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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2025

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

Commission File Number: 001-38864

ALTA EQUIPMENT GROUP INC.

(Exact name of registrant as specified in its charter)


Delaware		83-2583782
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

13211 Merriman Road, Livonia, Michigan 48150

(Address of principal executive offices)(Zip Code)

(248) 449-6700

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.0001 par value per share	ALTG	The New York Stock Exchange
Depositary Shares representing a 1/1000th fractional interest in a share of 10% Series A Cumulative Perpetual Preferred Stock, $0.0001 par value per share	ALTG PRA	The New York Stock Exchange

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. Yes ☒ 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). Yes ☒ 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	☐	Accelerated filer	☒	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

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. ☐

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

As of November 4, 2025, there were 32,235,283 shares of Common Stock, $0.0001 par value, and 1,200 shares of Preferred Stock, $0.0001 par value, which Preferred Stock is evidenced by 1,200,000 depositary shares, outstanding.

INDEX


			Page
PART I – FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Interim Financial Statements (Unaudited)		4
	Condensed Consolidated Balance Sheets (Unaudited)		4
	Condensed Consolidated Statements of Operations (Unaudited)		5
	Condensed Consolidated Statements of Comprehensive Loss (Unaudited)		6
	Condensed Consolidated Statements of Stockholders' Equity (Unaudited)		7
	Condensed Consolidated Statements of Cash Flows (Unaudited)		9
	Notes to Unaudited Condensed Consolidated Financial Statements		10
	Note 1.	Organization and Nature of Operations	10
	Note 2.	Summary of Significant Accounting Policies	10
	Note 3.	Revenue Recognition	10
	Note 4.	Related Party Transactions	13
	Note 5.	Inventories	13
	Note 6.	Property and Equipment and Rental Fleet	13
	Note 7.	Goodwill and Other Intangible Assets	14
	Note 8.	Floor Plans	15
	Note 9.	Long-Term Debt	15
	Note 10.	Leases	16
	Note 11.	Contingencies	18
	Note 12.	Income Taxes	18
	Note 13.	Stock-Based Compensation	19
	Note 14.	Fair Value of Financial Instruments	20
	Note 15.	Business Combinations and Divestitures	21
	Note 16.	Segments	22
	Note 17.	Earnings Per Share	25
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		43
Item 4.	Controls and Procedures		44
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings		45
Item 1A.	Risk Factors		45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		45
Item 3.	Defaults Upon Senior Securities		45
Item 4.	Mine Safety Disclosures		45
Item 5.	Other Information		45
Item 6.	Exhibits		46
	Signature		47

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this Form 10-Q may be considered “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by any such forward-looking statements. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward looking. Forward-looking statements may include, for example, statements about: our future financial performance; our plans for expansion and acquisitions; and changes in our strategy, future operations, financial position, estimated revenues, income or loss, projected costs, prospects, plans, and objectives of management.

These forward-looking statements are based on current information available, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Some factors that could cause actual results to differ include, but are not limited to the risks below, which also serves as a summary of the principal risks of an investment in our securities:

•

supply chain disruptions and inflationary pressures resulting from supply chain disruptions;

•

labor market dynamics that impact the price and availability of labor;

•

economic, industry, business and political conditions including their effects on governmental policy and government actions that disrupt our supply chain or sales channels, including taxes and tariffs which impact us or our key suppliers;

•

adverse banking and governmental regulations, resulting in a potential reduction to the fair value of our assets;

•

the performance and financial viability of key suppliers, contractors, customers, and financing sources;

•

our key OEM's relative approaches to competitive pricing dynamics in the marketplace and how their approaches impact the competitiveness of the equipment we sell and our market share;

•

fluctuations in interest rate levels and the relative tenor of those levels;

•

the demand and market price for our equipment and product support;

•

negative impacts on customer payment policies;

•

collective bargaining agreements and our relationship with our union-represented employees;

•

our success in identifying acquisition targets and integrating acquisitions;

•

our success in expanding into and doing business in additional markets;

•

our ability to raise capital at favorable terms;

•

the competitive environment for our products and services;

•

our ability to continue to innovate and develop new business lines;

•

our ability to attract and retain key personnel, including, but not limited to, skilled technicians;

•

our ability to maintain our listing on the New York Stock Exchange (“NYSE”);

•

the impact of cyber or other security threats or other disruptions to our businesses;

•

our ability to realize the anticipated benefits of acquisitions or divestitures, rental fleet and other organic investments, or internal reorganizations;

•

federal, state, and local government budget uncertainty, especially as it relates to infrastructure projects and taxation;

•

currency risks and other risks associated with international operations; and

•

other risks and uncertainties identified in the section entitled “Risk Factors” in our annual report on Form 10-K and other filings with the United States (“U.S.”) Securities and Exchange Commission (the “SEC”).

For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see our filings with the SEC including, but not limited to, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in this Quarterly Report on Form 10-Q. The foregoing list of factors is not exclusive, and undue reliance should not be placed upon any forward-looking statements, which speak only as of the date made.

PART I

Item 1. Financial Statements

ALTA EQUIPMENT GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions, except share and per share amounts)


	September 30, 2025			December 31, 2024
ASSETS
Cash	$	14.1		$	13.4
Accounts receivable, net of allowances of $11.7 and $10.7 as of September 30, 2025 and December 31, 2024, respectively		216.0			199.7
Inventories, net		504.6			535.9
Prepaid expenses and other current assets		37.2			25.5
Total current assets		771.9			774.5

NON-CURRENT ASSETS
Property and equipment, net		79.5			81.6
Rental fleet, net		341.0			358.8
Operating lease right-of-use assets, net		110.4			113.0
Goodwill		77.3			77.5
Other intangible assets, net		47.6			54.7
Other assets		3.3			20.3
TOTAL ASSETS	$	1,431.0		$	1,480.4

LIABILITIES AND STOCKHOLDERS’ EQUITY
Floor plan payable – new equipment	$	270.8		$	293.4
Floor plan payable – used and rental equipment		69.4			81.1
Current portion of long-term debt		11.0			10.5
Accounts payable		93.2			91.5
Customer deposits		13.0			14.8
Accrued expenses		55.3			51.2
Current operating lease liabilities		14.8			15.1
Current deferred revenue		11.3			13.0
Other current liabilities		3.9			6.6
Total current liabilities		542.7			577.2

NON-CURRENT LIABILITIES
Line of credit, net		231.7			179.8
Long-term debt, net of current portion		483.1			480.0
Finance lease obligations, net of current portion		30.8			35.5
Deferred revenue, net of current portion		5.1			4.3
Long-term operating lease liabilities, net of current portion		102.1			103.5
Deferred tax liabilities		22.2			10.8
Other liabilities		10.4			11.7
TOTAL LIABILITIES		1,428.1			1,402.8
CONTINGENCIES - NOTE 11
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value per share, 1,000,000 shares authorized, 1,200 shares issued and outstanding at both September 30, 2025 and December 31, 2024 (1,200,000 Depositary Shares representing a 1/1000th fractional interest in a share of 10% Series A Cumulative Perpetual Preferred Stock)		—			—
Common stock, $0.0001 par value per share, 200,000,000 shares authorized; 32,155,897 and 32,762,135 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		—			—
Additional paid-in capital		247.6			243.5
Treasury stock at cost, 2,733,306 and 1,587,702 shares of common stock held at September 30, 2025 and December 31, 2024, respectively		(18.2	)		(11.7	)
Accumulated deficit		(223.9	)		(149.3	)
Accumulated other comprehensive loss		(2.6	)		(4.9	)
TOTAL STOCKHOLDERS’ EQUITY		2.9			77.6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,431.0		$	1,480.4

The accompanying notes are an integral part of these condensed consolidated financial statements.

ALTA EQUIPMENT GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except share and per share amounts)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues:
New and used equipment sales	$	211.1		$	219.8		$	698.4		$	699.9
Parts sales		75.3			75.6			222.9			226.5
Service revenues		66.4			64.6			197.4			194.8
Rental revenues		48.4			53.7			137.0			155.9
Rental equipment sales		21.4			35.1			71.1			101.4
Total revenues		422.6			448.8			1,326.8			1,378.5
Cost of revenues:
New and used equipment sales		179.5			184.4			596.1			588.7
Parts sales		47.6			50.0			145.9			149.2
Service revenues		27.2			26.3			79.7			80.2
Rental revenues		6.0			5.6			16.2			18.5
Rental depreciation		27.8			30.6			79.7			88.5
Rental equipment sales		16.7			27.3			54.1			76.2
Total cost of revenues		304.8			324.2			971.7			1,001.3
Gross profit		117.8			124.6			355.1			377.2
Selling, general and administrative expenses		105.9			110.6			314.9			339.7
Non-rental depreciation and amortization		7.1			7.2			22.2			21.3
Total operating expenses		113.0			117.8			337.1			361.0
Income from operations		4.8			6.8			18.0			16.2
Other (expense) income:
Interest expense, floor plan payable – new equipment		(2.6	)		(3.2	)		(8.7	)		(8.7	)
Interest expense – other		(19.8	)		(19.4	)		(57.9	)		(49.2	)
Other (expense) income		—			(0.3	)		1.7			1.6
Loss on extinguishment of debt		—			—			—			(6.7	)
Gain on divestitures		0.4			—			4.7			—
Total other expense, net		(22.0	)		(22.9	)		(60.2	)		(63.0	)
Loss before taxes		(17.2	)		(16.1	)		(42.2	)		(46.8	)
Income tax provision		24.4			11.6			26.4			4.7
Net loss		(41.6	)		(27.7	)		(68.6	)		(51.5	)
Preferred stock dividends		(0.7	)		(0.7	)		(2.2	)		(2.2	)
Net loss available to common stockholders	$	(42.3	)	$	(28.4	)	$	(70.8	)	$	(53.7	)
Basic loss per share	$	(1.31	)	$	(0.86	)	$	(2.16	)	$	(1.62	)
Diluted loss per share	$	(1.31	)	$	(0.86	)	$	(2.16	)	$	(1.62	)
Basic weighted average common shares outstanding		32,331,693			33,207,768			32,830,980			33,185,437
Diluted weighted average common shares outstanding		32,331,693			33,207,768			32,830,980			33,185,437

The accompanying notes are an integral part of these condensed consolidated financial statements.

ALTA EQUIPMENT GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

(in millions)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net loss	$	(41.6	)	$	(27.7	)	$	(68.6	)	$	(51.5	)
Other comprehensive (loss) income:
Foreign currency translation adjustments		(0.7	)		0.5			1.2			(1.1	)
Change in fair value of derivative, net of tax		0.4			(1.5	)		1.1			(0.1	)
Total other comprehensive (loss) income (1)		(0.3	)		(1.0	)		2.3			(1.2	)
Comprehensive loss	$	(41.9	)	$	(28.7	)	$	(66.3	)	$	(52.7	)

(1) There were no material reclassifications from Accumulated other comprehensive loss reflected in Total other comprehensive (loss) income for the three and nine months ended September 30, 2025 and 2024. There were no material taxes associated with Total other comprehensive (loss) income for the three and nine months ended September 30, 2025 and 2024.

The accompanying notes are an integral part of these condensed consolidated financial statements.

ALTA EQUIPMENT GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

(in millions, except share and per share amounts)


	Three and Nine Months Ended September 30, 2025
	Preferred Stock				Common Stock
	Number of Shares		Amount		Number of Shares			Amount		Additional Paid-in Capital		Accumulated Deficit			Treasury Stock			Accumulated Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2024		1,200,000	$	—		32,762,135		$	—	$	243.5	$	(149.3	)	$	(11.7	)	$	(4.9	)	$	77.6
Net loss		—		—		—			—		—		(20.9	)		—			—			(20.9	)
Dividends on preferred stock, $0.625 per share		—		—		—			—		—		(0.8	)		—			—			(0.8	)
Dividends on common stock and dividend equivalent on stock-based compensation, $0.057 per share		—		—		—			—		—		(1.8	)		—			—			(1.8	)
Stock-based compensation including employee stock purchase plan		—		—		428,930			—		1.6		—			—			—			1.6
Foreign currency translation adjustments		—		—		—			—		—		—			—			—			—
Change in fair value of derivative, net of tax		—		—		—			—		—		—			—			0.3			0.3
Balance at March 31, 2025		1,200,000	$	—		33,191,065		$	—	$	245.1	$	(172.8	)	$	(11.7	)	$	(4.6	)	$	56.0
Net loss		—		—		—			—		—		(6.1	)		—			—			(6.1	)
Dividends on preferred stock, $0.625 per share		—		—		—			—		—		(0.7	)		—			—			(0.7	)
Dividends on common stock and dividend equivalent on stock-based compensation, $0.057 per share		—		—		—			—		—		(2.0	)		—			—			(2.0	)
Stock-based compensation including employee stock purchase plan		—		—		797			—		0.9		—			—			—			0.9
Foreign currency translation adjustments		—		—		—			—		—		—			—			1.9			1.9
Change in fair value of derivative, net of tax		—		—		—			—		—		—			—			0.4			0.4
Repurchase of common stock		—		—		(1,145,604	)		—		—		—			(6.5	)		—			(6.5	)
Balance at June 30, 2025		1,200,000	$	—		32,046,258		$	—	$	246.0	$	(181.6	)	$	(18.2	)	$	(2.3	)	$	43.9
Net loss		—		—		—			—		—		(41.6	)		—			—			(41.6	)
Dividends on preferred stock, $0.625 per share		—		—		—			—		—		(0.7	)		—			—			(0.7	)
Stock-based compensation including employee stock purchase plan		—		—		109,639			—		1.6		—			—			—			1.6
Foreign currency translation adjustments		—		—		—			—		—		—			—			(0.7	)		(0.7	)
Change in fair value of derivative, net of tax		—		—		—			—		—		—			—			0.4			0.4
Balance at September 30, 2025		1,200,000	$	—		32,155,897		$	—	$	247.6	$	(223.9	)	$	(18.2	)	$	(2.6	)	$	2.9


	Three and Nine Months Ended September 30, 2024
	Preferred Stock				Common Stock
	Number of Shares		Amount		Number of Shares			Amount		Additional Paid-in Capital			Accumulated Deficit			Treasury Stock			Accumulated Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2023		1,200,000	$	—		32,369,820		$	—	$	233.8		$	(76.4	)	$	(5.9	)	$	(1.8	)	$	149.7
Net loss		—		—		—			—		—			(11.9	)		—			—			(11.9	)
Dividends on preferred stock, $0.625 per share		—		—		—			—		—			(0.8	)		—			—			(0.8	)
Dividends on common stock and dividend equivalent on stock-based compensation, $0.057 per share		—		—		—			—		—			(1.9	)		—			—			(1.9	)
Stock-based compensation including employee stock purchase plan		—		—		435,539			—		2.2			—			—			—			2.2
Foreign currency translation adjustments		—		—		—			—		—			—			—			(1.1	)		(1.1	)
Change in fair value of derivatives, net of tax		—		—		—			—		—			—			—			0.7			0.7
Balance at March 31, 2024		1,200,000	$	—		32,805,359		$	—	$	236.0		$	(91.0	)	$	(5.9	)	$	(2.2	)	$	136.9
Net loss		—		—		—			—		—			(11.9	)		—			—			(11.9	)
Dividends on preferred stock, $0.625 per share		—		—		—			—		—			(0.7	)		—			—			(0.7	)
Dividends on common stock and dividend equivalent on stock-based compensation, $0.057 per share		—		—		—			—		—			(2.0	)		—			—			(2.0	)
Stock-based compensation including employee stock purchase plan		—		—		36,269			—		1.3			—			—			—			1.3
Acquisition contingent consideration		—		—		339,847			—		3.4			—			—			—			3.4
Foreign currency translation adjustments		—		—		—			—		—			—			—			(0.5	)		(0.5	)
Change in fair value of derivatives, net of tax		—		—		—			—		—			—			—			0.7			0.7
Repurchase of common stock		—		—		(231,334	)		—		—			—			(2.0	)		—			(2.0	)
Balance at June 30, 2024		1,200,000	$	—		32,950,141		$	—	$	240.7		$	(105.6	)	$	(7.9	)	$	(2.0	)	$	125.2
Net loss		—		—		—			—		—			(27.7	)		—			—			(27.7	)
Dividends on preferred stock, $0.625 per share		—		—		—			—		—			(0.7	)		—			—			(0.7	)
Dividends on common stock and dividend equivalent on stock-based compensation, $0.057 per share		—		—		—			—		—			(2.0	)		—			—			(2.0	)
Stock-based compensation including employee stock purchase plan		—		—		142,300			—		2.3			—			—			—			2.3
Acquisition contingent consideration		—		—		—			—		(0.4	)		—			—			—			(0.4	)
Foreign currency translation adjustments		—		—		—			—		—			—			—			0.5			0.5
Change in fair value of derivative, net of tax		—		—		—			—		—			—			—			(1.5	)		(1.5	)
Balance at September 30, 2024		1,200,000	$	—		33,092,441		$	—	$	242.6		$	(136.0	)	$	(7.9	)	$	(3.0	)	$	95.7

The accompanying notes are an integral part of these condensed consolidated financial statements.

ALTA EQUIPMENT GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)


	Nine Months Ended September 30,
	2025			2024
OPERATING ACTIVITIES
Net loss	$	(68.6	)	$	(51.5	)
Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities
Depreciation and amortization		101.9			109.8
Amortization of debt discount and debt issuance costs		3.7			2.6
Gain on sale of property and rental equipment		(17.0	)		(25.2	)
Provision for inventory obsolescence		1.9			1.4
Provision for losses on accounts receivable		2.9			5.2
Gain on divestitures		(4.7	)		—
Loss on debt extinguishment		—			6.7
Stock-based compensation expense		3.1			3.9
Changes in deferred income taxes		28.0			5.2
Other operating activities		0.1			(1.9	)
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable		(18.3	)		26.5
Inventories		(60.7	)		(152.2	)
Proceeds from sale of rental equipment - rent-to-sell		64.3			92.5
Prepaid expenses and other assets		(14.1	)		3.2
Manufacturers floor plans payable		(28.3	)		8.4
Accounts payable, accrued expenses, leases, and other operating liabilities		4.9			(12.5	)
Net cash (used in) provided by operating activities		(0.9	)		22.1
INVESTING ACTIVITIES
Expenditures for rental equipment		(35.2	)		(45.6	)
Expenditures for property and equipment		(8.1	)		(11.4	)
Proceeds from sale of property and equipment		0.4			2.3
Proceeds from sale of rental equipment - rent-to-rent		6.8			8.9
Acquisition of businesses, net of cash acquired		(2.9	)		—
Proceeds from divestitures, net		21.1			—
Other investing activities		(1.4	)		(2.2	)
Net cash used in investing activities		(19.3	)		(48.0	)
FINANCING ACTIVITIES
Expenditures for debt issuance costs		—			(1.9	)
Extinguishment of long-term debt		—			(319.4	)
Proceeds from long-term borrowings		286.8			899.6
Principal payments on long-term debt and finance lease obligations		(244.2	)		(546.1	)
Proceeds from non-manufacturer floor plan payable		73.1			101.3
Payments on non-manufacturer floor plan payable		(81.3	)		(110.6	)
Preferred stock dividends paid		(2.2	)		(2.2	)
Common stock dividends declared and paid		(3.9	)		(5.9	)
Repurchases of common stock		(6.5	)		(2.0	)
Other financing activities		(1.1	)		(3.1	)
Net cash provided by financing activities		20.7			9.7

Effect of exchange rate changes on cash		0.2			(0.2	)
NET CHANGE IN CASH		0.7			(16.4	)

Cash, Beginning of year		13.4			31.0
Cash, End of period	$	14.1		$	14.6
Supplemental schedule of noncash investing and financing activities:
Noncash asset purchases:
Net transfer of assets from inventory to rental fleet	$	81.8		$	105.6
Contingent and non-contingent consideration for business acquisitions		—			0.2
Supplemental disclosures of cash flow information
Cash paid for interest	$	51.9		$	43.8
Cash paid for income taxes	$	4.5		$	1.5

The accompanying notes are an integral part of these condensed consolidated financial statements.

ALTA EQUIPMENT GROUP INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollars in millions, except per share data, unless otherwise indicated)

NOTE 1 — ORGANIZATION AND NATURE OF OPERATIONS

Nature of Operations

Alta Equipment Group Inc. and its subsidiaries (“Alta” or the “Company”) is engaged in the sale, service, and rental of material handling, construction, and environmental processing equipment in the states of Michigan, Illinois, Indiana, Ohio, Pennsylvania, New York, Virginia, Massachusetts, Maine, New Hampshire, Vermont, Rhode Island, Connecticut, Nevada and Florida, as well as the Canadian provinces of Ontario, Maritime, and Quebec. Unless the context otherwise requires, the use of the terms “the Company”, “we”, “us,” and “our” in these notes to the unaudited condensed consolidated financial statements refers to Alta Equipment Group Inc. and its consolidated subsidiaries.

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements include the consolidated accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In our opinion, all adjustments, consisting of all normal and recurring adjustments, considered necessary for a fair presentation of our financial position, results of operations and cash flows for the periods presented have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the 2024 Form 10-K. All intercompany transactions and balances have been eliminated in the preparation of the condensed consolidated financial statements.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

We describe our significant accounting policies in Note 2 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024. During the three and nine months ended September 30, 2025, there were no significant changes to those accounting policies.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are based on assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.

New Accounting Pronouncements

New Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid by jurisdiction. The Company is required to adopt the guidance in the 2025 Annual Report on Form 10-K. The guidance will require additional disclosures in the Income Tax footnote but will not have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This guidance requires additional disclosure in the notes to the financial statements of specified information about certain statement of operations expense line items. The Company is required to adopt the guidance in the 2027 Annual Report on Form 10-K and in our interim periods during 2028, though early adoption is permitted. The Company is currently evaluating the impact of this guidance on our consolidated financial statements.

The Company believes all other recently issued accounting pronouncements from the FASB that the Company has not noted above will not have a material impact on our consolidated financial statements or do not apply to us.

NOTE 3 — REVENUE RECOGNITION

We recognize revenue in accordance with two different accounting standards: 1) Topic 606, Revenues from Contracts with Customers (“Topic 606”) and 2) Topic 842, Leases, (“Topic 842”).

Disaggregation of Revenues

The following tables summarize the Company’s disaggregated revenues as presented in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 by revenue type and the applicable accounting standard.


	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
	Topic 842		Topic 606		Total		Topic 842		Topic 606		Total
Revenues:
New and used equipment sales	$	—	$	211.1	$	211.1	$	—	$	219.8	$	219.8
Parts sales		—		75.3		75.3		—		75.6		75.6
Service revenues		—		66.4		66.4		—		64.6		64.6
Rental revenues		48.4		—		48.4		53.7		—		53.7
Rental equipment sales		—		21.4		21.4		—		35.1		35.1
Total revenues	$	48.4	$	374.2	$	422.6	$	53.7	$	395.1	$	448.8


	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
	Topic 842		Topic 606		Total		Topic 842		Topic 606		Total
Revenues:
New and used equipment sales	$	—	$	698.4	$	698.4	$	—	$	699.9	$	699.9
Parts sales		—		222.9		222.9		—		226.5		226.5
Service revenues		—		197.4		197.4		—		194.8		194.8
Rental revenues		137.0		—		137.0

ALTA EQUIPMENT GROUP INC. 10-Q