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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
EquipmentShare.com
EquipmentShare.com (EQPT) investor relations material
EquipmentShare.com has been private
EquipmentShare.com Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Registration Filing summary13 Jan, 2026
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 hardware for jobsite management and fleet optimization.
Business model centers on equipment rental, sales, and technology, with expansion into site solutions, financial products, and software subscriptions.
Growth is driven by a three-part flywheel: T3 technology adoption, organic site expansion, and the capital-light OWN Program for fleet growth.
Nearly all 342 full-service rental locations as of September 30, 2025, were organically developed, with 98% of rental revenue since founding from organic site growth.
T3 platform provides real-time data, access control, and analytics, differentiating the company from traditional rental and software-only competitors.
Financial performance and metrics
Revenue grew from $1.7B in 2022 to $3.8B in 2024, a two-year CAGR of 47%; preliminary 2025 revenue estimated at $4.33–$4.37B.
Net income was $2.4M in 2024, $17.4M in 2023, and $49.6M in 2022; preliminary 2025 net income expected between $5M and $15M.
EBITDA reached $603M in 2024 and is projected at $660–$675M for 2025.
Equipment Rental Segment Adjusted EBITDA margin for all sites was 40.1% in 2024, with mature sites exceeding 50%.
OWN Program payouts increased 100.8% to $420.1M in 2024 and are expected to reach $710–$715M in 2025.
Cash and cash equivalents were $406.5M at year-end 2024, expected to be $308M at year-end 2025.
Long-term debt (net of current portion) was $2.53B at year-end 2024, projected to rise to $3.27B at year-end 2025.
Use of proceeds and capital allocation
Net proceeds of approximately $693.6M (at $24.50/share IPO price midpoint) will be used for general corporate purposes.
No proceeds from shares sold by selling shareholders; company retains broad discretion over use of funds.
Ongoing capital allocation supports organic site expansion, fleet growth (including through the OWN Program), and technology development.
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EquipmentShare.com
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