Fourth Quarter Financial Highlights: (comparisons are year over year)
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Total revenues increased 2.2% year over year to $509.1 million
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Construction and Material Handling revenues of $328.6 million and $167.8 million, respectively
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New and used equipment sales increased 4.8% to $300.9 million, an increase of $90.8 million, or 43.0%, sequentially
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Product support revenues are stable year over year, with Parts sales increasing to $68.1 million and Service revenues increasing to $59.3 million
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Net loss available to common stockholders of $(12.5) million compared to $(11.4) million in 2024
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Basic and diluted net loss per share of $(0.39) compared to $(0.34) in 2024
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Adjusted basic and diluted pre-tax net loss per share* of $(0.27) for 2025 compared to $(0.46) for 2024
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Adjusted EBITDA* decreased 0.2% to $40.6 million compared to $40.7 million in 2024
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Inventories, net reduced $31.3 million in the fourth quarter
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Line of Credit, net reduced $20.4 million in the fourth quarter
2025 Full Year Financial Highlights: (comparisons are year over year)
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Total revenues decreased $40.7 million year over year to $1,835.9 million
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Construction and Material Handling revenues of $1,116.7 million and $654.3 million, respectively
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Master Distribution with revenues of $67.3 million, an increase of $8.1 million, or 13.7% over last year
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New and used equipment sales of $999.3 million
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Product Support revenues are stable year over year, with Parts sales decreasing to $291.0 million and Service revenues increasing to $256.7 million
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Net loss available to common stockholders of $(83.3) million compared to $(65.1) million in 2024
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Basic and diluted net loss per share of $(2.55) compared to $(1.96) in 2024
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Adjusted basic and diluted pre-tax net loss per share* of $(1.20) compared to $(1.24) in 2024
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Adjusted EBITDA* decreased 2.3% to $164.4 million compared to $168.3 million in 2024
Alta Equipment Group Inc., a provider of premium material handling, construction, and environmental processing equipment and related services, today announced financial results for the fourth quarter and full year ended December 31, 2025.
CEO Comment:
Ryan Greenawalt, Chief Executive Officer of Alta, said, “Our fourth quarter equipment sales performance was encouraging as demand for equipment significantly improved due to the tax benefits of the OBBBA, lower interest rates, project permitting ‘green-lights’, and strengthening customer sentiment based on their project backlogs for 2026. The over $300 million of new and used equipment sales this quarter was the highest in the Company’s history, surpassing our previous largest quarter of equipment sales in the fourth quarter of 2023. Given our business model, this quarter’s record equipment sales will generate field population and future product support opportunities for years to come. The gain in equipment sales in the quarter was offset by typical seasonal pullbacks in our product support and rental businesses, which were exacerbated by an early winter in our northern regions. Importantly, after two tumultuous years marked by macroeconomic uncertainty, oversupply of equipment, and tariff-related cost pressures, the backdrop for 2026 presents a more constructive and increasingly opportunistic environment across our business segments.”
Mr. Greenawalt added, “Industry volumes in both our Construction Equipment and Material Handling segments are forecast to grow in 2026. Our Construction Equipment segment is expected to continue benefiting from a customer base highly embedded on long-term and fully funded federal and state DOT infrastructure projects. Project activity in our Florida market continues to expand, and per ARTBA, the value of transportation projects in the United States expected to break ground in the next 30 to 60 days was $14.6 billion in December 2025, up 65.5 percent from $8.9 billion a year ago. The outlook for our Material Handling business this year is favorable relative to the tariff-impacted 2025, as we expect higher volumes, weighted to the second half of the year, driven by customer fleet replenishment and more stable conditions in the manufacturing and auto sectors. The underlying fundamentals remain steady in our core market segments, including food and beverage, medical, retail, and wholesale distribution and logistics. We continue to be excited and well-positioned for organic growth as it relates to emerging technologies in the material handling sector, which include autonomous lift trucks, advanced power solutions, and warehouse automation via our Peaklogix subsidiary.”
Mr. Greenawalt continued, “In terms of our performance for 2025, total revenues were down 2.2% to $1.8 billion, a result of slight gains in new and used equipment sales and service revenues being offset by declines largely related to our rental business. As a reminder, we continued the strategic reduction of our rent-to-sell fleet as we repositioned the business to focus on its core dealership capabilities and to drive better returns on capital across the segment. To that end, while our Construction Equipment segment’s Adjusted EBITDA was down $3.2 million, or 3.1%, in 2025, the segment reduced its total asset base by $89.3 million, thereby increasing returns on capital by replacing low-return rental revenues with asset-light product support profitability. Our Material Handling segment’s revenues decreased 4.8% to $654.3 million in 2025, primarily due to lower equipment sales and unit deliveries, as customers, especially in our Midwest region, continued to delay fleet replacements amid tariff-driven uncertainty. Despite a challenging environment for both business segments, total product support revenues remained comparatively resilient, with revenues relatively flat at $547.7 million for the year. Lastly, the cost savings and business optimization initiatives we’ve implemented continued to drive lower selling, general and administrative expenses, which decreased $23.8 million, or 5.3%, to $422.7 million for the year. In addition, during the fourth quarter of 2025, we meaningfully reduced total debt compared to the third quarter, driven by disciplined working capital management and continued optimization of our rental fleet. This deleveraging, combined with ample liquidity and no near-term debt maturities, positions us well as industry conditions continue to stabilize entering 2026.”
In conclusion, Mr. Greenawalt said, “In closing, the last two years have presented significant, ever-changing challenges for our business, our partners, and our customers. I am extremely proud of the ongoing determination and dedication of our employees, who showed it throughout 2025, as they are the foundational bedrock of our business. Additionally, I would like to thank our OEM partners, whose support was pivotal in helping us remain competitive amid rapidly fluctuating market conditions. I am hopeful that the challenges of the last two years give way to more stable operating conditions in 2026, where Alta will shift back into “growth mode” and realize the rewards of the hard work done by our team in the past two years, whereby the rewards come in the form of an amplified benefit from revenues growth on a lower fixed cost base and a smaller balance sheet. We are laser-focused on delivering improved performance this year, which we believe is achievable given industry forecasts, customer feedback, and dedication to our vision and to one another.”
Full Year 2026 Financial Guidance and Other Financial Notes:
- The Company released its 2026 guidance range and expects to report Adjusted EBITDA between $172.5 million and $187.5 million for the 2026 fiscal year.
- During the quarter, the Company repurchased 171,308 shares of our common stock for an average price of $5.87 per share, totaling $1.0 million.
| CONSOLIDATED RESULTS OF OPERATIONS (amounts in millions unless otherwise noted) |
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| Three Months Ended December 31, | Increase (Decrease) | ||||||||||||||
| 2025 | 2024 | 2025 versus 2024 | |||||||||||||
| Revenues: | |||||||||||||||
| New and used equipment sales | $ | 300.9 | $ | 287.1 | $ | 13.8 | 4.8 | % | |||||||
| Parts sales | 68.1 | 67.9 | 0.2 | 0.3 | % | ||||||||||
| Service revenue | 59.3 | 59.0 | 0.3 | 0.5 | % | ||||||||||
| Rental revenue | 42.8 | 47.5 | (4.7 | ) | (9.9 | )% | |||||||||
| Rental equipment sales | 38.0 | 36.6 | 1.4 | 3.8 | % | ||||||||||
| Total revenues | 509.1 | 498.1 | 11.0 | 2.2 | % | ||||||||||
| Cost of revenues: | |||||||||||||||
| New and used equipment sales | 262.6 | 249.2 | 13.4 | 5.4 | % | ||||||||||
| Parts sales | 44.3 | 47.0 | (2.7 | ) | (5.7 | )% | |||||||||
| Service revenue | 24.4 | 25.6 | (1.2 | ) | (4.7 | )% | |||||||||
| Rental revenue | 3.8 | 4.0 | (0.2 | ) | (5.0 | )% | |||||||||
| Rental depreciation | 25.2 | 27.4 | (2.2 | ) | (8.0 | )% | |||||||||
| Rental equipment sales | 29.3 | 28.4 | 0.9 | 3.2 | % | ||||||||||
| Cost of revenues | 389.6 | 381.6 | 8.0 | 2.1 | % | ||||||||||
| Gross profit | 119.5 | 116.5 | 3.0 | 2.6 | % | ||||||||||
| Selling, general and administrative expenses | 107.8 | 106.8 | 1.0 | 0.9 | % | ||||||||||
| Depreciation and amortization expense | 6.5 | 7.3 | (0.8 | ) | (11.0 | )% | |||||||||
| Total operating expenses | 114.3 | 114.1 | 0.2 | 0.2 | % | ||||||||||
| Income from operations | 5.2 | 2.4 | 2.8 | 116.7 | % | ||||||||||
| Other (expense) income: | |||||||||||||||
| Interest expense, floor plan payable – new equipment | (2.2 | ) | (3.4 | ) | 1.2 | (35.3 | )% | ||||||||
| Interest expense – other | (19.6 | ) | (20.0 | ) | 0.4 | (2.0 | )% | ||||||||
| Other income | 0.1 | 1.5 | (1.4 | ) | (93.3 | )% | |||||||||
| Loss on divestiture | (0.1 | ) | — | (0.1 | ) | NM | |||||||||
| Total other expense | (21.8 | ) | (21.9 | ) | 0.1 | (0.5 | )% | ||||||||
| Loss before taxes | (16.6 | ) | (19.5 | ) | 2.9 | NM | |||||||||
| Income tax benefit | (4.9 | ) | (8.9 | ) | 4.0 | NM | |||||||||
| Net loss | (11.7 | ) | (10.6 | ) | (1.1 | ) | NM | ||||||||
| Preferred stock dividends | (0.8 | ) | (0.8 | ) | — | — | |||||||||
| Net loss available to common stockholders | $ | (12.5 | ) | $ | (11.4 | ) | $ | (1.1 | ) | NM | |||||
| Adjusted EBITDA(1) | $ | 40.6 | $ | 40.7 | $ | (0.1 | ) | (0.2 | )% | ||||||
| NM – calculated change not meaningful | |||||||||||||||
| Year Ended December 31, | Increase (Decrease) | ||||||||||||||
| 2025 | 2024 | 2025 versus 2024 | |||||||||||||
| Revenues: | |||||||||||||||
| New and used equipment sales | $ | 999.3 | $ | 987.0 | $ | 12.3 | 1.2 | % | |||||||
| Parts sales | 291.0 | 294.4 | (3.4 | ) | (1.2 | )% | |||||||||
| Service revenues | 256.7 | 253.8 | 2.9 | 1.1 | % | ||||||||||
| Rental revenues | 179.8 | 203.4 | (23.6 | ) | (11.6 | )% | |||||||||
| Rental equipment sales | 109.1 | 138.0 | (28.9 | ) | (20.9 | )% | |||||||||
| Total revenues | 1,835.9 | 1,876.6 | (40.7 | ) | (2.2 | )% | |||||||||
| Cost of revenues: | |||||||||||||||
| New and used equipment sales | 858.7 | 837.9 | 20.8 | 2.5 | % | ||||||||||
| Parts sales | 190.2 | 196.2 | (6.0 | ) | (3.1 | )% | |||||||||
| Service revenues | 104.1 | 105.8 | (1.7 | ) | (1.6 | )% | |||||||||
| Rental revenues | 20.0 | 22.5 | (2.5 | ) | (11.1 | )% | |||||||||
| Rental depreciation | 104.9 | 115.9 | (11.0 | ) | (9.5 | )% | |||||||||
| Rental equipment sales | 83.4 | 104.6 | (21.2 | ) | (20.3 | )% | |||||||||
| Total cost of revenues | 1,361.3 | 1,382.9 | (21.6 | ) | (1.6 | )% | |||||||||
| Gross profit | 474.6 | 493.7 | (19.1 | ) | (3.9 | )% | |||||||||
| Selling, general, and administrative expenses | 422.7 | 446.5 | (23.8 | ) | (5.3 | )% | |||||||||
| Non-rental depreciation and amortization | 28.7 | 28.6 | 0.1 | 0.3 | % | ||||||||||
| Total operating expenses | 451.4 | 475.1 | (23.7 | ) | (5.0 | )% | |||||||||
| Income from operations | 23.2 | 18.6 | 4.6 | 24.7 | % | ||||||||||
| Other (expense) income: | |||||||||||||||
| Interest expense, floor plan payable – new equipment | (10.9 | ) | (12.1 | ) | 1.2 | (9.9 | )% | ||||||||
| Interest expense – other | (77.5 | ) | (69.2 | ) | (8.3 | ) | 12.0 | % | |||||||
| Other income | 1.8 | 3.1 | (1.3 | ) | (41.9 | )% | |||||||||
| Loss on extinguishment of debt | — | (6.7 | ) | 6.7 | NM | ||||||||||
| Gain on divestitures | 4.6 | — | 4.6 | NM | |||||||||||
| Total other expense, net | (82.0 | ) | (84.9 | ) | 2.9 | (3.4 | )% | ||||||||
| Loss before taxes | (58.8 | ) | (66.3 | ) | 7.5 | NM | |||||||||
| Income tax expense (benefit) | 21.5 | (4.2 | ) | 25.7 | NM | ||||||||||
| Net loss | (80.3 | ) | (62.1 | ) | (18.2 | ) | NM | ||||||||
| Preferred stock dividends | (3.0 | ) | (3.0 | ) | — | — | |||||||||
| Net loss available to common stockholders | $ | (83.3 | ) | $ | (65.1 | ) | $ | (18.2 | ) | NM | |||||
| Adjusted EBITDA(1) | $ | 164.4 | $ | 168.3 | $ | (3.9 | ) | (2.3 | )% | ||||||
| NM – calculated change not meaningful | |||||||||||||||
(1) Adjusted EBITDA is a non-GAAP measure. Refer below to “Use of Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and Reconciliation of Non-GAAP measures for a reconciliation of our Adjusted EBITDA to net (loss) income, the most comparable U.S. GAAP measure.
