secwatch.observer — SEC 8-K summary
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Issuer:     Custom Truck One Source, Inc. (CTOS)
CIK:        0001709682
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0001709682-24-000036
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Custom Truck One Source Q1 net loss $14.3M, revenue down 9%, cuts FY 2024 guidance
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- Q1 revenue $411.3M (-9% YoY); net loss $14.3M vs net income $13.8M in Q1 2023.
- Adjusted EBITDA $77.4M, down 26.4% vs Q1 2023 record $105.2M.
- ERS rental revenue $103.3M (-9.2%); fleet utilization 73.3% (down from 83.6%).
- TES revenue up 14.7% to $239.9M; sales backlog $537.3M (-37.2% YoY).
- FY 2024 guidance lowered: revenue $1.95-2.13B, Adj. EBITDA $400-440M, net leverage target <3.5x.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1709682/000170968224000036/0001709682-24-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1709682/000170968224000036/ctos-20240502.htm
  HTML page:      https://secwatch.observer/filing/0001709682-24-000036

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer