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of Contents](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n____________________________________\n\nFORM 10-Q\n\nx QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\no TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _________ to _________\n\nCommission File Number  001-43062\n\nEquipmentShare.com Inc\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n____________________________________________________________\n\nTexas\n\n47-2405753\n\n(State of Incorporation)\n\n(I.R.S. Employer Identification No.)\n\n5710 Bull Run Dr\n\nColumbia, Missouri, 65201\n\n(573) 299-5222\n\n(Address, including Zip Code, and telephone number, including area code, of registrant's principal executive offices)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nClass A Common Stock, $0.00000125 par value\n\nEQPT\n\nThe Nasdaq Global Select Market\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12\n\nmonths (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days xYes o No\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405\n\nof this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth\n\ncompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated Filer\n\no\n\nAccelerated Filer\n\no\n\nNon - Accelerated Filer\n\nx\n\nSmaller Reporting Company\n\no\n\nEmerging Growth Company\n\no\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial\n\naccounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes x No\n\nAs of May 10, 2026, the registrant had 214,806,153 shares of Class A common stock outstanding and 37,568,944 shares of Class B common stock outstanding.\n\n[Table of Contents](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_7)\n\nTABLE OF CONTENTS\n\nPage No.\n\n[PART I](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_13)\n\nFINANCIAL INFORMATION\n\n[Item 1](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_91)\n\n[Financial Statements and Supplementary Data](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_91)\n\n[5](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_13)\n\n[Unaudited Condensed Consolidated Financial Statements](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_97)\n\n[6](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_97)\n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_97)\n\n[6](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_97)\n\n[Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_100)\n\n[7](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_100)\n\n[Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2026 and 2025](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_103)\n\n[8](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_103)\n\n[Condensed Consolidated Statements of Perpetual Preferred Stock and Equity for the Three Months Ended March 31, 2026 and 2025](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_106)\n\n[9](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_106)\n\n[Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_109)\n\n[10](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_109)\n\n[Notes to Condensed Consolidated Financial Statements](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_112)\n\n[11](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_112)\n\n[Item 2](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_46)\n\n[Management’s Discussion and Analysis of Financial Conditions and Results of Operations](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_46)\n\n[32](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_46)\n\n[Item 3](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_88)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_88)\n\n[53](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_88)\n\n[Item 4](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_199)\n\n[Controls and Procedures](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_199)\n\n[54](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_199)\n\n[PART II](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_37)\n\nOTHER INFORMATION\n\n[Item 1](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_31)\n\n[Legal Proceedings](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_31)\n\n[55](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_31)\n\n[Item 1A](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_19)\n\n[Risk Factors](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_19)\n\n[55](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_19)\n\n[Item 2](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_40)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_40)\n\n[55](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_40)\n\n[Item 5](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_202)\n\n[Other Information](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_202)\n\n[55](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_202)\n\n[Item 6](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_229)\n\n[Exhibits and Financial Statement Schedules](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_229)\n\n[56](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_229)\n\n3\n\n[Table of Contents](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_7)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q (the “Form 10-Q”) of EquipmentShare.com Inc (“EquipmentShare” or the\n\n“Company”) and the documents incorporated by reference contain forward-looking statements within the meaning\n\nof Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities\n\nExchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995.\n\nForward-looking statements generally relate to future events or our expected future financial or operating\n\nperformance. Such statements can be identified by the use of forward-looking terminology such as “believe,”\n\n“expect,” “may,” “will,” “should,” “seek,” “on-track,” “plan,” “project,” “forecast,” “intend” or “anticipate,” or the\n\nnegative thereof or the negative of these words or other similar terms or expressions that concern our expectations,\n\nstrategy, plans, or intentions. Forward-looking statements involve risks and uncertainties that could cause actual\n\nresults to differ materially from historical experience or our present expectations.\n\nImportant factors that could cause our actual results to differ materially from those indicated in the forward-\n\nlooking statements include, but are not limited to, the following:\n\n•The construction equipment rental industry is highly competitive, and competitive pressures could lead to a\n\ndecrease in our market share or in the prices that we can charge;\n\n•Our dependence on relationships with certain suppliers to obtain equipment for our business;\n\n•Our innovative capital-light fleet growth model (the “OWN Program”) subjects us to a number of risks,\n\nmany of which are beyond our control;\n\n•Our suppliers of new equipment may appoint additional distributors, sell directly to our customers or\n\nunilaterally terminate our distribution agreements with them, any of which could have a material adverse\n\neffect on our equipment sales due to a loss of such sales;\n\n•Our ability to effectively manage our workforce and operations, which have grown substantially since our\n\ninception, and we expect will continue to do so in the future;\n\n•We may not be able to facilitate our growth strategy by identifying and opening attractive new branch\n\nlocations, which could limit our revenues and profitability;\n\n•We may encounter substantial competition or other difficulties in our efforts to expand our operations;\n\n•A decline in construction and industrial activities, a downturn in the economy in general or other\n\nmacroeconomic or environmental factors could lead to decreased demand for our equipment, depressed\n\nequipment rental rates and lower equipment sales prices;\n\n•Disruptions in our supply chain could result in adverse effects on our results of operations and financial\n\nperformance;\n\n•Our ability to collect on contracts with customers;\n\n•Conditions that adversely affect related parties with which we have entered into equipment sale and rental\n\narrangements;\n\n•Our reliance upon communications networks and centralized information technology systems and the\n\nconcentration of our systems which creates or increases risks for us, such as the risk of the misuse or theft\n\nof information, including personal information;\n\n•Our cloud-based platform (“T3”) is highly technical, and any prolonged undetected errors could adversely\n\naffect our business;\n\n•Our reliance on third parties maintaining open marketplaces to distribute our T3 platform and to provide the\n\nsoftware we use in certain of our products and offerings;\n\n4\n\n[Table of Contents](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_7)\n\n•The dependence of our business upon the interoperability of our T3 platform across devices, operating\n\nsystems, and third-party applications that we do not control;\n\n•Trends in oil and natural gas prices, which could adversely affect the level of exploration, development and\n\nproduction activity of certain of our customers and the demand for our services, and products;\n\n•Risks related to heightened inflation, recessionary conditions, and financial and capital market disruptions\n\nthat may adversely impact business conditions, the availability of credit and access to capital;\n\n•Fluctuations in fuel costs or reduced supplies of fuel, which could harm our business; and\n\n•Our exposure to a variety of claims and losses arising from our operations, which our insurance may not\n\ncover all or any portion of such claims.\n\nThe foregoing factors should not be construed as exhaustive and should be read together with the other\n\ncautionary statements included in this Form 10-Q. If one or more events related to these or other risks or\n\nuncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially\n\nfrom what we anticipate. Many of the important factors that will determine these results are beyond our ability to\n\ncontrol or predict. Accordingly, you should not place undue reliance on any such forward-looking statements.\n\nIn addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant\n\nsubject. These statements are based on information available to us as of the date of this Form 10-Q. Although we\n\nbelieve the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future\n\nresults, level of activity, performance or achievements. Our statements should not be read to indicate that we have\n\nconducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently\n\nuncertain, and investors are cautioned not to unduly rely on these statements. Moreover, neither we nor any other\n\nperson assumes responsibility for the accuracy and completeness of any of these forward-looking statements.\n\nThe forward-looking statements made in this Form 10-Q relate only to events as of the date on which the\n\nstatements are made. We are under no duty to update any of these forward-looking statements after the date of this\n\nForm 10-Q to conform our prior statements to actual results or revised expectations or the occurrence of\n\nunanticipated events, except as required by law.\n\nYou should note that we may announce material information to our investors using our investor relations\n\nwebsite (https://ir.equipmentshare.com/), filings with the Securities and Exchange Commission (the “SEC”), press\n\nreleases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with\n\nour investors. It is possible that the information that we post on these channels could be deemed to be material\n\ninformation. We therefore encourage investors to visit these websites from time to time. The information contained\n\non such websites and social media posts is not incorporated by reference into this filing. We have included our\n\ninvestor relations website address only as an inactive textual reference for convenience and do not intend it to be an\n\nactive link to our website.\n\nSee the section titled “Risk Factors” in this Form 10-Q and in our Annual Report on Form 10-K for the year\n\nended December 31, 2025 (the “2025 Form 10-K”) for a discussion of certain factors that could cause actual results\n\nto differ materially from those expressed in our forward-looking statements. Additional factors that could cause\n\nresults or performance to differ materially from those expressed in our forward-looking statements are detailed in\n\nother filings we may make with SEC, copies of which are available at no charge. New risks and uncertainties\n\nemerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact\n\non the forward-looking statements contained in this Form 10-Q. We cannot assure you that the results, events and\n\ncircumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or\n\ncircumstances could differ materially from those described in the forward-looking statements.\n\n5\n\n[Table of Contents](#i082a4b86075e4fe1a8d2dfc6fc75d8d5_7)\n\nPART I. FINANCIAL INFORMATION"}