EquipmentShare.com - 10-K annual report 2025

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-43062

EquipmentShare.com Inc

(Exact Name of Registrant as Specified in Its Charter)

____________________________________________________________


Texas		47-2405753
(State of Incorporation)		(I.R.S. Employer Identification No.)
	5710 Bull Run Dr Columbia, Missouri, 65201 (573) 299-5222
(Address, including Zip Code, and telephone number, including area code, of registrant's principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.00000125 par value	EQPT	The Nasdaq Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes x No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes x No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12

months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days o Yes x No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405

of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth

company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	o	Accelerated Filer	o
Non - Accelerated Filer	x	Smaller Reporting Company	o
Emerging Growth Company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting

under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report o Yes x No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction

of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's

executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes x No

The registrant was not a public company as of June 30, 2025, the last business day of its most recently completed second fiscal quarter, and therefore, cannot calculate the

aggregate market value of its voting and non-voting common equity held by non-affiliates as of such date. The registrant’s common stock began trading on the Nasdaq Global Select

Market on January 23, 2026.

As of February 28, 2026, the registrant had 228,478,203 shares of Class A common stock outstanding and 37,568,944 shares of Class B common stock outstanding.

Documents incorporated by reference:

Portions of the registrant's Definitive Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III, Items 10-14 of this Annual Report

on Form 10-K. The registrant’s Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of fiscal year 2025.

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		Page No.

PART I

Item 1	Business	5

Item 1A	Risk Factors	9

Item 1B	Unresolved Staff Comments	47

Item 1C	Cybersecurity	47

Item 2	Properties	48

Item 3	Legal Proceedings	48

Item 4	Mine Safety Disclosures	48

PART II

Item 5	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	49

Item 6	Selected Financial Data	49

Item 7	Management’s Discussion and Analysis of Financial Conditions and Results of Operations	50

Item 7A	Quantitative and Qualitative Disclosures About Market Risk	77

Item 8	Financial Statements and Supplementary Data	79

Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	135

Item 9A	Controls and Procedures	135

Item 9B	Other Information	135

Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	135

PART III

Item 10	Directors, Executive Officers and Corporate Governance	136

Item 11	Executive Compensation	136

Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	136

Item 13	Certain Relationships and Related Transactions, and Director Independence	136

Item 14	Principal Accountant Fee and Services	136

PART IV

Item 15	Exhibits and Financial Statement Schedules	137

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (the “2025 Form 10-K”) of EquipmentShare.com Inc (“EquipmentShare” or

the “Company”) and the documents incorporated by reference contain forward-looking statements within the

meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the

Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform

Act of 1995. Forward-looking statements generally relate to future events or our expected future financial or

operating performance. Such statements can be identified by the use of forward-looking terminology such as

“believe,” “expect,” “may,” “will,” “should,” “seek,” “on-track,” “plan,” “project,” “forecast,” “intend” or

“anticipate,” or the negative thereof or the negative of these words or other similar terms or expressions that

concern our expectations, strategy, plans, or intentions. Forward-looking statements involve risks and uncertainties

that could cause actual results to differ materially from historical experience or our present expectations.

Important factors that could cause our actual results to differ materially from those indicated in the forward-

looking statements include, but are not limited to, the following:

•The construction equipment rental industry is highly competitive, and competitive pressures could lead to a

decrease in our market share or in the prices that we can charge;

•Our dependence on relationships with certain suppliers to obtain equipment for our business;

•Our innovative capital-light fleet growth model (the “OWN Program”) subjects us to a number of risks,

many of which are beyond our control;

•Our suppliers of new equipment may appoint additional distributors, sell directly to our customers or

unilaterally terminate our distribution agreements with them, any of which could have a material adverse

effect on our equipment sales due to a loss of such sales;

•Our ability to effectively manage our workforce and operations, which have grown substantially since our

inception, and we expect will continue to do so in the future;

•We may not be able to facilitate our growth strategy by identifying and opening attractive new branch

locations, which could limit our revenues and profitability;

•We may encounter substantial competition or other difficulties in our efforts to expand our operations;

•A decline in construction and industrial activities, a downturn in the economy in general or other

macroeconomic or environmental factors could lead to decreased demand for our equipment, depressed

equipment rental rates and lower equipment sales prices;

•Disruptions in our supply chain could result in adverse effects on our results of operations and financial

performance;

•Our ability to collect on contracts with customers;

•Conditions that adversely affect related parties with which we have entered into equipment sale and rental

arrangements;

•Our reliance upon communications networks and centralized information technology systems and the

concentration of our systems which creates or increases risks for us, such as the risk of the misuse or theft

of information, including personal information;

•Our cloud-based platform (“T3”) is highly technical, and any prolonged undetected errors could adversely

affect our business;

•Our reliance on third parties maintaining open marketplaces to distribute our T3 platform and to provide the

software we use in certain of our products and offerings;

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•The dependence of our business upon the interoperability of our T3 platform across devices, operating

systems, and third-party applications that we do not control;

•Trends in oil and natural gas prices, which could adversely affect the level of exploration, development and

production activity of certain of our customers and the demand for our services, and products;

•Risks related to heightened inflation, recessionary conditions, and financial and capital market disruptions

that may adversely impact business conditions, the availability of credit and access to capital;

•Fluctuations in fuel costs or reduced supplies of fuel, which could harm our business; and

•Our exposure to a variety of claims and losses arising from our operations, which our insurance may not

cover all or any portion of such claims.

The foregoing factors should not be construed as exhaustive and should be read together with the other

cautionary statements included in this 2025 Form 10-K. If one or more events related to these or other risks or

uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially

from what we anticipate. Many of the important factors that will determine these results are beyond our ability to

control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant

subject. These statements are based on information available to us as of the date of this 2025 Form 10-K. Although

we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future

results, level of activity, performance or achievements. Our statements should not be read to indicate that we have

conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently

uncertain, and investors are cautioned not to unduly rely on these statements. Moreover, neither we nor any other

person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.

The forward-looking statements made in this 2025 Form 10-K relate only to events as of the date on which the

statements are made. We are under no duty to update any of these forward-looking statements after the date of this

2025 Form 10-K to conform our prior statements to actual results or revised expectations or the occurrence of

unanticipated events, except as required by law.

You should note that we may announce material information to our investors using our investor relations

website (https://ir.equipmentshare.com/), filings with the Securities and Exchange Commission (the “SEC”), press

releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with

our investors. It is possible that the information that we post on these channels could be deemed to be material

information. We therefore encourage investors to visit these websites from time to time. The information contained

on such websites and social media posts is not incorporated by reference into this filing. We have included our

investor relations website address only as an inactive textual reference for convenience and do not intend it to be an

active link to our website.

See the section titled “Risk Factors” for a discussion of certain factors that could cause actual results to differ

materially from those expressed in our forward-looking statements. Additional factors that could cause results or

performance to differ materially from those expressed in our forward-looking statements are detailed in other filings

we may make with SEC, copies of which are available at no charge. New risks and uncertainties emerge from time

to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-

looking statements contained in this 2025 Form 10-K. We cannot assure you that the results, events and

circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or

circumstances could differ materially from those described in the forward-looking statements.

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PART I

EquipmentShare.com Inc and subsidiaries (“EquipmentShare” or the “Company”) was organized in 2014 and

commenced operations on January 1, 2015. Effective June 30, 2025, EquipmentShare.com Inc changed its

jurisdiction of incorporation from the state of Delaware to the state of Texas. As used in this report, unless otherwise

indicated or the context otherwise requires, “EquipmentShare,” the “Company,” “we,” “us,” and similar terms refer

to EquipmentShare.com Inc and its consolidated subsidiaries.

Item 1. Business

Overview

EquipmentShare is a vertically integrated platform that combines proprietary technology, a connected

equipment fleet, and a nationwide footprint to serve the construction industry. More than a rental company,

EquipmentShare delivers jobsite visibility and control through its cloud-based platform (“T3”), which integrates

embedded telematics hardware, software applications, and real-time data to support both customers and internal

operations. The T3 platform is original equipment manufacturer (“OEM”)-agnostic and gives us and our rental

customers the ability to track mixed fleets, maximize utilization, reduce unplanned downtime, streamline

maintenance, and improve jobsite security and operator accountability.

We utilize our proprietary T3 platform in our equipment rental and service operations to manage construction

equipment that is owned by the Company, as well as construction equipment that is leased from third party

participants in the Company’s “OWN Program.” Under the OWN Program, participants may purchase from the

Company new or used (typically less than four years old) equipment which is fully enabled with T3. Concurrently,

the participant and the Company enter into a lease agreement whereby this qualified equipment is placed on our T3

platform, to be rented to third party users. Rental revenue generated from equipment enrolled under the OWN

Program is divided and shared between the Company and the owner of the equipment, and for the duration of the

arrangement we manage the owner’s equipment utilizing the T3 platform. At the end of the sharing period under the

OWN Program, we may assist the owner with remarketing services if the equipment is to be sold in the market as

used construction equipment. We also offer several add-on services to the owner of the equipment.

In addition to equipment rentals, we also offer complementary products and services, such as equipment parts,

supplies, services, and select jobsite support offerings. These products and services are integrated with the T3

platform to support broader jobsite needs as part of our equipment rental and services operations. We offer new and

used equipment for sale to customers. Separately, we offer telematics software-as-a-service (“SaaS”) subscriptions,

supported by embedded telematics hardware to customers who use the digital tools to monitor fleet performance,

manage maintenance, and oversee jobsite activity through a single platform. We develop and enhances these tools

and services with input from customers. We also retail building materials and hardware supplies to customers.

As of December 31, 2025, the Company had 352 full-service branches, 9 dealership sites, and 24 building

materials and hardware retail stores located across 45 states in the U.S. Our full-service, technology-enabled model

supports multiple customer touchpoints and allows it to operate a high-quality, diversified rental fleet. Our branch

network also serves as an effective distribution channel for fleet disposition and supports related activities including

new and used equipment sales, parts, supplies and services. We are an authorized dealer for JLG, Takeuchi, Skyjack,

Genie, and other major brands of construction and aerial equipment, and we offer equipment rentals, parts, and

services.

Competition

The equipment rental industry in the U.S. is large, fragmented, and highly competitive. As of December 31,

2024, there were more than 9,640 equipment rental providers operating in the U.S., ranging from large national and

regional operators to small, independently owned businesses. According to internal estimates based on market data,

the five largest rental providers accounted for approximately 36% of North American construction equipment rental

revenue in 2024, with the remaining share divided among hundreds of local and specialized firms.

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We compete with a wide range of market participants. These include national and regional rental operators with

substantial financial and fleet resources; independently owned providers that serve local markets or niche

geographies; equipment dealerships that also offer rentals alongside new and used equipment sales; and software or

telematics vendors focused on construction asset tracking. While many of these companies compete on fleet

availability, price, or regional density, few have made meaningful investments in technology infrastructure or

integrated jobsite management solutions.

We believe that competition in our industry is primarily shaped by a provider’s ability to deliver availability,

pricing, service responsiveness, delivery speed, and technology integration, particularly for customers managing

complex or distributed projects. EquipmentShare competes by offering a vertically integrated platform that

combines physical scale, digital control, and capital efficiency. Our proprietary T3 software platform is embedded

across our rental fleet and operations, enabling real-time visibility into equipment location, health, and usage,

predictive maintenance, remote access control, and automated service and dispatch workflows.

Customers

We serve a broad base of customers from local contractors to national construction and industrial firms from our

352 rental branches, 9 dealership sites, and 24 building materials and hardware retail store locations across 45 states.

Our focus remains on industrial and non-residential sectors such as infrastructure, manufacturing, and energy, which

accounted for 87% of rental revenue for the year ended December 31, 2025.

We are well established in key growth corridors in the United States (the “U.S.”) across the Gulf Coast,

Southwest, Midwest, and Southeast, with ongoing expansion into underpenetrated regions like the Northeast and

West Coast. Many site launches are initiated by national and regional customers seeking consistent access to fleet,

service, and T3 capabilities across markets.

Our top five rental customers accounted for only 3.8% of equipment rental and related services revenue during

the year ended December 31, 2025, reflecting a highly diversified base. Our T3 platform is embedded in every rental

and enables real-time visibility, access control, and utilization insights and underscores our ability to drive deeper

customer relationships and recurring spend.

Fleet Sourcing and Equipment Financing

We source our equipment rental fleet from which we support and generate our equipment rental revenue

through a combination of equipment that we purchase and own, equipment owned by OWN Program participants

and leased by us to be re-rented to our customers in exchange for a share of the rental revenue, and equipment

owned by financial institutions and leased by us.

Our primary corporate financing vehicle is our senior secured asset-based lending facility which provides

working capital and supports fleet purchases. We also have outstanding second lien secured notes that offer long-

term capital to fund growth and operations. In addition, we utilize equipment-specific financing arrangements,

including finance leases and secured loans with third-party lenders such as banks and specialty finance providers.

We also use OEM floorplan financing to purchase equipment, primarily for resale at our dealership locations.

These arrangements are generally secured by the underlying equipment and offered by manufacturers or their

captive finance affiliates.

A significant portion of our rental fleet is deployed through the OWN Program, a capital-efficient arrangement

in which third-party investors purchase equipment from us. We operate and service the equipment on our rental

platform to be rented to third party customers, while maintaining full control of pricing, customer relationships, and

operations. OWN Program participants receive a share of rental revenue, generated from the rental of their

equipment, and, in certain arrangements, we retain the right to purchase the equipment at an independently appraised

value at the end of the program term. As of December 31, 2025, equipment enrolled under the OWN Program with

original equipment cost (“OEC”) of approximately $4.9 billion represented approximately 56% of our total rental

fleet.

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Fleet Composition

As of December 31, 2025, our equipment rental fleet from which we generate our equipment rental revenue

consisted of approximately 252,252 units with an OEC of $8.8 billion. Our equipment rental fleet is comprised of

equipment that we own, equipment that is leased from OWN Program participants, and equipment under operating

leases with financial institutions. As of December 31, 2025, the average age of the fleet was 31 months, which we

believe is among the youngest in the industry. A younger fleet supports greater reliability, higher uptime, and lower

lifecycle maintenance costs.

The fleet includes a broad range of equipment categories such as telehandlers, excavators, compact track

loaders, boom lifts, dozers, scissor lifts, generators, and other project-critical assets. It is sourced from leading

OEMs and diversified across asset classes to support a wide range of end markets, including commercial, industrial,

and infrastructure construction.

We structure our fleet to reflect the needs of our customers’ jobsites. By investing in the types of equipment our

customers rely on, we seek to provide comprehensive coverage across their workflows and serve as a full-service

partner. Our fleet strategy is informed by real-time insights into customer demand, utilization patterns, and regional

activity surfaced through our T3 platform.

We actively monitor performance and rebalance our fleet based on asset-level utilization, service requirements,

and shifting regional demand. T3 enables us to redeploy underutilized equipment across markets and allocate new

investment toward high-performing asset classes. In recent years, we have expanded our mix of specialty equipment

to meet growing demand for advanced solutions on complex jobsites, while maintaining a strong foundation in core

rental categories.

Original Equipment Manufacturer Suppliers

We source our rental and resale equipment from a broad range of leading OEMs, including JLG, JCB, John

Deere, Komatsu, Hitachi, CASE, Takeuchi, Cummins, Genie, and Toyota. Our fleet spans all major rental

equipment categories and includes both general and specialty assets suited to large-scale commercial, industrial, and

infrastructure projects.

As a result of our scale and consistent fleet investment, we are one of the largest equipment purchasers in the

industry, as evidenced by our equipment spend of $1.8 billion in 2025. We believe our buying power is comparable

to the largest rental providers, enabling us to secure competitive pricing, priority allocation of high-demand assets,

and consistent delivery across equipment cycles. This purchasing scale provides us with a meaningful advantage in

maintaining fleet availability, cost efficiency, and equipment quality across our growing national footprint.

We maintain close relationships with our OEM partners and coordinate regularly on forecasting, delivery

logistics, and product support. In many cases, OEMs install T3-compatible tracking devices at the point of

manufacture, allowing for seamless integration into our platform and faster deployment. We are committed to

strong, long-term partnerships with our OEM suppliers as we continue to scale our fleet and expand our presence

across the U.S.

Sales and Marketing

We maintain dedicated sales teams aligned to each of our core revenue streams: equipment rental and related

services, equipment sales, equipment parts and supplies and services, telematics and sales of building materials and

hardware supplies. This structure enables us to tailor engagement strategies based on customer type and product

offering. Our rental sales team serves a broad range of customers, including national, regional, and local contractors.

Sales activity is supported by data and insights from our T3 platform, which allows our teams to anticipate

equipment needs, recommend solutions, and respond to shifting project requirements.

Our commercial model is designed to support customers in managing fleet deployment, logistics, and

operational workflows across complex and distributed jobsites. In addition to rental, we employ specialized teams

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for equipment sales and T3 software subscriptions. Sales representatives receive regular technical training, including

from OEM partners, to maintain product fluency.

We support our sales efforts with targeted marketing across digital, trade, and local channels to drive brand

awareness and customer acquisition.

Product Warranties

Product warranties for new equipment sales and parts are typically provided by our OEM partners. The term

and scope of these warranties vary greatly by supplier and by product. The OEMs pay us for repairs we perform to

equipment under warranty in our territories.

Seasonality

The demand for our construction rental equipment tends to be lower in the winter months, and equipment rental

performance will generally correlate to the levels of current construction activities, so the severity of weather

conditions can have an impact. Our business, especially in the construction industry, has historically experienced

lower levels of business (including lower demand and utilization) from December until late spring, particularly in

the northernmost states where we operate, and heightened activity during the third quarter and the fourth quarter

until December. The effect of seasonality on our results of operations has increased gradually as we have continued

our expansion in the northern U.S.

However, given our geographic concentration in more southern regions of the U.S., seasonality is not as

pronounced in our business as compared to some of our national and regional competitors.

Information Technology

Our operations depend on a combination of proprietary systems and third-party infrastructure. T3, our internally

developed platform, integrates embedded hardware, cloud software, and data analytics to manage fleet operations,

customer workflows, and service delivery. It is designed and maintained by our in-house engineering and product

teams. T3 also underpins internal workflows related to dispatch, service coordination, and fleet management.

We use third-party service providers for a range of IT functions, including cloud hosting, data processing, and

geospatial visualization. Our T3 platform is designed to be interoperable with a wide range of customer-owned

equipment, OEM systems, and mobile operating environments, enabling deployment across mixed fleets and

devices.

We license software, technologies, and intellectual property from external vendors, and incorporate open-source

software into aspects of our platform. We maintain internal controls to manage compliance with open-source

licensing obligations and to safeguard our proprietary source code.

As our platform and customer base grow, we continue to invest in the scalability, reliability, and security of our

systems, including internal processes for monitoring risk related to third-party providers and technology

dependencies.

Human Capital

Employees

As of December 31, 2025, we employed 8,206 individuals across our 385 operating locations. Our headcount

has grown in line with the expansion of our rental footprint and platform services. We believe our relationships with

employees are positive and we have not experienced any work stoppages.

A portion of our workforce is subject to collective bargaining agreements. As of December 31, 2025, 28

locations were covered by such agreements, representing approximately 2.8% of our employees.

We continue to invest in workforce development to support our growth and operational capabilities. Employee

levels may vary based on business activity, market expansion, or seasonal factors.

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Health and Safety

The health and safety of our employees is a core operational focus. We maintain safety protocols and training

programs designed to support compliance with applicable laws and to promote safe practices across our branches

and jobsites. Our management team regularly reviews safety performance, and safety metrics are included in the

evaluation of site and operational leadership. We continue to invest in systems, equipment, and training in an effort

to reduce risk and support a safe working environment as our operations scale.

Talent Development and Employee Training

We provide training programs to support employee development, operational readiness, and safety. Our training

includes onboarding for new hires, OEM-led equipment instruction, and role-specific learning across rental

operations, service, and platform sales. As our footprint has expanded, we have continued to invest in field training

resources and internal systems to support consistent execution across branches. In addition, we offer ongoing

development opportunities for technical, sales, and leadership roles to support career growth and organizational

scalability.

Compensation and Benefits

We are committed to providing competitive compensation and benefits programs for our employees, as we

believe competitive compensation arrangements are core to an engaged and productive employee base. We believe

our compensation programs align individual compensation with individual and team contributions to both our

culture and our performance results.

Environmental and Safety Regulations

Our facilities and operations are subject to numerous national, state and local regulations governing

environmental protection and occupational health and safety matters. These laws govern such issues as wastewater,

storm water, solid and hazardous wastes and materials, air quality and matters of workplace safety.

For example, the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980

(“CERCLA”) and comparable state laws impose joint and several liability for the investigation, remediation and

monitoring of contamination of hazardous substances that have been released into the environment without regard to

fault or the legality of the original conduct on certain classes of persons that contributed to the release. Such liability

may extend to current owners and operators of a facility, past owners and operators at the time the hazardous wastes

were disposed, generators and parties that arranged for disposal or transport of the hazardous substances, and

transporters of hazardous waste. The scope and types of hazardous substances regulated under CERCLA may be

revised from time to time and we continue to monitor these and other regulatory developments.

Item 1A. Risk Factors

Our business, results of operations and financial condition are subject to numerous risks and uncertainties. In

connection with any investment decision with respect to our securities, you should carefully consider the following

risk factors, as well as the other information contained in this report and our other filings with the SEC. Additional

risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business

operations. Should any of these risks materialize, our business, results of operations, financial condition and future

prospects could be negatively impacted, which in turn could affect the trading value of our securities.

Risk Factors Summary

The following is a summary of the Risk Factors disclosure in this Item 1A. This summary does not address all of the

risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we

face, can be found below and should be carefully considered, together with other information in this 2025 Form 10-

K and our other filings with the SEC, before making an investment decision regarding our securities.

•The construction equipment rental industry is highly competitive, and competitive pressures could lead to a

decrease in our market share or in the prices that we can charge;

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•Our dependence on relationships with certain suppliers to obtain equipment for our business;

•Our innovative capital-light fleet growth model, the OWN Program, subjects us to a number of risks, many

of which are beyond our control;