CTOS Q1 revenue up 2.7% to $422M; net loss widens to $17.8M; reaffirms 2025 guidance

Custom Truck One Source, Inc.

2025-Q1 EPS reported -$0.08 revenue$422,232,000

Total revenue $422.2M (+2.7% YoY); rental revenue up 9.5% to $116.3M; equipment sales flat.
Net loss of $17.8M vs. $14.3M loss in Q1 2024; adjusted EBITDA $73.4M down 5.1% YoY.
ERS fleet utilization 77.7% (up from 73.3%); average OEC on rent +13% YoY to $1.20B.
TES revenue down 3.1% to $232.5M; sales order backlog $420M as of March 31, 2025.
Reaffirms 2025 guidance: revenue $1.97-$2.06B, adjusted EBITDA $370-$390M; targets $50-$100M levered free cash flow.

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