BBCP 8-K
Concrete Pumping Holdings, Inc. (BBCP)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES EXCHANGE ACT OF 1934
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(Former name or former address, if changed since last report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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The
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Exhibit
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Description
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99.1
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Press Release dated September 3, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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CONCRETE PUMPING HOLDINGS, INC.
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By:
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/s/ Iain Humphries
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Name: Iain Humphries
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Title: Chief Financial Officer and Secretary
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Dated: September 3, 2026
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Exhibit 99.1
Concrete Pumping Holdings Reports Strong Third Quarter Fiscal Year 2026 Results and Initiates Quarterly Dividend
- Revenue up 13% to $116.8 Million with a 17% Increase in Income from Operations -
- Adjusted EBITDA up 13% to $30.4 Million -
- Raises Full-Year Outlook -
- Announces Extension of Existing Share Repurchase Plan -
- Announces Quarterly Cash Dividend Program -
DENVER, CO – September 3, 2026 – Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the "Company" or "CPH"), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the third quarter ended July 31, 2026.
Third Quarter Fiscal Year 2026 Summary vs. Third Quarter of Fiscal Year 2025 (where applicable)
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Revenue up 13% to $116.8 million compared to $103.7 million. | |||
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Gross profit up 12% to $45.2 million compared to $40.4 million. | |||
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Income from operations up 17% to $15.1 million compared to $12.9 million. | |||
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Net income up 33% to $4.9 million compared to net income of $3.7 million. | |||
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Net income attributable to common shareholders was $4.5 million, or $0.09 per diluted share, compared to net income of $3.3 million, or $0.07 per diluted share. | |||
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Adjusted EBITDA1 up 13% to $30.4 million compared to $26.8 million, with Adjusted EBITDA margin1 of 26.0% compared to 25.8%. | |||
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Amounts outstanding under debt agreements were $425.0 million with net debt1 of $382.0 million. Total available liquidity at quarter end was $357.3 million compared to $358.0 million one year ago. | |||
| ● | Leverage ratio1 at quarter end improved to 3.6x compared to 3.8x. | |||
| ● | Initiated quarterly cash dividend program of $0.13 per share, totaling $0.52 over the next four quarters, representing a 5.6% initial yield based on recent stock price. | |||
Management Commentary
"Concrete Pumping Holdings delivered another excellent quarter, highlighted by double-digit revenue and Adjusted EBITDA growth, reflecting continued momentum across our U.S. operations and disciplined execution throughout the business," said Bruce Young, CEO of Concrete Pumping Holdings. "Demand for large-scale commercial and infrastructure projects, particularly data centers, remained healthy during the quarter, while our Eco-Pan business continued to benefit from strong organic growth, pricing discipline and new customer wins. Although residential and light commercial construction remain challenged and market conditions in the U.K. continue to be more subdued, our diversified platform, operational discipline and pricing strategy continue to position us well. Given our strong year-to-date performance and confidence in the business, we are once again raising our full-year outlook while remaining focused on disciplined capital allocation, free cash flow generation and creating long-term shareholder value."
"The initiation of a quarterly dividend reflects our confidence in the Company's ability to generate consistent cash flow while continuing to invest in our operations, pursue disciplined growth initiatives and reduce leverage over time," said Young. "A recurring dividend is consistent with our capital allocation framework and provides an additional way to provide superior shareholder value while maintaining our focus on strategic initiatives / growth and deleveraging."
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.
Third Quarter Fiscal Year 2026 Financial Results
Revenue in the third quarter of fiscal year 2026 increased 12.6% to $116.8 million compared to $103.7 million in the third quarter of fiscal year 2025. The increase was primarily attributable to higher commercial and infrastructure construction demand and pricing, strongly related to growing data center and infrastructure projects, and generally more stable weather conditions across the Company’s U.S. regions.
Gross profit in the third quarter of fiscal year 2026 increased 12.0% to $45.2 million compared to $40.4 million in the prior year quarter. Gross margin was 38.7% compared to 39.0% in the prior year quarter. The slight decrease in gross margin was primarily related to fuel cost inflation.
General and administrative expenses ("G&A") in the third quarter increased to $30.1 million compared to $27.5 million in the prior year quarter due to higher stock-based compensation expense of $0.8 million and higher professional fees of $0.4 million. The remaining increase is largely attributable to incremental G&A expenses from our recent acquisitions. As a percentage of revenue, G&A costs in the third quarter declined to 25.8% compared to 26.5% in the prior year quarter.
Net income in the third quarter of fiscal year 2026 increased 33.3% to $4.9 million compared to net income of $3.7 million in the prior year quarter. Net income attributable to common shareholders in the third quarter of fiscal year 2026 increased to $4.5 million, or $0.09 per diluted share, compared to net income attributable to common shareholders of $3.3 million, or $0.07 per diluted share, in the prior year quarter.
Adjusted EBITDA in the third quarter of fiscal year 2026 increased 13.3% to $30.4 million compared to $26.8 million in the prior year quarter. Adjusted EBITDA margin increased 20 basis points to 26.0% compared to 25.8% in the prior year quarter.
Liquidity
On July 31, 2026, the Company had debt outstanding of $425.0 million, net debt of $382.0 million and total available liquidity of $357.3 million.
Segment Results
U.S. Concrete Pumping. Revenue in the third quarter of fiscal year 2026 increased 9.9% to $76.2 million compared to $69.3 million in the prior year quarter. The increase was primarily attributable to (1) higher commercial and infrastructure construction demand and pricing, strongly related to growing data center and infrastructure projects, and (2) generally more stable weather conditions across the Company’s U.S. regions. These improvements were partially offset by a continued slowdown in light commercial construction and subdued residential construction demand, mostly due to high interest rates and economic uncertainty through the third quarter of 2026. Net income in the third quarter of fiscal year 2026 improved to $2.0 million compared to net income of $1.6 million in the prior year quarter. Adjusted EBITDA increased 17.8% to $18.4 million in the third quarter of fiscal year 2026 compared to $15.6 million in the prior year quarter. These increases were largely driven by the improvement in revenue, partially offset by fuel cost inflation.
U.S. Concrete Waste Management Services. Revenue in the third quarter of fiscal year 2026 increased 13.5% to $21.9 million compared to $19.3 million in the prior year quarter. The increase was driven by organic volume growth from growing commercial project demand including data center activity, infrastructure projects, and pricing improvements. Net income in the third quarter of fiscal year 2026 increased to $2.4 million compared to net income of $1.4 million in the prior year quarter. Adjusted EBITDA in the third quarter of fiscal year 2026 increased 19.2% to $8.8 million compared to $7.4 million in the prior year quarter. These increases were primarily driven by the increase in revenue and improved labor efficiency which was partially offset by fuel cost inflation.
U.K. Operations. Revenue in the third quarter of fiscal year 2026 increased 23.9% to $18.7 million compared to $15.1 million in the prior year quarter, primarily driven by a $3.1 million contribution from the Templant acquisition as well as slightly higher pumping volumes. Excluding the impact from foreign currency translation, revenue was up 24.3% year-over-year. Net income in the third quarter of fiscal year 2026 was $0.5 million compared to net income of $0.7 million in the prior year quarter. Adjusted EBITDA was $3.2 million in the third quarter of fiscal year 2026 compared to $3.9 million in the prior year quarter. Excluding the impact from foreign currency translation, the changes in net income and adjusted EBITDA were primarily driven by fuel cost inflation and higher repair and maintenance activity.
Fiscal Year 2026 Outlook
The Company now expects fiscal year 2026 revenue to range between $425.0 million and $435.0 million ($410.0 million to $425.0 million prior), Adjusted EBITDA to range between $103.0 million and $108.0 million ($98.0 million to $105.0 million prior), and free cash flow2 to be approximately $50.0 million ($45.0 million prior). These expectations continue to assume the light commercial and residential construction end markets will not meaningfully recover in fiscal year 2026.
As announced in January 2026, due to stricter U.S. emissions laws that are expected to take effect on January 1, 2027, for all heavy-duty engines with a 2027 model year or later, the Company had approved accelerating certain planned capital equipment investments from calendar year 2027 into calendar year 2026. As of July 31, 2026, the Company has incurred $1.9 million of accelerated 2027 capital expenditures and estimates another $17.1 million will be incurred in the fiscal 2026 fourth quarter.
Share Repurchase Program
In August 2026, the Company's board of directors extended the expiration date of its existing share repurchase program, from December 31, 2026 to November 30, 2028. As of July 31, 2026, the Company had approximately $11.9 million available for repurchase under its repurchase program.
Quarterly Cash Dividend
The Company today also announced that its Board of Directors has approved the initiation of a regular quarterly cash dividend program and declared an initial quarterly cash dividend of $0.13 per share of common stock. The initial dividend is payable on October 2, 2026 to stockholders of record at the close of business on September 18, 2026.
The Company currently intends to pay regular quarterly cash dividends. The declaration and payment of any future dividend, however, will be subject to the discretion of the Board of Directors and applicable law. Future dividend declarations, amounts, record dates and payment dates will depend on, among other factors, the Company’s results of operations, cash flows, financial condition, capital requirements, contractual restrictions, available cash and other factors the Board considers relevant at the applicable time. The Board may modify, suspend or discontinue the dividend program at any time, and the program does not obligate the Company to declare any future dividends.
Conference Call
The Company will hold a conference call on Thursday, September 3, 2026, at 5:00 p.m. Eastern time to discuss its third quarter 2026 results.
Date: Thursday, September 3, 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: 13761834
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=1770260&tp_key=983bfd9233 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 September 17, 2026.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13761834
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 July 31, 2026, the Company provided concrete pumping services in the U.S. from a footprint of approximately 100 branch locations across 23 states, concrete pumping services in the U.K. and Republic of Ireland from approximately 35 branch locations, and route-based concrete waste management services from approximately 30 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, and its intention to pay future dividends, including the anticipated amount and timing of any such dividends. 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. Statements regarding the Company's intention to pay future dividends, and the amount and timing of any such dividends, are forward-looking statements. The declaration, amount, and payment of any dividend will be subject to the sole discretion of the Company's Board of Directors and will depend upon, among other factors, the Company's results of operations, cash flows, financial condition, capital requirements, contractual restrictions, available cash, applicable law and other factors the Board of Directors considers relevant at the applicable time. The Company's Board of Directors may modify, suspend or discontinue the Company's dividend program at any time without notice, and there can be no assurance that the Company will continue to pay dividends at the current rate or at all. 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 transaction expenses, loss on debt extinguishment, stock-based compensation, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and research and development expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods.
The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.
Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See "Reconciliation of Net Debt" below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.
The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.
Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.
The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization.
Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.
Contact:
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Company: Iain Humphries Chief Financial Officer 1-303-289-7497 |
Investor Relations: Gateway Group, Inc. Cody Slach 1-949-574-3860 |
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Concrete Pumping Holdings, Inc. |
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Condensed Consolidated Balance Sheets |
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As of July 31, |
As of October 31, |
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(in thousands, except per share amounts) |
2026 |
2025 |
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Current assets: |
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Cash and cash equivalents |
$ | 42,976 | $ | 44,394 | ||||
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Receivables, net of allowance for doubtful accounts of $1,033 and $905, respectively |
62,665 | 53,132 | ||||||
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Inventory |
8,846 | 7,419 | ||||||
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Prepaid expenses and other current assets |
13,979 | 8,408 | ||||||
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Total current assets |
128,466 | 113,353 | ||||||
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Property, plant and equipment, net |
428,347 | 412,516 | ||||||
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Intangible assets, net |
92,111 | 93,933 | ||||||
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Goodwill |
224,256 | 223,581 | ||||||
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Right-of-use operating lease assets |
22,753 | 22,943 | ||||||
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Other non-current assets |
10,699 | 11,195 | ||||||
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Deferred financing costs |
1,625 | 2,021 | ||||||
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Total assets |
$ | 908,257 | $ | 879,542 | ||||
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Current liabilities: |
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Operating lease obligations, current portion |
$ | 5,393 | $ | 4,851 | ||||
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Accounts payable |
9,474 | 6,267 | ||||||
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Accrued payroll and payroll expenses |
11,272 | 11,973 | ||||||
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Accrued expenses and other current liabilities |
47,446 | 28,730 | ||||||
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Income taxes payable |
1,379 | 463 | ||||||
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Total current liabilities |
74,964 | 52,284 | ||||||
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Long term debt, net of discount for deferred financing costs |
418,744 | 417,891 | ||||||
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Operating lease obligations, non-current |
17,970 | 18,659 | ||||||
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Deferred income taxes |
92,725 | 89,431 | ||||||
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Other non-current liabilities |
11,000 | 11,488 | ||||||
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Total liabilities |
615,403 | 589,753 | ||||||
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Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2026 and October 31, 2025 |
25,000 | 25,000 | ||||||
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Stockholders' equity |
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Common stock, $0.0001 par value, 500,000,000 shares authorized, 50,393,420 and 51,272,503 issued and outstanding as of July 31, 2026 and October 31, 2025, respectively |
6 | 6 | ||||||
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Additional paid-in capital |
392,802 | 389,880 | ||||||
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Treasury stock |
(48,906 | ) | (41,687 | ) | ||||
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Accumulated other comprehensive income |
3,914 | 1,589 | ||||||
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Accumulated deficit |
(79,962 | ) | (84,999 | ) | ||||
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Total stockholders' equity |
267,854 | 264,789 | ||||||
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Total liabilities and stockholders' equity |
$ | 908,257 | $ | 879,542 | ||||
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Concrete Pumping Holdings, Inc. |
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Condensed Consolidated Statements of Operations |
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Three Months Ended July 31, |
Nine Months Ended July 31, |
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(in thousands, except per share amounts) |
2026 |
2025 |
2026 |
2025 |
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Revenue |
$ | 116,766 | $ | 103,676 | $ | 314,123 | $ | 284,080 | ||||||||
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Cost of operations |
71,527 | 63,287 | 195,662 | 176,274 | ||||||||||||
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Gross profit |
45,239 | 40,389 | 118,461 | 107,806 | ||||||||||||
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General and administrative expenses |
30,151 | 27,459 | 86,810 | 83,131 | ||||||||||||
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Income from operations |
15,088 | 12,930 | 31,651 | 24,675 | ||||||||||||
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Other income (expense): |
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Interest expense and amortization of deferred financing costs |
(8,412 | ) | (8,399 | ) | (25,238 | ) | (23,168 | ) | ||||||||
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Loss on extinguishment of debt |
- | - | - | (1,392 | ) | |||||||||||
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Interest income |
199 | 273 | 734 | 946 | ||||||||||||
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Other income, net |
17 | 228 | 86 | 290 | ||||||||||||
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Total other expense |
(8,196 | ) | (7,898 | ) | (24,418 | ) | (23,324 | ) | ||||||||
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Income before income taxes |
6,892 | 5,032 | 7,233 | 1,351 | ||||||||||||
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Income tax expense |
1,961 | 1,333 | 2,196 | 295 | ||||||||||||
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Net income |
4,931 | 3,699 | 5,037 | 1,056 | ||||||||||||
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Less accretion of liquidation preference on preferred stock |
(441 | ) | (441 | ) | (1,309 | ) | (1,309 | ) | ||||||||
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Income (loss) available to common shareholders |
$ | 4,490 | $ | 3,258 | $ | 3,728 | $ | (253 | ) | |||||||
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Weighted average common shares outstanding |
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Basic |
50,426 | 51,696 | 50,656 | 52,435 | ||||||||||||
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Diluted |
51,103 | 51,906 | 51,497 | 52,435 | ||||||||||||
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Net income per common share |
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Basic |
$ | 0.09 | $ | 0.07 | $ | 0.07 | $ | - | ||||||||
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Diluted |
$ | 0.09 | $ | 0.07 | $ | 0.07 | $ | - | ||||||||
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Concrete Pumping Holdings, Inc. |
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Condensed Consolidated Statements of Cash Flows |
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For the Nine Months Ended July 31, |
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(in thousands) |
2026 |
2025 |
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Net income |
$ | 5,037 | $ | 1,056 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Non-cash operating lease expense |
3,907 | 3,913 | ||||||
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Foreign currency adjustments |
(220 | ) | (26 | ) | ||||
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Depreciation |
31,722 | 31,454 | ||||||
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Deferred income taxes |
1,541 | (803 | ) | |||||
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Amortization of deferred financing costs |
1,248 | 1,311 | ||||||
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Amortization of intangible assets |
7,282 | 8,968 | ||||||
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Stock-based compensation expense |
2,922 | 1,431 | ||||||
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Loss on extinguishment of debt |
- | 1,392 | ||||||
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Net gain on the sale of property, plant and equipment |
(684 | ) | (609 | ) | ||||
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Other operating activities |
(91 | ) | (47 | ) | ||||
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Net changes in operating assets and liabilities: |
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Receivables |
(7,121 | ) | 4,353 | |||||
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Inventory |
(1,234 | ) | (1,447 | ) | ||||
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Other operating assets |
(1,197 | ) | (6,978 | ) | ||||
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Accounts payable |
3,145 | (565 | ) | |||||
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Other operating liabilities |
7,378 | 6,447 | ||||||
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Net cash provided by operating activities |
53,635 | 49,850 | ||||||
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Cash flows from investing activities: |
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Purchases of property, plant and equipment |
(39,960 | ) | (34,230 | ) | ||||
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Proceeds from sale of property, plant and equipment |
3,967 | 6,028 | ||||||
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Acquisition of net assets, net of cash acquired - Templant |
(11,150 |
) |
- |
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Net cash used in investing activities |
(47,143 | ) | (28,202 | ) | ||||
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Cash flows from financing activities: |
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Proceeds on long term debt |
- | 425,000 | ||||||
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Payments on long term debt |
- | (375,000 | ) | |||||
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Proceeds on revolving loan |
177,755 | 188,229 | ||||||
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Payments on revolving loan |
(177,755 | ) | (188,249 | ) | ||||
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Dividends paid |
- | (53,132 | ) | |||||
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Payment of debt issuance costs |
- | (8,163 | ) | |||||
|
Purchase of treasury stock |
(7,283 | ) | (12,315 | ) | ||||
|
Other financing activities |
(814 | ) | (204 | ) | ||||
|
Net cash used in financing activities |
(8,097 | ) | (23,834 | ) | ||||
|
Effect of foreign currency exchange rate changes on cash |
187 | 146 | ||||||
|
Net decrease in cash and cash equivalents |
(1,418 | ) | (2,040 | ) | ||||
|
Cash and cash equivalents: |
||||||||
|
Beginning of period |
44,394 | 43,041 | ||||||
|
End of period |
$ | 42,976 | $ | 41,001 | ||||
|
Concrete Pumping Holdings, Inc. |
|
Segment Revenue |
|
Three Months Ended July 31, |
Change |
|||||||||||||||
|
(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
||||||||||||
|
U.S. Concrete Pumping |
$ | 76,157 | $ | 69,271 | $ | 6,886 | 9.9 | % | ||||||||
|
U.S. Concrete Waste Management Services(1) |
21,946 | 19,337 | 2,609 | 13.5 | % | |||||||||||
|
U.K. Operations |
18,663 | 15,068 | 3,595 | 23.9 | % | |||||||||||
|
Total revenue |
$ | 116,766 | $ | 103,676 | $ | 13,090 | 12.6 | % | ||||||||
(1) For the three months ended July 31, 2026 and 2025, intersegment revenue of $0.1 million and $0.2 million, respectively, is excluded.
|
Nine Months Ended July 31, |
Change |
|||||||||||||||
|
(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
||||||||||||
|
U.S. Concrete Pumping |
$ | 207,628 | $ | 188,293 | $ | 19,335 | 10.3 | % | ||||||||
|
U.S. Concrete Waste Management Services(1) |
60,362 | 54,087 | 6,275 | 11.6 | % | |||||||||||
|
U.K. Operations |
46,133 | 41,700 | 4,433 | 10.6 | % | |||||||||||
|
Total revenue |
$ | 314,123 | $ | 284,080 | $ | 30,043 | 10.6 | % | ||||||||
(1) For the nine months ended July 31, 2026 and 2025, intersegment revenue of $0.2 million and $0.4 million, respectively, is excluded.
|
Concrete Pumping Holdings, Inc. |
|
Segment Adjusted EBITDA and Net Income (Loss) |
|
Net Income |
||||||||||||||||
|
Three Months Ended July 31, |
Change |
|||||||||||||||
|
(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
||||||||||||
|
U.S. Concrete Pumping |
$ | 1,987 | $ | 1,625 | $ | 362 | 22.3 | % | ||||||||
|
U.S. Concrete Waste Management Services |
2,420 | 1,391 | 1,029 | 74.0 | % | |||||||||||
|
U.K. Operations |
524 | 683 | (159 | ) | (23.3 | )% | ||||||||||
|
Total |
$ | 4,931 | $ | 3,699 | $ | 1,232 | 33.3 | % | ||||||||
|
Adjusted EBITDA |
||||||||||||||||
|
Three Months Ended July 31, |
Change |
|||||||||||||||
|
(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
||||||||||||
|
U.S. Concrete Pumping |
$ | 18,385 | $ | 15,604 | $ | 2,781 | 17.8 | % | ||||||||
|
U.S. Concrete Waste Management Services |
8,785 | 7,371 | 1,414 | 19.2 | % | |||||||||||
|
U.K. Operations |
3,242 | 3,868 | (626 | ) | (16.2 | )% | ||||||||||
|
Total |
$ | 30,412 | $ | 26,843 | $ | 3,569 | 13.3 | % | ||||||||
|
Net Income (Loss) |
||||||||||||||||
|
Nine Months Ended July 31, |
Change |
|||||||||||||||
|
(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
||||||||||||
|
U.S. Concrete Pumping |
$ | (50 | ) | $ | (3,056 | ) | $ | 3,006 | 98.4 | % | ||||||
|
U.S. Concrete Waste Management Services |
4,986 | 2,817 | 2,169 | 77.0 | % | |||||||||||
|
U.K. Operations |
101 | 1,295 | (1,194 | ) | (92.2 | )% | ||||||||||
|
Total |
$ | 5,037 | $ | 1,056 | $ | 3,981 | * | |||||||||
|
*Change is not meaningful |
||||||||||||||||
|
Adjusted EBITDA |
||||||||||||||||
|
Nine Months Ended July 31, |
Change |
|||||||||||||||
|
(in thousands, unless otherwise stated) |
2026 |
2025 |
$ |
% |
||||||||||||
|
U.S. Concrete Pumping |
$ | 45,187 | $ | 37,395 | $ | 7,792 | 20.8 | % | ||||||||
|
U.S. Concrete Waste Management Services |
22,557 | 19,081 | 3,476 | 18.2 | % | |||||||||||
|
U.K. Operations |
7,098 | 9,875 | (2,777 | ) | (28.1 | )% | ||||||||||
|
Total |
$ | 74,843 | $ | 66,351 | $ | 8,492 | 12.8 | % | ||||||||
|
Concrete Pumping Holdings, Inc. |
|
Quarterly Financial Performance |
|
(dollars in millions) |
Revenue |
Net Income |
Adjusted EBITDA1 |
Capital Expenditures2 |
Adjusted EBITDA less Capital Expenditures |
Earnings Per Diluted Share |
||||||||||||||||||
|
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 | ||||||||||||
|
Q1 2026 |
$ | 91 | $ | (2 | ) | $ | 18 | $ | 8 | $ | 10 | $ | (0.06 | ) | ||||||||||
|
Q2 2026 |
$ | 107 | $ | 3 | $ | 26 | $ | 20 | $ | 6 | $ | 0.04 | ||||||||||||
|
Q3 2026 |
$ | 117 | $ | 5 | $ | 30 | $ | 19 | $ | 11 | $ | 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. |
||||||||||||||||||||||||
|
2Information on M&A, growth or accelerated investments included in net capital expenditures have been included for relevant quarters below: |
||||||||||||||||||||||||
|
*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. |
||||||||||||||||||||||||
|
*Q1 2026 capex includes approximately $5 million M&A and $1 million growth investment. |
||||||||||||||||||||||||
|
*Q2 2026 capex includes approximately $11 million M&A and $3 million growth investment. |
||||||||||||||||||||||||
|
*Q3 2026 capex includes approximately $6 million growth and $2.0 million accelerated investment. |
||||||||||||||||||||||||
|
Concrete Pumping Holdings, Inc. |
|
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA |
|
Three Months Ended July 31, |
Nine Months Ended July 31, |
|||||||||||||||
|
(dollars in thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
Consolidated |
||||||||||||||||
|
Net income |
$ | 4,931 | $ | 3,699 | $ | 5,037 | $ | 1,056 | ||||||||
|
Interest expense and amortization of deferred financing costs, net of interest income |
8,213 | 8,126 | 24,504 | 22,222 | ||||||||||||
|
Income tax expense |
1,961 | 1,333 | 2,196 | 295 | ||||||||||||
|
Depreciation and amortization |
13,196 | 13,638 | 39,004 | 40,422 | ||||||||||||
|
EBITDA |
28,301 | 26,796 | 70,741 | 63,995 | ||||||||||||
|
Transaction expenses |
12 | 1 | 338 | 3 | ||||||||||||
|
Loss on debt extinguishment |
- | - | - | 1,392 | ||||||||||||
|
Stock based compensation |
1,282 | 526 | 2,922 | 1,431 | ||||||||||||
|
Other income, net |
(17) |
(228) |
(86) |
(290) |
||||||||||||
|
Other adjustments |
835 | (252 | ) | 927 | (180 | ) | ||||||||||
|
Adjusted EBITDA |
$ | 30,413 | $ | 26,843 | $ | 74,842 | $ | 66,351 | ||||||||
|
U.S. Concrete Pumping |
||||||||||||||||
|
Net income (loss) |
$ | 1,987 | $ | 1,625 | $ | (50 | ) | $ | (3,056 | ) | ||||||
|
Interest expense and amortization of deferred financing costs, net of interest income |
5,913 | 5,005 | 17,447 | 13,527 | ||||||||||||
|
Income tax expense (benefit) |
757 | (133 | ) | 165 | (1,795 | ) | ||||||||||
|
Depreciation and amortization |
8,094 | 9,145 | 24,843 | 27,226 | ||||||||||||
|
EBITDA |
16,751 | 15,642 | 42,405 | 35,902 | ||||||||||||
|
Transaction expenses |
8 | 2 | 31 | 3 | ||||||||||||
|
Loss on debt extinguishment |
- | - | - | 862 | ||||||||||||
|
Stock based compensation |
879 |
359 |
1,993 |
968 |
||||||||||||
|
Other income, net |
(2 | ) | (144 | ) | (8 | ) | (161 | ) | ||||||||
|
Other adjustments |
749 | (255 | ) | 766 | (179 | ) | ||||||||||
|
Adjusted EBITDA |
$ | 18,385 | $ | 15,604 | $ | 45,187 | $ | 37,395 | ||||||||
|
U.S. Concrete Waste Management Services |
||||||||||||||||
|
Net income |
$ | 2,420 | $ | 1,391 | $ | 4,986 | $ | 2,817 | ||||||||
|
Interest expense and amortization of deferred financing costs, net of interest income |
2,296 | 2,354 | 7,053 | 6,495 | ||||||||||||
|
Income tax expense |
1,003 | 1,029 | 1,988 | 1,444 | ||||||||||||
|
Depreciation and amortization |
2,576 | 2,501 | 7,470 | 7,428 | ||||||||||||
|
EBITDA |
8,295 | 7,275 | 21,497 | 18,184 | ||||||||||||
|
Transaction expenses |
4 | (1 | ) | 16 | - | |||||||||||
|
Loss on debt extinguishment |
- | - | - | 530 | ||||||||||||
|
Stock based compensation |
403 |
167 |
929 |
463 |
||||||||||||
|
Other income, net |
(8 | ) | (71 | ) | (33 | ) | (86 | ) | ||||||||
|
Other adjustments |
91 | 1 | 148 | (10 | ) | |||||||||||
|
Adjusted EBITDA |
$ | 8,785 | $ | 7,371 | $ | 22,557 | $ | 19,081 | ||||||||
|
Three Months Ended July 31, |
Nine Months Ended July 31, |
|||||||||||||||
|
(dollars in thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
U.K. Operations |
||||||||||||||||
|
Net income |
$ | 524 | $ | 683 | $ | 101 | $ | 1,295 | ||||||||
|
Interest expense, net |
4 | 767 | 5 | 2,200 | ||||||||||||
|
Income tax expense |
200 | 437 | 44 | 646 | ||||||||||||
|
Depreciation and amortization |
2,526 | 1,992 | 6,691 | 5,768 | ||||||||||||
|
EBITDA |
3,254 | 3,879 | 6,841 | 9,909 | ||||||||||||
|
Transaction expenses |
- | - | 291 | - | ||||||||||||
|
Other income, net |
(7 | ) | (13 | ) | (45 | ) | (43 | ) | ||||||||
|
Other adjustments |
(5 | ) | 2 | 11 | 9 | |||||||||||
|
Adjusted EBITDA |
$ | 3,242 | $ | 3,868 | $ | 7,098 | $ | 9,875 | ||||||||
| Concrete Pumping Holdings, Inc. |
|
Reconciliation of Net Debt |
|
July 31, |
October 31, |
January 31, |
April 30, |
July 31, |
||||||||||||||||
|
(in thousands) |
2025 |
2025 |
2026 |
2026 |
2026 |
|||||||||||||||
|
Senior Notes |
425,000 | 425,000 | 425,000 | 425,000 | 425,000 | |||||||||||||||
|
Revolving loan draws outstanding |
- | - | - | 583 | - | |||||||||||||||
|
Less: Cash |
(41,001 | ) | (44,394 | ) | (53,015 | ) | (38,694 | ) | (42,976 | ) | ||||||||||
|
Net debt |
$ | 383,999 | $ | 380,606 | $ | 371,985 | $ | 386,889 | $ | 382,024 | ||||||||||
| Concrete Pumping Holdings, Inc. |
|
Reconciliation of Historical Adjusted EBITDA |
|
(dollars in thousands) |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
Q2 2026 |
Q3 2026 |
|||||||||||||||||||||
|
Consolidated |
||||||||||||||||||||||||||||
|
Net income (loss) |
$ | (2,639 | ) | $ | (4 | ) | $ | 3,699 | $ | 5,317 | $ | (2,442 | ) | $ | 2,548 | $ | 4,931 | |||||||||||
|
Interest expense and amortization of deferred financing costs, net of interest income |
5,802 | 8,294 | 8,126 | 8,200 | 8,082 | 8,209 | 8,213 | |||||||||||||||||||||
|
Income tax expense (benefit) |
(1,036 | ) | (2 | ) | 1,333 | 3,384 | (1,102 | ) | 1,337 | 1,961 | ||||||||||||||||||
|
Depreciation and amortization |
13,200 | 13,584 | 13,638 | 13,121 | 12,928 | 12,880 | 13,196 | |||||||||||||||||||||
|
EBITDA |
15,327 | 21,872 | 26,796 | 30,022 | 17,466 | 24,974 | 28,301 | |||||||||||||||||||||
|
Transaction expenses |
- | 2 | - | 1 | 31 | 295 | 12 | |||||||||||||||||||||
|
Loss on debt extinguishment |
1,392 | - | - | - | - | - | - | |||||||||||||||||||||
|
Stock based compensation |
367 | 538 | 526 | 617 | 618 | 1,022 | 1,282 | |||||||||||||||||||||
|
Other expense (income), net |
(34 | ) | (28 | ) | (228 | ) | (45 | ) | (33 | ) | (36 | ) | (17 | ) | ||||||||||||||
|
Other adjustments |
(41 | ) | 113 | (251 | ) | 71 | (57 | ) | 148 | 835 | ||||||||||||||||||
|
Adjusted EBITDA |
$ | 17,011 | $ | 22,497 | $ | 26,843 | $ | 30,666 | $ | 18,025 | $ | 26,403 | $ | 30,413 | ||||||||||||||