Total Revenue

+3.6% (Q1 2025: $204.6M vs. Q1 2024: $197.9M)

Total revenue increased modestly due to strong domestic performance that offset weaknesses in other regions. The growth was mainly driven by a robust increase in U.S. sales despite declines internationally, reflecting a shift from prior period contributions. " " " "

United States Revenue

+18.7% (Q1 2025: $203.54M vs. Q1 2024: $171.47M)

U.S. revenue surged as domestic market recovery fueled higher sales, building on previous period momentum. This strong performance reflects increased demand at home which was a key driver behind the overall revenue growth. " "

Other Geography Revenue

-96% (Q1 2025: $1.06M vs. Q1 2024: $26.42M)

Other geography revenue declined sharply, suggesting a significant reduction or reclassification of international sales compared to the previous period where these revenues were more prominent. " "

Fleet Vehicles and Services

-11% (Q1 2025: $96.12M vs. Q1 2024: $107.8M)

FVS segment sales dropped reflecting continued market softness in delivery van sectors and lower pass-through chassis sales, as witnessed in earlier periods. This was partially offset by higher upfit volumes, but overall the segment continued on a downward trajectory. " " " "

Specialty Vehicles

-8.8% (Q1 2025: $82.19M vs. Q1 2024: $90.1M)

Specialty Vehicles sales declined driven by weaker motorhome chassis demand, even as service body sales and contributions from the ITU acquisition provided some support—consistent with mixed performance seen in the previous period. " " " "

Eliminations and Other

New line item at $26.30M vs. $0 previously

Eliminations and Other emerged as a material line item in Q1 2025, likely due to new reclassifications or adjustments from inter-segment eliminations that were not present in Q1 2024, reflecting changes in corporate reporting. " " "

Gross Profit

+18.3% (Q1 2025: $40,302K vs. Q1 2024: $34,062K)

Gross profit improved significantly as a result of a more favorable product mix and higher productivity. These gains were able to offset rising material and labor costs, building on operational improvements observed in the past period. " "

Operating Income

Turnaround from a loss of $1,930K to a profit of $1,749K

Operating income reversed from a loss to a profit due to the boost in gross profit and controlled expense increases. Improvements in the revenue mix and cost management initiatives contributed to this turnaround compared to Q1 2024. " "

Net Income

Loss narrowed from -$4,669K to -$1,436K

Net loss was significantly reduced by approximately 69%, as improved operating performance and efficient cost management led to EPS easing from -$0.14 to -$0.04, building on prior period trends towards margin recovery. " "

Cash and Cash Equivalents

+21.9% (Q1 2025: $16,171K vs. Q1 2024: $13,251K)

Liquidity improved as cash balances increased due to stronger financing activities and better aspects of operating cash flow, reinforcing the company’s financial position compared to the previous period. " "

Net Cash Used in Operating Activities

Worsened from -$3,957K to -$4,519K

Operating cash flow deteriorated slightly driven by increased working capital outflows, notably a $18.3M increase in receivables and related assets, partially offset by a smaller improvement from non-cash income adjustments when compared to Q1 2024. " "

Sales

FY 2025

$870 million to $970 million (includes ≈$50 million related to Blue Arc) "

$870 million to $970 million "

no change

Adjusted EBITDA

FY 2025

$62 million to $72 million (≈70% of full-year adjusted EBITDA delivered in H2 with a slow start in Q1) " "

$62 million to $72 million (≈70% of full-year adjusted EBITDA expected in H2) "

no change

Timing of Adjusted EBITDA

FY 2025

Approximately 70% of full-year adjusted EBITDA delivered in H2 " "

Approximately 70% of full-year adjusted EBITDA expected in H2 "

no change

Free Cash Flow

FY 2025

$25 million to $30 million (includes ≈$20 million of transaction-related cash) "

$25 million to $30 million "

no change

Adjusted EPS

FY 2025

$0.69 to $0.92 per share "

no current guidance

no current guidance

Blue Arc EV Sales

FY 2025

Approximately $50 million in sales " "

no current guidance

no current guidance

Blue Arc EV Program Momentum

Q2 2024: Transition into production with successful pilot vehicles and a confirmed FedEx order. " " Q3 2024: Positive vehicle demonstrations, pilot programs and early dealer/customer feedback (e.g. 52-vehicle order and pilot in New York/West Coast). " " Q4 2024: Production details, active customer deployments (e.g. FedEx vehicles in service, Canadian demos) and clear need for additional orders to hit targets. " "

Q1 2025: Completed majority of the FedEx contract with 150 vehicles, strong positive customer feedback and active trials to secure more orders, though caution remains about timing of conversion. " " "

Consistently positive momentum; the focus has shifted from early pilots and demos to executing full contracts and expanding the pipeline.

Order Pipeline Execution Risk

Q2 2024: Highlighted risks around converting customer interest into firm orders and delayed order recoveries, anticipating market recovery in early 2025. " " " Q3 2024: Noted measured EV adoption and challenges including infrastructure issues and gating factors. " " Q4 2024: Emphasized the gap in orders (short of the $50 million target) and breakeven requirements, stressing additional order securing. " "

Q1 2025: Acknowledged cautious optimism with ongoing trials and potential revenue carryover as part of execution risk, reinforcing uncertainty about the timing and conversion of additional orders. " "

Consistent caution; execution risks remain a key concern despite momentum, with a steady emphasis on converting trials into firm orders.

Tariff Uncertainty and Supply Chain Management

Q2 2024 & Q3 2024: No discussion on tariffs or supply chain management. Q4 2024: Addressed by emphasizing North American supplier strategies and dynamic monitoring of tariff-related risks. "

Q1 2025: Continued discussion on tariff uncertainty with active pricing measures and a robust supply chain strategy (including reliance on ONE battery performance and U.S.-based alternatives). " "

Consistent proactive management; the topic has been continuously monitored with similar strategies applied across periods.

Operational Efficiency and Margin Expansion

Q2 2024: Focused on operational improvements, with modest margin gains and strategic organizational changes. " " Q3 2024: Highlighted lean manufacturing, process improvements and notable margin expansion in FVS and SV segments. " " " Q4 2024: Significantly improved margins with strong adjusted EBITDA growth across segments and an outlook for continued expansion in 2025. " " "

Q1 2025: Continued achievements with stronger margins in FVS and SV (e.g. FVS margins up by 290 basis points and overall company EBITDA margins doubled) despite lower sales, underscoring ongoing operational enhancements. " "

Consistently strong and improving; operational efficiency remains a key priority, with sustained and even amplified margin expansion over time.

Merger Synergies and Acquisition Integration

Q2 2024: Focused exclusively on ITU integration, emphasizing commercial and cost synergies with no mention of Aebi Schmidt. " " " " Q3 2024: Continued ITU integration with early synergies from expanded product capabilities and customer relationships. " " " Q4 2024: Broadened discussion to include both ITU integration and the Aebi Schmidt merger, detailing regulatory progress and synergy potential. " "

Q1 2025: Discussion centered on the Aebi Schmidt merger, its strategic rationale, global positioning and shareholder benefits, with no specific mention of ITU. "

Expanding integration focus; while ITU integration was emphasized previously, the current period spotlights the Aebi Schmidt merger as a major strategic lever.

Stable Battery Supply

Q2 2024: Battery performance from the supplier was meeting expectations in the Blue Arc program validation. " " Q3 2024 & Q4 2024: No specific mention of battery supply issues or stability.

Q1 2025: Highlighted stable performance and regular coordination with ONE battery leadership, affirming there are no field issues and supply remains robust. "

Stable but less emphasized; the supply remains reliable, with continuous satisfaction reported though it is less spotlighted compared to earlier discussions.

Segment Recovery Challenges and Seasonality

Q2 2024: Noted challenges in motorhome (expected recovery in 2025) and parcel markets (recovery now anticipated in early 2025), with FVS being impacted by slow customer purchasing; preparation for recovery with seasonal trends. " " " Q3 2024: Described slow, measured recovery in parcel and fleet segments and motorhome weakness, with hopes for improvement; seasonality implied though not explicitly detailed. " " Q4 2024: Provided nuanced details on motorhome, parcel and FVS challenges with clear seasonal expectations (stronger results in the latter half of 2025). " " " "

Q1 2025: Continued challenges observed with declines in FVS (11% decrease in sales) and motorhome (9% drop in sales) compared to the prior year; signals of cautiously increased quoting activity in parcel; explicit acknowledgment that around 70% of annual EBITDA is typically delivered in the second half, reflecting seasonal recovery. " "

Persistently cautious; recovery remains uneven across segments with clear seasonal patterns, and outlook remains cautious albeit with some early recovery signals in parcel quoting activity.

Geographic Expansion and Diversification Strategy

Q2 2024: Emphasized national footprint expansion with a focus on the Midwest, cross-selling among service bodies and leveraging ITU for broader product distribution. " " " Q3 2024: Highlighted expansion into new geographies such as Nashville and ITU-enabled regional growth, indicating diversification in product and market presence. " " Q4 2024: Focused on nationwide coverage through unified service bodies and the Aebi Schmidt merger to bolster the North American footprint and diversify offerings. " " "

Q1 2025: Implied through efforts to expand the Blue Arc program into new geographies and through the strategic merger with Aebi Schmidt combined with the launch of new product lines, supporting a diversified market approach. " " "

Consistent and deepening; the strategy is continuously reinforced, evolving from facility and regional expansions to strategic mergers that broaden geographic reach and product diversification.

Stagnant EV Upfitting Volume Trends

Q2 2024: No discussion. Q3 2024: Specifically mentioned that EV upfitting volumes were flat compared to prior periods, with around 3,000 upfits last year and similar volumes this year. " Q4 2024: No explicit mention though related EV production and order challenges were discussed. "

Q1 2025: No specific commentary on stagnant EV upfitting volumes was provided, with the focus shifting to overall Blue Arc performance and order pipeline dynamics. "

Less pronounced; a previously noted stagnation in EV upfitting that was mentioned in Q3 has faded from the discussion in Q1, suggesting it has become a lower priority or improved.