BBCP

Concrete Pumping Holdings, Inc.

NASDAQ · INDUSTRIALS · CONSTRUCTION - SPECIAL TRADE CONTRACTORS

9.27

+0.10 +1.09%

USD · close Oct 21

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order

FLAG · shorts 26

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

0 / 0

no disclosures naming it

Big money

0 / 15

none of the tracked funds disclose it

Calls on record

nobody we score has called it yet

MKT CAP $467.1MP/E 57.9DIV YIELD —FCF YIELD 3.34%REV TTM $422.9M +6.9%NET INCOME $10.4M −1.2%NET DEBT $375.8M52W 5.73 – 12.05SEC XBRL · TTM TO Invalid Date

How BBCP rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

81%

of sentences unchanged

Added

new sentences

Dropped

sentences removed

Length

+354

words, now 11,545

New in FY2025

Global economic challenges including inflation, persistently high interest rates, increased fuel costs, supply-chain disruptions, uncertainty surrounding tariffs 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 cancelled.
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, have and may continue to 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 construction sectors; ● an increase in the cost of construction materials; ● a decrease in investment in certain of our key geographic markets; ● changes in interest rates and lending standards; ● an overcapacity in the businesses that drive the need for construction; ● adverse weather conditions, which may temporarily affect a particular region or regions; ● reduced construction activity in our end markets; ● terrorism or hostilities involving the U.S. or the U.K.; ● change in structural construction designs of buildings (e.g., wood versus concrete); ● risks of political or economic instability; and ● oversupply of equipment or new entrants into the market area resulting in greater competitive activity.
Adverse weather conditions, including hurricanes and tropical storms, extreme hot and cold weather, snow, and heavy or sustained rainfall, have in the past and could in the future reduce construction activity, restrict the demand for our products and services, and impede our ability to deliver and pump concrete efficiently or at all.
We have identified below certain of the factors that have in the past and may in the future cause our revenue and operating results to vary: ● seasonal weather patterns in the construction industry on which we rely, with activity tending to be lowest in the winter and spring; ● the timing of expenditures for maintaining existing equipment, acquiring new equipment and disposing of used equipment; ● changes in demand for our services or the prices we charge due to changes in economic conditions, competition or other factors; ● changes in the interest rates applicable to our variable rate debt, and the overall level of our debt; ● fluctuations in fuel costs; ● general economic conditions in the markets where we operate; ● the cyclical nature of our customers’ businesses; ● price changes in response to competitive factors; ● other cost fluctuations, such as costs for employee-related compensation and benefits; ● labor shortages, work stoppages or other labor difficulties and labor issues in trades on which our business may be dependent in particular regions; ● potential enactment of new legislation affecting our operations or labor relations; ● an oversaturation of fleet equipment in the industry; ● timing of acquisitions and new branch openings and related costs; ● possible unrecorded liabilities of acquired companies and difficulties associated with integrating acquired companies into our existing operations; ● changes in the exchange rate between the U.S. dollar ("USD") and Great British pound sterling ("GBP"); ● potential increased demand from our customers to develop and provide new technological services in our business to meet changing customer preferences; ● our ability to control costs and maintain quality; ● our effectiveness in integrating new locations and acquisitions; and ● possible write-offs or exceptional charges due to changes in applicable accounting standards, reorganizations or restructurings, obsolete or damaged equipment or the refinancing of our existing debt.
As of October 31, 2025, the average age of our concrete pumping equipment was approximately eight years.
The cost of new equipment for use in our concrete pumping fleet has increased and could further increase due to increased material costs to our suppliers, regulatory requirements (such as the EPA 2027 Emissions Rule) or other factors beyond our control, such as increased tariffs.
The market value of used equipment depends on several factors, including: ● the market price for comparable new equipment; ● the time of year that it is sold; ● the supply of similar used equipment on the market; ● the existence and capacities of different sales outlets; ● the age of the equipment, and the amount of usage of such equipment relative to its age, at the time it is sold; ● worldwide and domestic demand for used equipment; ● the effect of advances and changes in technology and emission controls in new equipment models; ● changing perception of residual value of used equipment by the Company’s suppliers; and ● general economic conditions.
At October 31, 2025, we had remaining recorded goodwill of $223.6 million related to multiple acquisitions.
Changes in foreign trade policies and other factors beyond our control may adversely impact our business and financial performance.
Economic impacts from tariffs and U.S. trade policy changes, including significant tariffs on imported goods, could have direct and/or indirect material adverse effects on our business.
Our operations may be indirectly impacted as they are closely tied to residential, commercial, and infrastructure construction, which may face reduced demand if tariffs increase material costs or consumer prices, leading to economic slowdowns or project cancellations resulting in reduced demand for our concrete pumping and waste management services.
Additionally, our reliance on international suppliers for certain key operational equipment directly exposes us to risks of cost increases or supply constraints.
Our inability to mitigate these risks or adapt to rapidly changing trade environments could adversely affect our results of operations and financial performance.
These concerns have resulted in increased governmental and societal attention to environmental, social, and governance matters, particularly in the U.K., including mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, waste production, water usage, human capital, labor, and risk oversight, and could expand the nature, scope, and complexity of matters on which we are required to control, assess, and report.
As of October 31, 2025, approximately 100 of our employees in the United States (but none of our employees in the United Kingdom) were represented by unions or covered by collective bargaining agreements.
In addition, our collective bargaining agreement with our union in California was renewed as of July 1, 2025 and is effective through June 30, 2028.
It will continue on a year-to-year basis thereafter unless parties provide advance written notice to change, amend, modify, or terminate the Agreement.
Our collective bargaining agreement with our union in Oregon was renewed as of January 1, 2025 and is effective through December 31, 2027.
As of October 31, 2025, we had $425.0 million of indebtedness outstanding, consisting of $425.0 million for our fixed 7.500% senior secured second lien notes due 2032 (the "Senior Notes"), in addition to $315.1 million of availability under our ABL Facility.
From May 31, 2023 and through September 6, 2024, borrowings in U.S.
Dollars bore interest at (1) the secured overnight financing rate ("SOFR") rate plus an applicable margin currently set at 2.25% or (2) a base rate plus an applicable margin currently set at 1.25%.
After September 6, 2024 borrowings in U.S.
Dollars bear interest at, (1) the SOFR rate (subject to a 0.00% floor), plus an applicable margin equal to 2.50% per annum that is fixed until September 30, 2025, after which point the margin will stepdown to 2.25% per annum if the quarterly average excess availability is greater than or equal to 33.3% of $350.0 million (the "Maximum Revolver Amount"), and will further stepdown to 2.00% per annum if the quarterly average excess availability is greater than or equal to 66.7% of the Maximum Revolver Amount, or (2) as related to all other loans, the base rate (subject to a 0.00% floor), plus an applicable margin equal to 1.50% per annum that is fixed until September 30, 2025, which will stepdown to 1.25% per annum if the quarterly average excess availability is greater than or equal to 33.3% of the Maximum Revolver Amount and will further stepdown to 1.00% per annum if the quarterly average excess availability is greater than or equal to 66.6% of the Maximum Revolver Amount.
From May 31, 2023 and through September 6, 2024, borrowings in GBP bore interest at the sterling overnight indexed average ("SONIA") rate plus an applicable margin equal to 2.2826%.
Other risks relating to our long-term indebtedness include: ● increased vulnerability to general adverse economic and industry conditions; ● interest rate risk as our ABL Facility is subject to variable rates based on SOFR and SONIA rates.
A rise in interest rates, would increase our debt service obligations and could materially and adversely affect our financial condition, cash flows, and results of operations; ● need to divert a significant portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of cash to fund working capital, capital expenditures, acquisitions, investments and other general corporate purposes; ● limited ability to obtain additional financing, on terms we find acceptable, if needed, for working capital, capital expenditures, acquisitions and other investments, which may adversely affect our ability to implement our business strategy; ● limited flexibility in planning for, or reacting to, changes in our businesses and the markets in which we operate or to take advantage of market opportunities; and ● a competitive disadvantage compared to our competitors that have less debt.
As of October 31, 2025, CFLL Holdings, LLC owns 15,477,138 shares, or 30% of outstanding shares of common stock and BBCP Investors, LLC owns 11,005,275 shares, or 22% of our outstanding shares of our common stock.
Following amendments to our 2018 Omnibus Incentive Plan on October 29, 2020 and April 25, 2023, a total of 6.3 million shares of common stock were reserved for issuance under our 2018 Omnibus Incentive Plan, of which 2.7 million shares of common stock remain available for future issuance as of October 31, 2025.
We may not continue to repurchase our common stock pursuant to our share repurchase program, and any such repurchases may not enhance long-term stockholder value.
Share repurchases could also increase the volatility of the price of our common stock and could diminish our cash reserves.
Although our Board has approved a share repurchase program which we have utilized in the past, the share repurchase program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares.
The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, our liquidity and capital resources, the trading price of our common stock and the nature of other investment opportunities.
The repurchase program may be limited, suspended or discontinued at any time without prior notice.
In addition, repurchases of our common stock pursuant to our share repurchase program could cause our stock price to be higher than it would be in the absence of such a program and could potentially reduce the market liquidity for our stock.
Additionally, our share repurchase program could reduce our available liquidity, which may impact our ability to finance future growth and to pursue possible future strategic opportunities and acquisitions.
Further, the Internal Revenue Service implemented a nondeductible excise tax equal to 1% of the fair market value of certain corporate share repurchases which may diminish its attraction to deliver returns to stockholders.
There can be no assurance that any share repurchases will enhance stockholder value because the market price of our common stock may decline below levels at which we repurchased shares of stock.
Although our share repurchase program is intended to enhance long-term stockholder value, there is no assurance that it will do so and short-term stock price fluctuations could reduce the program’s effectiveness.

Gone since FY2024

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 construction sectors; ● an increase in the cost of construction materials; ● a decrease in investment in certain of our key geographic markets; ● changes in interest rates and lending standards; ● an overcapacity in the businesses that drive the need for construction; ● adverse weather conditions, which may temporarily affect a particular region or regions; ● reduced construction activity in our end markets; ● terrorism or hostilities involving the U.S. or the U.K.; ● change in structural construction designs of buildings (e.g., wood versus concrete); ● risks of political or economic instability; and ● oversupply of equipment or new entrants into the market area resulting in greater competitive activity.
Adverse weather conditions, including hurricanes and tropical storms, cold weather, snow, and heavy or sustained rainfall, have in the past and could in the future reduce construction activity, restrict the demand for our products and services, and impede our ability to deliver and pump concrete efficiently or at all.
We have identified below certain of the factors that have in the past and may in the future cause our revenue and operating results to vary: ● seasonal weather patterns in the construction industry on which we rely, with activity tending to be lowest in the winter and spring; ● the timing of expenditures for maintaining existing equipment, acquiring new equipment and disposing of used equipment; ● changes in demand for our services or the prices we charge due to changes in economic conditions, competition or other factors; ● changes in the interest rates applicable to our variable rate debt, and the overall level of our debt; ● fluctuations in fuel costs; ● general economic conditions in the markets where we operate; ● the cyclical nature of our customers’ businesses; ● price changes in response to competitive factors; ● other cost fluctuations, such as costs for employee-related compensation and benefits; ● labor shortages, work stoppages or other labor difficulties and labor issues in trades on which our business may be dependent in particular regions; ● potential enactment of new legislation affecting our operations or labor relations; ● timing of acquisitions and new branch openings and related costs; ● possible unrecorded liabilities of acquired companies and difficulties associated with integrating acquired companies into our existing operations; ● changes in the exchange rate between the U.S. dollar ("USD") and Great Britain pound sterling ("GBP"); ● potential increased demand from our customers to develop and provide new technological services in our business to meet changing customer preferences; ● our ability to control costs and maintain quality; ● our effectiveness in integrating new locations and acquisitions; and ● possible write-offs or exceptional charges due to changes in applicable accounting standards, reorganizations or restructurings, obsolete or damaged equipment or the refinancing of our existing debt.
As of October 31, 2024, the average age of our concrete pumping equipment was approximately eight years.
The cost of new equipment for use in our concrete pumping fleet has increased and could further increase due to increased material costs to our suppliers or other factors beyond our control.
The market value of used equipment depends on several factors, including: ● the market price for comparable new equipment; ● the time of year that it is sold; ● the supply of similar used equipment on the market; ● the existence and capacities of different sales outlets; ● the age of the equipment, and the amount of usage of such equipment relative to its age, at the time it is sold; ● worldwide and domestic demand for used equipment; ● the effect of advances and changes in technology in new equipment models; ● changing perception of residual value of used equipment by the Company’s suppliers; and ● general economic conditions.
At October 31, 2024, we had remaining recorded goodwill of $223.0 million related to multiple acquisitions.
These concerns have resulted in increasing governmental and societal attention to environmental, social, and governance matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, waste production, water usage, human capital, labor, and risk oversight, and could expand the nature, scope, and complexity of matters on which we are required to control, assess, and report.
As of October 31, 2024, approximately 110 of our employees in the United States (but none of our employees in the United Kingdom) were represented by unions or covered by collective bargaining agreements.
In addition, our collective bargaining agreement with our union in California was renewed as of July 1, 2022 and is effective through June 30, 2025.
It will continue on a year-to-year basis after unless parties provide advance written notice to change, amend, modify, or terminate the Agreement.
No such notices have been given or received.
Our collective bargaining agreement with our union in Oregon expires in the first quarter of fiscal year 2025.
As of October 31, 2024, we had $375.0 million of indebtedness outstanding, consisting of (1) $375.0 million for our fixed 6.000% senior secured second lien notes due 2026 (the "Senior Notes") and (2) approximately $20,000 outstanding under our ABL credit agreement (the "ABL Facility"), in addition to $335.0 million of availability under our ABL Facility.
Through June 29, 2022, borrowings in U.S.
Dollars bore interest at either (1) an adjusted LIBOR rate plus an applicable margin of 2.25% or (2) a base rate plus an applicable margin of 1.25%.
After June 29, 2022 and through May 31, 2023, borrowings in U.S.
Dollars bore interest at (1) the secured overnight financing rate ("SOFR") rate plus an applicable margin currently set at 2.00% or (2) a base rate plus an applicable margin currently set at 1.00%.
After May 31, 2023 and through September 6, 2024, borrowings in U.S.
Dollars bore interest at (1) the SOFR rate plus an applicable margin currently set at 2.25% or (2) a base rate plus an applicable margin currently set at 1.25%.
Dollars bear interest at, (1) the SOFR rate (subject to a 0.00% floor), plus an applicable margin equal to 2.50% per annum that is fixed until September 30, 2025, after which point the margin will stepdown to 2.25% per annum if the quarterly average excess availability is greater than or equal to 33.3% of the Maximum Revolver Amount, and will further stepdown to 2.00% per annum if the quarterly average excess availability is greater than or equal to 66.7% of the Maximum Revolver Amount 2024, or (2) as related to all other loans, the base rate (subject to a 0.00% floor), plus an applicable margin equal to 1.50% per annum that is fixed until September 30, 2025, which will stepdown to 1.25% per annum if the quarterly average excess availability is greater than or equal to 33.3% of the Maximum Revolver Amount and will further stepdown to 1.00% per annum if the quarterly average excess availability is greater than or equal to 66.6% of the Maximum Revolver Amount.
Through May 31, 2023, borrowings in GBP bore interest at the sterling overnight indexed average ("SONIA") rate plus an applicable margin currently set at 2.0326%.
After May 31, 2023 and through September 6, 2024, borrowings in GBP bore interest at the SONIA rate plus an applicable margin equal to 2.2826%.
Other risks relating to our long-term indebtedness include: ● increased vulnerability to general adverse economic and industry conditions; ● we have recently experienced higher interest expense on our ABL Facility due to interest rate increases and we could experience higher interest expense on our ABL Facility if interest rates increase any further and our hedging strategies do not effectively mitigate the effects of these increases; ● need to divert a significant portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of cash to fund working capital, capital expenditures, acquisitions, investments and other general corporate purposes; ● limited ability to obtain additional financing, on terms we find acceptable, if needed, for working capital, capital expenditures, acquisitions and other investments, which may adversely affect our ability to implement our business strategy; ● limited flexibility in planning for, or reacting to, changes in our businesses and the markets in which we operate or to take advantage of market opportunities; and ● a competitive disadvantage compared to our competitors that have less debt.
As of October 31, 2024, CFLL Holdings, LLC owns 15,477,138 shares, or 29% of outstanding shares of common stock and BBCP Investors, LLC owns 11,005,275 shares, or 21% of our outstanding shares of our common stock.
Following amendments to our 2018 Omnibus Incentive Plan on October 29, 2020 and April 25, 2023, a total of 6.3 million shares of common stock were reserved for issuance under our 2018 Omnibus Incentive Plan, of which 2.9 million shares of common stock remain available for future issuance as of October 31, 2024.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch BBCP. Know when insiders buy.

One email the day a filing lands. Free.