Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

SEGMENTS

NOTE 16 — SEGMENTS

The Company has three operating segments which are also our reportable segments: Material Handling, Construction Equipment, and Master Distribution. All other business activities, including commercial electric vehicles and corporate, are included in "Corporate and Other". The Company’s segments are determined based on management structure, which is organized based on types of products and services sold, as described in the following paragraphs. The operating results for each segment are reported separately to the Company’s CEO (our Chief Operating Decision Maker or "CODM") to make decisions regarding the allocation of resources, to assess the Company’s performance and to make strategic decisions. The primary profitability measurement used by the CEO to evaluate performance and allocate resources to the segments is Adjusted EBITDA. The Company's presentation of Adjusted EBITDA may not be comparable to similar measures used by other companies and is not necessarily indicative of the results of operations that would have occurred had each reportable segment been an independent, stand-alone entity during the periods presented.

The Material Handling segment is principally engaged in operations related to the sale, service, and rental of lift trucks and other material handling equipment in Michigan, Illinois, Indiana, New York (including New York City), Virginia and the New England region of the U.S. as well as the Ontario and Quebec provinces of Canada.

The Construction Equipment segment is principally engaged in operations related to the sale, service, and rental of construction equipment in Michigan, Illinois, Indiana, Ohio, Pennsylvania, New York (excluding New York City), Florida and the New England region of the U.S. as well as the Ontario and Quebec provinces of Canada.

The Master Distribution segment is principally engaged in large-scale environmental processing equipment distribution with sub dealers throughout the United States and Canada.

The Company retains various unallocated expense items at the general corporate level, which the Company refers to as “Corporate and Other” in the table below. Corporate and Other holds corporate debt and has minor transactional activity, including Alta e-mobility (e.g., commercial electric vehicles) revenues and costs. Corporate and Other incurs expenses associated with compensation (including stock-based compensation) of our directors, corporate officers, and members of our shared-services team, consulting and legal fees related to acquisitions and capital raising activities, corporate governance, audit and tax preparation related fees and other compliance related matters, certain corporate development related expenses, interest expense associated with original issue discounts and deferred financing cost related to previous capital raises, and a portion of the Company’s income tax provision. There is also intercompany elimination activity presented within Corporate and Other.

The following tables summarize key financial information by reportable segment:

	Three months ended June 30, 2025
	Material Handling			Construction Equipment		Master Distribution		Corporate and Other			Total
Revenues:
New and used equipment sales	$	81.9		$	167.0	$	17.6	$	(0.9	)	$	265.6
Parts sales		23.7			49.1		3.0		(0.2	)		75.6
Service revenues		33.3			31.3		0.3		—			64.9
Rental revenues		17.5			28.8		—		—			46.3
Rental equipment sales		4.3			24.5		—		—			28.8
Total revenues		160.7			300.7		20.9		(1.1	)		481.2
Cost of revenues:
New and used equipment sales		67.6			147.4		14.2		(0.7	)		228.5
Parts sales		14.7			34.0		2.2		(0.2	)		50.7
Service revenues		14.0			11.9		0.2		—			26.1
Rental revenues		1.3			3.9		—		—			5.2
Rental equipment sales		2.5			18.9		—		—			21.4
Selling, general and administrative expenses		44.0			52.4		2.9		3.0			102.3
Other segment items(1)		(0.2	)		0.5		0.3		(2.1	)		(1.5	)
Segment adjusted EBITDA(2)		16.8			31.7		1.1		(1.1	)		48.5
Depreciation and amortization												34.6
Interest expense												22.3
Other(1)												(3.6	)
Loss before taxes											$	(4.8	)
Total assets, end of period	$	436.0		$	878.6	$	85.6	$	35.8		$	1,436.0
Capital expenditures		5.6			8.2		—		0.1			13.9
Depreciation and amortization		10.5			22.9		1.0		0.2			34.6
Interest expense		6.4			12.8		1.3		1.8			22.3

	Three months ended June 30, 2024
	Material Handling		Construction Equipment		Master Distribution			Corporate and Other			Total
Revenues:
New and used equipment sales	$	90.2	$	145.5	$	14.4		$	1.4		$	251.5
Parts sales		26.9		49.2		2.4			(0.5	)		78.0
Service revenues		35.7		30.3		0.2			—			66.2
Rental revenues		20.0		33.3		0.4			—			53.7
Rental equipment sales		2.8		36.6		(0.7	)		—			38.7
Total revenues		175.6		294.9		16.7			0.9			488.1
Cost of revenues:
New and used equipment sales		73.3		126.7		10.8			1.1			211.9
Parts sales		16.7		33.5		1.2			(0.5	)		50.9
Service revenues		14.3		12.4		0.2			—			26.9
Rental revenues		2.0		4.3		(0.1	)		—			6.2
Rental equipment sales		1.8		28.0		(0.4	)		—			29.4
Selling, general and administrative expenses		46.6		57.7		3.7			6.5			114.5
Other segment items(1)		0.7		1.1		(0.4	)		(3.4	)		(2.0	)
Segment adjusted EBITDA(2)		20.2		31.2		1.7			(2.8	)		50.3
Depreciation and amortization												38.0
Interest expense												19.2
Other(1)												7.7
Loss before taxes											$	(14.6	)
Total assets, end of period	$	480.4	$	974.3	$	94.5		$	42.1		$	1,591.3
Capital expenditures		13.3		7.1		—			0.1			20.5
Depreciation and amortization		10.4		26.2		1.3			0.1			38.0
Interest expense		5.9		11.8		1.0			0.5			19.2

	Six Months Ended June 30, 2025
	Material Handling		Construction Equipment		Master Distribution		Corporate and Other			Total
Revenues:
New and used equipment sales	$	160.3	$	293.7	$	32.4	$	0.9		$	487.3
Parts sales		48.0		94.4		5.4		(0.2	)		147.6
Service revenues		67.4		63.1		0.5		—			131.0
Rental revenues		35.1		53.4		—		0.1			88.6
Rental equipment sales		7.8		41.9		—		—			49.7
Total revenues		318.6		546.5		38.3		0.8			904.2
Cost of revenues:
New and used equipment sales		130.7		259.7		25.2		1.0			416.6
Parts sales		30.0		64.9		3.6		(0.2	)		98.3
Service revenues		27.3		24.5		0.7		—			52.5
Rental revenues		2.3		7.9		—		—			10.2
Rental equipment sales		5.0		32.4		—		—			37.4
Selling, general and administrative expenses		90.5		107.0		5.4		6.1			209.0
Other segment items(1)		0.4		1.4		0.8		(4.5	)		(1.9	)
Segment adjusted EBITDA(2)		32.4		48.7		2.6		(1.6	)		82.1
Depreciation and amortization											67.0
Interest expense											44.2
Other(1)											(4.1	)
Loss before taxes										$	(25.0	)
Total assets, end of period	$	436.0	$	878.6	$	85.6	$	35.8		$	1,436.0
Capital expenditures		11.9		15.5		—		0.2			27.6
Depreciation and amortization		21.1		43.5		1.9		0.5			67.0
Interest expense		12.7		25.6		2.7		3.2			44.2

	Six Months Ended June 30, 2024
	Material Handling		Construction Equipment		Master Distribution			Corporate and Other			Total
Revenues:
New and used equipment sales	$	184.3	$	271.6	$	23.5		$	0.7		$	480.1
Parts sales		51.8		95.1		4.9			(0.9	)		150.9
Service revenues		69.5		60.4		0.3			—			130.2
Rental revenues		39.0		62.4		0.8			—			102.2
Rental equipment sales		5.3		61.0		—			—			66.3
Total revenues		349.9		550.5		29.5			(0.2	)		929.7
Cost of revenues:
New and used equipment sales		149.6		236.7		17.6			0.4			404.3
Parts sales		32.2		65.2		2.7			(0.9	)		99.2
Service revenues		28.4		25.2		0.3			—			53.9
Rental revenues		4.7		8.3		(0.1	)		—			12.9
Rental equipment sales		3.3		45.6		—			—			48.9
Selling, general and administrative expenses		95.5		114.9		7.7			11.0			229.1
Other segment items(1)		1.5		2.1		(1.3	)		(5.3	)		(3.0	)
Segment adjusted EBITDA(2)		34.7		52.5		2.6			(5.4	)		84.4
Depreciation and amortization												72.0
Interest expense												35.3
Other(1)												7.8
Loss before taxes											$	(30.7	)
Total assets, end of period	$	480.4	$	974.3	$	94.5		$	42.1		$	1,591.3
Capital expenditures		24.3		12.8		0.2			0.5			37.8
Depreciation and amortization		20.1		49.1		2.4			0.4			72.0
Interest expense		11.0		21.6		1.9			0.8			35.3

(1) Primarily includes other income (expense), non-recurring or non-cash items, and items not necessarily indicative of our underlying operating performance.

(2) See definition in Item 2 under Non-GAAP Financial Measures.