Strong Fourth Quarter Performance
Fourth quarter revenue increased 24% year-over-year to $58 million, with rental revenues increasing by 28% year-over-year. Gross margin improved by nearly 500 basis points to 39.2%, and adjusted EBITDA increased by 35% compared to the prior year.
Record Product Sales
Product sales increased by 24% year-over-year to a record $72 million in 2024, driven by the adoption of the DURA-BASE composite matting solution.
Successful Fleet Expansion
In 2024, $33 million was invested in the rental fleet, expanding it by approximately 13% from the end of 2023.
Improved Financial Position
Ended the year with $18 million in cash and $8 million in total debt, resulting in a net cash position of $10 million.
Positive Outlook for 2025
Anticipated total revenues in the $230 million to $250 million range and adjusted EBITDA in the $60 million to $70 million range for 2025.