EquipmentShare.com (EQPT) Registration Filing summary

Company overview and business model

• Operates a vertically integrated, tech-enabled equipment rental platform serving the U.S. construction industry, leveraging proprietary T3 software and a nationwide branch network.

• Business model centers on equipment rental, sales, and technology, with expansion into site solutions, financial products, and software.

• Growth is driven by a three-part flywheel: T3 technology, organic site expansion, and the capital-light OWN Program for fleet growth.

• As of September 30, 2025, operates 342 full-service rental locations, 9 dealerships, and 22 building materials stores across 45 states.

• T3 platform integrates hardware, software, and data, providing real-time jobsite visibility and management for both customers and internal operations.

Financial performance and metrics

• Revenue grew from $1.7B in 2022 to $3.8B in 2024, a two-year CAGR of 47%.

• Net income for 2024 was $2.4M, down from $17.4M in 2023 and $49.6M in 2022, reflecting significant investment in expansion.

• Equipment Rental Segment Adjusted EBITDA margins for all sites were 41.8% in 2024, 46.3% in 2023, and 40.1% in 2022.

• As of September 30, 2025, managed $8.1B in original equipment cost (OEC) and had 235,044 units in the rental fleet.

• Net cash provided by operating activities was $281.3M in 2024, with net rental equipment capital expenditures of $262.9M.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes, with management retaining broad discretion over allocation.

• No proceeds will be received from shares sold by selling shareholders.

• Company intends to retain future earnings to fund business development and expansion; no dividends planned for common shareholders.