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Segments | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
SEGMENTS | NOTE 16 — SEGMENTS The Company has three operating segments which are also our reportable segments: Material Handling, Construction Equipment, and Master Distribution. All other business activities, including corporate, are included in “Corporate and Other”. The Company’s segments are determined based on management structure, which is organized based on types of products and services sold, as described in the following paragraphs. The operating results for each segment are reported separately to the Company’s CEO (our Chief Operating Decision Maker or “CODM”) to make decisions regarding the allocation of resources, to assess the Company’s performance and to make strategic decisions. The primary profitability measurement used by the CEO to evaluate performance and allocate resources to the segments is Adjusted EBITDA. The Company's presentation of Adjusted EBITDA may not be comparable to similar measures used by other companies and is not necessarily indicative of the results of operations that would have occurred had each reportable segment been an independent, stand-alone entity during the periods presented. The Material Handling segment is principally engaged in operations related to the sale, service, and rental of lift trucks and other material handling equipment in Michigan, Illinois, Indiana, New York (including New York City), Virginia and the New England region of the U.S. as well as Ontario and Quebec provinces of Canada. The Construction Equipment segment is principally engaged in operations related to the sale, service, and rental of construction equipment in Michigan, Illinois, Indiana, Ohio, Pennsylvania, New York (excluding New York City), Florida and the New England region of the U.S. as well as Ontario, New Brunswick, and Quebec provinces of Canada. The Master Distribution segment is principally engaged in large-scale environmental processing equipment distribution with sub dealers throughout the United States and Canada. The Company retains various unallocated expense items at the general corporate level, which the Company refers to as “Corporate and Other” in the table below. Corporate and Other holds corporate debt and has minor transactional activity. Corporate and Other incurs expenses associated with compensation (including stock-based compensation) of our directors, corporate officers, and members of our shared-services team, consulting and legal fees related to divestitures, corporate governance, audit and tax preparation related fees and other compliance related matters, certain corporate development related expenses, interest expense associated with original issue discounts and deferred financing cost related to previous capital raises, and a portion of the Company’s income tax (benefit) expense. There is also intercompany elimination activity presented within Corporate and Other. The following tables summarize key financial information by reportable segment:
| Three Months Ended March 31, 2026 |
| Material Handling |  |  | Construction Equipment |  |  | Master Distribution |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
New and used equipment sales | $ | 72.8 |  |  | $ | 121.2 |  |  | $ | 14.1 |  |  | $ | (1.2 | ) |  | $ | 206.9 |
Parts sales |  | 23.3 |  |  |  | 45.4 |  |  |  | 2.7 |  |  |  | (0.2 | ) |  |  | 71.2 |
Service revenues |  | 34.0 |  |  |  | 29.4 |  |  |  | 0.2 |  |  |  | — |  |  |  | 63.6 |
Rental revenues |  | 16.5 |  |  |  | 22.0 |  |  |  | 0.1 |  |  |  | — |  |  |  | 38.6 |
Rental equipment sales |  | 3.9 |  |  |  | 26.3 |  |  |  | — |  |  |  | — |  |  |  | 30.2 |
Total revenues |  | 150.5 |  |  |  | 244.3 |  |  |  | 17.1 |  |  |  | (1.4 | ) |  |  | 410.5 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
New and used equipment sales |  | 58.5 |  |  |  | 107.0 |  |  |  | 11.4 |  |  |  | (1.2 | ) |  |  | 175.7 |
Parts sales |  | 14.7 |  |  |  | 31.6 |  |  |  | 1.5 |  |  |  | (0.2 | ) |  |  | 47.6 |
Service revenues |  | 13.1 |  |  |  | 12.0 |  |  |  | 0.2 |  |  |  | — |  |  |  | 25.3 |
Rental revenues |  | 1.2 |  |  |  | 2.8 |  |  |  | — |  |  |  | — |  |  |  | 4.0 |
Rental equipment sales |  | 2.4 |  |  |  | 22.7 |  |  |  | — |  |  |  | — |  |  |  | 25.1 |
Selling, general and administrative expenses |  | 47.6 |  |  |  | 53.6 |  |  |  | 2.6 |  |  |  | 4.4 |  |  |  | 108.2 |
Other segment items(1) |  | — |  |  |  | 0.7 |  |  |  | 0.4 |  |  |  | (4.6 | ) |  |  | (3.5 | )
Segment adjusted EBITDA(2) |  | 13.0 |  |  |  | 13.9 |  |  |  | 1.0 |  |  |  | 0.2 |  |  |  | 28.1 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  | 30.3 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  | 19.5 |
Other(1) |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.6 |
Loss before taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | (23.3 | )
Total assets, end of period | $ | 386.4 |  |  | $ | 818.7 |  |  | $ | 88.4 |  |  | $ | 41.1 |  |  | $ | 1,334.6 |
Capital expenditures |  | 4.6 |  |  |  | 3.9 |  |  |  | — |  |  |  | 0.8 |  |  |  | 9.3 |
Depreciation and amortization |  | 9.6 |  |  |  | 19.4 |  |  |  | 1.0 |  |  |  | 0.3 |  |  |  | 30.3 |
Interest expense |  | 5.8 |  |  |  | 11.0 |  |  |  | 1.7 |  |  |  | 1.0 |  |  |  | 19.5 |
| Three Months Ended March 31, 2025 |
| Material Handling |  |  | Construction Equipment |  |  | Master Distribution |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
New and used equipment sales | $ | 78.4 |  |  | $ | 126.7 |  |  | $ | 14.8 |  |  | $ | 1.8 |  |  | $ | 221.7 |
Parts sales |  | 24.3 |  |  |  | 45.3 |  |  |  | 2.4 |  |  |  | — |  |  |  | 72.0 |
Service revenues |  | 34.1 |  |  |  | 31.8 |  |  |  | 0.2 |  |  |  | — |  |  |  | 66.1 |
Rental revenues |  | 17.6 |  |  |  | 24.6 |  |  |  | — |  |  |  | 0.1 |  |  |  | 42.3 |
Rental equipment sales |  | 3.5 |  |  |  | 17.4 |  |  |  | — |  |  |  | — |  |  |  | 20.9 |
Total revenues |  | 157.9 |  |  |  | 245.8 |  |  |  | 17.4 |  |  |  | 1.9 |  |  |  | 423.0 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
New and used equipment sales |  | 63.1 |  |  |  | 112.3 |  |  |  | 11.0 |  |  |  | 1.7 |  |  |  | 188.1 |
Parts sales |  | 15.3 |  |  |  | 30.9 |  |  |  | 1.4 |  |  |  | — |  |  |  | 47.6 |
Service revenues |  | 13.3 |  |  |  | 12.6 |  |  |  | 0.5 |  |  |  | — |  |  |  | 26.4 |
Rental revenues |  | 1.0 |  |  |  | 4.0 |  |  |  | — |  |  |  | — |  |  |  | 5.0 |
Rental equipment sales |  | 2.5 |  |  |  | 13.5 |  |  |  | — |  |  |  | — |  |  |  | 16.0 |
Selling, general and administrative expenses |  | 46.5 |  |  |  | 54.6 |  |  |  | 2.5 |  |  |  | 3.1 |  |  |  | 106.7 |
Other segment items(1) |  | 0.6 |  |  |  | 0.9 |  |  |  | 0.5 |  |  |  | (2.4 | ) |  |  | (0.4 | )
Segment adjusted EBITDA(2) |  | 15.6 |  |  |  | 17.0 |  |  |  | 1.5 |  |  |  | (0.5 | ) |  |  | 33.6 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  | 32.4 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.9 |
Other(1) |  |  |  |  |  |  |  |  |  |  |  |  |  | (0.5 | )
Loss before taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20.2 | )
Total assets, end of period | $ | 442.2 |  |  | $ | 933.8 |  |  | $ | 87.6 |  |  | $ | 40.9 |  |  | $ | 1,504.5 |
Capital expenditures |  | 6.3 |  |  |  | 7.3 |  |  |  | — |  |  |  | 0.1 |  |  |  | 13.7 |
Depreciation and amortization |  | 10.6 |  |  |  | 20.6 |  |  |  | 0.9 |  |  |  | 0.3 |  |  |  | 32.4 |
Interest expense |  | 6.3 |  |  |  | 12.8 |  |  |  | 1.4 |  |  |  | 1.4 |  |  |  | 21.9 |
(1) Primarily includes other income (expense), certain one-time, non-recurring or non-cash items, and items not necessarily indicative of our underlying operating performance. (2) See definition in Item 2 under Non-GAAP Financial Measures.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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