DENVER, Jan. 13, 2026 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the "Company" or "CPH"), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the fourth quarter and full year ended October 31, 2025.
Fourth Quarter Fiscal Year 2025 Summary vs. Fourth Quarter of Fiscal Year 2024 (where applicable)
-- Revenue of $108.8 million compared to $111.5 million.
-- Gross profit of $43.3 million compared to $46.2 million.
-- Income from operations of $16.9 million compared to
$19.2 million.
-- Net income of $5.3 million compared to $9.4 million.
-- Net income attributable to common shareholders was
$4.9 million, or $0.09 per diluted share, compared
to $9.0 million, or $0.16 per diluted share.
-- Adjusted EBITDA(1) of $30.7 million compared to $33.7
million, with Adjusted EBITDA margin(1) of 28.2% compared
to 30.2%.
-- Amounts outstanding under debt agreements were $425.0
million with net debt(1) of $380.6 million. Total
available liquidity at quarter end was $359.5 million
compared to $378.0 million one year ago.
-- Leverage ratio(1) at quarter end of 3.9x.
Fiscal Year 2025 Summary vs. Fiscal Year 2024
-- Revenue of $392.9 million compared to $425.9 million.
-- Gross profit of $151.1 million compared to $165.8
million.
-- Income from operations of $41.5 million compared to
$49.3 million.
-- Net income of $6.4 million compared to $16.2 million.
-- Net income attributable to common shareholders of
$4.6 million compared to $14.5 million. Diluted earnings
per share of $0.09 compared to $0.26 per diluted share.
-- Adjusted EBITDA(1) of $97.0 million compared to $112.1
million, with Adjusted EBITDA margin(1) of 24.7% compared
to 26.3%.
Management Commentary
"This quarter, our results again reflected the resilience and adaptability of our business model amid persistent macroeconomic challenges," said CPH CEO Bruce Young. "Concrete pumping volumes were soft in the residential and, to a lesser extent, commercial construction markets, while our waste management segment continued to deliver steady growth, underscoring the benefits of our diversified platform. Our disciplined approach to cost management, fleet efficiency, and strategic pricing continued to help mitigate top-line pressures. We remain focused on generating strong free cash flow, preserving operational flexibility, and deploying capital thoughtfully--through selective share repurchases or targeted acquisitions--to position the Company for growth when market conditions gradually improve."
___________________
(1) Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See "Non-GAAP Financial Measures" below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.
Fourth Quarter Fiscal Year 2025 Financial Results
Revenue in the fourth quarter of fiscal year 2025 was $108.8 million compared to $111.5 million in the fourth quarter of fiscal year 2024. The decrease was primarily attributable to a continued slowdown in residential and, to a lesser extent, commercial construction demand, mostly due to persistently high interest rates. Further, while the Company has not been directly impacted by tariffs, the continued uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects.
Gross profit in the fourth quarter of fiscal year 2025 was $43.3 million compared to $46.2 million in the prior year quarter. Gross margin declined 170 basis points to 39.8% compared to 41.5% in the prior year quarter.
General and administrative expenses ("G&A") in the fourth quarter were $26.5 million compared to $27.0 million in the prior year quarter. As a percentage of revenue, G&A costs were 24.4% in the fourth quarter compared to 24.2% in the prior year quarter.
Net income in the fourth quarter of fiscal year 2025 was $5.3 million compared to net income of $9.4 million in the prior year quarter. Net income attributable to common shareholders in the fourth quarter of fiscal year 2025 was $4.9 million, or $0.09 per diluted share, compared to net income attributable to common shareholders of $9.0 million, or $0.16 per diluted share, in the prior year quarter.
Adjusted EBITDA in the fourth quarter of fiscal year 2025 was $30.7 million compared to $33.7 million in the prior year quarter. Adjusted EBITDA margin was 28.2% compared to 30.2% in the prior year quarter.
Fiscal Year 2025 Financial Results
Revenue in fiscal year 2025 was $392.9 million compared to $425.9 million in fiscal year 2024. The decrease was attributable to a decrease in volumes driven by the softness in commercial and residential construction demand, as well as significant disruptive weather events across the U.S. throughout the year.
Gross profit in fiscal year 2025 was $151.1 million compared to $165.8 million in fiscal year 2024. Gross margin was 38.5% versus 38.9% in the prior year.
G&A expenses in fiscal year 2025 declined to $109.6 million compared to $116.5 million in fiscal year 2024. G&A expenses as a percentage of revenue were 27.9% for fiscal 2025 compared to 27.4% for fiscal 2024.
Net income in fiscal 2025 was $6.4 million compared to $16.2 million in fiscal year 2024. Net income attributable to common shareholders in fiscal year 2025 was $4.6 million compared $14.5 million in fiscal year 2024. Diluted earnings per share was $0.09 per diluted share compared to $0.26 per diluted share in fiscal year 2024.
Adjusted EBITDA in fiscal year 2025 was $97.0 million compared to $112.1 million in the prior year. Adjusted EBITDA margin was 24.7% compared to 26.3% in the prior year.
On October 31, 2025, the Company had debt outstanding of $425.0 million, net debt of $380.6 million and total available liquidity of $359.5 million.
Segment Results
U.S. Concrete Pumping. Revenue in the fourth quarter of fiscal year 2025 was $72.2 million compared to $74.5 million in the prior year quarter. The decline was primarily driven by a decline in residential construction demand as discussed above. Net income in the fourth quarter of fiscal year 2025 was $1.1 million compared to net income of $3.8 million in the prior year quarter. Adjusted EBITDA was $17.5 million in the fourth quarter of fiscal year 2025 compared to $19.7 million in the prior year quarter. These decreases were largely driven by the decrease in revenue volume, as discussed above.
Revenue in fiscal year 2025 was $260.5 million compared to $291.0 million in fiscal year 2024. The decline was driven by the same commercial and residential factors discussed in our consolidated results above. Net loss was $1.9 million in fiscal year 2025 compared to net income of $6.5 million in fiscal year 2024. Adjusted EBITDA in fiscal year 2025 was $54.9 million compared to $69.1 million in fiscal year 2024. These decreases were largely driven by the revenue decline as discussed above.
U.S. Concrete Waste Management Services. Revenue in the fourth quarter of fiscal year 2025 increased 8% to $21.3 million compared to $19.8 million in the prior year quarter. The increase was driven by organic volume growth and pricing improvements. Net income in the fourth quarter of fiscal year 2025 was $3.0 million compared to net income of $3.9 million in the prior year quarter. Adjusted EBITDA in the fourth quarter of fiscal year 2025 increased 3% to $9.1 million compared to $8.8 million in the prior year quarter due to improved year-over-year revenue.
Revenue in fiscal year 2025 increased 6% to $75.4 million compared to $70.9 million in fiscal year 2024, driven by organic volume growth and pricing improvements. Net income was $5.9 million in fiscal year 2025 compared to $5.5 million in fiscal year 2024. Adjusted EBITDA in fiscal year 2025 increased 7% to $28.1 million compared to $26.3 million in fiscal year 2024. The increases in net income and adjusted EBITDA were primarily attributable to the improved year-over-year revenue and disciplined cost control.
U.K. Operations. Revenue in the fourth quarter of fiscal year 2025 was $15.3 million compared to $17.1 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 13% year-over-year due to a slowdown in commercial construction demand. Net income in the fourth quarter of fiscal year 2025 was $1.2 million compared to $1.7 million in the prior year quarter. Adjusted EBITDA was $4.1 million in the fourth quarter of fiscal year 2025 compared to $5.2 million in the prior year quarter. Excluding the impact from foreign currency translation, the changes in net income and adjusted EBITDA were primarily related to the decrease in revenue.
Revenue in fiscal year 2025 was $57.0 million compared to $64.0 million in fiscal year 2024. Excluding the impact from foreign currency translation, revenue declined 13% year-over-year. The decrease was primarily attributable to lower volumes caused by a slowdown in commercial construction demand. Net income for fiscal year 2025 was $2.4 million compared to $4.2 million in fiscal year 2024. Adjusted EBITDA in fiscal year 2025 was $14.0 million compared to $16.8 million in fiscal year 2024. Excluding the impact from foreign currency translation, the decreases in net income and adjusted EBITDA were primarily related to the decrease in revenue as described above.
Fiscal Year 2026 Outlook
The Company expects fiscal year 2026 revenue to range between $390.0 million to $410.0 million, Adjusted EBITDA to range between $90.0 million to $100.0 million, and free cash flow(2) to be at least $40.0 million. These expectations continue to assume the construction market will not meaningfully recover in fiscal year 2026.
As a result of stricter U.S. emissions laws that are expected to take effect on January 1, 2027, for all heavy-duty engines with a 2027 model year or later, the Company has approved accelerating approximately $22.0 million of planned capital equipment investments from fiscal year 2027 into fiscal year 2026.
This decision is based on a few key considerations including navigating expected disruptions from first-generation truck technologies and anticipated truck price increases in 2027 for new trucks associated with incremental OEM production costs. This pull-forward of fiscal year 2027 investments will reduce replacement capital expenditures in fiscal year 2027 and aligns with the Company capital allocation roadmap to allow for a smooth transition under new regulations to improve the Company's competitive positioning.
___________________
(2) Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest.
Conference Call
The Company will hold a conference call on Tuesday, January 13, 2026, at 5:00 p.m. Eastern time to discuss its fourth quarter and fiscal year 2025 results.
Date: Tuesday, January 13, 2026
Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13757065
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc. at 1-949-574-3860.
The conference call will be broadcast live and is available for replay here https://viavid.webcasts.com/starthere.jsp?ei=1742540&tp_key=147dc6ed97 as well as the investor relations section of the Company's website at www.concretepumpingholdings.com.
A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through January 20, 2026.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13757065
About Concrete Pumping Holdings
Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies -- Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company's large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of October 31, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 95 branch locations across 23 states, concrete pumping services in the U.K. from approximately 35 branch locations, and route-based concrete waste management services from 22 operating locations in the U.S. and one shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company's brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.
Forward--Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "outlook" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations with respect to future performance, including the Company's fiscal year 2026 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measures
This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow and leverage ratio, all of which are important financial measures for the Company but are not financial measures defined by GAAP.
EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods.
The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.
Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company's term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company's debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company's leverage and evaluate the Company's consolidated balance sheet. See "Reconciliation of Net Debt" below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.
The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.
Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.
The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization.
Current and prospective investors should review the Company's audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company's business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.
Contact:
Company: Investor Relations:
Iain Humphries Gateway Group, Inc.
Chief Financial Officer Cody Slach
1-303-289-7497 1-949-574-3860
BBCP@gateway-grp.com
-------------------------- -----------------------
Concrete Pumping Holdings, Inc.
Consolidated Balance Sheets
As of October 31, As of October 31,
(in thousands, except per
share amounts) 2025 2024
------------------- -------------------
Current assets:
Cash and cash equivalents $ 44,394 $ 43,041
Receivables, net of
allowance for doubtful
accounts of $905 and
$916, respectively 53,132 56,441
Inventory 7,419 5,922
Prepaid expenses and other
current assets 8,408 6,956
--- -------------- --- --------------
Total current assets 113,353 112,360
Property, plant and
equipment, net 412,516 415,726
Intangible assets, net 93,933 105,612
Goodwill 223,581 222,996
Right-of-use operating lease
assets 22,943 26,179
Other non-current assets 11,195 12,578
Deferred financing costs 2,021 2,539
--- -------------- --- --------------
Total assets $ 879,542 $ 897,990
=== ============== === ==============
Current liabilities:
Revolving loan $ - $ 20
Operating lease
obligations, current
portion 4,851 4,817
Accounts payable 6,267 7,668
Accrued payroll and
payroll expenses 11,973 14,303
Accrued expenses and other
current liabilities 28,730 28,673
Income taxes payable 463 850
Total current
liabilities 52,284 56,331
Long term debt, net of
discount for deferred
financing costs 417,891 373,260
Operating lease obligations,
non-current 18,659 21,716
Deferred income taxes 89,431 86,647
Other liabilities,
non-current 11,488 13,321
Total liabilities 589,753 551,275
=== ============== === ==============
Zero-dividend convertible
perpetual preferred stock,
$0.0001 par value,
2,450,980 shares issued and
outstanding as of October
31, 2025 and October 31,
2024 25,000 25,000
--- -------------- --- --------------
Stockholders' equity
Common stock, $0.0001 par
value, 500,000,000 shares
authorized, 51,272,503
and 53,273,644 issued and
outstanding as of October
31, 2025 and October 31,
2024, respectively 6 6
Additional paid-in capital 389,880 386,313
Treasury stock (41,687) (25,881)
Accumulated other
comprehensive income
(loss) 1,589 (483)
Accumulated deficit (84,999) (38,240)
--- -------------- --- --------------
Total stockholders'
equity 264,789 321,715
Total liabilities and
stockholders' equity $ 879,542 $ 897,990
=== ============== === ==============
Concrete Pumping Holdings, Inc.
Consolidated Statements of Operations
Three Months Ended
October 31, Year Ended October 31,
---------------------- ----------------------
(in thousands,
except per share
amounts) 2025 2024 2025 2024
-------- -------- -------- --------
Revenue $108,787 $111,482 $392,867 $425,872
Cost of operations 65,477 65,234 241,751 260,038
------- ------- ------- -------
Gross profit 43,310 46,248 151,116 165,834
Gross margin 39.8% 41.5% 38.5% 38.9%
General and
administrative
expenses 26,454 27,037 109,585 116,487
------- ------- ------- -------
Income from
operations 16,856 19,211 41,531 49,347
Interest expense
and amortization
of deferred
financing costs (8,402) (6,136) (31,570) (25,880)
Loss on
extinguishment of
debt - - (1,392) -
Interest income 202 160 1,148 308
Change in fair
value of warrant
liabilities - - - 130
Other income, net 45 46 335 406
------- ------- ------- -------
Income before
income
taxes 8,701 13,281 10,052 24,311
------- ------- ------- -------
Income tax expense 3,384 3,854 3,679 8,104
Net income 5,317 9,427 6,373 16,207
Less preferred
shares dividends (441) (440) (1,750) (1,750)
Income
available to
common
shareholders $ 4,876 $ 8,987 $ 4,623 $ 14,457
======= ======= ======= =======
Weighted average
common shares
outstanding
Basic 51,273 53,505 52,142 53,543
Diluted 51,567 53,597 52,686 54,238
Net income per
common share
Basic $ 0.10 $ 0.17 $ 0.09 $ 0.27
Diluted $ 0.09 $ 0.16 $ 0.09 $ 0.26
Concrete Pumping Holdings, Inc.
Consolidated Statements of Cash Flows
For the Year Ended October 31,
------------------------------------
(in thousands, except per share
amounts) 2025 2024
----------------- -------------
Net income $ 6,373 $ 16,207
Adjustments to reconcile net loss
to net cash provided by operating
activities:
Non-cash operating lease
expense 5,265 5,103
Foreign currency adjustments - (1,234)
Depreciation 41,706 41,969
Deferred income taxes 2,518 5,281
Amortization of deferred
financing costs 1,729 1,803
Amortization of intangible
assets 11,837 15,141
Stock-based compensation
expense 2,048 2,394
Change in fair value of warrant
liabilities - (130)
Loss on extinguishment of debt 1,392 -
Net gain on the sale of
property, plant and equipment (1,025) (2,309)
Other operating activities (272) (78)
Net changes in operating assets
and liabilities:
Receivables 3,539 7,164
Inventory (1,204) 600
Other operating assets (3,448) 632
Accounts payable (1,522) (1,679)
Other operating liabilities (4,621) (3,964)
------------- ------------
Net cash provided by
operating activities 64,315 86,900
------------- ------------
Cash flows from investing
activities:
Purchases of property, plant
and equipment (46,787) (43,810)
Proceeds from sale of property,
plant and equipment 9,492 11,679
Net cash used in investing
activities (37,295) (32,131)
------------- ------------
Cash flows from financing
activities:
Proceeds on long term debt 425,000 -
Payments on long term debt (375,000) -
Proceeds on revolving loan 256,233 313,170
Payments on revolving loan (256,254) (332,104)
Dividends paid (53,132)
Payment of debt issuance costs (8,163) (953)
Purchase of treasury stock (14,167) (10,160)
Other financing activities (274) 1,279
------------- ------------
Net cash used in financing
activities (25,757) (28,768)
Effect of foreign currency
exchange rate changes on cash 90 1,179
------------- ------------
Net increase in cash and
cash equivalents 1,353 27,180
Cash and cash equivalents:
Beginning of period 43,041 15,861
------------- ------------
End of period $ 44,394 $ 43,041
============= ============
Concrete Pumping Holdings, Inc.
Segment Revenue
Three Months Ended
October 31, Change
---------------------- ---------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
----------- --------- ------- -----
U.S. Concrete
Pumping 72,161 $ 74,504 $(2,343) (3.1)%
U.S. Concrete
Waste
Management
Services((1) 21,329 19,837 1,492 7.5%
U.K. Operations 15,297 17,142 (1,845) (10.8)%
Total
revenue $ 108,787 $ 111,483 $(2,696) (2.4)%
======= ======== ====== =====
(1) For the three months ended October 31, 2025 and
2024, intersegment revenue of $0.2 million and $0.1
million, respectively, is excluded.
Year Ended October
31, Change
--------------------- ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
----------- -------- -------- -----
U.S. Concrete
Pumping $ 260,454 $291,017 $(30,563) (10.5)%
U.S. Concrete
Waste
Management
Services((1) 75,416 70,900 4,516 6.4%
U.K. Operations 56,997 63,955 (6,958) (10.9)%
Total
revenue $ 392,867 $425,872 $(33,005) (7.7)%
======= ======= ======= =====
(1) For the year ended October 31, 2025 and 2024,
intersegment revenue of $0.6 million and $0.4 million,
respectively, is excluded.
Concrete Pumping Holdings, Inc.
Segment Adjusted EBITDA and Net Income (Loss)
During the first quarter of fiscal year 2025, the
Company updated its methodology in which the Company
allocates its corporate costs to better align with
the manner in which the Company now allocates resources
and measures performance. As a result, segment results
for prior periods have been reclassified to conform
to the current period presentation.
Three Months Ended Year Ended October 31,
October 31, 2024 2024
------------------------ ------------------------
U.S. U.S.
Concrete Concrete
U.S. Waste U.S. Waste
Concrete Management Concrete Management
(in thousands) Pumping Services Pumping Services
--------- ------------ --------- ------------
As Previously
Reported
---------------
Net income
(loss) $ 1,994 $ 5,716 $ (2,315) $ 14,241
Interest
expense and
amortization
of deferred
financing
costs 5,300 - 22,823 -
EBITDA 19,195 9,159 62,358 28,040
Stock-based
compensation 477 - 2,394 -
Other expense
(income), net (21) (10) (300) (20)
Other
Adjustments (318) - 2,912 -
Adjusted EBITDA 19,333 9,149 67,364 28,020
Recast
Adjustment
---------------
Net income
(loss) $ 1,784 $ (1,784) $ 8,781 $ (8,781)
Interest
expense and
amortization
of deferred
financing
costs (1,552) 1,552 (6,363) 6,363
EBITDA 232 (232) 2,418 (2,418)
Stock-based
compensation (136) 136 (656) 656
Other expense
(income), net - - 65 (65)
Other
Adjustments 315 (315) (127) 127
Adjusted EBITDA 411 (411) 1,700 (1,700)
Current Report
as Recast
---------------
Net income $ 3,778 $ 3,932 $ 6,466 $ 5,460
Interest
expense and
amortization
of deferred
financing
costs, net of
interest
income 3,748 1,552 16,460 6,363
EBITDA 19,427 8,927 64,776 25,622
Stock-based
compensation 341 136 1,738 656
Other expense
(income), net (21) (10) (235) (85)
Other
Adjustments (3) (315) 2,785 127
Adjusted EBITDA 19,744 8,738 69,064 26,320
Concrete Pumping Holdings, Inc.
Segment Adjusted EBITDA and Net Income (Loss) Continued
Net Income (Loss)
---------------------------------------
Three Months Ended
October 31, Change
--------------------- ---------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
------- ----------- ------- -----
U.S. Concrete
Pumping $ 1,131 $ 3,778 $(2,647) (70.1)%
U.S. Concrete
Waste
Management
Services 3,037 3,932 (895) (22.8)%
U.K. Operations 1,154 1,720 (566) (32.9)%
Other (5) (3) (2) *
Total $ 5,317 $ 9,427 $(4,110) (43.6)%
====== ======= ====== =====
*Change is not
meaningful
Adjusted EBITDA
---------------------------------------
Three Months Ended
October 31, Change
--------------------- ---------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
------- ----------- ------- -----
U.S. Concrete
Pumping $17,507 $ 19,744 $(2,237) (11.3)%
U.S. Concrete
Waste
Management
Services 9,067 8,738 329 3.8%
U.K. Operations 4,092 5,196 (1,104) (21.2)%
------ ------- ------ -----
Total $30,666 $ 33,678 $(3,012) (8.9)%
====== ======= ====== =====
Net Income (Loss)
---------------------------------------
Year Ended October
31, Change
--------------------- ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
---------- -------- -------- -----
U.S. Concrete
Pumping $ (1,924) $ 6,466 $ (8,390) *
U.S. Concrete
Waste
Management
Services 5,853 5,460 393 7.2%
U.K. Operations 2,449 4,154 (1,705) (41.0)%
Other (5) 127 (132) *
Total $ 6,373 $ 16,207 $ (9,834) (60.7)%
====== ======= ======= =====
*Change is not
meaningful
Adjusted EBITDA
---------------------------------------
Year Ended October
31, Change
--------------------- ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
---------- -------- -------- -----
U.S. Concrete
Pumping $ 54,903 $ 69,064 $(14,161) (20.5)%
U.S. Concrete
Waste
Management
Services 28,146 26,320 1,826 6.9%
U.K. Operations 13,968 16,762 (2,794) (16.7)%
Total $ 97,017 $112,146 $(15,129) (13.5)%
====== ======= ======= =====
Concrete Pumping Holdings, Inc.
Quarterly Financial Performance
Adjusted Earnings
EBITDA less Per
Net Adjusted Capital Capital Diluted
(dollars in millions) Revenue Income EBITDA(1) Expenditures(2) Expenditures Share
--------- ------- ---------- ---------------- ------------- ---------
Q1 2024 $ 98 $ (4) $ 19 $ 17 $ 3 $ (0.08)
Q2 2024 $ 107 $ 3 $ 28 $ 7 $ 21 $ 0.05
Q3 2024 $ 110 $ 8 $ 32 $ 6 $ 26 $ 0.13
Q4 2024 $ 111 $ 9 $ 34 $ 2 $ 32 $ 0.16
Q1 2025 $ 86 $ (3) $ 17 $ 4 $ 13 $ (0.06)
Q2 2025 $ 94 $ - $ 22 $ 12 $ 10 $ (0.01)
Q3 2025 $ 104 $ 4 $ 27 $ 12 $ 15 $ 0.07
Q4 2025 $ 109 $ 5 $ 31 $ 9 $ 22 $ 0.09
(1) Adjusted EBITDA is a financial measure that is
not calculated in accordance with Generally Accepted
Accounting Principles in the United States ("GAAP").
See "Non-GAAP Financial Measures" below for a discussion
of the definition of this measure and reconciliation
of such measure to its most comparable GAAP measure.
(2) Information on M&A or growth investments included
in net capital expenditures have been included for
relevant quarters below:
*Q1 2024 capex includes approximately $5 million growth
investment.
*Q2 2024 capex includes approximately $1 million M&A
and $3 million growth investment.
*Q3 2024 capex includes approximately $4 million growth
investment.
*Q4 2024 capex includes approximately $3 million growth
investment.
*Q1 2025 capex includes approximately $2 million growth
investment.
*Q2 2025 capex includes approximately $2 million growth
investment.
*Q3 2025 capex includes approximately $3 million growth
investment.
*Q4 2025 capex includes approximately $2 million growth
investment.
Concrete Pumping Holdings, Inc.
Reconciliation of Net Income to Reported EBITDA to
Adjusted EBITDA
Three Months Ended Year Ended October
October 31, 31,
------------------ ------------------
(dollars in thousands) 2025 2024 2025 2024
------- -------- ------- --------
Consolidated
Net income $ 5,317 $ 9,427 $ 6,373 $ 16,207
Interest expense and
amortization of
deferred financing
costs, net of interest
income 8,200 5,976 30,422 25,572
Income tax expense 3,384 3,854 3,679 8,104
Depreciation and
amortization 13,121 14,283 53,543 57,110
------ ------- ------ -------
EBITDA 30,022 33,540 94,017 106,993
Loss on debt
extinguishment - - 1,392 -
Stock based
compensation 617 477 2,048 2,394
Change in fair value of
warrant liabilities - - - (130)
Other income, net (45) (47) (335) (406)
Other adjustments((1) 72 (290) (105) 3,295
------ ------- ------ -------
Adjusted EBITDA $30,666 $ 33,680 $97,017 $112,146
====== ======= ====== =======
U.S. Concrete Pumping
Net income (loss) $ 1,131 $ 3,778 $(1,924) $ 6,466
Interest expense and
amortization of
deferred financing
costs, net of interest
income 5,057 3,748 18,584 16,460
Income tax expense
(benefit) 2,279 2,185 483 1,758
Depreciation and
amortization 8,583 9,716 35,809 40,092
------ ------- ------ -------
EBITDA 17,050 19,427 52,952 64,776
Loss on debt
extinguishment - - 862 -
Stock based
compensation 419 341 1,388 1,738
Other income, net (24) (21) (185) (235)
Other adjustments((1) 62 (3) (114) 2,785
------ ------- ------ -------
Adjusted EBITDA $17,507 $ 19,744 $54,903 $ 69,064
====== ======= ====== =======
U.S. Concrete Waste
Management Services
Net income $ 3,037 $ 3,932 $ 5,853 $ 5,460
Interest expense and
amortization of
deferred financing
costs, net of interest
income 2,386 1,552 8,881 6,363
Income tax expense 866 983 2,310 4,450
Depreciation and
amortization 2,574 2,460 10,002 9,349
------ ------- ------ -------
EBITDA 8,863 8,927 27,046 25,622
Loss on debt
extinguishment - - 530 -
Stock based
compensation 198 136 660 656
Other income, net (4) (10) (90) (85)
Other adjustments 10 (315) - 127
------ ------- ------ -------
Adjusted EBITDA $ 9,067 $ 8,738 $28,146 $ 26,320
====== ======= ====== =======
(1) Other adjustments include the adjustment for non-recurring
expenses and non-cash currency gains/losses. For the
twelve months ended October 31, 2024, other adjustments
includes a $3.5 million non-recurring charge related
to sales tax litigation.
Three Months
Ended October Year Ended October
31, 31,
----------------- ------------------
(dollars in thousands) 2025 2024 2025 2024
------ -------- ------- --------
U.K. Operations
Net income $1,154 $ 1,720 $ 2,449 $ 4,154
Interest expense, net 757 676 2,957 2,749
Income tax expense 234 684 881 1,893
Depreciation and
amortization 1,964 2,105 7,732 7,669
----- ------- ------ -------
EBITDA 4,109 5,185 14,019 16,465
Other income, net (17) (15) (60) (86)
Other adjustments - 26 9 383
Adjusted EBITDA $4,092 $ 5,196 $13,968 $ 16,762
===== ======= ====== =======
Other
Net income $ (5) $ (3) $ (5) $ 127
EBITDA - - - 130
Change in fair value of
warrant liabilities - - - (130)
----- ------- ------ -------
Adjusted EBITDA $ - $ - $ - $ -
===== ======= ====== =======
Concrete Pumping Holdings, Inc.
Reconciliation of Net Debt
October January April October
31, 31, 30, July 31, 31,
(in thousands) 2024 2025 2025 2025 2025
-------- -------- -------- -------- --------
Senior Notes 375,000 425,000 425,000 425,000 425,000
Revolving loan
draws
outstanding 20 - - - -
Less: Cash (43,041) (85,132) (37,788) (41,001) (44,394)
------- ------- ------- ------- -------
Net debt $331,979 $339,868 $387,212 $383,999 $380,606
======= ======= ======= ======= =======
Concrete Pumping Holdings, Inc.
Reconciliation of Historical Adjusted EBITDA
(dollars in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
------- ------- ------- ------- ------- ------- ------- -------
Consolidated
Net income (loss) $(3,826) $ 3,046 $ 7,560 $ 9,427 $(2,639) $ (4) $ 3,699 $ 5,317
Interest expense and
amortization of
deferred financing
costs, net of interest
income 6,463 6,873 6,261 5,976 5,802 8,294 8,126 8,200
Income tax expense
(benefit) (1,011) 2,180 3,081 3,854 (1,036) (2) 1,333 3,384
Depreciation and
amortization 14,097 14,239 14,491 14,283 13,200 13,584 13,638 13,121
------ ------ ------ ------ ------ ------ ------ ------
EBITDA 15,723 26,338 31,393 33,540 15,327 21,872 26,796 30,022
Loss on debt
extinguishment - - - - 1,392 - - -
Stock based
compensation 536 737 644 477 367 538 526 617
Change in fair value of
warrant liabilities (130) - - - - - - -
Other income, net (39) (44) (276) (47) (34) (28) (228) (45)
Other adjustments((1) 3,191 517 (123) (290) (41) 155 (251) 72
------ ------ ------ ------ ------ ------ ------ ------
Adjusted EBITDA $19,281 $27,548 $31,638 $33,680 $17,011 $22,497 $26,843 $30,666
====== ====== ====== ====== ====== ====== ====== ======
(1) Other adjustments include the adjustment for non-recurring
expenses and non-cash currency gains/losses. For the
first quarter of fiscal year 2024, other adjustments
includes a $3.5 million non-recurring charge related
to sales tax litigation.
(END) Dow Jones Newswires
January 13, 2026 16:05 ET (21:05 GMT)