EquipmentShare Q1 revenue surges 38% to $989M post-IPO; remains unprofitable at $29M net loss

Filed May 14, 2026 · Period ending March 31, 2026 · ~2 min read

Key Changes

• high

  Revenue grew 38% YoY to $989M in Q1 2026, driven by 79 new branch locations (27% increase to 371 total) and 29% fleet expansion to $9.1B OEC. Operating income turned positive at $1M vs. $10M loss prior year, but net loss of $29M persists due to $70M interest expense and $50M new market startup costs.

  MD&A: Q1 FY2026 revenue and growth verify on EDGAR →
• high

  Completed IPO on Jan 26, 2026, raising $706M net proceeds at $24.50/share. Founders now control >80% voting power through Class B shares, making the company a controlled company under Nasdaq rules. All convertible preferred converted to Class A common at IPO.

  Notes: IPO completion and equity structure view on EDGAR →
• high

  OWN Program (third-party equipment ownership with revenue-sharing) expanded 39% to support fleet growth without incremental debt. Payouts rose 41% to $217M in Q1 2026, shifting cost structure from depreciation/interest to lease expense and compressing gross profit margins vs. owned equipment.

  MD&A: OWN Program expansion and economics verify on EDGAR →