Financial Analysis

"Note 18. Commitments and Contingencies Purchase Commitments As of October 31, 2025 , the Company was contractually committed for $35.5 million of capital expenditures for purchases of property and equipment. A majority of these obligations are expected to be satisfied in the next twelve months. Insurance Commercial Self-Insured Losses The following table summarizes as of October 31, 2025 and 2024 for ( 1 ) recorded liabilities, related to both asserted as well as unasserted insurance claims and ( 2 ) any related insurance claims receivables. As of October 31, 2025 As of October 31, 2024 (in thousands) Classification on the Consolidated Balance Sheets Self-insured commercial liability, current Accrued expenses and other current liabilities $ 11,134 $ 12,210 Self-insured commercial liability, non-current Other non-current liabilities 10,789 12,332 Total self-insured commercial liabilities $ 21,923 $ 24,542 Expected recoveries related to self-insured commercial liabilities, current Prepaid expenses and other current assets $ 954 $ 3,155 Expected recoveries related to self-insured commercial liabilities, non-current Other non-current assets 10,789 12,170 Total expected recoveries related to self-insured commercial liabilities $ 11,743 $ 15,325 Total self-insured commercial liability, net of expected recoveries $ 10,180 $ 9,217 The Company has accrued $10.2 million and $9.2 million, as of October 31, 2025 and 2024 , respectively, for estimated ( 1 ) losses reported and ( 2 ) clai …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Note 16. Employee Benefits Plan Retirement plans The Company offers a 401 (k) plan, which covers substantially all employees in the U.S., with the exception of certain union employees. Participating employees may elect to contribute, on a tax-deferred basis, a portion of their compensation, in accordance with Section 401 (k) of the Internal Revenue Code. The Company generally provides some form of a matching contribution for most employees in the U.S. Retirement plan contributions were $1.5 million for the years ended October 31, 2025 and 2024 . Camfaud operates a Small Self-Administered Scheme (""SSAS""), which is the equivalent of a U.S. defined contribution pension plan. The assets of the plan are held separately from those of Camfaud in an independently administered fund. Contributions by Camfaud to the SSAS amounted to $0.4 million and $0.5 million for the years ended October 31, 2025 and 2024 , respectively. Multiemployer plans Our U.S. Concrete Pumping segment contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements (CBAs) that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: (a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (b) If a participating employer stops contributing to the plan, the unfunded …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

"Note 7. Long-Term Debt and Revolving Lines of Credit The table below is a summary of the composition of the Company's debt balances as of October 31, 2025 and 2024 : October 31, October 31, (in thousands) Interest Rates Maturities 2025 2024 ABL Facility - short term Varies September 2029 $ - $ 20 Senior notes due 2026 - all long term 6.000% February 2026 - 375,000 Senior notes due 2032 - all long term 7.500% February 2032 425,000 - Total debt, gross 425,000 375,020 Less: Unamortized deferred financing costs offsetting long term debt (7,109 ) (1,740 ) Less: Current portion - (20 ) Long term debt, net of unamortized deferred financing costs $ 417,891 $ 373,260 On January 28, 2021, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the ""Issuer"") and a wholly-owned subsidiary of the Company (i) completed a private offering of $375.0 million in aggregate principal amount of its 6.000% senior secured second lien notes due 2026 (the ""2026 Notes"") issued pursuant to an indenture, among the Issuer, the Company, the other Guarantors (as defined below), Deutsche Bank Trust Company Americas, as trustee and as collateral agent (the ""Indenture"") and (ii) entered into an amended and restated ABL Facility (as subsequently amended, the ""ABL Facility"") by and among the Company, certain subsidiaries of the Company, Wells Fargo Bank, National Association, as agent, sole lead arranger and sole bookrunner, the other lenders party thereto, which originally provided up to …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Year Ended October 31, (in thousands) 2025 2024 Service revenue $ 356,247 $ 391,346 Lease fixed revenue 23,122 21,599 Lease variable revenue 13,498 12,927 Total revenue $ 392,867 $ 425,872

DisaggregationOfRevenueTableTextBlock

"Note 13. Stock-Based Compensation Pursuant to the Concrete Pumping Holdings, Inc. 2018 Omnibus Incentive Plan, the Company granted stock-based awards to certain employees in the U.S. and U.K. All awards in the U.S. are restricted stock awards while awards granted to employees in the U.K. are stock options with exercise prices of $0.01. Regardless of where the awards were granted, the awards generally vest pursuant to one of the following conditions: ( 1 ) Time-based only Awards vest in equal installments over a specified period. ( 2 ) $6 market-based and time-based vesting Awards will vest as to first condition once the Companys stock reaches a closing price of $6.00 for 30 consecutive trading days. Once the first vesting condition is achieved, the stock award will then vest 1/3 annually over a three -year period. ( 3 ) $8 market-based and time-based vesting Awards will vest as to first condition once the Companys stock reaches a closing price of $8.00 for 30 consecutive trading days. Once the first vesting condition is achieved, the stock award will then vest 1/3 annually over a three -year period. ( 4 ) $10 market-based and time-based vesting Awards will vest as to first condition once the Companys stock reaches a closing price of $10.00 for 30 consecutive trading days. Once the first vesting condition is achieved, the stock award will then vest 1/3 annually over a three -year period. ( 5 ) Free cash flow (""FCF"") based and time-based vesting Awards will vest as to first …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 5. Goodwill and Intangible Assets The Company has recognized goodwill and certain intangible assets in connection with prior business combinations. The Company, with the assistance of a third -party valuation specialist, performed a step 1 impairment test on its intangible assets and goodwill as of August 31, 2025, in which there were no impairment indicators present. The Company performed a quantitative impairment analysis as of August 31, 2024. Based on the results of this analysis the fair values of the Company's reporting units were in excess of their carrying values and as such, no impairments were identified. The valuation methodology used to value the trade names during the quantitative impairment analysis as of August 31, 2025, was based on the relief-from-royalty method which is an income-based measure that derives the value from total revenue growth projected and what percentage is attributable to the trade names. As a result of the analysis, the Company identified that the fair value of its Brundage-Bone Concrete Pumping, Eco-Pan and Capital Pumping trade names exceeded their carrying values by approximately 74%, 126% and 66%, respectively, and their remaining values are $37.3 million, $7.7 million and $5.5 million as of October 31, 2025, respectively. The goodwill impairment test performed as of August 31, 2025, was performed on the Companys U.S. Concrete Pumping, U.S. Concrete Waste Management Services, and U.K. Operations reporting units. The valuation meth …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Note 12. Income Taxes The sources of income before income taxes for the fiscal years ended October 31, 2025 and 2024 are as follows: (in thousands) Year Ended October 31, 2025 Year Ended October 31, 2024 United States $ 6,722 $ 18,264 Foreign 3,330 6,047 Total $ 10,052 $ 24,311 The components of the provision for income taxes for the fiscal years ended October 31, 2025 and 2024 are as follows: (in thousands) Year Ended October 31, 2025 Year Ended October 31, 2024 Current tax provision: Federal $ 751 $ 1,924 State and local 395 723 Total current tax provision $ 1,146 $ 2,647 Deferred tax provision: Federal $ 1,326 $ 3,012 Foreign 881 1,893 State and local 326 552 Total deferred tax provision $ 2,533 $ 5,457 Net provision for income taxes $ 3,679 $ 8,104 For the fiscal years ended October 31, 2025 and 2024 , the income tax provision differs from the expected tax provision computed by applying the U.S. federal statutory rate to income before taxes as a result of the following: (in thousands) Year Ended October 31, 2025 Year Ended October 31, 2024 Income tax expense per federal statutory rate of 21 % for each period $ 2,109 $ 5,105 State income taxes, net of federal deduction 456 1,003 Change in deferred tax rate 346 (31 ) Stock compensation shortfall (benefit) (37 ) 1,023 Foreign income inclusion - 103 Foreign rate differential 131 266 Non-deductible (non-taxable) items 282 194 Taxes related to prior year filings 382 215 Executive compensation limitation 12 251 Other (2 ) (25 ) …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Newly adopted accounting pronouncements ASU 2023 - 07, Improvements to Reportable Segment Disclosures (""ASU 2023 - 07"" ) - In November 2023, the FASB issued ASU No. 2023 - 07, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entitys overall performance and assess potential future cash flows. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual period beginning after December 15, 2024, with early adoption permitted. The amendment is effective retrospectively to all prior periods presented in the consolidated financial statements. The Company adopted this standard for our fiscal year 2025 annual financial statements and interim financial statements thereafter and have applied this standard retrospectively for all prior periods presented in the financial statements. See Note 19 for further information. Recently issued accounting pronouncements not yet effective ASU 2023 - 09, Improvements to Income Tax Disclosures (""ASU 2023 - 09"" ) - In Dec …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 11. Revenue Recognition The table below summarizes our revenues as presented in our consolidated statements of operations for the years ended October 31, 2025 and 2024 by revenue type: Year Ended October 31, (in thousands) 2025 2024 Service revenue $ 356,247 $ 391,346 Lease fixed revenue 23,122 21,599 Lease variable revenue 13,498 12,927 Total revenue $ 392,867 $ 425,872

RevenueFromContractWithCustomerTextBlock

"Note 19. Segment Reporting The Company conducts business through the three reportable segments based on geography and the nature of services sold that include U.S. Concrete Pumping, U.S. Concrete Waste Management Services and U.K. Operations. Any differences between segment reporting and consolidated results are reflected in Other/Eliminations below or noted as intersegment amounts. All other non-segmented assets primarily include cash and cash equivalents and intercompany eliminations. The accounting policies of the segment reporting are the same as those described in Note 2 . The Companys chief operating decision maker (""CODM""), who is the CEO of the Company, makes decisions and evaluates the performance of each segment based on segment adjusted EBITDA. This measure is reviewed in monthly performance reports and is used to assess operating results, compare profitability across segments, and support resource allocation decisions such as budgeting and long-term planning. Results are compared to both budgeted amounts and prior year amounts to provide context and evaluate performance trends. Segment adjusted EBITDA includes direct operating expenses that are attributable to each segment and are regularly reviewed by the CODM. These direct operating expenses include employee cost of operations expenses, repairs and maintenance, fuel, and employee general and administrative (""G&A"") expenses. Prior to the fourth quarter of 2025, the CODM evaluated segment performance usin …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Note 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (""GAAP"") and the rules and regulations of the Securities and Exchange Commission (""SEC""). Certain prior period amounts have been reclassified in order to conform to the current year presentation. The consolidated financial statements include all accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include, but are not limited to, the liability for incurred but unreported claims under various partially self-insured polices, goodwill and intangible impairment analysis, valuation of share-based compensation, accounting for business combinations and estimates used in calculating the right-of-use asset and lease liability. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid inves …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Note 10. Stockholders Equity The Companys amended and restated certificate of incorporation authorizes the issuance of 500,000,000 shares of common stock, par value $0.0001, and 10,000,000 shares of preferred stock, par value $0.0001. Immediately following December 6, 2018, there were: 28,847,707 shares of common stock issued and outstanding; and, 2,450,980 shares of zero -dividend convertible perpetual preferred stock (""Series A Preferred Stock"") outstanding, as further discussed below Grants of new restricted stock awards and exercises of stock options are issued out of outstanding and available common stock. On May 14, 2019, in order to finance a portion of the purchase price for the acquisition of Capital, the Company completed a public offering of 18,098,166 of its common stock at a price of $4.50 per share, receiving net proceeds of approximately $77.4 million, after deducting underwriting discounts, commissions, and other offering expenses. In connection with the offering, certain of the Companys directors, officers and significant stockholders, and certain other related investors purchased an aggregate of 3,980,166 shares of its common stock from the underwriters at the public offering price of $4.50, representing approximately 25% of the total shares issued (without giving effect to the underwriters option to purchase additional shares). The Companys Series A Preferred Stock does not pay dividends and is convertible (effective June 6, 2019) into shares of the Comp …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 3. Business Combinations April 2026 ( Fiscal 2026 ) Templant Acquisition On April 1, 2026, the Company completed the acquisition of Templant for total purchase consideration of $11.1 million, net of $1.0 million cash acquired, paid in cash and subject to working capital adjustments. This transaction marked the Company's entry into the U.K. temporary power market, complementing Camfauds existing concrete pumping operations in the U.K. and enhancing its ability to support customers across the construction and infrastructure sectors, while advancing the Company's strategy of building a diversified, multi-service platform. The Company will account for this transaction as a business combination under ASC Topic 805, Business Combinations (ASC 805 ). As of April 30, 2026, the preliminary accounting for the transaction, including the valuation of acquired equipment and intangible assets, was based on the best estimates of management and is subject to revisions based on the final valuations. The preliminary allocation of the $11.1 million purchase consideration as of April 30, 2026 includes property plant and equipment of $6.8 million, intangible assets of $5.3 million, right-of-use operating lease assets of $1.7 million and related operating lease liabilities of $1.7 million, net working capital of $1.3 million, and other tax-related liabilities of $2.2 million. Identifiable intangibles preliminarily recognized include customer relationships of $4.0 million with an estimated use …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Note 16. Commitments and Contingencies Insurance Commercial Self-Insured Losses The Company retains a significant portion of the risk for workers' compensation, automobile, and general liability losses (""self-insured commercial liability""). Reserves have been recorded that reflect the undiscounted estimated liabilities including claims incurred but not reported. When a recognized liability is covered by third -party insurance, the Company records an insurance claim receivable to reflect the covered liability. Amounts estimated to be paid within one year have been included in accrued expenses and other current liabilities, with the remainder included in other non-current liabilities on the condensed consolidated balance sheets. Insurance claims receivables that are expected to be received from third -party insurance within one year have been included in prepaid expenses and other current assets, with the remainder included in other non-current assets on the condensed consolidated balance sheets. The following table summarizes as of April 30, 2026 and October 31, 2025 for ( 1 ) recorded liabilities, related to both asserted as well as unasserted insurance claims and ( 2 ) any related insurance claims receivables: As of April 30, 2026 As of October 31, 2025 (in thousands) Classification on the Condensed Consolidated Balance Sheets Self-insured commercial liability, current Accrued expenses and other current liabilities $ 12,401 $ 11,134 Self-insured commercial liability, non- …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Note 7. Long Term Debt and Revolving Lines of Credit The table below is a summary of the composition of the Companys debt balances as of April 30, 2026 and October 31, 2025 : April 30, October 31, (in thousands) Interest Rates Maturities 2026 2025 ABL Facility - short term Varies September 2029 $ 583 $ - Senior notes due 2032 - all long term 7.500% February 2032 425,000 425,000 Total debt, gross 425,583 425,000 Less: Unamortized deferred financing costs offsetting long term debt (6,541 ) (7,109 ) Less: Current portion (583 ) - Long term debt, net of unamortized deferred financing costs $ 418,459 $ 417,891 Senior Notes - 2032 Notes On January 31, 2025, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the ""Issuer"") and a wholly-owned subsidiary of the Company issued $425.0 million aggregate principal amount of its 7.500% Senior Notes due 2032 (the ""2032 Notes""). Interest on the 2032 Notes accrues at a fixed rate of 7.500% per annum and is payable semi-annually on February 1st and August 1st of each year. The 2032 Notes will mature on February 1, 2032. The 2032 Notes are senior secured obligations and are secured by second-priority liens on substantially all assets of the Issuer and the guarantors, subject to first-priority liens securing obligations under the ABL Facility (as defined below). As of April 30, 2026 , there were no material changes to the terms of our long-term debt and as of that date, the Company was in compliance with all covenants unde …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended April 30, Six Months Ended April 30, (in thousands) 2026 2025 2026 2025 Service revenue $ 97,455 $ 85,194 $ 179,107 $ 163,221 Lease fixed revenue 6,187 5,605 11,659 10,605 Lease variable revenue 3,154 3,159 6,591 6,578 Total revenue $ 106,796 $ 93,958 $ 197,357 $ 180,404

DisaggregationOfRevenueTableTextBlock

Note 12. Stock-Based Compensation Pursuant to the Concrete Pumping Holdings, Inc. 2018 Omnibus Incentive Plan, the Company has granted stock-based awards to certain employees in the U.S. and U.K. The following table summarizes realized compensation expense related to stock options and restricted stock awards in the accompanying condensed consolidated statements of operations for the three and six months ended April 30, 2026 and 2025: Three Months Ended April 30, Six Months Ended April 30, (in thousands) 2026 2025 2026 2025 Compensation expense restricted stock $ 922 $ 491 $ 1,483 $ 823 Compensation expense stock options 100 47 157 82 Total $ 1,022 $ 538 $ 1,640 $ 905 No cash payments to taxing authorities for employees' tax obligations related to restricted stock unit vesting's were made for the three months ended April 30, 2026 and 2025. Total cash payments to taxing authorities for employees' tax obligations related to restricted stock unit vesting's for the six months ended April 30, 2026 and 2025 were $0.5 million and $0.6 million, respectively. …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 6. Goodwill and Intangible Assets The Company has recognized goodwill and certain intangible assets in connection with prior business combinations. There were no triggering events during the six months ended April 30, 2026 . The Company will continue to evaluate its goodwill and intangible assets in future quarters. The following table summarizes the composition of intangible assets as of April 30, 2026 and October 31, 2025 : As of April 30, 2026 Weighted Average Gross Foreign Currency Net Remaining Life Carrying Accumulated Accumulated Translation Carrying (in thousands) (in Years) Value Impairment Amortization Adjustment Amount Intangibles subject to amortization: Customer relationship 8.2 $ 199,125 $ - $ (159,634 ) $ 1,507 $ 40,998 Trade name 2.6 5,097 - (4,013 ) 397 1,481 Assembled workforce - 1,650 - (1,650 ) - - Noncompete agreements 2.1 1,467 - (913 ) 4 558 Indefinite-lived intangible assets: Trade names (indefinite life) 56,500 (5,000 ) - 19 51,519 Total intangibles $ 263,839 $ (5,000 ) $ (166,210 ) $ 1,927 $ 94,556 As of October 31, 2025 Weighted Average Gross Foreign Currency Net Remaining Life Carrying Accumulated Accumulated Translation Carrying (in thousands) (in Years) Value Impairment Amortization Adjustment Amount Intangibles subject to amortization: Customer relationship 8.1 $ 195,126 $ - $ (155,113 ) $ 1,302 $ 41,315 Trade name 3.1 5,097 - (3,731 ) 343 1,709 Assembled workforce 0.3 1,650 - (1,628 ) - 22 Noncompete agreements 2.0 1,200 - (813 ) - 387 Ind …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Note 11. Income Taxes The following table summarizes income before income taxes and income tax expense for the three and six months ended April 30, 2026 and 2025: Three Months Ended April 30, Six Months Ended April 30, (in thousands) 2026 2025 2026 2025 Income (loss) before income taxes $ 3,885 $ (6 ) $ 341 $ (3,681 ) Income tax expense (benefit) $ 1,337 $ (2 ) $ 235 $ (1,038 ) For the three months ended April 30, 2026 and 2025, the Companys effective tax rate was 34.4% and 33.3%, respectively. The comparability of the effective tax rate was largely driven by an increase in discrete items including prior period state tax adjustments. For the six months ended April 30, 2026 and 2025, the Companys effective tax rate was 68.9% and 28.2%, respectively. The comparability of the effective tax rate was largely driven by discrete items. While these items are not quantitatively significant, the relative proportionality to income before income taxes amplified their relative impact for the six months ended April 30, 2026 compared to April 30, 2025. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Newly adopted accounting pronouncements ASU 2023 - 07, Improvements to Reportable Segment Disclosures (""ASU 2023 - 07"" ) - In November 2023, the FASB issued Accounting Standards Update No. 2023 - 07, ""Segment Reporting (Topic 280 ): Improvements to Reportable Segment Disclosures"" (""ASU 2023 - 07"" ), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this standard for our fiscal year 2025 annual financial statements and interim financial statements thereafter and have applied this standard retrospectively for all prior periods presented in the financial statements. See Note 17 for further information. Recently issued accounting pronouncements not yet effective ASU 2023 - 09, Improvements to Income Tax Disclosures (""ASU 2023 - 09"" ) - In December 2023, the FASB issued ASU No. 2023 - 09, which requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt the standard during the fourth quarter of its fiscal year ending October 31, 2026, and is currently evaluating the effects …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 10. Revenue Recognition The table below summarizes our revenues as presented in our unaudited condensed consolidated statements of operations for the three and six months ended April 30, 2026 and 2025 by revenue type: Three Months Ended April 30, Six Months Ended April 30, (in thousands) 2026 2025 2026 2025 Service revenue $ 97,455 $ 85,194 $ 179,107 $ 163,221 Lease fixed revenue 6,187 5,605 11,659 10,605 Lease variable revenue 3,154 3,159 6,591 6,578 Total revenue $ 106,796 $ 93,958 $ 197,357 $ 180,404 For further information, see Note 2 of the notes to consolidated financial statements in our Annual Report .

RevenueFromContractWithCustomerTextBlock

"Note 17. Segment Reporting The Company conducts business through three reportable segments based on geography and the nature of services sold, U.S. Concrete Pumping, U.S. Concrete Waste Management Services and U.K. Operations. Any differences between segment reporting and consolidated results are reflected in Other/Eliminations below or noted as intersegment amounts. All other non-segmented assets primarily include cash and cash equivalents and intercompany eliminations. The accounting policies of the segment reporting are the same as those described in Note 2 of our Annual Report . The Companys chief operating decision maker (""CODM""), who is the CEO of the Company, makes decisions and evaluates the performance of each segment based on segment adjusted EBITDA. This measure is reviewed in monthly performance reports and is used to assess operating results, compare profitability across segments, and support resource allocation decisions such as budgeting and long-term planning. Results are compared to both budgeted amounts and prior year amounts to provide context and evaluate performance trends. Segment adjusted EBITDA includes direct operating expenses that are attributable to each segment and are regularly reviewed by the CODM. These direct operating expenses include employee cost of operations expenses, repairs and maintenance, fuel, and employee general and administrative (""G&A"") expenses. Prior to the fourth quarter of 2025, the CODM evaluated segment performance …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Note 2. Summary of Significant Accounting Policies We describe our significant accounting policies in Note 2 of the notes to the consolidated financial statements in our annual report on Form 10 -K for the year ended October 31, 2025 ( ""Annual Report"") . During the six months ended April 30, 2026 , there were no changes to those accounting policies. Basis of presentation We have prepared these unaudited condensed consolidated financial statements based on Securities and Exchange Commission (SEC) rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair statement of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (GAAP). These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report . Certain prior period amounts have been reclassified in order to conform to the current year presentation. Use of estimates The prep …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Note 9. Stockholders Equity Share Repurchase Program In June 2025, the board of directors of the Company approved a $15.0 million increase to the Companys share repurchase program. Including this increase, there have been a total of $50.0 million in authorizations since the inception of the share repurchase program in June 2022. In March 2025, the board of directors of the Company approved the extension of the expiration date of the existing share repurchase program, from March 31, 2025 to December 31, 2026. The repurchase program permits shares to be repurchased in the open market, by block purchase, in privately negotiated transactions, in one or more transactions from time to time, or pursuant to any trading plan adopted in accordance with Rule 10b5 - 1 of the Securities Exchange Act of 1934, as amended, (the ""Exchange Act""). Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b - 18 of the Exchange Act and other applicable legal and regulatory requirements. The repurchase program may be suspended, terminated, extended or otherwise modified by the board of directors without notice at any time for any reason, including, without limitation, market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, capital and liquidity objectives, and other factors deemed appropriate by the Company's management. The following table summarizes the shares repurchased, total cost of shares repurcha …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing