Total Revenue

+10.8% ( " " )

Robust growth is driven by gains across multiple segments, notably the Mobile Modular and Enviroplex divisions, which expanded on the positive trends seen in Q2 2024 and earlier quarters. The combined effect of these improvements helped elevate total revenue from $212.611M in Q2 2024 to $235.6M in Q2 2025. " "

Mobile Modular revenue

+7.9% ( " " )

Incremental growth in Mobile Modular revenue—from $144.546M to $155.99M—arose from increased rental and rental-related services, building on continuous improvements noted in previous periods such as a 3% rise in Q1 2025. Strategic initiatives, including offerings like Mobile Modular Plus, further bolstered performance. " "

Portable Storage revenue

-2.8% ( " " )

A modest decline from $24.022M to $23.35M reflects lingering softness in market demand, particularly in commercial construction. This downturn is consistent with challenges noted earlier (e.g., a sharper decline in Q1 2025), although the reduced percentage drop in Q2 2025 suggests some stabilization in this segment. " "

TRS-RenTelco revenue

+11.5% ( " " )

A significant increase from $32.670M to $36.41M is largely driven by an upswing in sales revenues, which builds on earlier improvements (e.g., a $1.3M increase in Q1 2025). Even as rental segments faced pressure previously, enhanced sales performance has contributed materially to the overall revenue rebound in this division. " "

Enviroplex revenue

+75% ( " " )

Dramatic growth to $19.87M from $11.373M is attributable to substantially higher sales revenues and improved gross margins. This outcome builds on the strong start seen in Q1 2025—where gross profit increased significantly—and reflects an accelerated expansion in sales activity, particularly in the education market. " "

Total Revenue

FY 2025

$920 million - $960 million "

$925,000,000 - $960,000,000 "

raised

Adjusted EBITDA

FY 2025

$343 million - $355 million "

$347,000,000 - $356,000,000 "

raised

Gross Rental Equipment CapEx

FY 2025

$115 million - $125 million "

$115,000,000 - $125,000,000 "

no change

Adjusted EBITDA for Q3 & Q4

FY 2025

no prior guidance [N/A]

similar level "

no prior guidance

Mobile Modular Segment

Q1 2025 reported strong performance with improved rental margins and healthy revenue growth. " Q4 2024 emphasized robust revenue and sales growth despite modest utilization declines. " Q3 2024 noted double-digit rental and sales gains with broad-based wins. " "

Q2 2025 showed 8% revenue growth driven by higher rental‐related services and sales, but also noted declining utilization and rising SG&A expenses due to strategic hiring. " "

Revenue growth remains consistent while cost pressures and lower utilization have become more evident in Q2 2025.

Rental Pricing Dynamics

Q1 2025 highlighted a positive pricing tailwind with higher revenue per unit and integration of new services. " " " Q4 2024 stressed a significant pricing gap and tailwind. " " Q3 2024 reported increased unit revenue despite some project delays. " "

Q2 2025 observed stable spot rates with a modest increase in monthly revenue per unit ($840) and a slightly narrowed gap. " "

Ongoing pricing discipline persists, though the margin gap is narrowing even as overall stability is maintained.

Portable Storage Segment

Q1 2025 revealed a 13% revenue decline, lower rental margins, and decreased equipment utilization. " " Q4 2024 and Q3 2024 both cited declining revenues and margins driven by weak demand and low construction activity. " " " "

Q2 2025 showed signs of sequential improvement with a 5% growth sequentially, improved shipment trends and cautious optimism despite underlying demand challenges. " "

After multiple periods of decline, sentiment has shifted toward cautious improvement in Q2 2025.

TRS-RenTelco Segment

Q1 2025 noted a modest revenue uptick and improved utilization (from 59% to 65%), though with caution about the second half. " " " Q4 2024 displayed flat revenues but emerging momentum. " " " Q3 2024 mentioned a prolonged downturn in some sub‑segments but overall stability. "

Q2 2025 reported a 7% revenue increase, improved utilization (64.8% vs 56.5% prior) and higher margins (44% vs 36%), signaling clear stabilization. " "

The segment has steadily stabilized, with Q2 2025 showing even stronger performance and reduced turnaround risks.

Adjusted EBITDA Guidance and Margin Pressures

Q1 2025 provided EBITDA guidance of $343–$355 million with margin pressures noted, particularly in Portable Storage. " Q4 2024 offered guidance of $345–$360 million amid a shift from CapEx to OpEx and increased operating expenses. " " " Q3 2024 reflected solid adjusted EBITDA with active expense management. " "

Q2 2025 revised guidance to $347–$356 million, highlighting margin pressures from higher inventory center costs, elevated SG&A expenses and lower fleet utilization across segments. " " "

Guidance remains stable while ongoing margin pressures from cost shifts and lower utilization continue to challenge profitability.

Market Demand Dynamics

Q1 2025 noted a robust order pipeline tempered by project delays and cautious customer decision-making. " " " " Q4 2024 observed strong quoting activity but also delays driven by construction and market uncertainties. " " Q3 2024 reported mixed signals with robust pipelines in some segments and delays in others. " "

Q2 2025 continued to see a strong order pipeline with healthy quote activity and robust customer interest across education and commercial sectors, despite some macro uncertainties leading to project delays. " " "

The demand story remains consistently positive across periods, though project delays and customer hesitancy persist at a cautious pace.

Rising Cost Pressures and OpEx Restructuring (CapEx to OpEx)

Q1 2025 mentioned rising cost pressures due to tariffs and material costs with an emphasis on refurbishing existing units. " " " Q4 2024 detailed a strategic shift from CapEx to OpEx – with incremental operating expenses offset by lower equipment purchases. " " " Q3 2024 did not present notable discussion on this topic.

Q2 2025 focused on higher inventory center expenses and a $4.5 million rise in SG&A, along with a significant reduction in rental equipment purchases as part of a deliberate shift from CapEx to OpEx. " " "

There is a clear, consistent focus on restructuring spending. Current discussions offer more depth, underscoring ongoing cost management amid rising pressures.

Strategic Growth Initiatives

Q1 2025 discussed geographic expansion with new market investments, an active M&A pipeline, and improved capital efficiency through lower rental purchases. " " " Q4 2024 outlined reactivating the M&A pipeline and leveraging a strong balance sheet for expansion. " " " Q3 2024 also stressed broad geographic coverage and strategic M&A for growth. " " "

Q2 2025 continued emphasis on geographic expansion with new sales hires, closure of tuck‑in acquisitions in modular and portable storage segments, and focused capital efficiency by lowering rental equipment purchases. " " "

Bullish strategic initiatives remain a constant focus. In Q2 2025, execution appears stronger with completed acquisitions and amplified geographic expansion efforts.