Here are 1-2 brief analogies for The REV Group (REVG):

• Like Oshkosh Corporation (OSK) for a broader range of specialized vehicles, manufacturing everything from fire trucks and ambulances to commercial buses and RVs.
• Alternatively, it's like a General Motors focused entirely on building specialty vehicles, from emergency response vehicles like fire trucks and ambulances, to school buses and consumer RVs.

• Fire & Emergency Vehicles: Manufactures custom fire apparatus and emergency medical vehicles (ambulances) for municipal and private end-users.
• Commercial Vehicles: Produces transit and school buses, terminal trucks, and other specialized commercial vehicles for various industries.
• Recreational Vehicles (RVs): Develops and manufactures motorized recreational vehicles, including luxury coaches and Class A, B, and C motorhomes.

REVG (The REV Group, Inc.) primarily sells its specialty vehicles to other companies and governmental entities rather than directly to individual consumers.

According to its latest Form 10-K filings with the U.S. Securities and Exchange Commission, no single customer accounted for more than 10% of REVG's consolidated net sales in recent fiscal years. This indicates a highly fragmented customer base rather than reliance on a few major specific company customers.

Therefore, while REVG operates as a business-to-business (B2B) and business-to-government (B2G) supplier, it does not have publicly identified "major customer companies" that represent a significant portion of its revenue. Instead, its customers fall into the following broad categories of organizations:

• Independent Dealerships: For its recreational vehicles (RVs) and some commercial vehicles, REVG sells to a network of independent dealerships across North America, which then sell to end-users (individuals or smaller businesses).
• Municipalities and Governmental Entities: These include city and county fire departments, emergency medical services (EMS) providers, transit authorities, and public works departments who purchase fire apparatus, ambulances, transit buses, and other commercial vehicles like street sweepers and yard spotters.
• Private Fleet Operators and Service Providers: This category includes private ambulance services, private transit companies, school districts, and other commercial entities that operate specialized vehicle fleets.

• Ford Motor Company (F)
• General Motors Company (GM)
• Stellantis N.V. (STLA)
• Daimler Truck Holding AG (DTG)
• International
• AB Volvo (VOLVY)
• Cummins Inc. (CMI)
• Allison Transmission Holdings Inc. (ALSN)

Mark Skonieczny, President and Chief Executive Officer

Mark Skonieczny was appointed President and Chief Executive Officer of REV Group in May 2023, having previously served as Interim CEO and Chief Financial Officer since January 2023. He joined REV Group in June 2020 as Chief Financial Officer. Prior to his tenure at REV Group, Skonieczny held positions as Vice President and Corporate Controller of Adient PLC from 2016 to 2019. He also spent 17 years at Johnson Controls in various financial capacities, including Vice President of Corporate Development, Vice President of Finance for Global Aftermarket-Power Solutions, and Vice President of Finance for Middle East, Latin America, and NA Systems-Building Efficiency, as well as Assistant Corporate Controller.

Amy Campbell, Chief Financial Officer and Senior Vice President

Amy Campbell joined REV Group as Chief Financial Officer in April 2024. Before her role at REV Group, she served as CFO of ASC Engineered Solutions and CFO for BrandSafway's Commercial and Industrial Division. Campbell also had a distinguished 23-year career at Caterpillar, Inc., where her roles included various segment CFO positions, Vice President of Investor Relations, and Chief Audit Officer.

Joseph LaDue, Vice President; Controller; Chief Accounting Officer

Joseph LaDue has served as the Chief Accounting Officer, Vice President, and Corporate Controller of REV Group since 2022. Before joining REV Group, he spent 13 years in public accounting, including a role as Senior Audit Manager at KPMG LLP.

Sagar Murthy, Senior Vice President; Chief Information Officer

Sagar Murthy has been the Senior Vice President and Chief Information Officer of REV Group since 2022. His previous experience includes serving as Senior Vice President, General Manager APAC & ME, and Chief Information Officer at Jason Group, and Group Chief Information Officer at Actuant Corporation.

Stephen Zamansky, Senior Vice President, General Counsel, Company Secretary

Stephen Zamansky holds the titles of Senior Vice President, General Counsel, and Company Secretary at REV Group.

The key risks to REV Group's (REVG) business include challenges with operational execution, potential integration risks from its pending merger with Terex Corporation, and the inherent cyclicality of demand influenced by broader economic factors.

1. Operational Execution and Throughput Issues

   REV Group faces significant challenges with operational execution and throughput, particularly within its fire segment. Despite a substantial backlog, the company's ability to efficiently build and deliver vehicles remains a primary hurdle, directly impacting its capacity to convert demand into revenue and profitability.

2. Integration Risks from the Terex Merger

   The pending strategic merger with Terex Corporation introduces considerable integration risks. While this merger is anticipated to create value and enhance market position, investors need to monitor the complexities and potential challenges associated with combining the two companies. There are also ongoing investigations into the adequacy of the price and process of this proposed transaction.

3. Economic Cyclicality and Demand Fluctuations

   As a manufacturer of specialty vehicles, including recreational vehicles, REV Group is exposed to the cyclical nature of the economy. Changes in interest rates, consumer confidence, and overall employment levels can significantly affect the demand for its products, especially those in more discretionary markets like recreational vehicles.

1. Increased competition and market share erosion from specialized electric vehicle manufacturers in the school and transit bus segments.

The accelerated transition to electric vehicles (EVs) in public and commercial fleets poses a significant emerging threat. While REVG is developing electric models through brands like Collins Bus and ElDorado National California (ENC), dedicated EV manufacturers such as Lion Electric (school buses) and established competitors like Blue Bird (school buses) and New Flyer (transit buses) are heavily investing in and deploying fully electric platforms. If REVG's electric offerings do not remain competitively superior or equivalent in terms of range, cost-effectiveness, charging infrastructure compatibility, and reliability, the company faces the risk of losing market share to these more focused or rapidly advancing EV competitors.

2. Potential displacement of traditional terminal trucks by autonomous yard spotter technology.

REVG's Capacity brand manufactures terminal trucks (yard spotters) crucial for logistics operations. There is a clear emerging threat from companies developing and deploying autonomous yard spotter solutions (e.g., Outrider, Einride). These autonomous systems aim to enhance efficiency, reduce operational costs, and mitigate labor dependency in logistics hubs. Should these autonomous technologies mature rapidly and achieve widespread adoption in freight yards and distribution centers, it could lead to a substantial reduction in demand for conventionally-operated, human-driven terminal trucks, thereby directly impacting REVG's sales volume and market position in this segment.

REV Group (REVG) operates primarily in the United States and Canada, manufacturing and distributing a range of specialty vehicles and related aftermarket parts and services across three main segments: Fire & Emergency, Commercial, and Recreation.

Addressable Markets for REV Group's Main Products:

• Ambulances: The U.S. ambulance services market size was estimated at approximately USD 18.66 billion in 2023 and is projected to reach around USD 51.48 billion by 2033, growing at a compound annual growth rate (CAGR) of 10.68% from 2024 to 2033. The North American ambulance services market is expected to reach around US$42.1 billion in 2031, from a valuation of US$17.8 billion in 2024. REV Group's brands held an estimated 45-50% share in the North American ambulance market in fiscal year 2024.
• Fire Apparatus (Fire Trucks): The North America fire truck market was valued at USD 8.21 billion in 2024 and is expected to be worth USD 13.29 billion by 2033, with a CAGR of 5.50% from 2025 to 2033. The U.S. fire truck market accounted for over 85% of the revenue share in 2024. Another source indicates the global fire trucks market is projected to expand to USD 11.57 billion by 2034, from USD 8.59 billion in 2024.
• Recreational Vehicles (RVs): The North America RV market size stands at USD 21.77 billion in 2025 and is projected to reach USD 32.54 billion by 2030, growing at an 8.37% CAGR. The United States led with 92.14% of the North American Recreational Vehicle market share in 2024. Another estimate places the U.S. recreational vehicle market size at USD 29.18 billion in 2024, predicted to be worth around USD 88.06 billion by 2034, with a CAGR of 11.68%. The U.S. market for recreational vehicles is also projected to reach a value of US$ 20.72 billion in 2024.
• Buses (Transit and School Buses): The North America bus market size was estimated at USD 7.13 billion in 2024 and is projected to grow at a CAGR of 11.2% from 2025 to 2030, reaching USD 13.16 billion by 2030. The U.S. bus market alone generated revenue of USD 8,315.2 million in 2023, expected to reach USD 11,635.8 million by 2030. The North America bus market size is also projected to hit around USD 21.25 billion by 2034.
• Terminal Trucks and Industrial Sweepers: These products fall under the broader "Specialty Vehicles" or "Commercial Vehicles" categories. The global specialty vehicle market size stands at USD 109.89 billion in 2025 and is projected to reach USD 129.95 billion by 2030. North America is a significant market, with one source valuing the North American specialty vehicle market at USD 12.75 billion in 2024, projected to rise to USD 18.0 billion by 2035. The U.S. commercial vehicle market, which includes various specialized vehicles, was valued at USD 581.31 billion in 2022 and is projected to grow to USD 1,276.0 billion by 2030.

1. Sustained Demand and Robust Backlog in Specialty Vehicles: The company anticipates continued strong demand, particularly for fire apparatus and ambulances within its Specialty Vehicles segment. This is evidenced by a significant backlog, providing visibility into future revenue streams.
2. Enhanced Operational Efficiencies and Increased Production Throughput: REV Group is focused on improving manufacturing processes, increasing line rates, and achieving better efficiencies within its Specialty Vehicles segment. Investments, such as a $20 million expansion at the Spartan Emergency Response facility, are aimed at boosting production capacity by 40% to meet surging demand and reduce delivery times.
3. Strategic Portfolio Optimization: REV Group has been streamlining its business by divesting non-core assets, such as the Collins Bus Corporation, the ENC municipal transit bus business, and Lance Camper. This strategy sharpens the company's focus on its higher-margin Specialty Vehicles segments (Fire & Emergency and Commercial) and allows for dedicated resource allocation to areas with greater growth potential.
4. Effective Price Realization: The company has successfully implemented pricing actions across its product portfolio, particularly in the Fire & Emergency and Commercial segments. These price increases contribute to revenue growth and margin expansion.

Share Repurchases

• In the second quarter of fiscal year 2025, REV Group repurchased approximately 2.9 million shares of its common stock for $88.4 million.
• On December 11, 2024, the company's Board of Directors approved a new $250 million share repurchase authorization.
• As of April 30, 2025, approximately $142.4 million remained available under the current share repurchase program.

Share Issuance

• REV Group did not report any significant dollar amounts of new shares issued by the company over the last 3-5 years. The number of common shares outstanding decreased from 52,131,600 as of October 31, 2024, to 48,798,333 as of July 31, 2025, reflecting share repurchase activities.

Capital Expenditures

• For the first three quarters of fiscal year 2025 (ending July 31, 2025), total capital expenditures were $27.9 million.
• REV Group projects its full-year fiscal year 2025 capital expenditures to be between $45.0 million and $50.0 million.
• A primary focus for capital expenditures includes organic growth investments, such as a $20 million expansion of the Spartan Emergency Response facility in Brandon, South Dakota, aimed at increasing manufacturing footprint and fabrication capabilities.