Concrete Pumping Holdings Reports FY24 Results

TL;DR

Concrete Pumping Holdings FY24 10-K: $2.45M sales, $754K net loss, $500M assets. #results

AI Summary

Concrete Pumping Holdings, Inc. filed its 10-K for the fiscal year ending October 31, 2024. The company reported total assets of $500,000,000 and total liabilities of $53,273,644. Net sales for the period were $2,450,980, with a net loss of $753,997. The company is incorporated in Delaware and headquartered in Thornton, Colorado.

Why It Matters

This filing provides a comprehensive overview of Concrete Pumping Holdings' financial health and operational performance for the fiscal year 2024, impacting investors' decisions.

Risk Assessment

Risk Level: medium — The company reported a net loss for the fiscal year, indicating potential financial challenges.

Key Numbers

• $2,450,980 — Net Sales (Revenue generated for the fiscal year 2024.)
• $753,997 — Net Loss (The company's loss for the fiscal year 2024.)
• $500,000,000 — Total Assets (The total value of assets owned by the company as of October 31, 2024.)
• $53,273,644 — Total Liabilities (The total amount of debt and other obligations as of October 31, 2024.)
• 2024-10-31 — Fiscal Year End (The end date of the reporting period.)

Key Players & Entities

• Concrete Pumping Holdings, Inc. (company) — Filer of the 10-K
• 2024-10-31 (date) — Fiscal year end
• $500,000,000 (dollar_amount) — Total assets
• $53,273,644 (dollar_amount) — Total liabilities
• $2,450,980 (dollar_amount) — Net sales
• $753,997 (dollar_amount) — Net loss
• Thornton, Colorado (location) — Company headquarters
• Delaware (location) — State of incorporation

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share BBCP The Nasdaq Stock Mar
• $6.65 — ,295,079 based upon the market price of $6.65 per share on April 30, 2024. As of Janu

Filing Documents

• bbpp20241031_10k.htm (10-K) — 2122KB
• ex_742599.htm (EX-19.1) — 70KB
• ex_695763.htm (EX-21.1) — 17KB
• ex_695764.htm (EX-23.1) — 2KB
• ex_695766.htm (EX-31.1) — 13KB
• ex_695767.htm (EX-31.2) — 14KB
• ex_695768.htm (EX-32.1) — 5KB
• ex_695769.htm (EX-32.2) — 5KB
• ex_695770.htm (EX-97.1) — 31KB
• 0001437749-25-000800.txt ( ) — 11571KB
• bbcp-20241031.xsd (EX-101.SCH) — 105KB
• bbcp-20241031_cal.xml (EX-101.CAL) — 88KB
• bbcp-20241031_def.xml (EX-101.DEF) — 640KB
• bbcp-20241031_lab.xml (EX-101.LAB) — 577KB
• bbcp-20241031_pre.xml (EX-101.PRE) — 701KB
• bbpp20241031_10k_htm.xml (XML) — 2090KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73 Item 9A.

Controls and Procedures

Controls and Procedures 73 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III Item 10. Directors, Executive Officers and Corporate Governance 75 Item 11.

Executive Compensation

Executive Compensation 75 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accountant Fees and Services 75 PART IV Item 15. Exhibits and Financial Statement Schedules 76 Item 16. Form 10-K Summary 77

SIGNATURES

SIGNATURES 78 (i) Table of Contents Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary Certain statements in this Annual Report on Form 10-K (this "Annual Report") constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. These forward-looking statements may be identified by terminology such as "likely," "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained in this Annual Report are reasonable, we cannot guarantee future results. Our forward-looking statements speak only as of the date of this report or as of the date they are made, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this Annual Report are based on our current expectations and beliefs concerning future developments and their potential effects. These statements involve known and unknown risks, uncertainties (some of which are beyond our control) and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the items in the following list, which also summarizes some of the principal risks relating to the Company and its business: the adverse impact of recent inflationary pressures, including increases in fuel costs, global economic conditions and events related to these con

Business

Item 1. Business Concrete Pumping Holdings, Inc. is a Delaware corporation headquartered in Thornton, Colorado. We refer to Concrete Pumping Holdings, Inc. as the "Company," "CPH,", "us", "we" or "our" in this Annual Report, and these designations include our subsidiaries unless we state otherwise. Our principal executive offices are located at 500 E. 84 th Ave., Suite A-5, Thornton, Colorado, 80229. We maintain a website at https://www.concretepumpingholdings.com/ . The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this Annual Report. Overview CPH is a leading provider of concrete pumping services and concrete waste management services in the United States ("U.S.") and the United Kingdom ("U.K.") based on fleet size, primarily operating under what we believe are the only established, national concrete pumping brands in both geographies – Brundage-Bone Concrete Pumping, Inc. ("Brundage-Bone") for concrete pumping in the U.S., Camfaud Group Limited ("Camfaud") in the U.K., and Eco-Pan, Inc. ("Eco-Pan") for waste management services in both the U.S. and U.K. The Brundage-Bone business was founded in 1983 in Denver, Colorado. Since then, the Company has expanded across the U.S. and U.K. through more than 70 strategic acquisitions. Eco-Pan was founded in 1999 and was acquired by CPH in 2014. Concrete pumping is a highly specialized method of concrete placement that requires skilled operators to position a truck-mounted, fully-articulating boom for precise delivery of ready-mix concrete from mixer trucks to placing crews on a construction job site. In addition, given the rising awareness of environmental factors, proper concrete washout handling is an important area of focus for our Company. We believe that our large fleet of specialized pumping equipment, washout pans and trucks, and highly-trained operators enable us to be the trusted provider of concrete placement and concrete waste manageme

Risk Factors

Item 1A. Risk Factors Risks Related to the Company's Business and Operations Our business is cyclical in nature and a slowdown in economic activity, especially as it pertains to construction spending, has in the past and could in the future negatively impact our financial results. Substantially all of our customer base comes from the commercial, infrastructure and residential construction markets. Global economic challenges including inflation, persistently high interest rates, increased fuel costs, supply-chain disruptions, and adverse labor market conditions have caused macroeconomic uncertainty and volatility in markets where we operate, and as a result of these challenges, (1) we have experienced negative impacts to our gross margins where we have not been able to fully pass these cost increase factors on to our customers and (2) some of our customers' projects have been delayed or potentially cancelled. Although economic conditions have shown signs of improvement in recent months, any further worsening of economic conditions or a decrease in construction expenditures and/or investments could cause weakness in our end markets, cause declines in construction and industrial activity, and materially adversely affect our revenue and operating results. The following factors, among others, may cause weakness in our end markets, either temporarily or long-term: the depth and duration of an economic slowdown and lack of availability of credit; macroeconomic factors, which have resulted in a tight labor market and impacted supply chains, our operations and our customers' operations; uncertainty regarding general or regional economic conditions; reductions in corporate spending for plants and facilities or government spending for infrastructure projects; reductions in commercial and residential construction spending activity; the cyclical nature of our customers' businesses, particularly those operating in the commercial, infrastructure and residential cons

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