Custom Truck One Source, Inc.

Custom Truck One Source, Inc. provides specialty trucks, heavy equipment, and related services for infrastructure-heavy end markets across North America. The company combines rental, new and used equipment sales, aftermarket parts, and repair/customization services into a single operating model aimed at utilities, contractors, and other industrial customers with technical fleet needs.

20,0 %

21,2 %

−1,6 %

+7,9 %

1.33

0.26

— Custom Truck One Source, Inc.
%
Equipment Rental Solutions (ERS)45% Rental of specialty trucks and equipment used in utility, telecom, rail, and infrastructure projects.
Truck and Equipment Sales (TES)35% Sale of new and used specialty equipment, vocational trucks, and upfit services.
Aftermarket Parts and Services (APS)20% Parts, tools, accessories, maintenance, repair, and field support services.

The company sells to a broad base of infrastructure-focused customers, including utilities, contractors, telecom...

  • Electric utility transmission and distributionprimary

    Buys specialty trucks and rental equipment for line maintenance, upgrades, and new builds.

  • Infrastructure contractorsprimary

    Rents and purchases equipment for project-based work where flexibility and uptime matter.

  • Telecommunicationssecondary

    Uses bucket trucks and related equipment for network buildout and maintenance.

  • Railsecondary

    Buys or rents specialized equipment for rail maintenance and infrastructure work.

  • Forestry and waste managementemerging

    Purchases or rents specialty vehicles and tools for field operations and service work.

Custom Truck operates more than 40 locations across the United States and Canada, with a nationwide branch network and...

  • •Operations span more than 40 locations across the U.S. and Canada
  • •Nationwide branch network supports rental, sales, and service delivery
  • •24/7 Kansas City call center coordinates customer support and dispatch
  • •Mobile technicians and third-party partners extend service coverage
  • •North American exposure ties demand to utility and infrastructure spending

The company is focused on deepening its one-stop-shop model by combining rental, sales, parts, and service around the...

01
Increase fleet utilization and national asset flexibilityshort-term

Higher utilization improves returns on the rental fleet and supports cash generation.

02
Deepen customer relationships through bundled offeringsmedium-term

Selling rental, parts, and service to the same customer increases penetration and retention.

03
Expand customized equipment and direct sales capabilitiesmedium-term

Customization and direct sales support pricing power, shorter lead times, and better resale outcomes.

The business depends on efficient fleet management, reliable supply chains, and continued demand from infrastructure...

high

Supply chain disruption and input cost inflation

The company depends on raw materials, component parts, and finished goods for manufacturing and fleet support.

Scope
Steel, aluminum, and other sourced components
Materiality
high
high

Tariffs and trade restrictions

Higher tariffs can increase the cost of imported goods and raw materials and squeeze margins if not passed through.

Scope
Imported components and raw materials
Materiality
high
high

Rental fleet utilization and asset management

The business relies on keeping specialty equipment deployed where demand exists; misallocation reduces returns.

Scope
ERS fleet and national repositioning
Materiality
high
medium

Goodwill impairment

Reporting unit values depend on future cash flows and market conditions in utility, telecom, rail, and infrastructure markets.

Scope
ERS, TES, and APS reporting units
Materiality
medium
medium

Cybersecurity and IT disruption

The company relies on connected systems, call-center support, and field coordination across a distributed network.

Scope
Customer data and operational systems
Materiality
medium
Revenue recognition by business line
Mix shifts can change reported margins and growth rates
Rental equipment depreciation and residual values
Changes in estimates affect depreciation expense and book value
Goodwill impairment
Adverse market changes could trigger impairment charges
Allowance for doubtful accounts
Credit deterioration can reduce revenue and increase bad debt expense

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: 28.4.2026