Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended January 31, 2025

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

For the transition period from ____ to ____

Commission File Number: 001-38166

CONCRETE PUMPING HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)

Delaware	83-1779605
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

500 E. 84th Avenue, Suite A-5
Thornton, Colorado	80229
(Address of principal executive offices)	(Zip Code)

(303) 289-7497

(Registrant's telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

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, par value $0.0001 per share	BBCP	The Nasdaq Stock Market LLC

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 March 6, 2025, the registrant had 53,050,945 shares of common stock, par value $0.0001 per share, issued and outstanding.

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CONCRETE PUMPING HOLDINGS, INC.

QUARTERLY REPORT ON FORM 10-Q

fOR THE PERIOD ENDED January 31, 2025

			Page
Part I. Financial Information

	Item 1.	Financial Statements:
		Condensed Consolidated Balance Sheets (Unaudited)	3
		Condensed Consolidated Statements of Operations (Unaudited)	4
		Condensed Consolidated Statements of Comprehensive Income (Unaudited).	5
		Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)	6
		Condensed Consolidated Statements of Cash Flows (Unaudited)	7
		Notes to Unaudited Condensed Consolidated Financial Statements	8
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
	Item 4.	Controls and Procedures	32

Part II. Other Information

	Item 1.	Legal Proceedings	33
	Item 1A.	Risk Factors	33
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
	Item 3.	Defaults Upon Senior Securities	34
	Item 4.	Mine Safety Disclosures	34
	Item 5.	Other Information	34
	Item 6.	Exhibits	34

	Signatures		35

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PART I

ITEM 1. Financial Statements

Concrete Pumping Holdings, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


	*As of January 31,*			*As of October 31,*
(in thousands, except per share amounts)	*2025*			*2024*

Current assets:
Cash and cash equivalents	$	85,132		$	43,041
Receivables, net of allowance for doubtful accounts of $868 and $916, respectively		42,990			56,441
Inventory		6,197			5,922
Prepaid expenses and other current assets		6,594			6,956
Total current assets		140,913			112,360

Property, plant and equipment, net		408,612			415,726
Intangible assets, net		102,354			105,612
Goodwill		222,157			222,996
Right-of-use operating lease assets		25,612			26,179
Other non-current assets		10,820			12,578
Deferred financing costs		2,417			2,539
Total assets	$	912,885		$	897,990

Current liabilities:
Revolving loan	$	-		$	20
Operating lease obligations, current portion		4,942			4,817
Accounts payable		4,122			7,668
Accrued payroll and payroll expenses		8,217			14,303
Accrued expenses and other current liabilities		74,379			28,673
Income taxes payable		1,566			850
Total current liabilities		93,226			56,331

Long term debt, net of discount for deferred financing costs		417,055			373,260
Operating lease obligations, non-current		21,093			21,716
Deferred income taxes		84,480			86,647
Other liabilities, non-current		11,296			13,321
Total liabilities		627,150			551,275

Commitments and contingencies (Note 18)

Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of January 31, 2025 and October 31, 2024		25,000			25,000

Stockholders' equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 53,146,589 and 53,273,644 issued and outstanding as of January 31, 2025 and October 31, 2024, respectively		6			6
Additional paid-in capital		388,199			386,313
Treasury stock		(29,981	)		(25,881	)
Accumulated other comprehensive loss		(3,478	)		(483	)
Accumulated deficit		(94,011	)		(38,240	)
Total stockholders' equity		260,735			321,715

Total liabilities and stockholders' equity	$	912,885		$	897,990

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

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Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

	*Three Months Ended January 31,*
(in thousands, except per share amounts)	*2025*			*2024*

Revenue	$	86,447		$	97,711

Cost of operations		55,212			64,397
Gross profit		31,235			33,314

General and administrative expenses		27,750			31,858
Income from operations		3,485			1,456

Other income (expense):
Interest expense and amortization of deferred financing costs		(6,215	)		(6,523	)
Loss on extinguishment of debt		(1,392	)		-
Interest income		413			60
Change in fair value of warrant liabilities		-			130
Other income, net		34			40
Total other expense		(7,160	)		(6,293	)

Loss before income taxes		(3,675	)		(4,837	)

Income tax benefit		(1,036	)		(1,011	)

Net loss		(2,639	)		(3,826	)

Less accretion of liquidation preference on preferred stock		(440	)		(440	)

Loss available to common shareholders	$	(3,079	)	$	(4,266	)

Weighted average common shares outstanding (Note 15)
Basic		53,045			53,315
Diluted		53,045			53,315

Net loss per common share (Note 15)
Basic	$	(0.06	)	$	(0.08	)
Diluted	$	(0.06	)	$	(0.08	)

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

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Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	*Three Months Ended January 31,*
(in thousands)	*2025*			*2024*

Net loss	$	(2,639	)	$	(3,826	)

Other comprehensive income:
Foreign currency translation adjustment		(2,995	)		4,088

Total comprehensive income (loss)	$	(5,634	)	$	262

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

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Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)

	*Common Stock*					*Additional Paid-In Capital*		*Treasury Stock*			*Accumulated Other Comprehensive Income (Loss)*			*Accumulated Deficit*			*Total*
(in thousands, except share amounts)	*Shares*			*Amount*
Balance, October 31, 2024		53,273,644		$	6	$	386,313	$	(25,881	)	$	(483	)	$	(38,240	)	$	321,715
Stock-based compensation expense		-			-		367		-			-			-			367
Shares issued under stock-based program		415,333			-		1,519		-			-			-			1,519
Treasury shares purchased from shares issued under stock-based program		(246,121	)		-		-		(2,166	)		-			-			(2,166	)
Treasury shares purchased under share repurchase program		(296,267	)		-		-		(1,934	)		-			-			(1,934	)
Dividend		-			-		-		-			-			(53,132	)		(53,132	)
Net income		-			-		-		-			-			(2,639	)		(2,639	)
Foreign currency translation adjustment		-			-		-		-			(2,995	)		-			(2,995	)
Balance, January 31, 2025		53,146,589		$	6	$	388,199	$	(29,981	)	$	(3,478	)	$	(94,011	)	$	260,735

	*Common Stock*					*Additional Paid-In Capital*		*Treasury Stock*			*Accumulated Other Comprehensive Income (Loss)*			*Accumulated Deficit*			*Total*
(in thousands, except share amounts)	*Shares*			*Amount*
Balance, October 31, 2023		54,757,445		$	6	$	383,286	$	(15,114	)	$	(5,491	)	$	(54,447	)	$	308,240
Stock-based compensation expense		-			-		536		-			-			-			536
Forfeiture/cancellation of restricted stock		(750,585	)		-		-		-			-			-			-
Shares issued under stock-based program		8,496			-		-		-			-			-			-
Treasury shares purchased from shares issued under stock-based program		(109,178	)		-		-		(850	)		-			-			(850	)
Treasury shares purchased under share repurchase program		(36,094	)		-		-		(248	)		-			-			(248	)
Net loss		-			-		-		-			-			(3,826	)		(3,826	)
Foreign currency translation adjustment		-			-		-		-			4,088			-			4,088
Balance, January 31, 2024		53,870,084		$	6	$	383,822	$	(16,212	)	$	(1,403	)	$	(58,273	)	$	307,940

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Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	*For the Three Months Ended January 31,*
(in thousands)	*2025*			*2024*
Net loss	$	(2,639	)	$	(3,826	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash operating lease expense		1,284			1,281
Foreign currency adjustments		(41	)		(736	)
Depreciation		10,172			10,202
Deferred income taxes		(1,787	)		(1,825	)
Amortization of deferred financing costs		480			445
Amortization of intangible assets		3,028			3,895
Stock-based compensation expense		367			536
Change in fair value of warrant liabilities		-			(130	)
Loss on extinguishment of debt		1,392			-
Net gain on the sale of property, plant and equipment		(192	)		(305	)
Other operating activities		(37	)		46
Net changes in operating assets and liabilities:
Receivables		13,206			13,894
Inventory		(332	)		616
Other operating assets		(1,415	)		(564	)
Accounts payable		(3,343	)		(3,865	)
Other operating liabilities		(14,111	)		635
Net cash provided by operating activities		6,032			20,299

Cash flows from investing activities:
Purchases of property, plant and equipment		(5,841	)		(17,766	)
Proceeds from sale of property, plant and equipment		1,989			1,282
Net cash used in investing activities		(3,852	)		(16,484	)

Cash flows from financing activities:
Proceeds on long term debt		425,000			-
Payments on long term debt		(375,000	)		-
Proceeds on revolving loan		65,466			84,173
Payments on revolving loan		(65,486	)		(90,107	)
Payment of debt issuance costs		(7,312	)		-
Purchase of treasury stock		(2,582	)		(1,098	)
Other financing activities		(67	)		1,449
Net cash provided by (used in) financing activities		40,019			(5,583	)
Effect of foreign currency exchange rate changes on cash		(108	)		595
Net increase (decrease) in cash and cash equivalents		42,091			(1,173	)
Cash and cash equivalents:
Beginning of period		43,041			15,861
End of period	$	85,132		$	14,688

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

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Concrete Pumping Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Note 1. Organization and Description of Business

Organization

Concrete Pumping Holdings, Inc. (the "Company") is a Delaware corporation headquartered in Thornton, Colorado. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. ("Brundage-Bone"), Camfaud Group Limited ("Camfaud") and Eco-Pan, Inc. ("Eco-Pan").

Nature of business

Brundage-Bone is a concrete pumping service provider in the United States ("U.S.") and Camfaud is a concrete pumping service provider in the United Kingdom ("U.K."). Their core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Most often equipment returns to a "home base" nightly and these service providers do not contract to purchase, mix, or deliver concrete. Brundage-Bone has approximately 90 branch locations across 22 states, with its corporate headquarters in Thornton, Colorado. Camfaud has approximately 35 branch locations throughout the U.K., with its corporate headquarters in Epping (near London), England.

Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry. Eco-Pan uses containment pans specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 20 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado. In addition, we have concrete waste management operations under our Eco-Pan brand name in the U.K. and currently operate from a shared Camfaud location.

Seasonality

The Company’s sales are historically seasonal, with lower revenue in the first quarter and higher revenue in the fourth quarter of each year. Such seasonality also causes the Company’s working capital cash flow requirements to vary from quarter to quarter and primarily depends on the variability of weather patterns with the Company generally having lower sales volume during the winter and spring months.

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, 2024 ("Annual Report"). During the three months ended January 31, 2025, 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 on Form 10-K for the year ended October 31, 2024.

Certain prior period amounts have been reclassified in order to conform to the current year presentation.

During the first quarter of fiscal year 2025, the Company updated its allocation methodology of corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation. For further discussion, see Note 19.

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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Recently issued accounting pronouncements not yet effective

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 entity’s overall performance and assess potential future cash flows. This ASU is effective for public companies with annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting 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, 2025, and is currently evaluating the effects that the adoption of this guidance will have on its consolidated financial statements.

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 entity’s 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 reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects that the adoption of this guidance will have on its consolidated financial statements.

ASU 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASU 2024-03") - In November 2024, the FASB issued ASU No. 2024-03, which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This ASU is effective for public companies with annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effects that the adoption of this guidance will have on its consolidated financial statements.

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Note 3. Prepaid Expenses and Other Current Assets

The significant components of prepaid expenses and other current assets as of January 31, 2025 and October 31, 2024 are comprised of the following:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Expected recoveries related to self-insured commercial liabilities	$	1,421	$	3,155
Prepaid insurance		1,017		1,462
Prepaid licenses and deposits		2,119		884
Other current assets and prepaids		2,037		1,455
Total prepaid expenses and other current assets	$	6,594	$	6,956

Note 4. Property, Plant and Equipment

The significant components of property, plant and equipment as of January 31, 2025 and October 31, 2024 are comprised of the following:

	*As of January 31,*			*As of October 31,*
(in thousands)	*2025*			*2024*
Land, building and improvements	$	32,526		$	32,724
Machinery and equipment		534,963			534,014
Transportation equipment		11,257			11,133
Furniture and office equipment		4,207			4,187
Property, plant and equipment, gross		582,953			582,058
Less accumulated depreciation		(174,341	)		(166,332	)
Property, plant and equipment, net	$	408,612		$	415,726

For the three months ended January 31, 2025 and 2024 depreciation expense is as follows:

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Cost of operations	$	9,623	$	9,613
General and administrative expenses		549		589
Total depreciation expense	$	10,172	$	10,202

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Note 5. 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 three months ended January 31, 2025. 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 January 31, 2025 and October 31, 2024:

	*As of January 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		8.9	$	195,126	$	-		$	(146,940	)	$	1,030	$	49,216
Trade name		3.8		5,097		-			(3,313	)		227		2,011
Assembled workforce		0.9		1,650		-			(1,560	)		-		90
Noncompete agreements		2.7		1,200		-			(663	)		-		537
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(152,476	)	$	1,257	$	102,354

	*As of October 31,*
	*2024*
	*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		9.1	$	195,126	$	-		$	(144,132	)	$	1,191	$	52,185
Trade name		4.1		5,097		-			(3,181	)		296		2,212
Assembled workforce		1.1		1,650		-			(1,522	)		-		128
Noncompete agreements		2.9		1,200		-			(613	)		-		587
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(149,448	)	$	1,487	$	105,612

Amortization expense for the three months ended January 31, 2025 and 2024 was $3.0 million and $3.9 million, respectively.

The changes in the carrying value of goodwill by reportable segment for the three months ended January 31, 2025 are as follows:

*(in thousands)*	*U.S. Concrete Pumping*		*U.K. Operations*			*U.S. Concrete Waste Management Services*		*Total*
Balance as of October 31, 2024	$	147,482	$	26,381		$	49,133	$	222,996
Foreign currency translation		-		(839	)		-		(839	)
Balance as of January 31, 2025	$	147,482	$	25,542		$	49,133	$	222,157

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Note 6. Other Non-Current Assets

The significant components of other non-current assets as of January 31, 2025 and October 31, 2024 are comprised of the following:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Expected recoveries related to self-insured commercial liabilities	$	10,423	$	12,170
Other non-current assets		397		408
Total other non-current assets	$	10,820	$	12,578

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 January 31, 2025 and October 31, 2024:

				*January 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					(7,945	)		(1,740	)
Less: Current portion					-			(20	)
Long term debt, net of unamortized deferred financing costs				$	417,055		$	373,260

On January 31, 2025, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the "Issuer") and a wholly-owned subsidiary of the Company, closed its private offering of $425.0 million in aggregate principal amount of senior secured second lien notes due 2032 (the “2032 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"). The 2032 Notes were issued at par and bear interest at a fixed rate of 7.500% per annum. The Issuer’s obligations under the 2032 Notes are jointly and severally guaranteed on a senior secured basis by the Company, Concrete Pumping Intermediate Acquisition Corp. and each of the Issuer’s domestic, wholly-owned subsidiaries that is a borrower or a guarantor under the ABL Facility (collectively, the "Guarantors"). The proceeds from the 2032 Notes were used to pay the redemption price for all of the Company's outstanding 6.000% senior secured second lien notes due 2026 (the “2026 Notes”) and to pay related fees and expenses thereto. In addition, the remainder of the net proceeds, together with cash on hand, were used to pay a special cash dividend of $1.00 per share of common stock of the Company on February 3, 2025.

The pay-off of the 2026 Notes was treated as a debt extinguishment. In accordance with debt extinguishment accounting rules, the Company recorded $1.4 million in debt extinguishment costs related to the write-off of all unamortized deferred debt issuance costs that were related to the 2026 Notes and capitalized $7.9 million of debt issuance costs related to the 2032 Notes.

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Summarized terms of the 2032 Notes are as follows:

	●	Provides for an original aggregate principal amount of $425.0 million;
	●	The 2032 Notes will mature and be due and payable in full on February 1, 2032;
	●	The 2032 Notes bear interest at a rate of 7.500% per annum, payable on February 1st and August 1st of each year;
	●	The Notes are jointly and severally guaranteed on a senior secured basis by the Company, Concrete Pumping Intermediate Acquisition Corp. (“Intermediate Holdings”) and each of the Issuer’s domestic, wholly-owned subsidiaries (the “Guarantors”) that is a borrower under or guarantees the ABL Facility. The Notes and the guarantees will be secured on a second-priority basis by all the assets of the Issuer and the Guarantors that secure the obligations under the ABL Facility, subject to certain exceptions. The Notes and the guarantees will be the Issuer’s and the Guarantors’ senior secured obligations, will rank equally with all of the Issuer’s and the Guarantors’ existing and future senior indebtedness and will rank senior to all of the Issuer’s and the Guarantors’ existing and future subordinated indebtedness. The Notes will be structurally subordinated to all existing and future indebtedness and liabilities of the Company’s subsidiaries that do not guarantee the Notes.
	●	The Indenture contains certain covenants applicable to the Issuer and its restricted subsidiaries. These covenants limit, among other things, the Issuer’s ability and the ability of its restricted subsidiaries to: incur additional indebtedness and issue certain preferred stock; make certain investments, distributions and other restricted payments; create or incur certain liens; merge, consolidate or transfer all or substantially all assets; enter into certain transactions with affiliates; and sell or otherwise dispose of certain assets. These covenants are subject to important exceptions and qualifications.

The outstanding principal amount of the 2032 Notes as of January 31, 2025 was $425.0 million and as of that date, the Company was in compliance with all covenants under the Indenture.

On September 6, 2024, the ABL Facility was amended to, among other changes, (1) increase the maximum revolver borrowings available to be drawn thereunder from $225.0 million to $350.0 million, (2) increase the letter of credit sublimit from $22.5 million to $32.5 million and (3) extend the maturity of the ABL Facility to the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the 2032 Notes or (ii) the date the 2032 Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which the borrowers under the ABL Facility can, subject to specified conditions, increase the ABL Facility by up to an additional $25.0 million. Of the $125.0 million in incremental commitments, $75.0 million was provided by Bank of America, N.A. and $50.0 million was provided by PNC Bank, N.A. The amended ABL Facility was treated as a debt modification. The Company capitalized an additional $1.2 million of debt issuance costs related to the September 6, 2024 ABL Facility amendment. The preexisting unamortized deferred costs of $1.4 million and the additional costs of $1.2 million will be amortized from September 6, 2024 through September 6, 2029.

There was no outstanding balance under the ABL Facility as of January 31, 2025 and as of that date, the Company was in compliance with all debt covenants. Borrowings are generally in the form of short-term fixed rate loans that can be extended to mature on the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the 2032 Notes or (ii) the date the 2032 Notes become due and payable. Amounts borrowed may be repaid at any time, subject to the terms and conditions of the agreement.

The Company utilizes the ABL Facility to support its working capital arrangement.

In addition, as of January 31, 2025 the Company had $1.1 million in credit line reserves and a letter of credit balance of $13.9 million.

As of January 31, 2025 we had $324.5 million of available borrowing capacity under the ABL Facility. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed consolidated balance sheets. The Company had debt issuance costs related to the revolving credit facilities of $2.4 million as of January 31, 2025.

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Note 8. Accrued Payroll and Payroll Expenses

The following table summarizes accrued payroll and expenses as of January 31, 2025 and October 31, 2024:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Accrued vacation	$	2,859	$	3,541
Accrued payroll		1,942		4,339
Accrued bonus		1,995		4,837
Accrued employee-related taxes		1,396		1,517
Other accrued		25		69
Total accrued payroll and payroll expenses	$	8,217	$	14,303

Note 9. Accrued Expenses and Other Current Liabilities

The following table summarizes accrued expenses and other current liabilities as of January 31, 2025 and October 31, 2024:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Accrued self-insured commercial liabilities	$	9,345	$	12,210
Accrued self-insured health liabilities		1,552		1,712
Accrued interest		89		5,625
Accrued equipment purchases		2,438		1,354
Accrued property, sales and use tax		3,090		3,960
Accrued professional fees		1,758		1,326
Accrued dividends		53,132		-
Other		2,975		2,486
Total accrued expenses and other liabilities	$	74,379	$	28,673

Note 10. Other Liabilities, Non-Current

The following table summarizes other non-current liabilities as of January 31, 2025 and October 31, 2024:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Self-insured commercial liability	$	10,423	$	12,332
Other		873		989
Total other non-current liabilities	$	11,296	$	13,321

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Note 11. Stockholders’ Equity

Share Repurchase Program

In March 2024, the board of directors of the Company approved a $15.0 million increase to the Company’s share repurchase program. This authorization was in addition to the repurchase authorization of up to $10.0 million to expire March 31, 2025 that was previously approved in January 2023. 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. As of January 31, 2025, the Company has $15.1 million available for repurchase under its share repurchase program.

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 repurchased and average price per share for the three months ended January 31, 2025 and 2024. All repurchases were at market value.

	*Three Months Ended January 31,*
(in thousands, except price per share)	*2025*		*2024*
Shares repurchased		296		36
Total cost of shares repurchased	$	1,934	$	248
Average price per share	$	6.53	$	6.88

Note 12. Revenue Recognition

The table below summarizes our revenues as presented in our unaudited condensed consolidated statements of operations for the periods ended January 31, 2025 and 2024 by revenue type:

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Service revenue	$	78,028	$	89,958
Lease fixed revenue		5,000		4,549
Lease variable revenue		3,419		3,204
Total revenue	$	86,447	$	97,711

For further information, see Note 2 of the notes to condensed consolidated financial statements in our annual report on Form 10-K for the year ended October 31, 2024 ("Annual Report").

Note 13. Income Taxes

The following table summarizes income before income taxes and income tax expense for the three months ended January 31, 2025 and 2024:

	*Three Months Ended January 31,*
(in thousands)	*2025*			*2024*

Income before income taxes	$	(3,675	)	$	(4,837	)

Income tax benefit	$	(1,036	)	$	(1,011	)

For the three months ended January 31, 2025 and 2024, the Company’s effective tax rate was 28.2% and 20.9%, respectively. The comparability of effective tax rates between both periods was primarily impacted by excess tax deficiencies from share-based compensation in fiscal 2024.

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Note 14. 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:

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Compensation expense – restricted stock	$	332	$	476
Compensation expense – stock options		35		60
Total	$	367	$	536

Note 15. Earnings Per Share

The table below shows our basic and diluted EPS calculations for the three months ended January 31, 2025 and 2024:

	*Three Months Ended January 31,*
(in thousands, except per share amounts)	*2025*			*2024*
Net loss (numerator):
Net loss attributable to Concrete Pumping Holdings, Inc.	$	(2,639	)	$	(3,826	)
Less: Accretion of liquidation preference on preferred stock		(440	)		(440	)
Net loss attributable to common stockholders (numerator for basic and diluted earnings per share)	$	(3,079	)	$	(4,266	)

Weighted average shares (denominator):
Weighted average shares - basic		53,045			53,315
Weighted average shares - diluted		53,045			53,315

Basic earnings per share	$	(0.06	)	$	(0.08	)
Diluted earnings per share	$	(0.06	)	$	(0.08	)

Certain outstanding stock awards and options and preferred stock were excluded from the diluted earnings per share calculation for the periods presented because they were anti-dilutive.

For the three months ended January 31, 2025, 2.5 million shares of Series A Preferred Stock, 0.3 million of restricted stock units and 0.1 million of outstanding stock awards and options were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.

For the three months ended January 31, 2024, 2.5 million shares of Series A Preferred Stock, 0.5 million of unvested restricted stock awards and 1.3 million of unexercised stock options were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.

Dividends

On January 14, 2025, the Company's Board of Directors declared a special cash dividend of $1.00 per share, approximately $53.1 million, of common stock to shareholders of record as of January 24, 2025, with a payment date on February 3, 2025.

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Note 16. Supplemental Cash Flow Information

The table below shows supplemental cash flow information for the three months ended January 31, 2025 and 2024:

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Supplemental cash flow information:
Cash payments related to operating lease liabilities	$	1,253	$	1,292
Cash paid for interest	$	11,394	$	489

Non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$	981	$	5,324

The table below shows property, plant and equipment acquired but not yet paid for as of January 31, 2025 and 2024:

	*As of January 31,*
(in thousands)	*2025*		*2024*
Beginning of period:
PP&E acquired but not yet paid	$	1,591	$	9,484

End of period:
PP&E acquired but not yet paid	$	2,549	$	4,597

Note 17. Fair Value Measurement

The carrying amounts of the Company's cash and cash equivalents, accounts receivable, accounts payable and current accrued liabilities approximate their fair value as recorded due to the short-term maturity of these instruments, which approximates fair value. The Company’s outstanding obligations on its asset-backed loan ("ABL") credit facility are deemed to be at fair value as the interest rates on these debt obligations are variable and consistent with prevailing rates. There were no changes since October 31, 2024 in the Company's valuation techniques used to measure fair value.

Long-term debt instruments

The Company's long-term debt instruments are recorded at their carrying values in the condensed consolidated balance sheet, which may differ from their respective fair values. The fair values of the long-term debt instruments are derived from Level 2 inputs. The fair value amount of the long-term debt instruments as of January 31, 2025 and October 31, 2024 is presented in the table below based on the prevailing interest rates and trading activity of the Senior Notes.

	*As of January 31,*				*As of October 31,*
	*2025*				*2024*
(in thousands)	*Carrying Value*		*Fair Value*		*Carrying Value*		*Fair Value*
2026 Notes	$	-	$	-	$	375,000	$	372,656
2032 Notes	$	425,000	$	430,047	$	-	$	-

All other non-financial assets

The Company's non-financial assets, which primarily consist of property and equipment, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite lived intangibles), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value.

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Note 18. 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 liabilities, non-current 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 January 31, 2025 and October 31, 2024 for (1) recorded liabilities, related to both asserted as well as unasserted insurance claims and (2) any related insurance claims receivables:

		*As of January 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	$	9,345	$	12,210
Self-insured commercial liability, non-current	Other liabilities, non-current		10,423		12,332
*Total self-insured commercial liabilities*		$	19,768	$	24,542

Expected recoveries related to self-insured commercial liabilities, current	Prepaid expenses and other current assets	$	1,421	$	3,155
Expected recoveries related to self-insured commercial liabilities, non-current	Other non-current assets		10,423		12,170
*Total expected recoveries related to self-insured commercial liabilities*		$	11,844	$	15,325

*Total self-insured commercial liability, net of expected recoveries*		$	7,924	$	9,217

Medical Self-Insured Losses

The Company offers employee health benefits via a partially self-insured medical benefit plan. Participant claims exceeding certain limits are covered by a stop-loss insurance policy. The Company contracts with a third-party administrator for tasks including, but not limited to, processing claims and remitting benefits. As of January 31, 2025 and October 31, 2024, the Company had accrued $1.6 million and $1.7 million, respectively, for estimated health claims incurred but not reported based on historical claims amounts and average lag time. These accruals are included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. The Company contracts with a third-party administrator to process claims and remit benefits. The third-party administrator requires the Company to maintain a bank account to facilitate the administration of claims.

Litigation

The Company is currently involved in certain legal proceedings and other disputes with third parties that have arisen in the ordinary course of business. Management believes that the outcomes of these matters will not have a material impact on the Company’s financial statements and does not believe that any amounts need to be recorded for contingent liabilities in the Company’s condensed consolidated balance sheet.

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Washington Department of Revenue Sales Tax Issue

Historically, the Company has not charged sales tax to its Washington State customers that provide a reseller certificate, treating this as a wholesale transaction rather than as a retail sale. Effective April 1, 2020, the state of Washington Department of Revenue ("DOR") published a rule which amended Washington Administrative Code 458-20-211, otherwise known as Rule 211, by designating sales of stand-alone concrete pumping services as solely retail transactions. The Company sought to defend its position that no sales tax should be charged for customers that provide a reseller certificate. As such, for the period from April 1, 2020 through January 31, 2024, the Company did not charge sales tax where its customers provide a reseller certificate and petitioned for declaratory relief from the amended rule.

In February 2023, the Company received an adverse ruling from the Thurston County superior court in Washington State regarding its position, which it appealed. As of October 31, 2023, no liability had been recorded in connection with this contingency as a loss was not deemed probable at that time.

In February 2024, oral arguments were heard in the Court of Appeals in Tacoma, Washington and the Company received an unfavorable judgement during the same month. As a result of this unfavorable judgment, the Company concluded that loss is probable and therefore recorded a loss of $3.5 million. The loss is included in general and administrative expenses in the Company’s condensed consolidated financial statements for the three months ended January 31, 2024. During the quarter ended January 31, 2024, the Company made a payment of $1.8 million to the DOR. Beginning with the second quarter of fiscal year 2024, the Company started assessing sales tax related to its customers in the state of Washington.

Letters of credit

The ABL Facility provides for up to $32.5 million of standby letters of credit. As of January 31, 2025, total outstanding letters of credit totaled $13.9 million, all of which had been committed to the Company's commercial insurance providers.

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Note 19. Segment Reporting

The Company’s revenues are derived from three reportable segments: 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 Intersegment or Other below. All Other non-segmented assets primarily include cash and cash equivalents and intercompany eliminations. The Company evaluates the performance of each segment based on revenue, and measures segment performance based upon EBITDA (earnings before interest, taxes, depreciation and amortization).

The U.S. and U.K. regions each individually accounted for more than 10% of the Company's revenue for the periods presented.

The table below shows changes from the recast of segment results for the three months ended January 31, 2024:

	Three Months Ended January 31, 2024
(in thousands)	U.S. Concrete Pumping			U.S. Concrete Waste Management Services
As Previously Reported
Interest expense and amortization of deferred financing costs, net of interest income	$	5,754		$	-
Reportable segment EBITDA	$	7,036		$	5,380

Recast Adjustment
Interest expense and amortization of deferred financing costs, net of interest income	$	(1,757	)	$	1,757
Reportable segment EBITDA	$	1,885		$	(1,885	)

Current Report As Recast
Interest expense and amortization of deferred financing costs, net of interest income	$	3,997		$	1,757
Reportable segment EBITDA	$	8,921		$	3,495

The following provides operating information about the Company's reportable segments for the periods presented:

	*January 31,*			*October 31,*
(in thousands)	*2025*			*2024*
Total Assets
U.S. Concrete Pumping	$	741,151		$	718,218
U.S. Concrete Waste Management Services		202,329			201,528
U.K. Operations		113,544			117,418
Reportable segment assets		1,057,024			1,037,164
Other		(144,139	)		(139,174	)
Total Assets	$	912,885		$	897,990

	*Three Months Ended January 31,*
(in thousands)	*2025*			*2024*
Revenue
U.S. Concrete Pumping	$	56,914		$	66,683
U.S. Concrete Waste Management Services⁽¹⁾		16,693			15,620
U.K. Operations		12,840			15,408
Total revenue	$	86,447		$	97,711
(1) For both periods presented, intersegment revenue of $0.1 million has been excluded.

EBITDA
U.S. Concrete Pumping	$	8,126		$	8,921
U.S. Concrete Waste Management Services		4,355			3,495
U.K. Operations		2,846			3,176
Reportable segment EBITDA		15,327			15,592
Interest expense and amortization of deferred financing costs, net of interest income		(5,802	)		(6,463	)
Reportable depreciation and amortization		(13,200	)		(14,097	)
Other		-			131
Total loss before income taxes	$	(3,675	)	$	(4,837	)

Depreciation and amortization
U.S. Concrete Pumping	$	9,075		$	10,230
U.S. Concrete Waste Management Services		2,276			2,059
U.K. Operations		1,849			1,808
Total depreciation and amortization	$	13,200		$	14,097

Interest expense and amortization of deferred financing costs, net of interest income
U.S. Concrete Pumping	$	3,311		$	3,997
U.S. Concrete Waste Management Services		1,772			1,757
U.K. Operations		719			709
Total interest expense and amortization of deferred financing costs, net of interest income	$	5,802		$	6,463

Total capital expenditures
U.S. Concrete Pumping	$	2,185		$	7,932
U.S. Concrete Waste Management Services		1,967			3,047
U.K. Operations		1,678			4,227
Reportable segment capital expenditures		5,830			15,206
Other		11			2,560
Total capital expenditures	$	5,841		$	17,766

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The total assets by geographic location is provided to the CODM and is presented below. Revenues are attributable to countries based on the location of the customer. Total revenue, total assets and property, plant and equipment, net by geographic location for the periods presented are as follows:

	*As of*		*As of*
	*January 31,*		*October 31,*
(in thousands)	*2025*		*2024*
Total Assets
U.S.	$	799,341	$	780,572
U.K.		113,544		117,418
Total Assets	$	912,885	$	897,990

Property, plant and equipment, net
U.S.	$	348,846	$	353,895
U.K.		59,766		61,831
Property, plant and equipment, net	$	408,612	$	415,726

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Revenue by geography
U.S.	$	73,607	$	82,303
U.K.		12,840		15,408
Total revenue	$	86,447	$	97,711

Note 20. Subsequent Events

On February 3, 2025, the Company paid $53.1 million as part of the special one-time cash dividend of $1.00 per share declared by the Company's Board of Directors on January 14, 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following management’s discussion and analysis together with Concrete Pumping Holdings, Inc.’s (the "Company", "we", "us" or "our") condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report. All references to "Notes" in this Item 2 of Part I refer to the notes to condensed consolidated financial statements included in Item 1 of Part I of this report. All references to "Annual Report" refers to our Form 10-K for the year ended October 31, 2024 filed with the SEC on January 10, 2025.

Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary

Certain statements in this Quarterly Report on Form 10-Q ("Report") constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. These forward-looking statements may be identified by terminology such as "likely," "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained in this Report are reasonable, we cannot guarantee future results.

The forward-looking statements contained in this Report are based on our current expectations and beliefs concerning future developments and their potential effects. These statements involve known and unknown risks, uncertainties (some of which are beyond our control) and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the items in the following:

	●	the adverse impact of recent inflationary pressures, including increases in fuel costs, global economic conditions and events related to these conditions;
	●	general economic and business conditions, which may affect demand for commercial, infrastructure, and residential construction and adverse effects of major endemics or pandemics on our business;
	●	seasonal and inclement weather conditions, which impede the installation of ready-mixed concrete;
	●	the cyclical nature of, and changes in, the real estate and construction markets, including pricing changes by our competitors;
	●	our ability to successfully implement our operating strategy;
	●	our ability to successfully identify, manage and integrate acquisitions;
	●	our ability to maintain effective internal controls necessary to provide reliable financial reports;
	●	governmental requirements and initiatives, including those related to mortgage lending, financing or deductions, funding for public or infrastructure construction, land usage, and environmental, health, and safety matters;
	●	our ability to maintain favorable relationships with third parties who supply us with equipment and essential supplies;
	●	our ability to retain key personnel and maintain satisfactory labor relations;
	●	disruptions, uncertainties or volatility in the credit markets that may limit our, our suppliers’ and our customers’ access to capital;
	●	personal injury, property damage, results of litigation, proceedings, adverse rulings, other claims and insurance coverage issues;
	●	our substantial indebtedness and the restrictions imposed on us by the terms of our indebtedness;
	●	the effects of currency fluctuations on our results of operations and financial condition; and
	●	our ability to monitor, protect and reduce disruptions to our information technology systems from cybersecurity threats and incidents;
	●	other factors as described in the section entitled "Risk Factors" in our Annual Report.

Our forward-looking statements speak only as of the date of this report or as of the date they are made, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports on Forms 10-K, 10-Q and 8-K should be considered.

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Business Overview

The Company is a Delaware corporation headquartered in Thornton, Colorado. The unaudited condensed consolidated financial statements included herein include the accounts of Concrete Pumping Holdings, Inc. and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. ("Brundage-Bone"), Camfaud Group Limited ("Camfaud") and Eco-Pan, Inc. ("Eco-Pan").

As part of the Company’s business growth and capital allocation strategy, the Company views strategic acquisitions as opportunities to enhance our value proposition through differentiation and competitiveness. Depending on the deal size and characteristics of the M&A opportunities available, we expect to allocate capital for opportunistic M&A utilizing cash on the balance sheet and the Company's revolving line of credit.

U.S. Concrete Pumping

All branches operating within our U.S. Concrete Pumping segment are concrete pumping service providers in the United States ("U.S."). Our U.S. Concrete Pumping core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a "home base" nightly and these branches do not contract to purchase, mix, or deliver concrete. This segment collectively has approximately 90 branch locations across 22 states with their corporate headquarters in Thornton, Colorado.

U.S. Concrete Waste Management Services

Our U.S. Concrete Waste Management Services segment consists of our U.S. based Eco-Pan business. Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry. Eco-Pan uses containment pans specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 20 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado.

U.K. Operations

Our U.K. Operations segment consists of our Camfaud, Premier and U.K. based Eco-Pan businesses. Camfaud is a concrete pumping service provider in the U.K. Our U.K. core business is primarily the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a "home base" nightly and does not contract to purchase, mix, or deliver concrete. Camfaud has approximately 35 branch locations throughout the U.K., with its corporate headquarters in Epping (near London), England. In addition, we have concrete waste management operations under our Eco-Pan brand name in the U.K. and currently operate from a shared Camfaud location.

Corporate ("Other")

Our Corporate activities, referred to as "Other" in our financial statements, primarily relates to the change in fair value remeasurement of warrant liabilities leading up to their expiration.

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Results of Operations

The tables included in the period-to-period comparisons below provide summaries of our revenues and gross profits for our business segments for the three months ended January 31, 2025 and 2024.

Three Months Ended January 31, 2025 Compared to the Three Months Ended January 31, 2024

Revenue

	Three Months Ended January 31,				Change
(in thousands, unless otherwise stated)	2025		2024		$			%
Revenue
U.S. Concrete Pumping	$	56,914	$	66,683	$	(9,769	)		(14.6	)%
U.S. Concrete Waste Management Services⁽¹⁾		16,693		15,620		1,073			6.9	%
U.K. Operations		12,840		15,408		(2,568	)		(16.7	)%
Total revenue	$	86,447	$	97,711	$	(11,264	)		(11.5	)%

(1) For both periods presented, intersegment revenue of $0.1 million has been excluded.

Total revenue. Total revenues were $86.4 million for the three months ended January 31, 2025 compared to $97.7 million for the three months ended January 31, 2024. Revenue by segment is further discussed below.

U.S. Concrete Pumping. Revenue for our U.S. Concrete Pumping segment decreased by 14.6%, or $9.8 million, from $66.7 million in the first quarter of fiscal 2024 to $56.9 million for the first quarter of fiscal 2025 primarily attributable to a decrease in volumes driven by (1) higher than normal rainfall and much colder than average temperatures in the Company's central, mountain and southeastern regions throughout the quarter and (2) a continued general slowdown in commercial construction work, mostly due to tighter-than-expected monetary policy.

U.S. Concrete Waste Management Services. Revenue for the U.S. Concrete Waste Management Services segment improved by 6.9%, or $1.1 million, from $15.6 million in the first quarter of fiscal 2024 to $ 16.7 million for the first quarter of fiscal 2025. The increase in revenue was driven by organic growth and pricing improvements.

U.K. Operations. Revenue for our U.K. Operations segment decreased by 16.7%, or $2.6 million, from $15.4 million in the first quarter of fiscal 2024 to $12.8 million for the first quarter of fiscal 2025. Excluding the impact from foreign currency translation, revenue was down 16.5% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work.

Gross Profit and Gross Margin

	Three Months Ended January 31,						Change
(in thousands, unless otherwise stated)	2025			2024			$			%
Gross Profit and Gross Margin
Gross Profit	$	31,235		$	33,314		$	(2,079	)		(6.2	)%
Gross Margin		36.1	%		34.1	%

Gross margin. Our gross margin for the first quarter of fiscal 2025 was 36.1% compared to 34.1% in the first quarter of fiscal 2024. The improvement in gross margin was primarily related to improvements in fuel and commercial insurance costs.

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General and administrative expenses

General and administrative expenses ("G&A"). G&A expenses for the first quarter of fiscal 2025 were $27.8 million, a decrease of $4.1 million from $31.9 million in the first quarter of fiscal 2024. G&A expenses as a percent of revenue were 32.2% for the first quarter of fiscal 2025 compared to 32.7% for the same period a year ago. The decrease in G&A expenses was largely due to (1) the non-recurring $3.5 million sales tax litigation-related charge in the first quarter of 2024, (2) non-cash decreases in amortization expense of $0.9 million, and (3) lower labor costs of approximately $0.8 million, that were partially offset by a decrease in currency gain of $0.7 million and higher professional fees of $0.6 million.

For the first quarter of fiscal 2025, excluding amortization of intangible assets of $3.0 million, depreciation expense of $0.5 million, and stock-based compensation expense of $0.4 million, G&A expenses were $23.9 million (27.7% of revenue). For the first quarter of fiscal 2024, excluding amortization of intangible assets of $3.9 million, depreciation expense of $0.6 million, stock-based compensation expense of $0.5 million, the non-recurring $3.5 million sales tax litigation-related charge and currency gain of $0.7 million, G&A expenses were $24.1 million (24.7% of revenue).

Total other income (expense)

Interest expense and amortization of deferred financing costs, net of interest income. Interest expense and amortization of deferred financing costs, net of interest income for the first quarter of fiscal 2025 was $5.8 million, down $0.7 million from $6.5 million in the first quarter of fiscal 2024. The decrease was primarily attributable to a lower average ABL revolver draw during the fiscal 2025 first quarter as compared to the same quarter a year ago.

Debt extinguishment costs. On January 31, 2025, we closed on our private offering of $425.0 million in aggregate principal amount of senior secured second lien notes due 2032 and repaid all outstanding indebtedness under our then-existing senior notes due 2026. The $1.4 million in debt extinguishment costs incurred relate to the write-off of all unamortized deferred debt issuance costs that were related to the 2026 Notes.

Income tax benefit

Income tax benefit. For the three months ended January 31, 2025 and 2024, the Company’s effective tax rate was 28.2% and 20.9%, respectively. The comparability of effective tax rates between both periods was primarily impacted by excess tax deficiencies from share-based compensation in fiscal 2024.

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Net Income (Loss) and Adjusted EBITDA Results

During the first quarter of fiscal year 2025, the Company updated its methodology in which the Company allocates its corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation.

The Company recast segment results for the three months ended January 31, 2024 are below:

	Three Months Ended January 31, 2024
(in thousands)	U.S. Concrete Pumping			U.S. Concrete Waste Management Services
As Previously Reported
Net income (loss)	$	(6,845	)	$	2,405
Interest expense and amortization of deferred financing costs, net of interest income		5,754			-
EBITDA		7,036			5,380
Stock-based compensation		536			-
Other income, net		(20	)		(7	)
Other Adjustments		3,154			-
Adjusted EBITDA		10,706			5,373

Recast Adjustment
Net income (loss)	$	3,642		$	(3,642	)
Interest expense and amortization of deferred financing costs, net of interest income		(1,757	)		1,757
EBITDA		1,885			(1,885	)
Stock-based compensation		(161	)		161
Other expense (income), net		3			(3	)
Other Adjustments		(841	)		841
Adjusted EBITDA		886			(886	)

Current Report As Recast
Net loss	$	(3,203	)	$	(1,237	)
Interest expense and amortization of deferred financing costs, net of interest income		3,997			1,757
EBITDA		8,921			3,495
Stock-based compensation		375			161
Other income, net		(17	)		(10	)
Other Adjustments		2,313			841
Adjusted EBITDA		11,592			4,487

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	Net Income (loss)
	Three Months Ended January 31,						Change
(in thousands, unless otherwise stated)	2025			2024				$		%
U.S. Concrete Pumping	$	(3,080	)	$	(3,203	)	$	123		$	3.8	%
U.S. Concrete Waste Management Services		224			(1,237	)		1,461			118.1	%
U.K. Operations		217			484			(267	)		(55.2	)%
Other		-			130			(130	)		*
Total	$	(2,639	)	$	(3,826	)	$	1,187		$	(31.0	)%
*Change is not meaningful

	Adjusted EBITDA
	Three Months Ended January 31,						Change
(in thousands, unless otherwise stated)	2025			2024				$		%
U.S. Concrete Pumping	$	9,159		$	11,592		$	(2,433	)	$	(21.0	)%
U.S. Concrete Waste Management Services		5,024			4,487			537			12.0	%
U.K. Operations		2,828			3,202			(374	)		(11.7	)%
Total	$	17,011		$	19,281		$	(2,270	)	$	(11.8	)%

U.S. Concrete Pumping. Net loss for our U.S. Concrete Pumping segment was $3.1 million for the first quarter of fiscal 2025 compared to a net loss of $3.2 million for the first quarter of fiscal 2024. Adjusted EBITDA for our U.S. Concrete Pumping segment was $9.2 million for the first quarter of fiscal 2025, down $2.4 million from $11.6 million for the same period in fiscal 2024. These decreases were largely driven by the revenue decline as discussed above, while the impact on net loss was also impacted by the non-recurring $3.5 million sales tax litigation-related charge incurred in fiscal 2024 and the loss on debt extinguishment of $0.9 million in the first quarter of 2025.

U.S. Concrete Waste Management Services. Net income for our U.S. Concrete Waste Management Services segment was $0.2 million for the first quarter of fiscal 2025 compared to a net loss of $1.2 million for the first quarter of fiscal 2024. Adjusted EBITDA for our U.S. Concrete Waste Management Services segment was $5.0 million for the first quarter of fiscal 2025, up $0.5 million from $4.5 million for the same period in fiscal 2024. The increase in net income was attributable to the increase in revenue as described above, lower non-recurring allocations of $0.8 million and lower tax expense of $0.8 million and the loss on extinguishment of debt of $0.5 million and an increase in depreciation expense $0.4 million. The increase in adjusted EBITDA was primarily attributable to the improved year-over-year revenue.

U.K. Operations. Net income for our U.K. Operations segment was $0.2 million for the first quarter of fiscal 2025 compared to net income of $0.5 million for the first quarter of fiscal 2024. Adjusted EBITDA for our U.K. Operations segment was $2.8 million for the first quarter of fiscal 2025, down $0.4 million from $3.2 million from the same period in fiscal 2024. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were minimal.

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Liquidity and Capital Resources

Overview

Our capital structure is primarily a combination of (1) permanent financing, represented by stockholders’ equity; (2) zero-dividend convertible perpetual preferred stock; (3) long-term financing represented by our Senior Notes (as defined below) and (4) short-term financing under our ABL Facility (as defined below). Our primary sources of liquidity are cash generated from operations, available cash and cash equivalents and access to our revolving credit facility under our ABL Facility (as defined below), which provides for aggregate borrowings of up to $350.0 million, subject to a borrowing base limitation. We use our liquidity and capital resources to: (1) finance working capital requirements; (2) service our indebtedness; (3) purchase property, plant and equipment (4) finance strategic acquisitions; (5) repurchase shares and (6) pay dividends to our stockholders, as discussed further below. As of January 31, 2025, we had $85.1 million of cash and cash equivalents and $324.5 million of available borrowing capacity under the ABL Facility (as defined below), providing total available liquidity of $409.6 million.

We believe our existing cash and cash equivalent balances, cash flow from operations and borrowing capacity under our ABL Facility will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, potential acquisitions and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity could result in dilution to our stockholders while the incurrence of additional debt could restrict our operations.

Material Cash Requirements

Our principal uses of cash historically have been to fund operating activities and working capital, purchases of property and equipment, strategic acquisitions, fund payments due under facility operating and finance leases, share repurchases, payment of dividends and to meet debt service requirements.

Our working capital surplus as of January 31, 2025 was $47.7 million. We are in compliance with our debt covenants and believe that we have sufficient working capital to meet our material cash requirements for the foreseeable future.

The amount of our future capital expenditures will depend on a number of factors including general economic conditions and growth prospects. In response to changing economic conditions, we believe we have the flexibility to modify our capital expenditures by adjusting them (either up or down) to match our actual performance and business needs. Our gross capital expenditures for the three months ended January 31, 2025 and 2024 were approximately $5.8 million and $17.8 million, respectively. See "Cash Flow" discussion below for more information.

To service our debt, we require a significant amount of cash. Our ability to pay interest and principal on our indebtedness will depend upon our future operating performance and the availability of borrowings under the ABL Facility and/or other debt and equity financing alternatives available to us, which will be affected by prevailing economic conditions and conditions in the global credit and capital markets, as well as financial, business and other factors, some of which are beyond our control. Based on our current level of operations and given the current state of the capital markets, we believe our cash flow from operations, available cash and available borrowings under the ABL Facility will be adequate to service our debt and meet our future liquidity needs for the foreseeable future. See "Senior Notes and ABL Facility" discussion below for more information.

Dividends

On January 14, 2025, our Board of Directors declared a special cash dividend of $1.00 per share, totaling $53.1 million, of common stock to shareholders of record as of January 24, 2025, with payment date on February 3, 2025. The dividend was funded with cash on hand and net proceeds from our new 2032 Notes (as defined below). The declaration of dividends on our common stock is discretionary and will be determined by our Board of Directors in its sole discretion and will depend on our business conditions, financial condition, earnings, liquidity and capital requirements, contractual restrictions and other factors.

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Future Contractual Obligations

For information regarding our future contractual obligations, see the MD&A discussion included in Item 7 of Part II of our Annual Report.

Senior Notes and ABL Facility

The table below is a summary of the composition of the Company’s debt balances as of January 31, 2025 and October 31, 2024:

				January 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					(7,945	)		(1,740	)
Less: Current portion					-			(20	)
Long term debt, net of unamortized deferred financing costs				$	417,055		$	373,260

On January 31, 2025, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the "Issuer") and a wholly-owned subsidiary of the Company, closed its private offering of $425.0 million in aggregate principal amount of senior secured second lien notes due 2032 (the “2032 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"). The 2032 Notes were issued at par and bear interest at a fixed rate of 7.500% per annum. The Issuer’s obligations under the 2032 Notes are jointly and severally guaranteed on a senior secured basis by the Company, Concrete Pumping Intermediate Acquisition Corp. and each of the Issuer’s domestic, wholly-owned subsidiaries that is a borrower or a guarantor under the ABL Facility (collectively, the "Guarantors"). The proceeds from the 2032 Notes were used to pay the redemption price for all of the Company's outstanding 6.000% senior secured second lien notes due 2026 (the “2026 Notes”) and to pay related fees and expenses thereto. In addition, the remainder of the net proceeds, together with cash on hand, were used to pay a special cash dividend of $1.00 per share of common stock of the Company on February 3, 2025.

On September 6, 2024, the ABL Facility was amended to, among other changes, (1) increase the maximum revolver borrowings available to be drawn thereunder from $225.0 million to $350.0 million, (2) increase the letter of credit sublimit from $22.5 million to $32.5 million and (3) extend the maturity of the ABL Facility to the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the Senior Notes or (ii) the date the Senior Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which the borrowers under the ABL Facility can, subject to specified conditions, increase the ABL Facility by up to an additional $25.0 million. Of the $125.0 million in incremental commitments, $75.0 million was provided by Bank of America, N.A. and $50.0 million was provided by PNC Bank, N.A. The amended ABL Facility was treated as a debt modification. The Company capitalized an additional $1.2 million of debt issuance costs related to the September 6, 2024, ABL Facility amendment. The preexisting unamortized deferred costs of $1.4 million and the additional costs of $1.2 million will be amortized from September 6, 2024 through September 6, 2029.

There was no outstanding balance under the ABL Facility as of January 31, 2025 and as of that date, the Company was in compliance with all debt covenants. In addition, as of January 31, 2025, the Company had $1.1 million in credit line reserves and a letter of credit balance of $13.9 million. As of January 31, 2025, we had $324.5 million of available borrowing capacity under the ABL Facility. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed balance sheets. The Company had debt issuance costs related to the revolving credit facilities of $2.4 million as of January 31, 2025.

See Note 7 of Part I, Item I in this document for more information on the Senior Notes and ABL Facility.

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Cash Flows

Cash generated from operating activities typically reflects net income, as adjusted for non-cash expense items such as depreciation, amortization and stock-based compensation, and changes in our operating assets and liabilities. Generally, we believe our business requires a relatively low level of working capital investment due to low inventory requirements and timely customer payments due to daily billings for most of our services.

Cash flow provided by operating activities. Net cash provided by operating activities generally reflects the cash effects of transactions and other events used in the determination of net income or loss.

Net cash provided by operating activities during the three months ended January 31, 2025 was $6.0 million. The Company had a net loss of $2.6 million, which included net non-cash expense items of $14.7 million. In addition, we had cash inflows related to a decrease in our working capital of $6.0 million. Cash inflows related to working capital activity include a decrease to other operating liabilities of $14.1 million, a decrease to accounts payable of $3.3 million, an increase in other operating assets of $1.4 million and an increase in inventory of $0.3 million, partially offset by a decrease to receivables of $13.2 million. The decrease in other operating liabilities is mainly due to a change in timing of payment of our 2026 Notes due to the refinancing activity previously discussed. The decrease in accounts payable is driven by a slowdown in business activity and the general timing of invoices. The decrease in receivables is due to decreases in sales volumes during the three months ended January 31, 2025.

Net cash provided by operating activities during the three months ended January 31, 2024 was $20.3 million. The Company had a net loss of $3.8 million, which included non-cash expense items of $13.4 million. In addition, we had cash outflows related to an increase to our working capital of $10.7 million. Working capital changes primarily include a decrease in receivables of $13.9 million, a decrease in inventory of $0.6 million, a decrease of $3.9 million in accounts payable, an increase in other operating assets of $0.6 million and a decrease in other operating liabilities of $0.6 million. The decrease in receivables is due to seasonal collection of receivables during the first quarter of fiscal year 2024. The decrease in accounts payable is driven by the timing of vendor payments. The increase in other assets is primarily due to the increase in sales tax receivable.

Cash flow used in investing activities. Net cash used in operating activities generally reflects the cash outflows for property, plant and equipment.

We used $3.9 million to fund investing activities during the three months ended January 31, 2025. The Company used $5.8 million for the purchase of property, plant and equipment, which was partially offset by $1.9 million in proceeds from the sale of property, plant and equipment.

We used $16.5 million to fund investing activities during the three months ended January 31, 2024. The Company used $17.8 million for the purchase of property, plant and equipment, which was partially offset by $1.3 million in proceeds from the sale of property, plant and equipment.

Cash flow provided by (used in) financing activities.

Net cash provided by financing activities was $40.0 million for the three months ended January 31, 2025. Cash provided by financing activities included $425.0 million in proceeds from the issuance of the 2032 Notes, $375.0 million in payments for the extinguishment of the 2026 Notes, $7.3 million in debt issuance costs paid related to the 2032 Notes and $2.6 million in purchase of treasury stock, which included $1.9 million purchased under the share repurchase program and $0.7 million from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain stock award vesting and stock option exercise activities.

Net cash used in financing activities was $5.6 million for the three months ended January 31, 2024. Cash used in financing activities included $5.9 million in net payments under the Company's ABL Facility and $1.1 million in purchase of treasury stock, which included $0.2 million purchased under the share repurchase program and $0.9 million from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain vested stock awards.

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Accounting and Other Reporting Matters

Non-GAAP Measures (EBITDA and Adjusted EBITDA)

We calculate EBITDA by taking GAAP net income and adding back interest expense and amortization of deferred financing costs, net of interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other income, net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses, transaction expenses and other items not necessarily indicative of our underlying operating performance. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, we exclude these amounts from Adjusted EBITDA for comparability across periods.

We believe these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that we are obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures.

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	Three Months Ended January 31,
(in thousands)	2025			2024
Consolidated
Net loss	$	(2,639	)	$	(3,826	)
Interest expense and amortization of deferred financing costs, net of interest income		5,802			6,463
Income tax benefit		(1,036	)		(1,011	)
Depreciation and amortization		13,200			14,097
EBITDA		15,327			15,723
Loss on debt extinguishment		1,392			-
Stock-based compensation		367			536
Change in fair value of warrant liabilities		-			(130	)
Other expense (income), net		(34	)		(39	)
Other adjustments⁽¹⁾		(41	)		3,191
Adjusted EBITDA	$	17,011		$	19,281

U.S. Concrete Pumping
Net loss	$	(3,080	)	$	(3,203	)
Interest expense and amortization of deferred financing costs, net of interest income		3,311			3,997
Income tax benefit		(1,180	)		(2,103	)
Depreciation and amortization		9,075			10,230
EBITDA		8,126			8,921
Loss on debt extinguishment		862
Stock-based compensation		238			375
Other expense (income), net		(13	)		(17	)
Other adjustments⁽¹⁾		(54	)		2,313
Adjusted EBITDA	$	9,159		$	11,592

U.S. Concrete Waste Management Services
Net income (loss)	$	224		$	(1,237	)
Interest expense and amortization of deferred financing costs, net of interest income		1,772			1,757
Income tax expense		83			916
Depreciation and amortization		2,276			2,059
EBITDA		4,355			3,495
Loss on debt extinguishment		530			-
Stock-based compensation		129			161
Other expense (income), net		(3	)		(10	)
Other adjustments		13			841
Adjusted EBITDA	$	5,024		$	4,487

U.K. Operations
Net income	$	217		$	484
Interest expense and amortization of deferred financing costs, net of interest income		719			709
Income tax expense		61			176
Depreciation and amortization		1,849			1,808
EBITDA		2,846			3,177
Other expense (income), net		(18	)		(13	)
Other adjustments		-			38
Adjusted EBITDA	$	2,828		$	3,202

Other
Net income	$	-		$	130
EBITDA		-			130
Change in fair value of warrant liabilities		-			(130	)
Adjusted EBITDA	$	-		$	-

¹ Other adjustments include the adjustment for non-recurring expenses, non-cash currency gains/losses, transaction expenses and interest income. For the three months ended January 31, 2024, other adjustments include a $3.5 million non-recurring charge related to sales tax litigation. See Note 18 in Part I, Item 1 of this report for more information.

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Critical Accounting Policies and Estimates

Our critical accounting policies and estimates are disclosed in the "Critical Accounting Policies and Estimates" section of our Annual Report. No modifications have been made during the three months ended January 31, 2025 to these policies or estimates except for those noted in Note 2 to the condensed consolidated financial statements included within Item 1 of this report.

New Accounting Pronouncements

For information regarding recent accounting pronouncements, see Note 2 to the condensed consolidated financial statements included within Item 1 of this report for more information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act; therefore, pursuant to Item 305(e) of the Regulation S-K, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2025 (as such term is defined in Rule 13a-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Based upon this evaluation, our Chief Executive Office and Chief Financial Officer concluded that, as of January 31, 2025, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended January 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II

Item 1. Legal Proceedings.

The information required with respect to this item can be found under "Commitments and Contingencies—Litigation" in Note 18 of the notes to the condensed consolidated financial statements in this quarterly report and is incorporated by reference into this Item 1.

Item 1A. Risk Factors.

There have been no material changes to the Risk Factors previously disclosed in our Annual Report. For a detailed discussion of the risks that affect our business, please refer to the section entitled "Risk Factors" in the Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

During the first quarter of 2025, under our share repurchase program, we repurchased an aggregate of 296,267 shares of our common stock for a total of $1.9 million at an average price of $6.53 per share. The following table reflects issuer purchases of equity securities for the three months ended January 31, 2025:

ISSUER PURCHASES OF EQUITY SECURITIES

Period	Total Number of Shares Purchased			Average Price Paid Per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)		Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs (2,3)
November 1, 2024 - November 30, 2024		133,256		$	5.92			133,256	$	16,170,831
December 1, 2024 - December 31, 2024		120,027			7.02			120,027		15,328,508
January 1, 2025 - January 31, 2025		289,105			8.53			42,984		15,026,016
Total		542,388	⁴	$	7.55	⁵		296,267	$	15,026,016

	(1)	In January 2023, the board of directors of the Company approved an authorization of $10.0 million for the Company’s share repurchase program, which was announced January 23, 2023. In March 2024, the board of directors of the Company approved a $15.0 million increase to the Company's share repurchase program, which was announced March 7, 2024. 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.
	(2)	Includes commission cost.
	(3)	Dollar value of shares that may yet be purchased under the repurchase program is as of the end of the quarter covered by this Quarterly Report on Form 10-Q.
	(4)	Of the 542,388 shares included in this column, 296,267 were purchased under the share repurchase program and the remaining 246,121 shares reflect shares of common stock purchased into treasury stock in order to satisfy employee tax withholding obligations for the vesting of stock awards.
	(5)	Of the $7.55 per share included in this column, 296,267 were purchased under the share repurchase program at $6.53 per share and the remaining 246,121 shares reflect shares of common stock purchased into treasury stock at $8.80 per share in order to satisfy employee tax withholding obligations for the vesting of stock awards.

Table of Contents

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

(a) None

(b) None

Item 6. Exhibits.

The documents set forth below are filed herewith or incorporated herein by reference to the location indicated.

Exhibit No.			Description
4.1			Indenture, dated January 31, 2025, among Brundage-Bone Concrete Pumping Holdings Inc., as issuer, Concrete Pumping Holdings, Inc., as a guarantor, Concrete Pumping Intermediate Acquisition Corp., as a guarantor and the other guarantors from time to time party thereto and Deutsche Bank Trust Company Americas, as trustee and notes collateral agent.
4.2			Form of 7.500% Senior Secured Second Lien Notes due 2032 (included in Exhibit 4.1)
31.1			Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).
31.2			Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).
32.1			Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350.
32.2			Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350.
101.INS			Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CONCRETE PUMPING HOLDINGS, INC.


	By: /s/ Iain Humphries
	Name: Iain Humphries
	Title: Chief Financial Officer and Secretary
	(Authorized Signatory)

Dated: March 11, 2025

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bruce Young, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the quarter ended January 31, 2025 of Concrete Pumping Holdings, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: March 11, 2025		/s/ Bruce Young
		Bruce Young, Chief Executive Officer and Director
		(principal executive officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Iain Humphries, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the quarter ended January 31, 2025 of Concrete Pumping Holdings, Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: March 11, 2025		/s/ Iain Humphries
		Iain Humphries, Chief Financial Officer and Director
		(principal financial and accounting officer)

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I the undersigned Chief Executive Officer of Concrete Pumping Holdings, Inc. (the "Company") hereby certify that to my knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended January 31, 2025 (the “Report”) accompanying this certification, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: March 11, 2025		/s/ Bruce Young
		Bruce Young, Chief Executive Officer and Director
		(principal executive officer)

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I the undersigned Chief Financial Officer of Concrete Pumping Holdings, Inc. (the "Company") hereby certify that to my knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended January 31, 2025 (the “Report”) accompanying this certification, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: March 11, 2025		/s/ Iain Humphries
		Iain Humphries, Chief Financial Officer and Director
		(principal financial and accounting officer)

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jan. 31, 2025	Mar. 06, 2025
Document Information [Line Items]
Entity Central Index Key	0001703956
Entity Registrant Name	CONCRETE PUMPING HOLDINGS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2025
Document Transition Report	false
Entity File Number	001-38166
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1779605
Entity Address, Address Line One	500 E. 84th Avenue, Suite A-5
Entity Address, City or Town	Thornton
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80229
City Area Code	303
Local Phone Number	289-7497
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	BBCP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,050,945

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Current assets:
Cash and cash equivalents	$ 85,132	$ 43,041
Receivables, net of allowance for doubtful accounts of $868 and $916, respectively	42,990	56,441
Inventory, net	6,197	5,922
Prepaid expenses and other current assets	6,594	6,956
Total current assets	140,913	112,360
Property, plant and equipment, net	408,612	415,726
Intangible assets, net	102,354	105,612
Goodwill	222,157	222,996
Right-of-use operating lease assets	25,612	26,179
Other non-current assets	10,820	12,578
Deferred financing costs	2,417	2,539
Total assets	912,885	897,990
Current liabilities:
Revolving loan	0	20
Operating lease obligations, current portion	4,942	4,817
Accounts payable	4,122	7,668
Accrued payroll and payroll expenses	8,217	14,303
Accrued expenses and other current liabilities	74,379	28,673
Income taxes payable	1,566	850
Total current liabilities	93,226	56,331
Long term debt, net of discount for deferred financing costs	417,055	373,260
Operating lease obligations, non-current	21,093	21,716
Deferred income taxes	84,480	86,647
Other liabilities, non-current	11,296	13,321
Total liabilities	627,150	551,275
Commitments and contingencies (Note 18)
Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of January 31, 2025 and October 31, 2024	25,000	25,000
Stockholders' equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 53,146,589 and 53,273,644 issued and outstanding as of January 31, 2025 and October 31, 2024, respectively	6	6
Additional paid-in capital	388,199	386,313
Treasury stock	(29,981)	(25,881)
Accumulated other comprehensive loss	(3,478)	(483)
Accumulated deficit	(94,011)	(38,240)
Total stockholders' equity	260,735	321,715
Total liabilities and stockholders' equity	$ 912,885	$ 897,990

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Allowance for doubtul accounts	$ 868	$ 916
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, issued (in shares)	2,450,980	2,450,980
Preferred stock, outstanding (in shares)	2,450,980	2,450,980
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	53,146,589	53,273,644
Common stock, outstanding (in shares)	53,146,589	53,273,644

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Revenue	$ 86,447	$ 97,711
Cost of operations	55,212	64,397
Gross profit	31,235	33,314
General and administrative expenses	27,750	31,858
Income from operations	3,485	1,456
Other income (expense):
Interest expense and amortization of deferred financing costs	(6,215)	(6,523)
Loss on extinguishment of debt	(1,392)	0
Interest income	413	60
Change in fair value of warrant liabilities	0	130
Other income, net	34	40
Total other expense	(7,160)	(6,293)
Loss before income taxes	(3,675)	(4,837)
Income tax benefit	(1,036)	(1,011)
Net loss	(2,639)	(3,826)
Less accretion of liquidation preference on preferred stock	(440)	(440)
Loss available to common shareholders	$ (3,079)	$ (4,266)
Weighted average common shares outstanding (Note 15)
Basic (in shares)	53,045	53,315
Diluted (in shares)	53,045	53,315
Net loss per common share (Note 15)
Basic (in dollars per share)	$ (0.06)	$ (0.08)
Diluted (in dollars per share)	$ (0.06)	$ (0.08)

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Net income	$ (2,639)	$ (3,826)
Other comprehensive income:
Foreign currency translation adjustment	(2,995)	4,088
Total comprehensive income (loss)	$ (5,634)	$ 262

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Stock-based Program [Member] Common Stock Outstanding [Member]	Stock-based Program [Member] Additional Paid-in Capital [Member]	Stock-based Program [Member] Treasury Stock, Common [Member]	Stock-based Program [Member] AOCI Attributable to Parent [Member]	Stock-based Program [Member] Retained Earnings [Member]	Stock-based Program [Member]	Share Repurchase Program [Member] Common Stock Outstanding [Member]	Share Repurchase Program [Member] Additional Paid-in Capital [Member]	Share Repurchase Program [Member] Treasury Stock, Common [Member]	Share Repurchase Program [Member] AOCI Attributable to Parent [Member]	Share Repurchase Program [Member] Retained Earnings [Member]	Share Repurchase Program [Member]	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Oct. 31, 2023													54,757,445
Balance at Oct. 31, 2023													$ 6	$ 383,286	$ (15,114)	$ (5,491)	$ (54,447)	$ 308,240
Stock-based compensation expense													$ 0	536	0	0	0	536
Shares issued under stock-based program (in shares)													8,496
Shares issued under stock-based program													$ 0	0	0	0		$ 0
Treasury shares purchased (in shares)	(109,178)						(36,094)											(36,000)
Treasury shares purchased from shares issued under stock-based program	$ 0	$ 0	$ (850)	$ 0	$ 0	$ (850)												$ (248)
Treasury shares purchased under share repurchase program							$ 0	$ 0	$ (248)	$ 0	$ 0	$ (248)
Net income													0	0	0	0	(3,826)	(3,826)
Foreign currency translation adjustment													$ 0	0	0	4,088	0	4,088
Balance (in shares) at Jan. 31, 2024													53,870,084
Balance at Jan. 31, 2024													$ 6	383,822	(16,212)	(1,403)	(58,273)	307,940
Forfeiture/cancellation of restricted stock (in shares)													(750,585)
Forfeiture/cancellation of restricted stock													$ 0	0	0	0	0	0
Balance (in shares) at Oct. 31, 2024													53,273,644
Balance at Oct. 31, 2024													$ 6	386,313	(25,881)	(483)	(38,240)	321,715
Stock-based compensation expense													$ 0	367	0	0	0	367
Shares issued under stock-based program (in shares)													415,333
Shares issued under stock-based program													$ 0	1,519	0	0		$ 1,519
Treasury shares purchased (in shares)	(246,121)						(296,267)											(296,000)
Treasury shares purchased from shares issued under stock-based program	$ 0	$ 0	$ (2,166)	$ 0	$ 0	$ (2,166)												$ (1,934)
Treasury shares purchased under share repurchase program							$ 0	$ 0	$ (1,934)	$ 0	$ 0	$ (1,934)
Dividend													0	0	0	0	(53,132)	(53,132)
Net income													0	0	0	0	(2,639)	(2,639)
Foreign currency translation adjustment													$ 0	0	0	(2,995)	0	(2,995)
Balance (in shares) at Jan. 31, 2025													53,146,589
Balance at Jan. 31, 2025													$ 6	$ 388,199	$ (29,981)	$ (3,478)	$ (94,011)	$ 260,735

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Net loss	$ (2,639)	$ (3,826)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash operating lease expense	1,284	1,281
Foreign currency adjustments	(41)	(736)
Depreciation	10,172	10,202
Deferred income taxes	(1,787)	(1,825)
Amortization of deferred financing costs	480	445
Amortization of intangible assets	3,028	3,895
Stock-based compensation expense	367	536
Change in fair value of warrant liabilities	(0)	(130)
Loss on extinguishment of debt	1,392	0
Net gain on the sale of property, plant and equipment	(192)	(305)
Other operating activities	(37)	46
Net changes in operating assets and liabilities:
Receivables	13,206	13,894
Inventory	(332)	616
Other operating assets	(1,415)	(564)
Accounts payable	(3,343)	(3,865)
Other operating liabilities	(14,111)	635
Net cash provided by operating activities	6,032	20,299
Cash flows from investing activities:
Purchases of property, plant and equipment	(5,841)	(17,766)
Proceeds from sale of property, plant and equipment	1,989	1,282
Net cash used in investing activities	(3,852)	(16,484)
Cash flows from financing activities:
Proceeds on long term debt	425,000	0
Payments on long term debt	(375,000)	0
Proceeds on revolving loan	65,466	84,173
Payments on revolving loan	(65,486)	(90,107)
Payment of debt issuance costs	(7,312)	0
Purchase of treasury stock	(2,582)	(1,098)
Other financing activities	(67)	1,449
Net cash provided by (used in) financing activities	40,019	(5,583)
Effect of foreign currency exchange rate changes on cash	(108)	595
Net increase (decrease) in cash and cash equivalents	42,091	(1,173)
Cash and cash equivalents:
Beginning of period	43,041	15,861
End of period	$ 85,132	$ 14,688

Note 1 - Organization and Description of Business

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Organization and Description of Business

Organization

Nature of business

Seasonality

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 2. Summary of Significant Accounting Policies

Basis of presentation

Certain prior period amounts have been reclassified in order to conform to the current year presentation.

Use of estimates

Recently issued accounting pronouncements not yet effective

Note 3 - Prepaid Expenses and Other Current Assets

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Other Current Assets [Text Block]

Note 3. Prepaid Expenses and Other Current Assets

The significant components of prepaid expenses and other current assets as of January 31, 2025 and October 31, 2024 are comprised of the following:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Expected recoveries related to self-insured commercial liabilities	$	1,421	$	3,155
Prepaid insurance		1,017		1,462
Prepaid licenses and deposits		2,119		884
Other current assets and prepaids		2,037		1,455
Total prepaid expenses and other current assets	$	6,594	$	6,956

Note 4 - Property, Plant and Equipment

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 4. Property, Plant and Equipment

The significant components of property, plant and equipment as of January 31, 2025 and October 31, 2024 are comprised of the following:

	*As of January 31,*			*As of October 31,*
(in thousands)	*2025*			*2024*
Land, building and improvements	$	32,526		$	32,724
Machinery and equipment		534,963			534,014
Transportation equipment		11,257			11,133
Furniture and office equipment		4,207			4,187
Property, plant and equipment, gross		582,953			582,058
Less accumulated depreciation		(174,341	)		(166,332	)
Property, plant and equipment, net	$	408,612		$	415,726

For the three months ended January 31, 2025 and 2024 depreciation expense is as follows:

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Cost of operations	$	9,623	$	9,613
General and administrative expenses		549		589
Total depreciation expense	$	10,172	$	10,202

Note 5 - Goodwill and Intangible Assets

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5. 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 three months ended January 31, 2025. 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 January 31, 2025 and October 31, 2024:

	*As of January 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		8.9	$	195,126	$	-		$	(146,940	)	$	1,030	$	49,216
Trade name		3.8		5,097		-			(3,313	)		227		2,011
Assembled workforce		0.9		1,650		-			(1,560	)		-		90
Noncompete agreements		2.7		1,200		-			(663	)		-		537
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(152,476	)	$	1,257	$	102,354

	*As of October 31,*
	*2024*
	*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		9.1	$	195,126	$	-		$	(144,132	)	$	1,191	$	52,185
Trade name		4.1		5,097		-			(3,181	)		296		2,212
Assembled workforce		1.1		1,650		-			(1,522	)		-		128
Noncompete agreements		2.9		1,200		-			(613	)		-		587
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(149,448	)	$	1,487	$	105,612

Amortization expense for the three months ended January 31, 2025 and 2024 was $3.0 million and $3.9 million, respectively.

The changes in the carrying value of goodwill by reportable segment for the three months ended January 31, 2025 are as follows:

*(in thousands)*	*U.S. Concrete Pumping*		*U.K. Operations*			*U.S. Concrete Waste Management Services*		*Total*
Balance as of October 31, 2024	$	147,482	$	26,381		$	49,133	$	222,996
Foreign currency translation		-		(839	)		-		(839	)
Balance as of January 31, 2025	$	147,482	$	25,542		$	49,133	$	222,157

Note 6 - Other Non-current Assets

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Other Assets Disclosure [Text Block]

Note 6. Other Non-Current Assets

The significant components of other non-current assets as of January 31, 2025 and October 31, 2024 are comprised of the following:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Expected recoveries related to self-insured commercial liabilities	$	10,423	$	12,170
Other non-current assets		397		408
Total other non-current assets	$	10,820	$	12,578

Note 7 - Long-term Debt and Revolving Lines of Credit

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Debt Disclosure [Text Block]

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 January 31, 2025 and October 31, 2024:

				*January 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					(7,945	)		(1,740	)
Less: Current portion					-			(20	)
Long term debt, net of unamortized deferred financing costs				$	417,055		$	373,260

Summarized terms of the 2032 Notes are as follows:

	●	Provides for an original aggregate principal amount of $425.0 million;
	●	The 2032 Notes will mature and be due and payable in full on February 1, 2032;
	●	The 2032 Notes bear interest at a rate of 7.500% per annum, payable on February 1st and August 1st of each year;
	●	The Notes are jointly and severally guaranteed on a senior secured basis by the Company, Concrete Pumping Intermediate Acquisition Corp. (“Intermediate Holdings”) and each of the Issuer’s domestic, wholly-owned subsidiaries (the “Guarantors”) that is a borrower under or guarantees the ABL Facility. The Notes and the guarantees will be secured on a second-priority basis by all the assets of the Issuer and the Guarantors that secure the obligations under the ABL Facility, subject to certain exceptions. The Notes and the guarantees will be the Issuer’s and the Guarantors’ senior secured obligations, will rank equally with all of the Issuer’s and the Guarantors’ existing and future senior indebtedness and will rank senior to all of the Issuer’s and the Guarantors’ existing and future subordinated indebtedness. The Notes will be structurally subordinated to all existing and future indebtedness and liabilities of the Company’s subsidiaries that do not guarantee the Notes.
	●	The Indenture contains certain covenants applicable to the Issuer and its restricted subsidiaries. These covenants limit, among other things, the Issuer’s ability and the ability of its restricted subsidiaries to: incur additional indebtedness and issue certain preferred stock; make certain investments, distributions and other restricted payments; create or incur certain liens; merge, consolidate or transfer all or substantially all assets; enter into certain transactions with affiliates; and sell or otherwise dispose of certain assets. These covenants are subject to important exceptions and qualifications.

The outstanding principal amount of the 2032 Notes as of January 31, 2025 was $425.0 million and as of that date, the Company was in compliance with all covenants under the Indenture.

The Company utilizes the ABL Facility to support its working capital arrangement.

In addition, as of January 31, 2025 the Company had $1.1 million in credit line reserves and a letter of credit balance of $13.9 million.

Note 8 - Accrued Payroll and Payroll Expenses

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Accrued Payroll and Payroll Expenses [Text Block]

Note 8. Accrued Payroll and Payroll Expenses

The following table summarizes accrued payroll and expenses as of January 31, 2025 and October 31, 2024:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Accrued vacation	$	2,859	$	3,541
Accrued payroll		1,942		4,339
Accrued bonus		1,995		4,837
Accrued employee-related taxes		1,396		1,517
Other accrued		25		69
Total accrued payroll and payroll expenses	$	8,217	$	14,303

Note 9 - Accrued Expenses and Other Current Liabilities

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 9. Accrued Expenses and Other Current Liabilities

The following table summarizes accrued expenses and other current liabilities as of January 31, 2025 and October 31, 2024:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Accrued self-insured commercial liabilities	$	9,345	$	12,210
Accrued self-insured health liabilities		1,552		1,712
Accrued interest		89		5,625
Accrued equipment purchases		2,438		1,354
Accrued property, sales and use tax		3,090		3,960
Accrued professional fees		1,758		1,326
Accrued dividends		53,132		-
Other		2,975		2,486
Total accrued expenses and other liabilities	$	74,379	$	28,673

Note 10 - Other Liabilities, Non-Current

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block]

Note 10. Other Liabilities, Non-Current

The following table summarizes other non-current liabilities as of January 31, 2025 and October 31, 2024:

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Self-insured commercial liability	$	10,423	$	12,332
Other		873		989
Total other non-current liabilities	$	11,296	$	13,321

Note 11 - Stockholders' Equity

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Equity [Text Block]

Note 11. Stockholders’ Equity

Share Repurchase Program

	*Three Months Ended January 31,*
(in thousands, except price per share)	*2025*		*2024*
Shares repurchased		296		36
Total cost of shares repurchased	$	1,934	$	248
Average price per share	$	6.53	$	6.88

Note 12 - Revenue Recognition

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note 12. Revenue Recognition

The table below summarizes our revenues as presented in our unaudited condensed consolidated statements of operations for the periods ended January 31, 2025 and 2024 by revenue type:

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Service revenue	$	78,028	$	89,958
Lease fixed revenue		5,000		4,549
Lease variable revenue		3,419		3,204
Total revenue	$	86,447	$	97,711

For further information, see Note 2 of the notes to condensed consolidated financial statements in our annual report on Form 10-K for the year ended October 31, 2024 ("Annual Report").

Note 13 - Income Taxes

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 13. Income Taxes

The following table summarizes income before income taxes and income tax expense for the three months ended January 31, 2025 and 2024:

	*Three Months Ended January 31,*
(in thousands)	*2025*			*2024*

Income before income taxes	$	(3,675	)	$	(4,837	)

Income tax benefit	$	(1,036	)	$	(1,011	)

Note 14 - Stock-Based Compensation

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 14. 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:

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Compensation expense – restricted stock	$	332	$	476
Compensation expense – stock options		35		60
Total	$	367	$	536

Note 15 - Earnings Per Share

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 15. Earnings Per Share

The table below shows our basic and diluted EPS calculations for the three months ended January 31, 2025 and 2024:

	*Three Months Ended January 31,*
(in thousands, except per share amounts)	*2025*			*2024*
Net loss (numerator):
Net loss attributable to Concrete Pumping Holdings, Inc.	$	(2,639	)	$	(3,826	)
Less: Accretion of liquidation preference on preferred stock		(440	)		(440	)
Net loss attributable to common stockholders (numerator for basic and diluted earnings per share)	$	(3,079	)	$	(4,266	)

Weighted average shares (denominator):
Weighted average shares - basic		53,045			53,315
Weighted average shares - diluted		53,045			53,315

Basic earnings per share	$	(0.06	)	$	(0.08	)
Diluted earnings per share	$	(0.06	)	$	(0.08	)

Certain outstanding stock awards and options and preferred stock were excluded from the diluted earnings per share calculation for the periods presented because they were anti-dilutive.

Dividends

Note 16 - Supplemental Cash Flow Information

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

Note 16. Supplemental Cash Flow Information

The table below shows supplemental cash flow information for the three months ended January 31, 2025 and 2024:

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Supplemental cash flow information:
Cash payments related to operating lease liabilities	$	1,253	$	1,292
Cash paid for interest	$	11,394	$	489

Non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$	981	$	5,324

The table below shows property, plant and equipment acquired but not yet paid for as of January 31, 2025 and 2024:

	*As of January 31,*
(in thousands)	*2025*		*2024*
Beginning of period:
PP&E acquired but not yet paid	$	1,591	$	9,484

End of period:
PP&E acquired but not yet paid	$	2,549	$	4,597

Note 17 - Fair Value Measurement

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

Note 17. Fair Value Measurement

Long-term debt instruments

	*As of January 31,*				*As of October 31,*
	*2025*				*2024*
(in thousands)	*Carrying Value*		*Fair Value*		*Carrying Value*		*Fair Value*
2026 Notes	$	-	$	-	$	375,000	$	372,656
2032 Notes	$	425,000	$	430,047	$	-	$	-

All other non-financial assets

Note 18 - Commitments and Contingencies

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 18. Commitments and Contingencies

Insurance

Commercial Self-Insured Losses

		*As of January 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	$	9,345	$	12,210
Self-insured commercial liability, non-current	Other liabilities, non-current		10,423		12,332
*Total self-insured commercial liabilities*		$	19,768	$	24,542

Expected recoveries related to self-insured commercial liabilities, current	Prepaid expenses and other current assets	$	1,421	$	3,155
Expected recoveries related to self-insured commercial liabilities, non-current	Other non-current assets		10,423		12,170
*Total expected recoveries related to self-insured commercial liabilities*		$	11,844	$	15,325

*Total self-insured commercial liability, net of expected recoveries*		$	7,924	$	9,217

Medical Self-Insured Losses

Litigation

Washington Department of Revenue Sales Tax Issue

Letters of credit

Note 19 - Segment Reporting

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 19. Segment Reporting

The U.S. and U.K. regions each individually accounted for more than 10% of the Company's revenue for the periods presented.

The table below shows changes from the recast of segment results for the three months ended January 31, 2024:

	Three Months Ended January 31, 2024
(in thousands)	U.S. Concrete Pumping			U.S. Concrete Waste Management Services
As Previously Reported
Interest expense and amortization of deferred financing costs, net of interest income	$	5,754		$	-
Reportable segment EBITDA	$	7,036		$	5,380

Recast Adjustment
Interest expense and amortization of deferred financing costs, net of interest income	$	(1,757	)	$	1,757
Reportable segment EBITDA	$	1,885		$	(1,885	)

Current Report As Recast
Interest expense and amortization of deferred financing costs, net of interest income	$	3,997		$	1,757
Reportable segment EBITDA	$	8,921		$	3,495

The following provides operating information about the Company's reportable segments for the periods presented:

	*January 31,*			*October 31,*
(in thousands)	*2025*			*2024*
Total Assets
U.S. Concrete Pumping	$	741,151		$	718,218
U.S. Concrete Waste Management Services		202,329			201,528
U.K. Operations		113,544			117,418
Reportable segment assets		1,057,024			1,037,164
Other		(144,139	)		(139,174	)
Total Assets	$	912,885		$	897,990

	*Three Months Ended January 31,*
(in thousands)	*2025*			*2024*
Revenue
U.S. Concrete Pumping	$	56,914		$	66,683
U.S. Concrete Waste Management Services⁽¹⁾		16,693			15,620
U.K. Operations		12,840			15,408
Total revenue	$	86,447		$	97,711
(1) For both periods presented, intersegment revenue of $0.1 million has been excluded.

EBITDA
U.S. Concrete Pumping	$	8,126		$	8,921
U.S. Concrete Waste Management Services		4,355			3,495
U.K. Operations		2,846			3,176
Reportable segment EBITDA		15,327			15,592
Interest expense and amortization of deferred financing costs, net of interest income		(5,802	)		(6,463	)
Reportable depreciation and amortization		(13,200	)		(14,097	)
Other		-			131
Total loss before income taxes	$	(3,675	)	$	(4,837	)

Depreciation and amortization
U.S. Concrete Pumping	$	9,075		$	10,230
U.S. Concrete Waste Management Services		2,276			2,059
U.K. Operations		1,849			1,808
Total depreciation and amortization	$	13,200		$	14,097

Interest expense and amortization of deferred financing costs, net of interest income
U.S. Concrete Pumping	$	3,311		$	3,997
U.S. Concrete Waste Management Services		1,772			1,757
U.K. Operations		719			709
Total interest expense and amortization of deferred financing costs, net of interest income	$	5,802		$	6,463

Total capital expenditures
U.S. Concrete Pumping	$	2,185		$	7,932
U.S. Concrete Waste Management Services		1,967			3,047
U.K. Operations		1,678			4,227
Reportable segment capital expenditures		5,830			15,206
Other		11			2,560
Total capital expenditures	$	5,841		$	17,766

	*As of*		*As of*
	*January 31,*		*October 31,*
(in thousands)	*2025*		*2024*
Total Assets
U.S.	$	799,341	$	780,572
U.K.		113,544		117,418
Total Assets	$	912,885	$	897,990

Property, plant and equipment, net
U.S.	$	348,846	$	353,895
U.K.		59,766		61,831
Property, plant and equipment, net	$	408,612	$	415,726

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Revenue by geography
U.S.	$	73,607	$	82,303
U.K.		12,840		15,408
Total revenue	$	86,447	$	97,711

Note 20 - Subsequent Events

3 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Subsequent Events [Text Block]

Note 20. Subsequent Events

On February 3, 2025, the Company paid $53.1 million as part of the special one-time cash dividend of $1.00 per share declared by the Company's Board of Directors on January 14, 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2025
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information. (a) None (b) None (c) None
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Jan. 31, 2025
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	*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 on Form 10-K for the year ended October 31, 2024. Certain prior period amounts have been reclassified in order to conform to the current year presentation. During the first quarter of fiscal year 2025, the Company updated its allocation methodology of corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation. For further discussion, see Note 19.
Use of Estimates, Policy [Policy Text Block]	*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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	**Recently issued accounting pronouncements not* yet effective*** 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 entity’s overall performance and assess potential future cash flows. This ASU is effective for public companies with annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting 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, 2025, and is currently evaluating the effects that the adoption of this guidance will have on its consolidated financial statements. 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 entity’s 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 reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects that the adoption of this guidance will have on its consolidated financial statements. ASU 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASU 2024-03") - In November 2024, the FASB issued ASU No. 2024-03, which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This ASU is effective for public companies with annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effects that the adoption of this guidance will have on its consolidated financial statements.

Note 3 - Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Expected recoveries related to self-insured commercial liabilities	$	1,421	$	3,155
Prepaid insurance		1,017		1,462
Prepaid licenses and deposits		2,119		884
Other current assets and prepaids		2,037		1,455
Total prepaid expenses and other current assets	$	6,594	$	6,956

Note 4 - Property, Plant and Equipment (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*As of January 31,*			*As of October 31,*
(in thousands)	*2025*			*2024*
Land, building and improvements	$	32,526		$	32,724
Machinery and equipment		534,963			534,014
Transportation equipment		11,257			11,133
Furniture and office equipment		4,207			4,187
Property, plant and equipment, gross		582,953			582,058
Less accumulated depreciation		(174,341	)		(166,332	)
Property, plant and equipment, net	$	408,612		$	415,726

Long-Lived Tangible Asset, Depreciation [Table Text Block]

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Cost of operations	$	9,623	$	9,613
General and administrative expenses		549		589
Total depreciation expense	$	10,172	$	10,202

Note 5 - Goodwill and Intangible Assets (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	*As of January 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		8.9	$	195,126	$	-		$	(146,940	)	$	1,030	$	49,216
Trade name		3.8		5,097		-			(3,313	)		227		2,011
Assembled workforce		0.9		1,650		-			(1,560	)		-		90
Noncompete agreements		2.7		1,200		-			(663	)		-		537
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(152,476	)	$	1,257	$	102,354

	*As of October 31,*
	*2024*
	*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		9.1	$	195,126	$	-		$	(144,132	)	$	1,191	$	52,185
Trade name		4.1		5,097		-			(3,181	)		296		2,212
Assembled workforce		1.1		1,650		-			(1,522	)		-		128
Noncompete agreements		2.9		1,200		-			(613	)		-		587
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(149,448	)	$	1,487	$	105,612

Schedule of Goodwill [Table Text Block]

*(in thousands)*	*U.S. Concrete Pumping*		*U.K. Operations*			*U.S. Concrete Waste Management Services*		*Total*
Balance as of October 31, 2024	$	147,482	$	26,381		$	49,133	$	222,996
Foreign currency translation		-		(839	)		-		(839	)
Balance as of January 31, 2025	$	147,482	$	25,542		$	49,133	$	222,157

Note 6 - Other Non-current Assets (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Other Assets [Table Text Block]

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Expected recoveries related to self-insured commercial liabilities	$	10,423	$	12,170
Other non-current assets		397		408
Total other non-current assets	$	10,820	$	12,578

Note 7 - Long-term Debt and Revolving Lines of Credit (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Debt [Table Text Block]

				*January 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					(7,945	)		(1,740	)
Less: Current portion					-			(20	)
Long term debt, net of unamortized deferred financing costs				$	417,055		$	373,260

Note 8 - Accrued Payroll and Payroll Expenses (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Accrued Payroll and Expenses [Table Text Block]

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Accrued vacation	$	2,859	$	3,541
Accrued payroll		1,942		4,339
Accrued bonus		1,995		4,837
Accrued employee-related taxes		1,396		1,517
Other accrued		25		69
Total accrued payroll and payroll expenses	$	8,217	$	14,303

Note 9 - Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Accrued self-insured commercial liabilities	$	9,345	$	12,210
Accrued self-insured health liabilities		1,552		1,712
Accrued interest		89		5,625
Accrued equipment purchases		2,438		1,354
Accrued property, sales and use tax		3,090		3,960
Accrued professional fees		1,758		1,326
Accrued dividends		53,132		-
Other		2,975		2,486
Total accrued expenses and other liabilities	$	74,379	$	28,673

Note 10 - Other Liabilities, Non-Current (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Other Noncurrent Liabilities [Table Text Block]

	*As of January 31,*		*As of October 31,*
(in thousands)	*2025*		*2024*
Self-insured commercial liability	$	10,423	$	12,332
Other		873		989
Total other non-current liabilities	$	11,296	$	13,321

Note 11 - Stockholders' Equity (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Class of Treasury Stock [Table Text Block]

	*Three Months Ended January 31,*
(in thousands, except price per share)	*2025*		*2024*
Shares repurchased		296		36
Total cost of shares repurchased	$	1,934	$	248
Average price per share	$	6.53	$	6.88

Note 12 - Revenue Recognition (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Service revenue	$	78,028	$	89,958
Lease fixed revenue		5,000		4,549
Lease variable revenue		3,419		3,204
Total revenue	$	86,447	$	97,711

Note 13 - Income Taxes (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Summary of Income Before Income Taxes and Income Tax Expense [Table Text Block]

	*Three Months Ended January 31,*
(in thousands)	*2025*			*2024*

Income before income taxes	$	(3,675	)	$	(4,837	)

Income tax benefit	$	(1,036	)	$	(1,011	)

Note 14 - Stock-Based Compensation (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Compensation expense – restricted stock	$	332	$	476
Compensation expense – stock options		35		60
Total	$	367	$	536

Note 15 - Earnings Per Share (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended January 31,*
(in thousands, except per share amounts)	*2025*			*2024*
Net loss (numerator):
Net loss attributable to Concrete Pumping Holdings, Inc.	$	(2,639	)	$	(3,826	)
Less: Accretion of liquidation preference on preferred stock		(440	)		(440	)
Net loss attributable to common stockholders (numerator for basic and diluted earnings per share)	$	(3,079	)	$	(4,266	)

Weighted average shares (denominator):
Weighted average shares - basic		53,045			53,315
Weighted average shares - diluted		53,045			53,315

Basic earnings per share	$	(0.06	)	$	(0.08	)
Diluted earnings per share	$	(0.06	)	$	(0.08	)

Note 16 - Supplemental Cash Flow Information (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Supplemental cash flow information:
Cash payments related to operating lease liabilities	$	1,253	$	1,292
Cash paid for interest	$	11,394	$	489

Non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$	981	$	5,324

	*As of January 31,*
(in thousands)	*2025*		*2024*
Beginning of period:
PP&E acquired but not yet paid	$	1,591	$	9,484

End of period:
PP&E acquired but not yet paid	$	2,549	$	4,597

Note 17 - Fair Value Measurement (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

	*As of January 31,*				*As of October 31,*
	*2025*				*2024*
(in thousands)	*Carrying Value*		*Fair Value*		*Carrying Value*		*Fair Value*
2026 Notes	$	-	$	-	$	375,000	$	372,656
2032 Notes	$	425,000	$	430,047	$	-	$	-

Note 18 - Commitments and Contingencies (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Self Insurance [Table Text Block]

		*As of January 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	$	9,345	$	12,210
Self-insured commercial liability, non-current	Other liabilities, non-current		10,423		12,332
*Total self-insured commercial liabilities*		$	19,768	$	24,542

Expected recoveries related to self-insured commercial liabilities, current	Prepaid expenses and other current assets	$	1,421	$	3,155
Expected recoveries related to self-insured commercial liabilities, non-current	Other non-current assets		10,423		12,170
*Total expected recoveries related to self-insured commercial liabilities*		$	11,844	$	15,325

*Total self-insured commercial liability, net of expected recoveries*		$	7,924	$	9,217

Note 19 - Segment Reporting (Tables)

3 Months Ended

Jan. 31, 2025

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	Three Months Ended January 31, 2024
(in thousands)	U.S. Concrete Pumping			U.S. Concrete Waste Management Services
As Previously Reported
Interest expense and amortization of deferred financing costs, net of interest income	$	5,754		$	-
Reportable segment EBITDA	$	7,036		$	5,380

Recast Adjustment
Interest expense and amortization of deferred financing costs, net of interest income	$	(1,757	)	$	1,757
Reportable segment EBITDA	$	1,885		$	(1,885	)

Current Report As Recast
Interest expense and amortization of deferred financing costs, net of interest income	$	3,997		$	1,757
Reportable segment EBITDA	$	8,921		$	3,495

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*January 31,*			*October 31,*
(in thousands)	*2025*			*2024*
Total Assets
U.S. Concrete Pumping	$	741,151		$	718,218
U.S. Concrete Waste Management Services		202,329			201,528
U.K. Operations		113,544			117,418
Reportable segment assets		1,057,024			1,037,164
Other		(144,139	)		(139,174	)
Total Assets	$	912,885		$	897,990

	*Three Months Ended January 31,*
(in thousands)	*2025*			*2024*
Revenue
U.S. Concrete Pumping	$	56,914		$	66,683
U.S. Concrete Waste Management Services⁽¹⁾		16,693			15,620
U.K. Operations		12,840			15,408
Total revenue	$	86,447		$	97,711
(1) For both periods presented, intersegment revenue of $0.1 million has been excluded.

EBITDA
U.S. Concrete Pumping	$	8,126		$	8,921
U.S. Concrete Waste Management Services		4,355			3,495
U.K. Operations		2,846			3,176
Reportable segment EBITDA		15,327			15,592
Interest expense and amortization of deferred financing costs, net of interest income		(5,802	)		(6,463	)
Reportable depreciation and amortization		(13,200	)		(14,097	)
Other		-			131
Total loss before income taxes	$	(3,675	)	$	(4,837	)

Depreciation and amortization
U.S. Concrete Pumping	$	9,075		$	10,230
U.S. Concrete Waste Management Services		2,276			2,059
U.K. Operations		1,849			1,808
Total depreciation and amortization	$	13,200		$	14,097

Interest expense and amortization of deferred financing costs, net of interest income
U.S. Concrete Pumping	$	3,311		$	3,997
U.S. Concrete Waste Management Services		1,772			1,757
U.K. Operations		719			709
Total interest expense and amortization of deferred financing costs, net of interest income	$	5,802		$	6,463

Total capital expenditures
U.S. Concrete Pumping	$	2,185		$	7,932
U.S. Concrete Waste Management Services		1,967			3,047
U.K. Operations		1,678			4,227
Reportable segment capital expenditures		5,830			15,206
Other		11			2,560
Total capital expenditures	$	5,841		$	17,766

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	*As of*		*As of*
	*January 31,*		*October 31,*
(in thousands)	*2025*		*2024*
Total Assets
U.S.	$	799,341	$	780,572
U.K.		113,544		117,418
Total Assets	$	912,885	$	897,990

Property, plant and equipment, net
U.S.	$	348,846	$	353,895
U.K.		59,766		61,831
Property, plant and equipment, net	$	408,612	$	415,726

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	*Three Months Ended January 31,*
(in thousands)	*2025*		*2024*
Revenue by geography
U.S.	$	73,607	$	82,303
U.K.		12,840		15,408
Total revenue	$	86,447	$	97,711

Note 1 - Organization and Description of Business (Details Textual)	Jan. 31, 2025	Oct. 31, 2024
Brundage-Bone [Member]
Number of States in which Entity Operates	22
Camfaud [Member]
Number of Stores	35
Eco-Pan, Inc. [Member]
Number of Stores		20

Note 3 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Expected recoveries related to self-insured commercial liabilities	$ 1,421	$ 3,155
Prepaid insurance	1,017	1,462
Prepaid licenses and deposits	2,119	884
Other current assets and prepaids	2,037	1,455
Total prepaid expenses and other current assets	$ 6,594	$ 6,956

Note 4 - Property, Plant and Equipment - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Property, plant and equipment, gross	$ 582,953	$ 582,058
Less accumulated depreciation	(174,341)	(166,332)
Property, plant and equipment, net	408,612	415,726
Land, Buildings and Improvements [Member]
Property, plant and equipment, gross	32,526	32,724
Machinery and Equipment [Member]
Property, plant and equipment, gross	534,963	534,014
Transportation Equipment [Member]
Property, plant and equipment, gross	11,257	11,133
Furniture and Fixtures [Member]
Property, plant and equipment, gross	$ 4,207	$ 4,187

Note 4 - Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Depreciation Expense	$ 10,172	$ 10,202
Cost of Sales [Member] \| Property and Equipment [Member]
Depreciation Expense	9,623	9,613
General and Administrative Expense [Member] \| Property and Equipment [Member]
Depreciation Expense	$ 549	$ 589

Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Amortization of Intangible Assets	$ 3,028	$ 3,895

Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jan. 31, 2025	Oct. 31, 2024
Accumulated amortization	$ (152,476)	$ (149,448)
Foreign currency translation adjustment	1,257	1,487
Impairments	(5,000)	(5,000)
Total intangibles	258,573	258,573
Foreign currency translation adjustment	1,257	1,487
Net carrying amount	102,354	105,612
Trade Names, Indefinite-lived [Member]
Gross carrying value, indefinite	55,500	55,500
Impairments	(5,000)	(5,000)
Net carrying amount, indefinite	$ 50,500	$ 50,500
Customer Relationships [Member]
Weighted average remaining life (Year)	8 years 10 months 24 days	9 years 1 month 6 days
Gross carrying value	$ 195,126	$ 195,126
Accumulated amortization	(146,940)	(144,132)
Foreign currency translation adjustment	1,030	1,191
Net carrying amount	49,216	52,185
Foreign currency translation adjustment	$ 1,030	$ 1,191
Trade Names [Member]
Weighted average remaining life (Year)	3 years 9 months 18 days	4 years 1 month 6 days
Gross carrying value	$ 5,097	$ 5,097
Accumulated amortization	(3,313)	(3,181)
Foreign currency translation adjustment	227	296
Net carrying amount	2,011	2,212
Foreign currency translation adjustment	$ 227	$ 296
Assembled Workforce [Member]
Weighted average remaining life (Year)	10 months 24 days	1 year 1 month 6 days
Gross carrying value	$ 1,650	$ 1,650
Accumulated amortization	(1,560)	(1,522)
Net carrying amount	$ 90	$ 128
Noncompete Agreements [Member]
Weighted average remaining life (Year)	2 years 8 months 12 days	2 years 10 months 24 days
Gross carrying value	$ 1,200	$ 1,200
Accumulated amortization	(663)	(613)
Net carrying amount	$ 537	$ 587

Note 5 - Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Jan. 31, 2025 USD ($)
Balance	$ 222,996
Foreign currency translation	(839)
Balance	222,157
Operating Segments [Member] \| US Concrete Pumping [Member]
Balance	147,482
Foreign currency translation	0
Balance	147,482
Operating Segments [Member] \| UK Operations [Member]
Balance	26,381
Foreign currency translation	(839)
Balance	25,542
Operating Segments [Member] \| US Concrete Waste Management Services [Member]
Balance	49,133
Foreign currency translation	0
Balance	$ 49,133

Note 6 - Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Expected recoveries related to self-insured commercial liabilities	$ 10,423	$ 12,170
Other non-current assets	397	408
Total other non-current assets	$ 10,820	$ 12,578

Note 7 - Long-term Debt and Revolving Lines of Credit (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 03, 2025	Sep. 06, 2024	Jan. 31, 2025	Jan. 31, 2024	Oct. 31, 2024	Jun. 01, 2023
Gain (Loss) on Extinguishment of Debt			$ (1,392)	$ 0
Long-Term Debt, Gross			425,000		$ 375,020
Debt Issuance Costs, Line of Credit Arrangements, Net		$ 1,400
Payments of Debt Restructuring Costs		1,200
Letters of Credit Outstanding, Amount			13,900
Asset Backed Revolving Credit Facility [Member]
Debt Issuance Cost, Gross, Noncurrent		1,200
Line of Credit Facility, Maximum Borrowing Capacity		350,000				$ 225,000
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature		25,000
Line of Credit Facility, Additional Borrowing Capacity		125,000
Debt Issuance Costs, Line of Credit Arrangements, Net			2,400
Line of Credit, Reserves			1,100
Letters of Credit Outstanding, Amount			13,900
Line of Credit Facility, Remaining Borrowing Capacity			324,500
Asset Backed Revolving Credit Facility [Member] \| Bank of America [Member]
Line of Credit Facility, Additional Borrowing Capacity		75,000
Asset Backed Revolving Credit Facility [Member] \| PNC Bank [Member]
Line of Credit Facility, Additional Borrowing Capacity		50,000
Subsequent Event [Member] \| S 2025 Q1 Dividends Member
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 1
The 2032 Notes [Member]
Debt Instrument, Face Amount			$ 425,000
Debt Instrument, Interest Rate, Stated Percentage			7.50%
Debt Issuance Cost, Gross, Noncurrent			$ 7,900
Long-Term Debt, Gross			$ 425,000
The 2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage			6.00%
Gain (Loss) on Extinguishment of Debt			$ 1,400
Long-Term Debt, Gross					$ 375,000
Standby Letters of Credit [Member] \| Asset Backed Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 32,500				$ 22,500

Note 7 - Long Term Debt and Revolving Lines of Credit - Long-term Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
ABL Facility - short term	$ 0	$ 20
Long-Term Debt, Gross	425,000	375,020
Less: Unamortized deferred financing costs offsetting long term debt	(7,945)	(1,740)
Less: Current portion	0	(20)
Long term debt, net of unamortized deferred financing costs	$ 417,055	373,260
The 2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Long-Term Debt, Gross		375,000
The 2032 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7.50%
Long-Term Debt, Gross	$ 425,000

Note 8 - Accrued Payroll and Payroll Expenses - Accrued Payroll and Expenses (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024	Oct. 31, 2023
Accrued vacation	$ 2,859		$ 3,541
Accrued payroll	1,942		4,339
Accrued bonus	1,995		4,837
Accrued employee-related taxes	1,396		1,517
Other accrued	25		69
Total accrued payroll and payroll expenses	$ 8,217	$ 14,303	$ 14,303

Note 9 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Accrued self-insured commercial liabilities	$ 9,345	$ 12,210
Accrued self-insured health liabilities	1,552	1,712
Accrued interest	89	5,625
Accrued equipment purchases	2,438	1,354
Accrued property, sales and use tax	3,090	3,960
Accrued professional fees	1,758	1,326
Accrued dividends	53,132	0
Other	2,975	2,486
Total accrued expenses and other liabilities	$ 74,379	$ 28,673

Note 10 - Other Liabilities, Non-Current - Other Liabilities, Non-Current (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Self-insured commercial liability	$ 10,423	$ 12,332
Other	873	989
Total other non-current liabilities	$ 11,296	$ 13,321

Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ in Millions	Mar. 07, 2024	Jan. 31, 2024	Jan. 31, 2023
Stock Repurchase Program, Authorized Amount	$ 15.0		$ 10.0
Share Repurchase Program, Remaining Authorized, Amount		$ 15.1

Note 11 - Stockholders' Equity - Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Shares repurchased (in shares)	296	36
Total cost of shares repurchased	$ 1,934	$ 248
Average price per share (in dollars per share)	$ 6.53	$ 6.88

Note 12 - Revenue Recognition - Summary of Revenues by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Service revenue	$ 78,028	$ 89,958
Lease fixed revenue	5,000	4,549
Lease variable revenue	3,419	3,204
Total revenue	$ 86,447	$ 97,711

Note 13 - Income Taxes (Details Textual)	3 Months Ended
Note 13 - Income Taxes (Details Textual)	Jan. 31, 2025	Jan. 31, 2024
Effective Income Tax Rate Reconciliation, Percent	28.20%	20.90%

Note 13 - Income Taxes - Summary of Income Before Income Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Income before income taxes	$ (3,675)	$ (4,837)
Income tax benefit	$ (1,036)	$ (1,011)

Note 14 - Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Compensation expense	$ 367	$ 536
Restricted Stock [Member]
Compensation expense	332	476
Share-Based Payment Arrangement, Option [Member]
Compensation expense	$ 35	$ 60

Note 15 - Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
S 2025 Q1 Dividends Member
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 1
Dividends Payable	$ 53.1
Dividends Payable, Date Declared	Jan. 14, 2025
Dividends Payable, Date of Record	Jan. 24, 2025
Dividends Payable, Date to be Paid	Feb. 03, 2025
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	2.5	2.5
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.3	0.5
Restricted Stock and Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.1
Unvested Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		1.3

Note 15 - Earnings Per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Net income	$ (2,639)	$ (3,826)
Less accretion of liquidation preference on preferred stock	(440)	(440)
Net loss attributable to common stockholders (numerator for basic and diluted earnings per share)	$ (3,079)	$ (4,266)
Weighted average shares - basic (in shares)	53,045	53,315
Weighted average shares - diluted (in shares)	53,045	53,315
Basic earnings per share (in dollars per share)	$ (0.06)	$ (0.08)
Diluted earnings per share (in dollars per share)	$ (0.06)	$ (0.08)

Note 16 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands					3 Months Ended
	Jan. 25, 2025	Nov. 01, 2024	Jan. 31, 2024	Nov. 01, 2023	Jan. 31, 2025	Jan. 31, 2024
Cash payments related to operating lease liabilities					$ 1,253	$ 1,292
Cash paid for interest					11,394	489
Operating lease assets obtained in exchange for new operating lease liabilities					$ 981	$ 5,324
PP&E acquired but not yet paid	$ 2,549	$ 1,591	$ 4,597	$ 9,484

Note 17 - Fair Value Measurement - Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Reported Value Measurement [Member] \| The 2026 Notes [Member]
Debt, fair value		$ 375,000
Reported Value Measurement [Member] \| The 2032 Notes [Member]
Debt, fair value	425,000
Estimate of Fair Value Measurement [Member] \| The 2026 Notes [Member]
Debt, fair value		372,656
Estimate of Fair Value Measurement [Member] \| The 2032 Notes [Member]
Debt, fair value	$ 430,047

Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2025	Oct. 31, 2024
Letters of Credit Outstanding, Amount		$ 13.9
Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		32.5
Washington Department of Revenue Ruling [Member]
Loss Contingency, Estimate of Possible Loss	$ 3.5
Payments for Sales Taxes	$ 1.8
Accrued Liabilities and Other Liabilities [Member]
Self-insurance, Accrued Expenses for Health Claims Incurred But Not Reoprted		$ 1.6	$ 1.7

Note 18 - Commitments and Contingencies - Schedule of Self Insurance Information (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Total self-insured commercial liabilities	$ 19,768	$ 24,542
Expected recoveries related to self-insured commercial liabilities, current	1,421	3,155
Expected recoveries related to self-insured commercial liabilities, non-current	10,423	12,170
Total expected recoveries related to self-insured commercial liabilities	11,844	15,325
Total self-insured commercial liability, net of expected recoveries	7,924	9,217
Accrued Liabilities and Other Liabilities [Member]
Total self-insured commercial liabilities	9,345	12,210
Other Noncurrent Liabilities [Member]
Total self-insured commercial liabilities	10,423	12,332
Prepaid Expenses and Other Current Assets [Member]
Expected recoveries related to self-insured commercial liabilities, current	1,421	3,155
Other Noncurrent Assets [Member]
Expected recoveries related to self-insured commercial liabilities, non-current	$ 10,423	$ 12,170

Note 19 - Segment Reporting (Details Textual)	3 Months Ended
Note 19 - Segment Reporting (Details Textual)	Jan. 31, 2025
Number of Reportable Segments	3
Geographic Concentration Risk [Member] \| Revenue, Segment Benchmark [Member] \| UNITED STATES
Concentration Risk, Percentage	10.00%
Geographic Concentration Risk [Member] \| Revenue, Segment Benchmark [Member] \| UNITED KINGDOM
Concentration Risk, Percentage	10.00%

Note 19 - Segment Reporting - EBITDA Recast (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Interest expense and amortization of deferred financing costs, net of interest income	$ 6,215	$ 6,523
Operating Segments [Member]
Reportable segment EBITDA	15,327	15,592
Operating Segments [Member] \| US Concrete Pumping [Member]
Interest expense and amortization of deferred financing costs, net of interest income		3,997
Reportable segment EBITDA	8,126	8,921
Operating Segments [Member] \| US Concrete Pumping [Member] \| Previously Reported [Member]
Interest expense and amortization of deferred financing costs, net of interest income		5,754
Reportable segment EBITDA		7,036
Operating Segments [Member] \| US Concrete Pumping [Member] \| Revision of Prior Period, Adjustment [Member]
Interest expense and amortization of deferred financing costs, net of interest income		(1,757)
Reportable segment EBITDA		1,885
Operating Segments [Member] \| US Concrete Waste Management Services [Member]
Interest expense and amortization of deferred financing costs, net of interest income		1,757
Reportable segment EBITDA	$ 4,355	3,495
Operating Segments [Member] \| US Concrete Waste Management Services [Member] \| Previously Reported [Member]
Interest expense and amortization of deferred financing costs, net of interest income		0
Reportable segment EBITDA		5,380
Operating Segments [Member] \| US Concrete Waste Management Services [Member] \| Revision of Prior Period, Adjustment [Member]
Interest expense and amortization of deferred financing costs, net of interest income		1,757
Reportable segment EBITDA		$ (1,885)

Note 19 - Segment Reporting - Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Oct. 31, 2024
Total Assets	$ 912,885		$ 897,990
Revenue	86,447	$ 97,711
Income before income taxes	(3,675)	(4,837)
Depreciation and Amortization	13,200	14,097
Interest expense, net	5,802	6,463
Total capital expenditures	5,841	17,766
Operating Segments [Member]
Total Assets	1,057,024		1,037,164
Reportable segment EBITDA	15,327	15,592
Interest expense and amortization of deferred financing costs, net of interest income	(5,802)	(6,463)
Reportable depreciation and amortization	(13,200)	(14,097)
Total capital expenditures	5,830	15,206
Operating Segments [Member] \| US Concrete Pumping [Member]
Total Assets	741,151		718,218
Revenue	56,914	66,683
Reportable segment EBITDA	8,126	8,921
Depreciation and Amortization	9,075	10,230
Interest expense, net	3,311	3,997
Total capital expenditures	2,185	7,932
Operating Segments [Member] \| US Concrete Waste Management Services [Member]
Total Assets	202,329		201,528
Revenue	16,693	15,620
Reportable segment EBITDA	4,355	3,495
Depreciation and Amortization	2,276	2,059
Interest expense, net	1,772	1,757
Total capital expenditures	1,967	3,047
Operating Segments [Member] \| UK Operations [Member]
Total Assets	113,544		117,418
Depreciation and Amortization	1,849	1,808
Interest expense, net	719	709
Total capital expenditures	1,678	4,227
Operating Segments [Member] \| UK Concrete Pumping [Member]
Revenue	12,840	15,408
Reportable segment EBITDA	2,846	3,176
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]
Total Assets	(144,139)		$ (139,174)
Intersegment Eliminations [Member]
Other	0	131
Other Operating Segments and Intersegment Eliminations [Member]
Total capital expenditures	$ 11	$ 2,560

Note 19 - Segment Reporting - Total Assets by Segments (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Oct. 31, 2024
Total Assets	$ 912,885	$ 897,990
Long lived assets	408,612	415,726
UNITED STATES
Total Assets	799,341	780,572
Long lived assets	348,846	353,895
UNITED KINGDOM
Total Assets	113,544	117,418
Long lived assets	$ 59,766	$ 61,831

Note 19 - Segment Reporting - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Revenue	$ 86,447	$ 97,711
UNITED STATES
Revenue	73,607	82,303
UNITED KINGDOM
Revenue	$ 12,840	$ 15,408

Note 20 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Feb. 03, 2025	Jan. 31, 2025
S 2025 Q1 Dividends Member
Dividends Payable, Date Declared		Jan. 14, 2025
Subsequent Event [Member]
Payments of Dividends	$ 53.1
Subsequent Event [Member] \| S 2025 Q1 Dividends Member
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 1

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