Alta Equipment Group Inc.

Alta reported Q2 revenue of $475.5 million and adjusted EBITDA of $48.6 million. Total gross margin expanded about 70 basis points year over year to 26.1%, EBITDA margin rose to 10.2%, and company-wide new and used equipment gross margin reached 15.3%. Material Handling adjusted EBITDA was $19 million, Construction Equipment adjusted EBITDA was $30.6 million, and Master Distribution/Ecoverse revenue rose from $20.9 million to $22.8 million with adjusted EBITDA increasing from $1.1 million to $2.8 million. Management narrowed full-year 2026 adjusted EBITDA guidance to $167.5 million-$177.5 million and reaffirmed free cash flow before rent-to-sell decisioning of $100 million-$110 million. At June 30, liquidity was about $225 million and net leverage was roughly 4.7x.

Ryan Greenawalt framed the quarter as evidence that the recovery discussed in Q1 is now showing up more clearly in the numbers. He highlighted improving order activity, recovering deliveries, receding dealer inventory pressure, and better operating execution, saying the company sees a positive inflection point. He also emphasized strategic themes such as product support, PeakLogix, Ecoverse, capital discipline, and using technology to improve efficiency and accountability.

Anthony Colucci emphasized that Q2 reflected more normalized operating conditions and the underlying earnings power of the dealership model. He cited revenue of $475.5 million, adjusted EBITDA of $48.6 million, gross margin of 26.1%, EBITDA margin of 10.2%, and new/used equipment gross margin of 15.3%, along with sequential EBITDA improvement of about $20.5 million. He also highlighted capital efficiency gains, including Material Handling average assets down about $52 million or 11% and Construction average assets down about $77 million or 8%, while liquidity stayed around $225 million and net leverage was roughly 4.7x. On guidance, he said the top end was trimmed because of delivery timing visibility, not weaker demand, and reiterated confidence in $100 million-$110 million of free cash flow before rent-to-sell decisioning.

Analysts focused on whether stronger modular Material Handling products could hurt service revenue; Ryan Greenawalt said the opposite is more likely because commonality could improve parts turns. Questions also probed construction market share, rental fleet sizing, and whether the company might increase fleet investment; management said it believes it is holding share, does not plan to upsizing rental fleet in the near term, and still wants to improve utilization before adding capital. The most detailed guidance discussion centered on Material Handling delivery timing: management said some demand could slip into 2027 because of execution timing and Hyster-Yale production cadence, but stressed this was timing conservatism rather than a demand concern.