Here are 1-3 brief analogies for Alta Equipment (ALTG):

• Hertz or Enterprise for construction and material handling equipment.

• Equipment Sales: Sells new and used heavy equipment for construction, material handling, and other industrial applications.
• Equipment Rental: Provides short-term and long-term rental solutions for a diverse fleet of construction and industrial machinery.
• Parts Sales: Supplies a comprehensive inventory of genuine and aftermarket replacement parts for various equipment brands.
• Equipment Service & Repair: Offers maintenance, diagnostic, and repair services for customer-owned and rental equipment.

Alta Equipment (ALTG) primarily sells equipment, parts, and services to other companies, operating on a business-to-business (B2B) model.

Due to the diversified nature of its integrated equipment dealership business, Alta Equipment serves a broad customer base across various industries. The company's filings, such as its 2023 10-K, indicate that it does not have a few "major customers" that account for a significant portion of its revenue. For instance, no single customer accounted for more than 2% of its consolidated revenues in 2023, 2022, or 2021. Therefore, Alta Equipment does not publicly disclose the names of specific major customer companies.

Instead, Alta Equipment's customer base is comprised of a wide range of businesses in the following key categories:

• Construction Companies: This broad category includes general contractors, residential builders, commercial construction firms, road construction companies, civil engineering companies, and demolition contractors. These customers require heavy equipment such as excavators, loaders, dozers, and aerial lifts for various infrastructure and building projects.
• Industrial & Material Handling Businesses: This segment serves companies involved in manufacturing, warehousing, logistics, distribution, retail, food & beverage, and aerospace. These businesses rely on equipment like forklifts, aerial work platforms, and other material handling solutions to manage their operations and supply chains.
• Government & Municipalities: Public sector entities, including local, state, and federal government agencies, often rent or purchase equipment from Alta Equipment for public works, infrastructure maintenance, and various municipal projects.

• Hyster-Yale Materials Handling, Inc. (HY)
• AB Volvo (VOLVY)

Ryan Greenawalt, Chairman & CEO

Ryan Greenawalt joined Alta Holdings in December 2008 and has served as Chief Executive Officer since December 2017. He is responsible for corporate strategy, operations, and corporate development, and has led the company's acquisition activities. Prior to joining Alta Equipment, Mr. Greenawalt had a career in financial services from 2002 to 2008, holding positions as Vice President at Merrill Lynch within Global Wealth Management, at Bear Stearns & Co. in Private Client Services, and as Account Vice President at UBS in Wealth Management. His father, Steven Greenawalt, founded Alta Equipment Co. in 1984.

Tony Colucci, Chief Financial Officer

Tony Colucci joined Alta Equipment Company in February 2015 and is responsible for the company’s Accounting and Finance function. He holds a BA in Economics from Alma College and an MBA from Western Michigan University.

Craig Brubaker, Chief Operating Officer

Craig Brubaker joined Alta in 1995 and has held several operations positions, including Systems Manager, Rental Manager, General Service Manager, and Regional Operations Manager, before being promoted to VP of Operations in January 2006. He holds a BS in Mechanical Engineering from the University of Toledo.

Jeffrey Hoover, Chief Legal Officer and General Counsel

Jeffrey Hoover joined Alta Equipment Company in January 2024. He previously served as a partner at Dinsmore & Shohl LLP since July 2021. From 2007 to 2021, Mr. Hoover was an attorney and partner at Howard & Howard Attorneys, PLLC, specializing in mergers and acquisitions, corporate finance, commercial lending, and real estate transactions. He advised Alta Equipment as external legal counsel since 2016.

Jonathan Hesener, President of Material Handling

Jonathan Hesener was appointed President of Alta Material Handling, effective March 31, 2025. He reports directly to CEO Ryan Greenawalt and oversees Alta’s enterprise-wide material handling operations. His background includes senior roles at General Electric, service as an officer in the United States Marine Corps, and most recently as Chief Sales Officer at Equipment Depot, with experience in mergers and acquisitions, sales strategy, and large-scale operational integration.

The emergence of technology-first equipment rental companies, such as EquipmentShare, which leverage digital platforms, advanced telematics, and data analytics to optimize fleet utilization, logistics, and customer experience. This model represents a shift from traditional asset-heavy rental operations towards a more integrated, data-driven approach, potentially disrupting established market players by offering greater efficiency and a seamless digital experience that could attract customers away from conventional rental providers.

Alta Equipment Group Inc. (ALTG) operates an integrated equipment dealership platform in North America, primarily across the United States and parts of Canada. Its main products and services include selling, renting, and providing parts and service support for material handling equipment, construction equipment, and environmental processing equipment.

Addressable Market Sizes for Alta Equipment's Main Products and Services (U.S. Market)

• Construction Equipment: The U.S. Construction Equipment market was valued at approximately USD 26.48 billion in 2024 and is estimated to grow to USD 28.16 billion in 2025. Another estimate placed the United States Construction Equipment Market size at USD 42.13 billion in 2023.
• Material Handling Equipment: The market size for Material Handling Equipment Distributors in the U.S. was approximately USD 58.2 billion in 2024 and is projected to reach USD 59.9 billion in 2025. The broader United States Material Handling Market is estimated to reach US$46.811 billion in 2025.
• Heavy Equipment Rental (including Construction Equipment Rental): The Heavy Equipment Rental market in the U.S. is estimated to reach USD 55.5 billion in 2025. Specifically for the U.S. construction equipment rental market, it was valued at approximately USD 30.33 billion in 2024.
• Roadbuilding Equipment: Within the construction equipment sector, the U.S. road construction equipment market was valued at approximately USD 100 billion in 2024 and is expected to reach USD 150 billion by 2033.
• Mining Equipment: The U.S. mining equipment market size was valued at USD 17.15 billion in 2023 and is expected to reach USD 17.73 billion in 2024. Another source estimates the United States mining equipment market size at USD 13.34 billion in 2025.

Expected Drivers of Future Revenue Growth for Alta Equipment (ALTG)

Over the next 2-3 years, Alta Equipment (ALTG) is expected to drive revenue growth through several key initiatives and market trends:

1. Continued Growth in Product Support Services: Alta Equipment has consistently demonstrated resilience and growth in its product support revenues. In Q3 2025, product support revenues rose 1.1% year-over-year, with product support gross margin improving by 160 basis points to 47.2%. This segment is described as a "pillar of strength" for the business, supported by strong technician productivity. The company's strategic emphasis on core dealership operations and enhancing earnings quality by focusing on service is expected to contribute to sustained growth in this higher-margin area.
2. Leveraging Infrastructure Spending and Construction Equipment Demand: Alta Equipment anticipates a positive impact from ongoing and projected infrastructure spending. The Infrastructure Investment and Jobs Act is expected to see the bulk of its spending in 2025-2026, and state DOT spending remains elevated in key markets such as Florida, New York, and Illinois. Management noted a strong performance in October 2025, particularly in the Construction Equipment segment, which is seen as a signal of sustained customer activity. Furthermore, DOT spending budgets in Alta's major U.S. markets are projected to rise another 6.0% in fiscal 2026, driven by strategic projects in federal and state infrastructure.
3. Strategic Acquisitions and Geographic Expansion: Alta Equipment has a history of strategic acquisitions to expand its geographic footprint and product offerings. Since its IPO in 2020, the company has grown from 43 to 83 locations across 15 states and 3 Canadian provinces, with acquisitions adding significant revenue. Recent acquisitions, such as Ault Industries in 2023, expanded the construction equipment segment into Canada's largest markets and added new OEM partners. The company remains committed to strategic mergers and acquisitions as part of its capital allocation strategy.
4. Expansion in Warehousing and Emerging Technologies (eMobility): While the material handling segment has faced some challenges, Alta is dedicated to expanding its market share in the warehousing sector, particularly with energy, utility, and food and beverage clients. Additionally, Alta Equipment established an Emerging Technology division in January 2020, focusing on autonomous robots, artificial intelligence, IoT, and new power solutions like hydrogen and lithium. The company's eMobility initiatives, including agreements for servicing and distributing direct current fast chargers and coordinating voucher benefits for electric vehicle buyers, represent new avenues for revenue growth as the market for sustainable equipment solutions expands.
5. Fleet Replenishment Cycle and Tax Incentives: Management expressed optimism about entering a fleet replenishment cycle that is expected to extend into 2026. The "One Big Beautiful Bill Act" (OBBBA) and related tax incentives are anticipated to drive demand for heavy earthmoving equipment, with customers acting on these incentives. This policy-driven demand, combined with a potential industry "upcycle," positions Alta to capture increased equipment sales.

Share Repurchases

• In May 2025, Alta Equipment's Board of Directors increased the common stock repurchase program authorization by $10 million, bringing the total to $30 million. This expansion was concurrent with the indefinite suspension of the quarterly common stock dividend, reallocating approximately $8 million in annual dividend payments to the buyback program.
• As part of the expanded program, $10 million was immediately allocated to a Rule 10b5-1 Plan, directing a third-party fiduciary to purchase common stock at pre-determined price intervals.
• During Q2 2025, the company repurchased 1,145,604 shares of common stock for approximately $6.5 million at an average price of $5.64 per share. As of August 2025, $17.7 million remained available under the $30 million buyback program.

Share Issuance

• In July 2023, an affiliate of B. Riley Financial, Inc. conducted an upsized secondary offering of 2,200,000 shares of Alta's common stock at $16.25 per share; Alta Equipment did not offer any shares in this transaction and did not receive any proceeds.
• On April 12, 2021, Alta exchanged 8,668,746 outstanding warrants into approximately 2,279,874 shares of its common stock at an exchange ratio of 0.263 shares per warrant.
• In March 2021, Alta priced a private offering of $315 million in aggregate principal amount of its 5.625% senior secured second lien notes due 2026, with proceeds intended for debt repayment and general corporate purposes.

Outbound Investments

• Alta Equipment has actively pursued an acquisition strategy, completing 4 acquisitions in 2021, 3 in 2022, and 2 in 2023 to expand its geographic footprint and product offerings.
• Significant acquisitions include Ault for $36 million in November 2023, Burris Equipment for $14 million in September 2023, and Ecoverse for $45 million in October 2022.
• Other acquisitions during this period include Ginop Sales Inc. in December 2021, which expanded Alta's construction equipment footprint in Michigan and strengthened its relationship with Kubota, and ScottTech in 2021, which enhanced its warehouse design and automation capabilities.

Capital Expenditures

• Alta Equipment Group reported capital expenditures of approximately -$60.30 million for the trailing twelve months ended June 2025.
• The company has been strategically reducing the size of its rental fleet since 2024 to enhance fleet utilization and improve returns on invested capital.
• This initiative also includes optimizing operations and right-sizing rental fleet levels to align with market demand.