Custom Truck One Source(NYSE) CTOS

Custom Truck helps build and fix power lines and phone networks. They rent and sell heavy trucks and specialized building equipment. Contractors use these tools to maintain essential public infrastructure.

Moving the Heavy Metal

• Equipment Sales: Selling vocational trucks and heavy machinery customized for specific infrastructure needs; accounts for 63% of revenue.
• Rental Revenue: Renting specialty units such as aerial lifts and cranes to utility and telecom contractors; accounts for 30% of revenue.
• Parts and Services: Providing repair work and specialized aftermarket components for heavy-duty fleet maintenance; accounts for 7% of revenue.

Strategic Shifts and Debt Deals

• Reorganized operations into two reporting segments on January 1, 2026, to better reflect business economics.
• Renewed a loan agreement with Security Bank of Kansas City in April 2026.
• Increased the stock repurchase authorization by $25 million in March 2024.
• Maintained production under the Load King brand to build specialized heavy equipment.

What Sets the Fleet Apart?

Custom Truck integrates manufacturing and rental services to provide tailored equipment with short lead times. Its fleet of over 10,350 units serves critical infrastructure projects across North America.

The Recent Financial Scorecard

• Total revenue reached $462 million in Q1 2026, up 9% year-over-year.
• Operating income grew to $31.5 million in Q1 2026, up 154% from the previous year.
• Net loss narrowed to $4.1 million in Q1 2026, compared to a $17.8 million loss in Q1 2025.
• Average original equipment cost on rent rose to $1.34 billion in Q1 2026, up 12% year-over-year.
• Fleet utilization reached 81.4% in Q1 2026, up from 77.7% in the same period last year.

Bottom Line

The company has evolved into an integrated model blending rental services with manufacturing expertise. This structure allows it to serve infrastructure demands while improving operational efficiency.