Q3 2025 Badger Infrastructure Solutions Ltd Earnings Call Transcript
Key Points
- Badger Infrastructure Solutions Ltd (BDGIF) reported a record Q3 top line revenue of $237.3 million, marking a 13% increase year-over-year.
- Adjusted EBITDA grew by 15% year-over-year, highlighting strong operational efficiencies and optimization of overhead support functions.
- The company achieved a revenue per truck per month (RPT) of $47,921 in Q3, an 8% increase compared to the previous year.
- The Red Deer manufacturing plant increased production, delivering 57 hydrovacs this quarter compared to 48 units in Q3 of last year.
- Badger Infrastructure Solutions Ltd (BDGIF) successfully consolidated a franchise in Denver, enhancing market control and accelerating fleet refresh plans.
- The refurbishment program lagged expectations due to third-party facility capacity, leading to a reduction in the 2025 refurbishment range from 50-60 units to 30-40 units.
- The company anticipates increased capital spending, raising the 2025 capital spend range from $95 million-$115 million to $115 million-$130 million.
- Tariffs on heavy trucks remain a concern, although the company has not yet been impacted, potential future tariffs could increase capital expenditures.
- The refurbishment program's delay has prompted the need to develop an in-house refurbishment facility, which will not be operational until 2026.
- Despite strong revenue growth, the company did not purchase any shares under its NCIB program during the third quarter.
Ladies and gentlemen, thank you for standing by. Welcome to the Badger Infrastructure Solutions Limited third quarter 2025 results call. (Operator Instructions) As a reminder, this event is being recorded today, November 6, 2025, and will be made available in the Investors section of Badger's website.
I would now like to turn the call over to Anne Plaster, Director of Investor Relations.
Good morning, everyone, and welcome to our third quarter 2025 earnings call. Joining me on the call this morning are Badger's President and CEO, Rob Blackadar; and our CFO, Rob Dawson.
Badger's 2025 third quarter earnings release, MD&A and financial statements were released after market close, Wednesday, and are available on the Investors section of Badger's website and on SEDAR+. We are required to note that some of the statements made today may contain forward-looking information. In fact, all statements made today, which are not statements of historical facts are
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