.K. and currently operate from a shared Camfaud location.
Results of Operations
The tables included in the period-to-period comparisons below provide summaries of our revenues and gross profits for our business segments for the three months ended January 31, 2026 and 2025.
Three Months Ended January 31, 2026 Compared to the Three Months Ended January 31, 2025
Revenue
| Three Months Ended January 31, |
Change |
|||||||||||||||
| (in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
||||||||||||
| Revenue |
||||||||||||||||
| U.S. Concrete Pumping |
$ | 59,941 | $ | 56,914 | $ | 3,027 | 5.3 | % | ||||||||
| U.S. Concrete Waste Management Services(1) |
18,072 | 16,693 | 1,379 | 8.3 | % | |||||||||||
| U.K. Operations |
12,548 | 12,840 | (292 | ) | (2.3 | )% | ||||||||||
| 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.
Total revenue. Total revenues were $90.6 million for the three months ended January 31, 2026 compared to $86.4 million for the three months ended January 31, 2025. Revenue by segment is further discussed below.
U.S. Concrete Pumping. Revenue for our U.S. Concrete Pumping segment increased by 5.3%, or $3.0 million, from $56.9 million in the first quarter of fiscal 2025 to $59.9 million for the first quarter of fiscal 2026, primarily attributable to (1) an increase in commercial and infrastructure construction volumes and pricing, mostly related to growing data center and infrastructure projects, and (2) generally more favorable weather conditions across our U.S. regions. These improvements were partially offset by a continued slowdown in light commercial construction demand and subdued residential construction demand, mostly due to high interest rates and economic uncertainty around tariffs through the first quarter of 2026.
U.S. Concrete Waste Management Services. Revenue for the U.S. Concrete Waste Management Services segment improved by 8.3%, or $1.4 million, from $16.7 million in the first quarter of fiscal 2025 to $18.1 million for the first quarter of fiscal 2026. The increase in revenue was driven by organic volume growth and pricing improvements.
U.K. Operations. Revenue for our U.K. Operations segment decreased by 2.3%, or $0.3 million, from $12.8 million in the first quarter of fiscal 2025 to $12.5 million for the first quarter of fiscal 2026. Excluding the impact from foreign currency translation, revenue was down 8.0% year-over-year, due to lower volumes caused by a continued slowdown in commercial construction demand.
Gross Profit and Gross Margin
| Three Months Ended January 31, |
Change |
|||||||||||||||
| (in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
||||||||||||
| Gross Profit and Gross Margin |
||||||||||||||||
| Gross Profit |
$ | 31,964 | $ | 31,235 | $ | 729 | 2.3 | % | ||||||||
| Gross Margin |
35.3 | % | 36.1 | % | ||||||||||||
Gross margin. Our gross margin for the first quarter of fiscal 2026 was 35.3% compared to 36.1% in the first quarter of fiscal 2025. The slight decrease in gross margin was primarily related to increases in commercial insurance expense and repair and maintenance activity.
General and administrative expenses
General and administrative expenses ("G&A"). G&A expenses for the three months ended January 31, 2026 were $27.5 million, a decrease of $0.3 million from $27.8 million in the three months ended January 31, 2025. G&A expenses as a percent of revenue were 30.4% for the first quarter of fiscal 2026 compared to 32.2% for the same period a year ago.
For the first quarter of fiscal 2026, excluding amortization of intangible assets of $2.5 million, depreciation expense of $0.5 million, and stock-based compensation expense of $0.6 million, G&A expenses were $23.9 million (26.4% of revenue). For the first quarter of fiscal 2025, excluding amortization of intangible assets of $3.0 million, depreciation expense of $0.5 million, and stock-based compensation expense of $0.4 million, G&A expenses were $23.9 million (27.7% of revenue).
Total other income (expense)
Interest expense and amortization of deferred financing costs. Interest expense and amortization of deferred financing costs for the first quarter of fiscal 2026 was $8.4 million, up $2.2 million from $6.2 million in the first quarter of fiscal 2025. The increase was primarily attributable to the refinancing of our senior notes during the first quarter of fiscal 2025 resulting in an increase in interest expense of $2.3 million.
Debt extinguishment costs. On January 31, 2025, we closed on our private offering of $425.0 million in aggregate principal amount of senior secured second lien notes due 2032 and repaid all outstanding indebtedness under our then-existing senior notes due 2026. The $1.4 million in debt extinguishment costs incurred relate to the write-off of all unamortized deferred debt issuance costs that were related to the 2026 Notes.
Income tax expense
Income tax expense. For the three months ended January 31, 2026 and 2025 the Company’s effective tax rate was 31.1% and 28.2%, respectively. The comparability of the effective tax rate was largely driven by permanent differences. While these differences did not quantitatively change, changes in estimated annual income amplified their relative impact for the three months ended January 31, 2026 compared to January 31, 2025. This increase was partially offset by changes in the impacts from share-based compensation.
Net Income (Loss) and Adjusted EBITDA Results
| Net Income (Loss) |
||||||||||||||||
| Three Months Ended January 31, |
Change |
|||||||||||||||
| (in thousands, unless otherwise stated) |
2026 |
2025 |
$ | % |
||||||||||||
| U.S. Concrete Pumping |
$ | (2,752 | ) | $ | (3,080 | ) | $ | 328 | 10.6 | % | ||||||
| U.S. Concrete Waste Management Services |
653 | 224 | 429 | 191.5 | % | |||||||||||
| U.K. Operations |
(343 | ) | 217 | (560 | ) | (258.1 | )% | |||||||||
| Total |
$ | (2,442 | ) | $ | (2,639 | ) | $ | 197 | 7.5 | % | ||||||
| Adjusted EBITDA |
||||||||||||||||
| Three Months Ended January 31, |
Change |
|||||||||||||||
| (in thousands, unless otherwise stated) |
2026 |
2025 |
$ | % |
||||||||||||
| U.S. Concrete Pumping |
$ | 9,696 | $ | 9,159 | $ | 537 | 5.9 | % | ||||||||
| U.S. Concrete Waste Management Services |
6,029 | 5,024 | 1,005 | 20.0 | % | |||||||||||
| U.K. Operations |
2,300 | 2,828 | (528 | ) | (18.7 | )% | ||||||||||
| Total |
$ | 18,025 | $ | 17,011 | $ | 1,014 | 6.0 | % | ||||||||
U.S. Concrete Pumping. Net loss for our U.S. Concrete Pumping segment was $2.8 million for the first quarter of fiscal 2026 compared to a net loss of $3.1 million for the first quarter of fiscal 2025. Adjusted EBITDA for our U.S. Concrete Pumping segment was $9.7 million for the first quarter of fiscal 2026, up $0.5 million from $9.2 million for the same period in fiscal 2025. The decrease in net loss was primarily driven by the increase in revenue as discussed above and a decrease in debt extinguishment costs, partially offset by an increase in interest expense and amortization of deferred financing costs as discussed above. The increase in adjusted EBITDA was primarily related to the increase in revenue as discussed above.
U.S. Concrete Waste Management Services. Net income for our U.S. Concrete Waste Management Services segment was $0.7 million for the first quarter of fiscal 2026 compared to a net income of $0.2 million for the first quarter of fiscal 2025. Adjusted EBITDA for our U.S. Concrete Waste Management Services segment was $6.0 million for the first quarter of fiscal 2026, up $1.0 million from $5.0 million for the same period in fiscal 2025. The increase in net income was primarily driven by the increase in revenue as discussed above and a decrease in debt extinguishment costs, partially offset by an increase in interest expense and amortization of deferred financing costs as discussed above. The increase in adjusted EBITDA was primarily related to the increase in revenue as discussed above.
U.K. Operations. Net loss for our U.K. Operations segment was $0.3 million for the first quarter of fiscal 2026 compared to net income of $0.2 million for the first quarter of fiscal 2025. Adjusted EBITDA for our U.K. Operations segment was $2.3 million for the first quarter of fiscal 2026, down $0.5 million from $2.8 million from the same period in fiscal 2025. Excluding the impact from foreign currency translation, the changes in net income and adjusted EBITDA were primarily related to the decrease in revenue as discussed above.
Liquidity and Capital Resources
Overview
Our capital structure is primarily a combination of (1) permanent financing, represented by stockholders’ equity; (2) zero-dividend convertible perpetual preferred stock; (3) long-term financing represented by our Senior Notes (as defined below) and (4) short-term financing under our ABL Facility (as defined below). Our primary sources of liquidity are cash generated from operations, available cash and cash equivalents and access to our revolving credit facility under our ABL Facility (as defined below), which provides for aggregate borrowings of up to $350.0 million, subject to a borrowing base limitation. We use our liquidity and capital resources to: (1) finance working capital requirements; (2) service our indebtedness; (3) purchase property, plant and equipment (4) finance strategic acquisitions; (5) repurchase shares and (6) pay dividends to our stockholders, as discussed further below. As of January 31, 2026, we had $53.0 million of cash and cash equivalents and $297.3 million of available borrowing capacity under the ABL Facility (as defined below), providing total available liquidity of $350.3 million.
We believe our existing cash and cash equivalent balances, cash flow from operations and borrowing capacity under our ABL Facility will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, potential acquisitions and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity could result in dilution to our stockholders while the incurrence of additional debt could restrict our operations.
Material Cash Requirements
Our principal uses of cash historically have been to fund operating activities and working capital, purchases of property and equipment, strategic acquisitions, fund payments due under facility operating and finance leases, share repurchases, payment of dividends and to meet debt service requirements.
Our working capital surplus as of January 31, 2026 was $56.9 million. We are in compliance with our debt covenants and believe that we have sufficient working capital to meet our material cash requirements for the foreseeable future.
The amount of our future capital expenditures will depend on a number of factors including general economic conditions and growth prospects. In response to changing economic conditions, we believe we have the flexibility to modify our capital expenditures by adjusting them (either up or down) to match our actual performance and business needs. Our gross capital expenditures for the three months ended January 31, 2026 and 2025 were approximately $9.5 million and $5.8 million, respectively. See "Cash Flow" discussion below for more information.
To service our debt, we require a significant amount of cash. Our ability to pay interest and principal on our indebtedness will depend upon our future operating performance and the availability of borrowings under the ABL Facility and/or other debt and equity financing alternatives available to us, which will be affected by prevailing economic conditions and conditions in the global credit and capital markets, as well as financial, business and other factors, some of which are beyond our control. Based on our current level of operations and given the current state of the capital markets, we believe our cash flow from operations, available cash and available borrowings under the ABL Facility will be adequate to service our debt and meet our future liquidity needs for the foreseeable future. See "Senior Notes and ABL Facility" discussion below for more information.
Dividends
On January 14, 2025, our Board of Directors declared a special cash dividend of $1.00 per share, totaling $53.1 million, of common stock to shareholders of record as of January 24, 2025, with payment date on February 3, 2025. The dividend was funded with cash on hand and net proceeds from our new 2032 Notes (as defined below). The declaration of dividends on our common stock is discretionary and will be determined by our Board of Directors in its sole discretion and will depend on our business conditions, financial condition, earnings, liquidity and capital requirements, contractual restrictions and other factors.
Future Contractual Obligations
For information regarding our future contractual obligations, see the MD&A discussion included in Item 7 of Part II of our Annual Report.
Senior Notes and ABL Facility
On January 31, 2025, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the "Issuer") and a wholly-owned subsidiary of the Company, closed its private offering of $425.0 million in aggregate principal amount of senior secured second lien notes due 2032 (the “2032 Notes”), issued pursuant to an indenture, among the Issuer, the Company, the other Guarantors (as defined below), Deutsche Bank Trust Company Americas, as trustee and as collateral agent (the "Indenture"). The 2032 Notes were issued at par and bear interest at a fixed rate of 7.500% per annum. The Issuer’s obligations under the 2032 Notes are jointly and severally guaranteed on a senior secured basis by the Company, Concrete Pumping Intermediate Acquisition Corp. and each of the Issuer’s domestic, wholly-owned subsidiaries that is a borrower or a guarantor under the ABL Facility (collectively, the "Guarantors"). The proceeds from the 2032 Notes were used to pay the redemption price for all of the Company's outstanding 6.000% senior secured second lien notes due 2026 (the “2026 Notes”) and to pay related fees and expenses thereto. In addition, the remainder of the net proceeds, together with cash on hand, were used to pay a special cash dividend of $1.00 per share of common stock of the Company on February 3, 2025.
On September 6, 2024, the ABL Facility was amended to, among other changes, (1) increase the maximum revolver borrowings available to be drawn thereunder from $225.0 million to $350.0 million, (2) increase the letter of credit sublimit from $22.5 million to $32.5 million and (3) extend the maturity of the ABL Facility to the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the Senior Notes or (ii) the date the Senior Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which the borrowers under the ABL Facility can, subject to specified conditions, increase the ABL Facility by up to an additional $25.0 million. Of the $125.0 million in incremental commitments, $75.0 million was provided by Bank of America, N.A. and $50.0 million was provided by PNC Bank, N.A. The amended ABL Facility was treated as a debt modification. The Company capitalized an additional $1.2 million of debt issuance costs related to the September 6, 2024, ABL Facility amendment. The preexisting unamortized deferred costs of $1.4 million and the additional costs of $1.2 million are being amortized from September 6, 2024 through September 6, 2029.
There was no outstanding balance under the ABL Facility as of January 31, 2026 and as of that date, the Company was in compliance with all debt covenants. In addition, as of January 31, 2026, the Company had $1.1 million in credit line reserves and a letter of credit balance of $18.5 million. As of January 31, 2026, we had $297.3 million of available borrowing capacity under the ABL Facility. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed balance sheets. The Company had debt issuance costs related to the revolving credit facilities of $1.9 million as of January 31, 2026.
See Note 5 of Part I, Item I in this document for more information on the Senior Notes and ABL Facility.
Cash Flows
Cash generated from operating activities typically reflects net income, as adjusted for non-cash expense items such as depreciation, amortization and stock-based compensation, and changes in our operating assets and liabilities. Generally, we believe our business requires a relatively low level of working capital investment due to low inventory requirements and timely customer payments due to daily billings for most of our services.
Cash flow provided by operating activities. Net cash provided by operating activities generally reflects the cash effects of transactions and other events used in the determination of net income or loss.
Net cash provided by operating activities during the three months ended January 31, 2026 was $21.4 million. The Company had a net loss of $2.4 million, which included net non-cash expense items of $13.5 million. In addition, we had cash inflows related to a decrease in our working capital of $10.3 million. Cash inflows related to working capital activity include a decrease in receivables of $7.9 million and increases in other operating liabilities of $1.9 million and accounts payable of $1.6 million, partially offset by increases to inventory of $0.8 million and other operating assets of $0.3 million. The decrease in receivables is due to seasonal decreases in sales volumes during the three months ended January 31, 2026. The increase in other operating liabilities is primarily related to the timing of our periodic senior notes interest payments partially offset by payments on operating leases. The increase in accounts payable is driven by the general timing of invoices.
Net cash provided by operating activities during the three months ended January 31, 2025 was $6.0 million. The Company had a net loss of $2.6 million, which included net non-cash expense items of $14.7 million. In addition, we had cash inflows related to a decrease in our working capital of $6.0 million. Cash inflows related to working capital activity include a decrease to other operating liabilities of $14.1 million, a decrease to accounts payable of $3.3 million, an increase in other operating assets of $1.4 million and an increase in inventory of $0.3 million, partially offset by a decrease to receivables of $13.2 million. The decrease in other operating liabilities is mainly due to a change in timing of payment of our 2026 Notes due to the refinancing activity previously discussed. The decrease in accounts payable is driven by a slowdown in business activity and the general timing of invoices. The decrease in receivables is due to seasonal decreases in sales volumes during the three months ended January 31, 2025
Cash flow used in investing activities. Net cash used in operating activities generally reflects the cash outflows for property, plant and equipment.
We used $8.3 million to fund investing activities during the three months ended January 31, 2026. The Company used $9.5 million for the purchase of property, plant and equipment, which was partially offset by $1.2 million in proceeds from the sale of property, plant and equipment.
We used $3.9 million to fund investing activities during the three months ended January 31, 2025. The Company used $5.8 million for the purchase of property, plant and equipment, which was partially offset by $1.9 million in proceeds from the sale of property, plant and equipment.
Cash flow provided by (used in) financing activities.
Net cash used in financing activities was $4.9 million for the three months ended January 31, 2026. Cash used in financing activities included $4.6 million in purchase of treasury stock, which included $4.1 million purchased under the share repurchase program and $0.5 million from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain stock award vesting and stock option exercise activities and $0.3 million for other financing activities.
Net cash provided by financing activities was $40.0 million for the three months ended January 31, 2025. Cash provided by financing activities included $425.0 million in proceeds from the issuance of the 2032 Notes, $375.0 million in payments for the extinguishment of the 2026 Notes, $7.3 million in debt issuance costs paid related to the 2032 Notes and $2.6 million in purchase of treasury stock, which included $1.9 million purchased under the share repurchase program and $0.7 million from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain stock award vesting and stock option exercise activities.
Accounting and Other Reporting Matters
Non-GAAP Measures (EBITDA and Adjusted EBITDA)
We calculate EBITDA by taking GAAP net income and adding back interest expense and amortization of deferred financing costs, net of interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, other income, net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses, transaction expenses and other items not necessarily indicative of our underlying operating performance. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, we exclude these amounts from Adjusted EBITDA for comparability across periods.
We believe 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 we are 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.
| Three Months Ended January 31, |
||||||||
| (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 | ||||
| U.K. Operations |
||||||||
| Net income (loss) |
$ | (343 | ) | $ | 217 | |||
| Interest expense and amortization of deferred financing costs, net of interest income |
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 | ||||
Critical Accounting Policies and Estimates
Our critical accounting policies and estimates are disclosed in the "Critical Accounting Policies and Estimates" section of our Annual Report. No modifications have been made during the three months ended January 31, 2026 to these policies or estimates except for those noted in Note 2 to the condensed consolidated financial statements included within Item 1 of this report.
New Accounting Pronouncements
For information regarding recent accounting pronouncements, see Note 2 to the condensed consolidated financial statements included within Item 1 of this report for more information.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act; therefore, pursuant to Item 305(e) of the Regulation S-K, we are not required to provide the information required by this Item.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2026 (as such term is defined in Rule 13a-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Based upon this evaluation, our Chief Executive Office and Chief Financial Officer concluded that, as of January 31, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended January 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Part II
The information required with respect to this item can be found under "Commitments and Contingencies—Litigation" in Note 15 of the notes to the condensed consolidated financial statements in this quarterly report and is incorporated by reference into this Item 1.
There have been no material changes to the Risk Factors previously disclosed in our Annual Report. For a detailed discussion of the risks that affect our business, please refer to the section entitled "Risk Factors" in the Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
During the first quarter of 2026, under our share repurchase program, we repurchased an aggregate of 650,597 shares of our common stock for a total of $4.0 million at an average price of $6.21 per share. The following table reflects issuer purchases of equity securities for the three months ended January 31, 2026:
ISSUER PURCHASES OF EQUITY SECURITIES
| Period |
Total Number of Shares Purchased |
Average Price Paid Per Share (1) |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) |
Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs (in millions) (1,3) |
||||||||||||
| November 1, 2025 - November 30, 2025 |
241,579 | $ | 6.15 | 241,579 | $ | 17.1 | ||||||||||
| December 1, 2025 - December 31, 2025 |
163,464 | 6.63 | 163,464 | 16.0 | ||||||||||||
| January 1, 2026 - January 31, 2026 |
326,002 | 6.10 | 245,554 | 14.5 | ||||||||||||
| Total |
731,045 | (4) | $ | 6.24 | (5) | 650,597 | $ | 14.5 | ||||||||
| (1) | Excludes commission cost and any applicable excise taxes incurred on share repurchases. | |
| (2) | From June 2022 through April 2025, the board of directors of the Company approved (through various resolutions) an aggregate authorization of $35.0 million for the Company’s share repurchase program. In March 2025, the board of directors of the Company approved the extension of the expiration date of the existing share repurchase program from March 31, 2025 to December 31, 2026, which was announced March 11, 2025. Further, in June 2025, the board of directors of the Company approved an authorization of $15.0 million increase for the Company’s share repurchase program, which was announced June 5, 2025. This brings the total share repurchase program authorizations to $50.0 million. | |
| (3) | Dollar value of shares that may yet be purchased under the repurchase program is as of the end of the quarter covered by this Quarterly Report on Form 10-Q. | |
| (4) | Of the 731,045 shares included in this column, 650,597 were purchased under the share repurchase program and the remaining 80,448 shares reflect shares of common stock purchased into treasury stock in order to satisfy employee tax withholding obligations for the vesting of stock awards. | |
| (5) | Of the $6.24 per share included in this column, 650,597 were purchased under the share repurchase program at $6.21 per share and the remaining 80,448 shares reflect shares of common stock purchased into treasury stock at $6.47 per share in order to satisfy employee tax withholding obligations for the vesting of stock awards. |
Item 3. Defaults Upon Senior Securities.
None
Item 4. Mine Safety Disclosures.
Not Applicable.
(a)
(b) None
(c) None
The documents set forth below are filed herewith or incorporated herein by reference to the location indicated.
| Exhibit No. |
Description |
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| 31.1 | Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a). |
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| 31.2 | Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a). |
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| 32.1 | |||
| 32.2 | |||
| 101.INS |
Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
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| 101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
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| 101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
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| 101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
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| 101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
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| 101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
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| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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CONCRETE PUMPING HOLDINGS, INC. |
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By: /s/ Iain Humphries |
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Name: Iain Humphries |
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Title: Chief Financial Officer and Secretary |
| (Authorized Signatory) |
Dated: March 10, 2026
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Bruce Young, certify that:
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1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 of Concrete Pumping Holdings, Inc.; |
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2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
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(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
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5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
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(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
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(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
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Date: March 10, 2026 |
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/s/ Bruce Young |
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Bruce Young, Chief Executive Officer and Director |
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(principal executive officer) |
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Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Iain Humphries, certify that:
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1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 of Concrete Pumping Holdings, Inc.; |
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2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
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(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
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5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
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(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
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(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
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Date: March 10, 2026 |
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/s/ Iain Humphries |
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Iain Humphries, Chief Financial Officer and Director |
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(principal financial and accounting officer) |
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Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I the undersigned Chief Executive Officer of Concrete Pumping Holdings, Inc. (the "Company") hereby certify that to my knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended January 31, 2026 (the “Report”) accompanying this certification, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: March 10, 2026 |
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/s/ Bruce Young |
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Bruce Young, Chief Executive Officer and Director |
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(principal executive officer) |
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Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I the undersigned Chief Financial Officer of Concrete Pumping Holdings, Inc. (the "Company") hereby certify that to my knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended January 31, 2026 (the “Report”) accompanying this certification, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: March 10, 2026 |
/s/ Iain Humphries |
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Iain Humphries, Chief Financial Officer and Director |
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(principal financial and accounting officer) |
Condensed Consolidated Balance Sheets (Current Period Unauidted) (Parentheticals) - USD ($) $ in Thousands |
Jan. 31, 2026 |
Oct. 31, 2025 |
|---|---|---|
| Allowance for doubtul accounts | $ 831 | $ 905 |
| Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Preferred stock, issued (in shares) | 2,450,980 | 2,450,980 |
| Preferred stock, outstanding (in shares) | 2,450,980 | 2,450,980 |
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
| Common stock, issued (in shares) | 50,779,137 | 51,272,503 |
| Common stock, outstanding (in shares) | 50,779,137 | 51,272,503 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Net loss | $ (2,442) | $ (2,639) |
| Other comprehensive income: | ||
| Foreign currency translation adjustment | 4,286 | (2,995) |
| Total comprehensive income (loss) | $ 1,844 | $ (5,634) |
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Stock-based Program [Member]
Common Stock Outstanding [Member]
|
Stock-based Program [Member]
Additional Paid-in Capital [Member]
|
Stock-based Program [Member]
Treasury Stock, Common [Member]
|
Stock-based Program [Member]
AOCI Attributable to Parent [Member]
|
Stock-based Program [Member]
Retained Earnings [Member]
|
Stock-based Program [Member] |
Share Repurchase Program [Member]
Common Stock Outstanding [Member]
|
Share Repurchase Program [Member]
Additional Paid-in Capital [Member]
|
Share Repurchase Program [Member]
Treasury Stock, Common [Member]
|
Share Repurchase Program [Member]
AOCI Attributable to Parent [Member]
|
Share Repurchase Program [Member]
Retained Earnings [Member]
|
Share Repurchase Program [Member] |
Common Stock Outstanding [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance (in shares) at Oct. 31, 2024 | 53,273,644 | |||||||||||||||||
| Balance at Oct. 31, 2024 | $ 6 | $ 386,313 | $ (25,881) | $ (483) | $ (38,240) | $ 321,715 | ||||||||||||
| Stock-based compensation expense | $ 0 | 367 | 0 | 0 | 0 | 367 | ||||||||||||
| Shares issued under stock-based program (in shares) | 415,333 | |||||||||||||||||
| Shares issued under stock-based program | $ 0 | 1,519 | 0 | 0 | 0 | $ 1,519 | ||||||||||||
| Treasury shares purchased (in shares) | (246,121) | (296,267) | (296,000) | |||||||||||||||
| Treasury shares purchased | $ 0 | $ 0 | $ (2,166) | $ 0 | $ 0 | $ (2,166) | $ 0 | $ 0 | $ (1,934) | $ 0 | $ 0 | $ (1,934) | ||||||
| Net loss | 0 | 0 | 0 | 0 | (2,639) | $ (2,639) | ||||||||||||
| Foreign currency translation adjustment | $ 0 | 0 | 0 | (2,995) | 0 | (2,995) | ||||||||||||
| Shares issued under stock-based program (in shares) | 415,333 | |||||||||||||||||
| Dividend | (53,132) | (53,132) | ||||||||||||||||
| Balance (in shares) at Jan. 31, 2025 | 53,146,589 | |||||||||||||||||
| Balance at Jan. 31, 2025 | $ 6 | 388,199 | (29,981) | (3,478) | (94,011) | 260,735 | ||||||||||||
| Balance (in shares) at Oct. 31, 2025 | 51,272,503 | |||||||||||||||||
| Balance at Oct. 31, 2025 | $ 6 | 389,880 | (41,687) | 1,589 | (84,999) | 264,789 | ||||||||||||
| Stock-based compensation expense | $ 0 | 618 | 0 | 0 | 0 | 618 | ||||||||||||
| Shares issued under stock-based program (in shares) | 237,679 | |||||||||||||||||
| Shares issued under stock-based program | $ 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||||||||
| Treasury shares purchased (in shares) | (80,448) | (650,597) | (651,000) | |||||||||||||||
| Treasury shares purchased | $ 0 | $ 0 | $ (520) | $ 0 | $ 0 | $ (520) | $ 0 | $ 0 | $ (4,082) | $ 0 | $ 0 | $ (4,082) | ||||||
| Net loss | 0 | 0 | 0 | 0 | (2,442) | $ (2,442) | ||||||||||||
| Foreign currency translation adjustment | $ 0 | 0 | 0 | 4,286 | 0 | 4,286 | ||||||||||||
| Shares issued under stock-based program (in shares) | 237,679 | |||||||||||||||||
| Balance (in shares) at Jan. 31, 2026 | 50,779,137 | |||||||||||||||||
| Balance at Jan. 31, 2026 | $ 6 | $ 390,498 | $ (46,289) | $ 5,875 | $ (87,441) | $ 262,649 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
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| Net loss | $ (2,442) | $ (2,639) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Non-cash operating lease expense | 1,243 | 1,284 |
| Foreign currency adjustments | (121) | (41) |
| Depreciation | 10,457 | 10,172 |
| Deferred income taxes | (1,212) | (1,787) |
| Amortization of deferred financing costs | 416 | 480 |
| Amortization of intangible assets | 2,471 | 3,028 |
| Stock-based compensation expense | 618 | 367 |
| Loss on extinguishment of debt | 0 | 1,392 |
| Net gain on the sale of property, plant and equipment | (169) | (192) |
| Other operating activities | (175) | (37) |
| Net changes in operating assets and liabilities: | ||
| Receivables | 7,947 | 13,206 |
| Inventory | (828) | (332) |
| Other operating assets | (355) | (1,415) |
| Accounts payable | 1,609 | (3,343) |
| Other operating liabilities | 1,909 | (14,111) |
| Net cash provided by operating activities | 21,368 | 6,032 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (9,516) | (5,841) |
| Proceeds from sale of property, plant and equipment | 1,237 | 1,989 |
| Net cash used in investing activities | (8,279) | (3,852) |
| Cash flows from financing activities: | ||
| Proceeds on long term debt | 0 | 425,000 |
| Payments on long term debt | 0 | (375,000) |
| Proceeds on revolving loan | 60,338 | 65,466 |
| Payments on revolving loan | (60,338) | (65,486) |
| Payment of debt issuance costs | 0 | (7,312) |
| Purchase of treasury stock | (4,571) | (2,582) |
| Other financing activities | (324) | (67) |
| Net cash provided by (used in) financing activities | (4,895) | 40,019 |
| Effect of foreign currency exchange rate changes on cash | 427 | (108) |
| Net increase in cash and cash equivalents | 8,621 | 42,091 |
| Cash and cash equivalents: | ||
| Beginning of period | 44,394 | 43,041 |
| End of period | $ 53,015 | $ 85,132 |
Note 1 - Organization and Description of Business |
3 Months Ended |
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Jan. 31, 2026 | |
| Notes to Financial Statements | |
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Note 1. Organization and Description of Business
Organization
Concrete Pumping Holdings, Inc. (the "Company") is a Delaware corporation headquartered in Thornton, Colorado. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. ("Brundage-Bone"), Camfaud Group Limited ("Camfaud") and Eco-Pan, Inc. ("Eco-Pan").
Nature of business
Brundage-Bone is a concrete pumping service provider in the United States ("U.S.") and Camfaud is a concrete pumping service provider primarily operating in the United Kingdom ("U.K."). Their core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Most often equipment returns to a "home base" nightly and Brundage-Bone and Camfaud do not contract to purchase, mix, or deliver concrete. Brundage-Bone has approximately 95 branch locations across 23 states, with its corporate headquarters in Thornton, Colorado. Camfaud has approximately 35 branch locations throughout the U.K. and Republic of Ireland, with its corporate headquarters in Epping (near London), England.
Eco-Pan is a leading provider of concrete waste management services in the U.S, providing a full-service, route-based, cost-effective, regulation-compliant solution to manage environmental issues caused by concrete washout. Eco-Pan offers pans and roll-off containers that are specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 23 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado. In addition, we have concrete waste management operations under our Eco-Pan brand name in the U.K. and currently operate from a shared Camfaud location.
Seasonality
The Company’s sales are historically seasonal, with lower revenue in the first half and higher revenue in the second half of each year. Such seasonality also causes the Company’s working capital cash flow requirements to vary from quarter to quarter and primarily depends on the variability of weather patterns with the Company generally having lower sales volume during the winter and spring months. |
Note 2 - Summary of Significant Accounting Policies |
3 Months Ended |
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Jan. 31, 2026 | |
| Notes to Financial Statements | |
| Significant Accounting Policies [Text Block] |
Note 2. Summary of Significant Accounting Policies
We describe our significant accounting policies in Note 2 of the notes to the consolidated financial statements in our annual report on Form 10-K for the year ended October 31, 2025 ("Annual Report"). During the three months ended January 31, 2026, there were no changes to those accounting policies.
Basis of presentation
We have prepared these unaudited condensed consolidated financial statements based on Securities and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair statement of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report.
Certain prior period amounts have been reclassified in order to conform to the current year presentation.
Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Newly adopted accounting pronouncements
ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07") - In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this standard for our fiscal year 2025 annual financial statements and interim financial statements thereafter and have applied this standard retrospectively for all prior periods presented in the financial statements. See Note 16 for further information.
Recently issued accounting pronouncements not yet effective
ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") - In December 2023, the FASB issued ASU No. 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt the standard during the fourth quarter of its fiscal year ending October 31, 2026, and is currently evaluating the effects that the adoption of this guidance will have on related disclosures.
ASU 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASU 2024-03) - In November 2024, the FASB issued ASU No. 2024-03, which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effects of adoption of this guidance will have on its consolidated financial statements.
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Note 3 - Property, Plant and Equipment |
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| Property, Plant and Equipment Disclosure [Text Block] |
Note 3. Property, Plant and Equipment
The significant components of property, plant and equipment as of January 31, 2026 and October 31, 2025 are comprised of the following:
For the three months ended January 31, 2026 and 2025 depreciation expense is as follows:
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Note 4 - Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Text Block] |
Note 4. Goodwill and Intangible Assets
The Company has recognized goodwill and certain intangible assets in connection with prior business combinations.
There were no triggering events during the three months ended January 31, 2026. The Company will continue to evaluate its goodwill and intangible assets in future quarters.
The following table summarizes the composition of intangible assets as of January 31, 2026 and October 31, 2025:
Amortization expense for the three months ended January 31, 2026 and 2025 was $2.5 million and $3.0 million, respectively.
The changes in the carrying value of goodwill by reportable segment for the three months ended January 31, 2026 are as follows:
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Note 5 - Long Term Debt and Revolving Lines of Credit |
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| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] |
Note 5. Long Term Debt and Revolving Lines of Credit
The table below is a summary of the composition of the Company’s debt balances as of January 31, 2026 and October 31, 2025:
Senior Notes - 2032 Notes
On January 31, 2025, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the "Issuer") and a wholly-owned subsidiary of the Company issued $425.0 million aggregate principal amount of its 7.500% Senior Notes due 2032 (the "2032 Notes"). Interest on the 2032 Notes accrues at a fixed rate of 7.500% per annum and is payable semi-annually on February 1st and August 1st of each year. The 2032 Notes will mature on February 1, 2032. The 2032 Notes are senior secured obligations and are secured by second‑priority liens on substantially all assets of the Issuer and the guarantors, subject to first‑priority liens securing obligations under the ABL Facility (as defined below). As of January 31, 2026, there were no material changes to the terms of our long-term debt and as of that date, the Company was in compliance with all covenants under the Indenture. For further information, see Note 7 of the notes to consolidated financial statements in our Annual Report.
ABL Credit Facility
The asset-backed loan credit facility ("ABL Facility") provides a maximum revolver available of $350.0 million, letter of credit sublimit of $32.5 million and matures on the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the 2032 Notes or (ii) the date the 2032 Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which we can, subject to specified conditions, increase the ABL Facility by up to an additional $25.0 million.
There was no outstanding balance under the ABL Facility as of January 31, 2026 and as of that date, the Company was in compliance with all debt covenants. Borrowings are generally in the form of short-term fixed rate loans that can be extended to mature on the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the 2032 Notes or (ii) the date the 2032 Notes become due and payable. Amounts borrowed may be repaid at any time, subject to the terms and conditions of the agreement. The Company utilizes the ABL Facility to support its working capital arrangement.
As of January 31, 2026 we had $297.3 million of available borrowing capacity under the ABL Facility, $1.1 million in credit line reserves and a letter of credit balance of $18.5 million. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed consolidated balance sheets and amortized over the term of the facility. The Company had capitalized debt issuance costs related to the revolving credit facilities of $1.9 million as of January 31, 2026.
For further information, see Note 7 of the notes to consolidated financial statements in our Annual Report. |
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Note 6 - Accrued Payroll and Payroll Expenses |
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| Accrued Payroll and Payroll Expenses [Text Block] |
Note 6. Accrued Payroll and Payroll Expense
The following table summarizes accrued payroll and expenses as of January 31, 2026 and October 31, 2025:
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Note 7 - Accrued Expenses and Other Current Liabilities |
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| Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] |
Note 7. Accrued Expenses and Other Current Liabilities
The following table summarizes accrued expenses and other current liabilities as of January 31, 2026 and October 31, 2025:
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Note 8 - Stockholders' Equity |
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| Equity [Text Block] |
Share Repurchase Program
In June 2025, the board of directors of the Company approved a $15.0 million increase to the Company’s share repurchase program. Including this increase, there have been a total of $50.0 million in authorizations since the inception of the share repurchase program in June 2022. In March 2025, the board of directors of the Company approved the extension of the expiration date of the existing share repurchase program, from March 31, 2025 to December 31, 2026.
The repurchase program permits shares to be repurchased in the open market, by block purchase, in privately negotiated transactions, in one or more transactions from time to time, or pursuant to any trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal and regulatory requirements. The repurchase program may be suspended, terminated, extended or otherwise modified by the board of directors without notice at any time for any reason, including, without limitation, market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, capital and liquidity objectives, and other factors deemed appropriate by the Company's management.
The following table summarizes the shares repurchased, total cost of shares repurchased and average price per share for the three months ended January 31, 2026 and 2025. All repurchases were at market value.
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Note 9 - Revenue Recognition |
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| Revenue from Contract with Customer [Text Block] |
The table below summarizes our revenues as presented in our unaudited condensed consolidated statements of operations for the periods ended January 31, 2026 and 2025 by revenue type:
For further information, see Note 2 of the notes to consolidated financial statements in our Annual Report. |
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Note 10 - Income Taxes |
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| Income Tax Disclosure [Text Block] |
The following table summarizes income before income taxes and income tax expense for the three months ended January 31, 2026 and 2025:
For the three months ended January 31, 2026 and 2025, the Company’s effective tax rate was 31.1% and 28.2%, respectively. The comparability of the effective tax rate was largely driven by permanent differences. While these differences did not quantitatively change, changes in estimated annual income amplified their relative impact for the three months ended January 31, 2026 compared to January 31, 2025. This increase was partially offset by changes in the impacts from share-based compensation.
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Note 11 - Stock-Based Compensation |
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| Share-Based Payment Arrangement [Text Block] |
Note 11. Stock-Based Compensation
Pursuant to the Concrete Pumping Holdings, Inc. 2018 Omnibus Incentive Plan, the Company has granted stock-based awards to certain employees in the U.S. and U.K.
The following table summarizes realized compensation expense related to stock options and restricted stock awards in the accompanying condensed consolidated statements of operations:
Total cash payments to taxing authorities for employees' tax obligations related to restricted stock unit vesting's for the three months ended January 31, 2026 and 2025 were $0.5 million and $0.6 million, respectively. |
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Note 12 - Earnings Per Share |
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| Earnings Per Share [Text Block] |
The table below shows our basic and diluted EPS calculations for the three months ended January 31, 2026 and 2025:
Certain outstanding stock awards, options and preferred stock as provided below were excluded from the diluted earnings per share calculation for the periods presented because they were anti-dilutive. For the three months ended January 31, 2026, 2.5 million shares of Series A Preferred Stock, 1.1 million of restricted stock units and 0.2 million of outstanding options were excluded. For the three months ended January 31, 2025, 2.5 million shares of Series A Preferred Stock, 0.3 million of restricted stock units and 0.1 million of outstanding options were excluded.
Dividends
On , the Company's Board of Directors declared a special cash dividend of $1.00 per share of common stock, totaling approximately $53.1 million, to shareholders of record as of , with a payment date on .
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Note 13 - Supplemental Cash Flow Information |
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| Cash Flow, Supplemental Disclosures [Text Block] |
Note 13. Supplemental Cash Flow Information
The table below shows supplemental cash flow information for the three months ended January 31, 2026 and 2025:
The table below shows property, plant and equipment acquired but not yet paid for as of January 31, 2026 and 2025:
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Note 14 - Fair Value Measurement |
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| Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] |
Note 14. Fair Value Measurement
The carrying amounts of the Company's cash and cash equivalents, accounts receivable, accounts payable and current accrued liabilities approximate their fair value as recorded due to the short-term maturity of these instruments, which approximates fair value. The Company’s outstanding obligations on its asset-backed loan ("ABL") credit facility are deemed to be at fair value as the interest rates on these debt obligations are variable and consistent with prevailing rates. There were no changes since October 31, 2025 in the Company's valuation techniques used to measure fair value.
Long-term debt instruments
The Company's long-term debt instruments are recorded at their carrying values in the condensed consolidated balance sheet, which may differ from their respective fair values. The fair values of the long-term debt instruments are derived from Level 2 inputs. The fair value amount of the long-term debt instruments as of January 31, 2026 and October 31, 2025 is presented in the table below based on the prevailing interest rates and trading activity of the Senior Notes.
All other non-financial assets
The Company's non-financial assets, which primarily consist of property and equipment, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite lived intangibles), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value.
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Note 15 - Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Text Block] |
Note 15. Commitments and Contingencies
Insurance
Commercial Self-Insured Losses
The Company retains a significant portion of the risk for workers' compensation, automobile, and general liability losses ("self-insured commercial liability"). Reserves have been recorded that reflect the undiscounted estimated liabilities including claims incurred but not reported. When a recognized liability is covered by third-party insurance, the Company records an insurance claim receivable to reflect the covered liability. Amounts estimated to be paid within one year have been included in accrued expenses and other current liabilities, with the remainder included in other non-current liabilities on the condensed consolidated balance sheets. Insurance claims receivables that are expected to be received from third-party insurance within one year have been included in prepaid expenses and other current assets, with the remainder included in other non-current assets on the condensed consolidated balance sheets.
The following table summarizes as of January 31, 2026 and October 31, 2025 for (1) recorded liabilities, related to both asserted as well as unasserted insurance claims and (2) any related insurance claims receivables:
Medical Self-Insured Losses
The Company offers employee health benefits via a partially self-insured medical benefit plan. Participant claims exceeding certain limits are covered by a stop-loss insurance policy. The Company contracts with a third-party administrator for tasks including, but not limited to, processing claims and remitting benefits. The third-party administrator requires the Company to maintain a bank account to facilitate the administration of claims.
As of January 31, 2026 and October 31, 2025, the Company had accrued $1.3 million and $1.4 million, respectively, for estimated health claims incurred but not reported based on historical claims amounts and average lag time. These accruals are included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets.
Litigation
The Company is currently involved in certain legal proceedings and other disputes with third parties that have arisen in the ordinary course of business. Management believes that the outcomes of these matters will not have a material impact on the Company’s financial statements and does not believe that any amounts need to be recorded for contingent liabilities in the Company’s condensed consolidated balance sheet.
Letters of credit
The ABL Facility provides for up to $32.5 million of standby letters of credit. As of January 31, 2026, total outstanding letters of credit totaled $18.5 million, all of which had been committed to the Company's commercial insurance providers. |
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Note 16 - Segment Reporting |
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| Segment Reporting Disclosure [Text Block] |
The Company conducts business through reportable segments based on geography and the nature of services sold, U.S. Concrete Pumping, U.S. Concrete Waste Management Services and U.K. Operations. Any differences between segment reporting and consolidated results are reflected in Other/Eliminations below or noted as intersegment amounts. All other non-segmented assets primarily include cash and cash equivalents and intercompany eliminations. The accounting policies of the segment reporting are the same as those described in Note 2 of our Annual Report.
The Company’s chief operating decision maker ("CODM"), who is the CEO of the Company, makes decisions and evaluates the performance of each segment based on segment adjusted EBITDA. This measure is reviewed in monthly performance reports and is used to assess operating results, compare profitability across segments, and support resource allocation decisions such as budgeting and long-term planning. Results are compared to both budgeted amounts and prior year amounts to provide context and evaluate performance trends. Segment adjusted EBITDA includes direct operating expenses that are attributable to each segment and are regularly reviewed by the CODM. These direct operating expenses include employee cost of operations expenses, repairs and maintenance, fuel, and employee general and administrative ("G&A") expenses. Prior to the fourth quarter of 2025, the CODM evaluated segment performance using segment EBITDA, which included results after allocated corporate expenses, loss on extinguishment of debt, stock-based compensation, other expense (income), net, and other adjustments. Beginning in the fourth quarter of 2025, the CODM transitioned to using segment adjusted EBITDA as the measure of profit and loss. Segment adjusted EBITDA excludes the above allocations and adjustments, consistent with how the CODM now evaluates performance and allocates resources.
The following items are excluded from our segment adjusted EBITDA results as they are managed centrally, not regularly provided to our CODM by segment and are not used in evaluating segment performance or resource allocation decisions:
The following tables summarize the Company’s segment results, provide a reconciliation of total segment adjusted EBITDA to loss before income taxes and discloses other segmented balances or expenditures for the three months ending January 31, 2026 and 2025:
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Insider Trading Arrangements |
3 Months Ended |
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Jan. 31, 2026 | |
| Trading Arrangements, by Individual [Table] | |
| Material Terms of Trading Arrangement [Text Block] |
(a) (b) None (c) None |
| Rule 10b5-1 Arrangement Terminated [Flag] | false |
| Rule 10b5-1 Arrangement Adopted [Flag] | false |
| Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
| Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies (Policies) |
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Jan. 31, 2026 | |
| Accounting Policies [Abstract] | |
| Basis of Accounting, Policy [Policy Text Block] | Basis of presentation
We have prepared these unaudited condensed consolidated financial statements based on Securities and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair statement of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report.
Certain prior period amounts have been reclassified in order to conform to the current year presentation.
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| Use of Estimates, Policy [Policy Text Block] | Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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| New Accounting Pronouncements, Policy [Policy Text Block] | Newly adopted accounting pronouncements
ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07") - In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this standard for our fiscal year 2025 annual financial statements and interim financial statements thereafter and have applied this standard retrospectively for all prior periods presented in the financial statements. See Note 16 for further information.
Recently issued accounting pronouncements not yet effective
ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") - In December 2023, the FASB issued ASU No. 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt the standard during the fourth quarter of its fiscal year ending October 31, 2026, and is currently evaluating the effects that the adoption of this guidance will have on related disclosures.
ASU 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASU 2024-03) - In November 2024, the FASB issued ASU No. 2024-03, which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effects of adoption of this guidance will have on its consolidated financial statements. |
Note 3 - Property, Plant and Equipment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Table Text Block] |
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| Long-Lived Tangible Asset, Depreciation [Table Text Block] |
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Note 4 - Goodwill and Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets [Table Text Block] |
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| Schedule of Goodwill [Table Text Block] |
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Note 5 - Long Term Debt and Revolving Lines of Credit (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt [Table Text Block] |
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Note 6 - Accrued Payroll and Payroll Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Payroll and Expenses [Table Text Block] |
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Note 7 - Accrued Expenses and Other Current Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Liabilities [Table Text Block] |
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Note 8 - Stockholders' Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||
| Class of Treasury Stock [Table Text Block] |
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Note 9 - Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Table Text Block] |
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Note 10 - Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Income Before Income Taxes and Income Tax Expense [Table Text Block] |
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Note 11 - Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] |
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Note 12 - Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Note 13 - Supplemental Cash Flow Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
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Note 14 - Fair Value Measurement (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] |
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Note 15 - Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Self Insurance [Table Text Block] |
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Note 16 - Segment Reporting (Tables) |
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| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|
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Note 1 - Organization and Description of Business (Details Textual) |
Jan. 31, 2026 |
|---|---|
| Number of States in which Entity Operates | 23 |
| Brundage-Bone [Member] | |
| Number of Stores | 95 |
| Camfaud [Member] | |
| Number of Stores | 35 |
| Eco-Pan [Member] | |
| Number of Stores | 23 |
Note 3 - Property, Plant and Equipment - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jan. 31, 2026 |
Oct. 31, 2025 |
|---|---|---|
| Accumulated depreciation | $ (205,302) | $ (196,317) |
| Property, plant and equipment, net | 415,466 | 412,516 |
| Land, Buildings and Improvements [Member] | ||
| Property, plant and equipment, gross | 33,139 | 32,874 |
| Machinery and Equipment [Member] | ||
| Property, plant and equipment, gross | 569,602 | 558,679 |
| Transportation Equipment [Member] | ||
| Property, plant and equipment, gross | 13,565 | 12,909 |
| Furniture and Fixtures [Member] | ||
| Property, plant and equipment, gross | $ 4,462 | $ 4,371 |
Note 3 - Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Depreciation Expense | $ 10,457 | $ 10,172 |
| Cost of Sales [Member] | Property and Equipment [Member] | ||
| Depreciation Expense | 9,928 | 9,623 |
| General and Administrative Expense [Member] | Property and Equipment [Member] | ||
| Depreciation Expense | $ 529 | $ 549 |
Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Amortization of Intangible Assets | $ 2,471 | $ 3,028 |
Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
|---|---|---|
Jan. 31, 2026 |
Oct. 31, 2025 |
|
| Accumulated amortization | $ (163,756) | $ (161,285) |
| Foreign currency translation adjustment | 1,896 | 1,645 |
| Impairments | (5,000) | (5,000) |
| Total intangibles | 258,573 | 258,573 |
| Foreign currency translation adjustment | 1,896 | 1,645 |
| Net carrying amount | 91,713 | 93,933 |
| Trade Names, Indefinite-lived [Member] | ||
| Gross carrying value, indefinite | 55,500 | 55,500 |
| Impairments | (5,000) | (5,000) |
| Net carrying amount, indefinite | $ 50,500 | $ 50,500 |
| Customer Relationships [Member] | ||
| Weighted average remaining life (Year) | 7 years 10 months 24 days | 8 years 1 month 6 days |
| Gross carrying value | $ 195,126 | $ 195,126 |
| Accumulated amortization | (157,377) | (155,113) |
| Foreign currency translation adjustment | 1,479 | 1,302 |
| Net carrying amount | 39,228 | 41,315 |
| Foreign currency translation adjustment | $ 1,479 | $ 1,302 |
| Trade Names [Member] | ||
| Weighted average remaining life (Year) | 2 years 9 months 18 days | 3 years 1 month 6 days |
| Gross carrying value | $ 5,097 | $ 5,097 |
| Accumulated amortization | (3,872) | (3,731) |
| Foreign currency translation adjustment | 417 | 343 |
| Net carrying amount | 1,642 | 1,709 |
| Foreign currency translation adjustment | $ 417 | $ 343 |
| Assembled Workforce [Member] | ||
| Weighted average remaining life (Year) | 1 month 6 days | 3 months 18 days |
| Gross carrying value | $ 1,650 | $ 1,650 |
| Accumulated amortization | (1,644) | (1,628) |
| Net carrying amount | $ 6 | $ 22 |
| Noncompete Agreements [Member] | ||
| Weighted average remaining life (Year) | 1 year 8 months 12 days | 2 years |
| Gross carrying value | $ 1,200 | $ 1,200 |
| Accumulated amortization | (863) | (813) |
| Net carrying amount | $ 337 | $ 387 |
Note 4 - Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) $ in Thousands |
3 Months Ended |
|---|---|
|
Jan. 31, 2026
USD ($)
| |
| Balance | $ 223,581 |
| Foreign currency translation | 1,207 |
| Balance | 224,788 |
| Operating Segments [Member] | US Concrete Pumping [Member] | |
| Balance | 147,482 |
| Foreign currency translation | 0 |
| Balance | 147,482 |
| Operating Segments [Member] | UK Operations [Member] | |
| Balance | 26,966 |
| Foreign currency translation | 1,207 |
| Balance | 28,173 |
| Operating Segments [Member] | US Concrete Waste Management Services [Member] | |
| Balance | 49,133 |
| Foreign currency translation | 0 |
| Balance | $ 49,133 |
Note 5 - Long Term Debt and Revolving Lines of Credit (Details Textual) - USD ($) $ in Thousands |
Jan. 31, 2026 |
Jan. 31, 2025 |
Sep. 06, 2024 |
|---|---|---|---|
| Letters of Credit Outstanding, Amount | $ 18,500 | ||
| Asset Backed Revolving Credit Facility [Member] | |||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | ||
| Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | 25,000 | ||
| Long-Term Line of Credit | 0 | ||
| Line of Credit Facility, Remaining Borrowing Capacity | 297,300 | ||
| Line of Credit, Reserves | 1,100 | ||
| Letters of Credit Outstanding, Amount | 18,500 | ||
| Debt Issuance Costs, Line of Credit Arrangements, Net | $ 1,900 | ||
| The 2032 Notes [Member] | |||
| Debt Instrument, Face Amount | $ 425,000 | ||
| Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | |
| Standby Letters of Credit [Member] | Asset Backed Revolving Credit Facility [Member] | |||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 32,500 |
Note 5 - Long Term Debt and Revolving Lines of Credit - Long-term Debt (Details) - USD ($) $ in Thousands |
Jan. 31, 2026 |
Oct. 31, 2025 |
Jan. 31, 2025 |
|---|---|---|---|
| Total debt, gross | $ 425,000 | $ 425,000 | |
| Less: Unamortized deferred financing costs offsetting long term debt | (6,825) | (7,109) | |
| Long term debt, net of unamortized deferred financing costs | $ 418,175 | 417,891 | |
| The 2032 Notes [Member] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | |
| Total debt, gross | $ 425,000 | $ 425,000 |
Note 6 - Accrued Payroll and Payroll Expenses - Accrued Payroll and Expenses (Details) - USD ($) $ in Thousands |
Jan. 31, 2026 |
Oct. 31, 2025 |
|---|---|---|
| Accrued vacation | $ 2,592 | $ 2,596 |
| Accrued payroll | 1,784 | 2,806 |
| Accrued bonus | 1,338 | 4,764 |
| Accrued employee-related taxes | 1,733 | 1,716 |
| Other accrued | 65 | 92 |
| Total accrued payroll and payroll expenses | $ 7,512 | $ 11,973 |
Note 7 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jan. 31, 2026 |
Oct. 31, 2025 |
|---|---|---|
| Accrued self-insured commercial liabilities | $ 11,426 | $ 11,134 |
| Accrued self-insured health liabilities | 1,333 | 1,389 |
| Accrued interest | 15,938 | 7,969 |
| Accrued equipment purchases | 1,130 | 124 |
| Accrued property, sales and use tax | 3,415 | 3,811 |
| Accrued professional fees | 1,065 | 891 |
| Other | 4,069 | 3,412 |
| Total accrued expenses and other current liabilities | $ 38,376 | $ 28,730 |
Note 8 - Stockholders' Equity (Details Textual) $ in Millions |
1 Months Ended |
|---|---|
|
Jun. 30, 2025
USD ($)
| |
| Stock Repurchase Program, Increase In Authorized Amount | $ 15 |
| Stock Repurchase Program, Authorized Amount | $ 50 |
Note 8 - Stockholders' Equity - Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Shares repurchased (in shares) | 651 | 296 |
| Total cost of shares repurchased | $ 4,082 | $ 1,934 |
| Average price per share (in dollars per share) | $ 6.27 | $ 6.53 |
Note 9 - Revenue Recognition - Summary of Revenues by Type (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|||
| Service revenue | $ 81,652 | $ 78,028 | ||
| Lease fixed revenue | 5,472 | 5,000 | ||
| Lease variable revenue | 3,437 | 3,419 | ||
| Total revenue | [1] | $ 90,561 | $ 86,447 | |
| ||||
Note 10 - Income Taxes (Details Textual) |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Effective Income Tax Rate Reconciliation, Percent | 31.10% | 28.20% |
Note 10 - Income Taxes - Summary of Income Before Income Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Loss before income taxes | $ (3,544) | $ (3,675) |
| Income tax benefit | $ (1,102) | $ (1,036) |
Note 11 - Stock-Based Compensation (Details Textual) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Restricted Stock [Member] | ||
| Payment, Tax Withholding, Share-Based Payment Arrangement | $ 0.5 | $ 0.6 |
Note 11 - Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Compensation expense | $ 618 | $ 367 |
| Restricted Stock [Member] | ||
| Compensation expense | 561 | 332 |
| Share-Based Payment Arrangement, Option [Member] | ||
| Compensation expense | $ 57 | $ 35 |
Note 12 - Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| S 2025 Q1 Dividends Member | ||
| Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 1 | |
| Dividends Payable | $ 53.1 | |
| Dividends Payable, Date Declared | Jan. 14, 2025 | |
| Dividends Payable, Date of Record | Jan. 24, 2025 | |
| Dividends Payable, Date to be Paid | Feb. 03, 2025 | |
| Series A Preferred Stock [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2.5 | 2.5 |
| Restricted Stock Units (RSUs) [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.1 | 0.3 |
| Restricted Stock and Stock Options [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.2 | 0.1 |
Note 12 - Earnings Per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Net loss attributable to Concrete Pumping Holdings, Inc. | $ (2,442) | $ (2,639) |
| Less accretion of liquidation preference on preferred stock | (441) | (440) |
| Net loss attributable to common stockholders (numerator for basic earnings per share) | $ (2,883) | $ (3,079) |
| Weighted average shares - basic (in shares) | 51,009 | 53,045 |
| Weighted average shares - diluted (in shares) | 51,009 | 53,045 |
| Basic earnings per share (in dollars per share) | $ (0.06) | $ (0.06) |
| Diluted earnings per share (in dollars per share) | $ (0.06) | $ (0.06) |
Note 13 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2026 |
Nov. 01, 2025 |
Jan. 31, 2025 |
Nov. 01, 2024 |
Jan. 31, 2026 |
Jan. 31, 2025 |
|
| Cash payments related to operating lease liabilities | $ 1,281 | $ 1,253 | ||||
| Cash paid for interest | 22 | 11,394 | ||||
| Cash refunded for income taxes | (200) | 0 | ||||
| Operating lease assets obtained in exchange for new operating lease liabilities | $ 908 | $ 981 | ||||
| PP&E acquired but not yet paid | $ 1,429 | $ 425 | $ 2,549 | $ 1,591 | ||
Note 14 - Fair Value Measurement - Fair Value of Long-term Debt (Details) - The 2032 Notes [Member] - USD ($) $ in Thousands |
Jan. 31, 2026 |
Oct. 31, 2025 |
|---|---|---|
| Reported Value Measurement [Member] | ||
| Debt, fair value | $ 425,000 | $ 425,000 |
| Estimate of Fair Value Measurement [Member] | ||
| Debt, fair value | $ 426,063 | $ 427,656 |
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions |
Jan. 31, 2026 |
Oct. 31, 2025 |
|---|---|---|
| Letters of Credit Outstanding, Amount | $ 18.5 | |
| Standby Letters of Credit [Member] | ||
| Line of Credit Facility, Maximum Borrowing Capacity | 32.5 | |
| Accrued Liabilities and Other Liabilities [Member] | ||
| Self-insurance, Accrued Expenses for Health Claims Incurred But Not Reoprted | $ 1.3 | $ 1.4 |
Note 15 - Commitments and Contingencies - Schedule of Self Insurance Information (Details) - USD ($) $ in Thousands |
Jan. 31, 2026 |
Oct. 31, 2025 |
|---|---|---|
| Total self-insured commercial liabilities | $ 21,884 | $ 21,923 |
| Total expected recoveries related to self-insured commercial liabilities | 11,404 | 11,743 |
| Total self-insured commercial liability, net of expected recoveries | 10,480 | 10,180 |
| Accrued Liabilities and Other Liabilities [Member] | ||
| Total self-insured commercial liabilities | 11,426 | 11,134 |
| Other Noncurrent Liabilities [Member] | ||
| Total self-insured commercial liabilities | 10,458 | 10,789 |
| Prepaid Expenses and Other Current Assets [Member] | ||
| Expected recoveries related to self-insured commercial liabilities, current | 946 | 954 |
| Other Noncurrent Assets [Member] | ||
| Expected recoveries related to self-insured commercial liabilities, non-current | $ 10,458 | $ 10,789 |
Note 16 - Segment Reporting (Details Textual) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
|
Jan. 31, 2026
USD ($)
|
Jan. 31, 2025
USD ($)
|
|||
| Number of Reportable Segments | 3 | |||
| Revenues | [1] | $ 90,561 | $ 86,447 | |
| Intersegment Eliminations [Member] | US Concrete Waste Management Services [Member] | ||||
| Revenues | $ (100) | $ (100) | ||
| ||||
Note 16 - Segment Reporting - Operating Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2026 |
Jan. 31, 2025 |
Oct. 31, 2025 |
||||||||||||||
| Segment Revenue: (1) | [1] | $ 90,561 | $ 86,447 | |||||||||||||
| Segment expenses: | ||||||||||||||||
| Segment employee cost of operation expenses (2)(3) | 28,426 | [2],[3] | 27,542 | |||||||||||||
| Repairs & maintenance (2) | 7,045 | 5,964 | ||||||||||||||
| Fuel (2) | 4,865 | 4,790 | ||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | 10,959 | 11,309 | |||||||||||||
| Other segment items (5) | [5] | 12,952 | 11,099 | |||||||||||||
| Total segment adjusted EBITDA | 26,314 | 25,743 | ||||||||||||||
| Repairs & maintenance (2) | 7,045 | 5,964 | ||||||||||||||
| Fuel (2) | 4,865 | 4,790 | ||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | 10,959 | 11,309 | |||||||||||||
| Other segment items (5) | [5] | 12,952 | 11,099 | |||||||||||||
| Reconciliation of segment adjusted EBITDA to income before taxes: | ||||||||||||||||
| Depreciation and amortization (6) | [6] | 12,928 | 13,200 | |||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | 8,082 | 5,802 | ||||||||||||||
| Unallocated corporate expenses | 8,289 | 8,732 | ||||||||||||||
| Stock-based compensation | 618 | 367 | ||||||||||||||
| Other income, net | (33) | (34) | ||||||||||||||
| Other adjustments | (26) | (41) | ||||||||||||||
| Loss before income taxes | (3,544) | (3,675) | ||||||||||||||
| Total assets (at quarter end) | 883,726 | 912,885 | $ 879,542 | |||||||||||||
| Capital expenditures | 9,516 | 5,841 | ||||||||||||||
| Revenues | [1] | 90,561 | 86,447 | |||||||||||||
| Depreciation and amortization (6) | [6] | 12,928 | 13,200 | |||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | 8,082 | 5,802 | ||||||||||||||
| Loss on extinguishment of debt | 0 | 1,392 | ||||||||||||||
| Stock-based compensation | 618 | 367 | ||||||||||||||
| Other adjustments | (26) | (41) | ||||||||||||||
| Total assets (at quarter end) | 883,726 | 912,885 | $ 879,542 | |||||||||||||
| Capital expenditures | 9,516 | 5,841 | ||||||||||||||
| Operating Segments [Member] | US Concrete Pumping [Member] | ||||||||||||||||
| Segment Revenue: (1) | [1] | 59,941 | 56,914 | |||||||||||||
| Segment expenses: | ||||||||||||||||
| Segment employee cost of operation expenses (2)(3) | 21,008 | [2],[3] | 20,498 | |||||||||||||
| Repairs & maintenance (2) | 5,274 | 4,363 | ||||||||||||||
| Fuel (2) | 3,091 | 2,959 | ||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | 7,056 | 7,465 | |||||||||||||
| Other segment items (5) | [5] | 8,648 | 6,977 | |||||||||||||
| Total segment adjusted EBITDA | 14,864 | 14,652 | ||||||||||||||
| Repairs & maintenance (2) | 5,274 | 4,363 | ||||||||||||||
| Fuel (2) | 3,091 | 2,959 | ||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | 7,056 | 7,465 | |||||||||||||
| Other segment items (5) | [5] | 8,648 | 6,977 | |||||||||||||
| Reconciliation of segment adjusted EBITDA to income before taxes: | ||||||||||||||||
| Depreciation and amortization (6) | [6] | |||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||
| Unallocated corporate expenses | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Other income, net | ||||||||||||||||
| Other adjustments | ||||||||||||||||
| Loss before income taxes | ||||||||||||||||
| Total assets (at quarter end) | 703,497 | 741,151 | ||||||||||||||
| Capital expenditures | 6,355 | 2,185 | ||||||||||||||
| Revenues | [1] | 59,941 | 56,914 | |||||||||||||
| Depreciation and amortization (6) | [6] | |||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||
| Loss on extinguishment of debt | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Other adjustments | ||||||||||||||||
| Total assets (at quarter end) | 703,497 | 741,151 | ||||||||||||||
| Capital expenditures | 6,355 | 2,185 | ||||||||||||||
| Operating Segments [Member] | US Concrete Waste Management Services [Member] | ||||||||||||||||
| Segment Revenue: (1) | [1] | 18,072 | 16,693 | |||||||||||||
| Segment expenses: | ||||||||||||||||
| Segment employee cost of operation expenses (2)(3) | 3,278 | [2],[3] | 3,145 | |||||||||||||
| Repairs & maintenance (2) | 886 | 702 | ||||||||||||||
| Fuel (2) | 710 | 647 | ||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | 2,413 | 2,452 | |||||||||||||
| Other segment items (5) | [5] | 2,410 | 2,303 | |||||||||||||
| Total segment adjusted EBITDA | 8,375 | 7,444 | ||||||||||||||
| Repairs & maintenance (2) | 886 | 702 | ||||||||||||||
| Fuel (2) | 710 | 647 | ||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | 2,413 | 2,452 | |||||||||||||
| Other segment items (5) | [5] | 2,410 | 2,303 | |||||||||||||
| Reconciliation of segment adjusted EBITDA to income before taxes: | ||||||||||||||||
| Depreciation and amortization (6) | [6] | |||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||
| Unallocated corporate expenses | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Other income, net | ||||||||||||||||
| Other adjustments | ||||||||||||||||
| Loss before income taxes | ||||||||||||||||
| Total assets (at quarter end) | 202,182 | 193,548 | ||||||||||||||
| Capital expenditures | 1,252 | 1,967 | ||||||||||||||
| Revenues | [1] | 18,072 | 16,693 | |||||||||||||
| Depreciation and amortization (6) | [6] | |||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||
| Loss on extinguishment of debt | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Other adjustments | ||||||||||||||||
| Total assets (at quarter end) | 202,182 | 193,548 | ||||||||||||||
| Capital expenditures | 1,252 | 1,967 | ||||||||||||||
| Operating Segments [Member] | UK Operations [Member] | ||||||||||||||||
| Segment Revenue: (1) | [1] | 12,548 | 12,840 | |||||||||||||
| Segment expenses: | ||||||||||||||||
| Segment employee cost of operation expenses (2)(3) | 4,140 | [2],[3] | 3,899 | |||||||||||||
| Repairs & maintenance (2) | 885 | 899 | ||||||||||||||
| Fuel (2) | 1,064 | 1,184 | ||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | 1,490 | 1,392 | |||||||||||||
| Other segment items (5) | [5] | 1,894 | 1,819 | |||||||||||||
| Total segment adjusted EBITDA | 3,075 | 3,647 | ||||||||||||||
| Repairs & maintenance (2) | 885 | 899 | ||||||||||||||
| Fuel (2) | 1,064 | 1,184 | ||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | 1,490 | 1,392 | |||||||||||||
| Other segment items (5) | [5] | 1,894 | 1,819 | |||||||||||||
| Reconciliation of segment adjusted EBITDA to income before taxes: | ||||||||||||||||
| Depreciation and amortization (6) | [6] | |||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||
| Unallocated corporate expenses | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Other income, net | ||||||||||||||||
| Other adjustments | ||||||||||||||||
| Loss before income taxes | ||||||||||||||||
| Total assets (at quarter end) | 126,967 | 113,544 | ||||||||||||||
| Capital expenditures | 1,909 | 1,678 | ||||||||||||||
| Revenues | [1] | 12,548 | 12,840 | |||||||||||||
| Depreciation and amortization (6) | [6] | |||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||
| Loss on extinguishment of debt | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Other adjustments | ||||||||||||||||
| Total assets (at quarter end) | 126,967 | 113,544 | ||||||||||||||
| Capital expenditures | 1,909 | 1,678 | ||||||||||||||
| Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||||||||||||||
| Segment Revenue: (1) | [1] | |||||||||||||||
| Segment expenses: | ||||||||||||||||
| Segment employee cost of operation expenses (2)(3) | [2],[3] | |||||||||||||||
| Repairs & maintenance (2) | ||||||||||||||||
| Fuel (2) | ||||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | |||||||||||||||
| Other segment items (5) | [5] | |||||||||||||||
| Total segment adjusted EBITDA | ||||||||||||||||
| Repairs & maintenance (2) | ||||||||||||||||
| Fuel (2) | ||||||||||||||||
| Segment employee G&A expenses (2)(4) | [4] | |||||||||||||||
| Other segment items (5) | [5] | |||||||||||||||
| Reconciliation of segment adjusted EBITDA to income before taxes: | ||||||||||||||||
| Depreciation and amortization (6) | [6] | |||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||
| Unallocated corporate expenses | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Other income, net | ||||||||||||||||
| Other adjustments | ||||||||||||||||
| Loss before income taxes | ||||||||||||||||
| Total assets (at quarter end) | (148,920) | (135,358) | ||||||||||||||
| Capital expenditures | 0 | 11 | ||||||||||||||
| Revenues | [1] | |||||||||||||||
| Depreciation and amortization (6) | [6] | |||||||||||||||
| Interest expense and amortization of deferred financing costs, net of interest income | ||||||||||||||||
| Loss on extinguishment of debt | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Other adjustments | ||||||||||||||||
| Total assets (at quarter end) | (148,920) | (135,358) | ||||||||||||||
| Capital expenditures | $ 0 | $ 11 | ||||||||||||||
| ||||||||||||||||