Net income +86.9% on lower tax/non-op drags as J-W Power adds $911.6M fleet, manufacturing ops

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Net income rose 86.9% to $38.3M but operating income grew only 31.7%; the 55.2pp gap came from $4.2M lower below-the-line drags (income tax -$2.6M, non-operating/other -$1.6M), not operational improvement.

  MD&A: Net Income vs Operating Income verify on EDGAR →
• high

  J-W Power acquisition ($911.6M: $455M cash + 18.2M units) added 1.0M HP, 2,070 revenue-generating units, and manufacturing ops generating $8.1M in new sales; fleet HP +27.7%, revenue +35%, Adj EBITDA +26%, DCF +48%.

  MD&A: J-W Power Acquisition verify on EDGAR →
• high

  Retired $750M Senior Notes 2027 (6.875%) and issued $750M Senior Notes 2033 (6.250%); revolver borrowings rose $445M to $1.25B to fund acquisition, leaving $498M unused availability.

  MD&A: Debt Refinancing verify on EDGAR →