EQPT · EquipmentShare.com Inc.

EquipmentShare delivered a materially stronger Q1 2026, with revenue and Adjusted Core EBITDA both up 38% year over year — outpacing analyst expectations and prompting an across-the-board upward revision to full-year guidance. The growth was broad-based: Rental Segment revenue rose 37% to $764 million, driven by robust customer demand across industrial, infrastructure, data center, and advanced manufacturing projects, alongside continued expansion of the operational footprint (407 locations, +22 in Q1) and fleet scale (OEC under management reached $9.065 billion). Notably, mature rental location adjusted EBITDA margin stood at 55% on a TTM basis — a key indicator of improving unit economics as newer branches age beyond 24 months. Management attributed performance to the embedded value of its technology platform T3®, which integrates equipment, access control, service, and jobsite activity — enabling better uptime, smarter service prioritization, and greater customer control. The narrowing of GAAP net loss ($29M vs. $48M YoY) and sharp improvement in Adjusted Net Loss ($12M vs. $48M YoY) reflect operating leverage and disciplined cost management, despite $50 million in new market startup costs. With liquidity at $1.605 billion and net leverage reduced to 2.8x, the company is well-positioned to fund its accelerated growth trajectory while maintaining financial flexibility. The raised guidance — particularly the $70–$104 million increase in the Adjusted Core EBITDA range — signals confidence in sustained execution and margin expansion as the network matures.