10-Q - Concrete Pumping Holdings, Inc. (0001703956) (Filer)

Tue, Mar 11, 9:07 PM (46 days ago)

Concrete Pumping Holdings, Inc. (BBCP) reported a net loss of $2.6 million for Q1 2025, a decrease from the $3.8 million loss in Q1 2024. Revenue decreased by 11.5% to $86.4 million, primarily due to adverse weather conditions and a slowdown in commercial construction. Gross margin improved to 36.1% from 34.1% due to lower fuel and insurance costs. General and administrative expenses decreased by $4.1 million to $27.8 million, largely due to a non-recurring sales tax litigation charge in Q1 2024. Interest expense decreased by $0.7 million to $5.8 million. The company issued $425 million in senior secured second lien notes due 2032 and used the proceeds to repay the 2026 notes and pay a special cash dividend of $1.00 per share. Cash flow from operations was $6.0 million, with investing activities using $3.9 million and financing activities providing $40.0 million. The company's liquidity remains strong, with $85.1 million in cash and cash equivalents and $324.5 million in available borrowing capacity under the ABL Facility. The company believes its current liquidity and capital resources are sufficient to meet its future needs.