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Earnings

Tornado Infrastructure Equipment Reports Third Quarter 2025 Results

By The Northwire Desk — AI Analysis Dec 01, 2025 · 17:00 TGH · 1.9 Tornado Infrastructure Equipment Ltd.
TGH · Price

Executive Summary

  • Tornado Infrastructure Equipment Ltd. reported unaudited Q3 2025 results showing net income of CAD 4.1 M (up 105%) and revenue of CAD 42.3 M (up 39%) versus Q3 2024.
  • The company announced a definitive agreement for The Toro Company to acquire all outstanding Class “A” common shares at CAD 1.92 per share (~CAD 279.3 M), subject to shareholder approval at a special meeting on December 2, 2025.
  • Tornado completed the acquisition of Custom Vacuum Services Ltd. (CustomVac) for CAD 28 M in May 2025, which is now contributing to higher sales, gross profit and operating efficiencies.

Key Details

  • Acquisition by The Toro Company – All Class “A” shares to be purchased at CAD 1.92 per share; total consideration approximately CAD 279.3 M; transaction pending shareholder and regulatory approvals; special meeting scheduled for 2025‑12‑02.
  • CustomVac acquisition (May 15, 2025) – Purchase price CAD 28 M funded by cash on hand and a new term loan; adds vacuum equipment product line and expands sales channels in Canada and the U.S.; expected to be immediately accretive.
  • Financial Highlights (Q3 2025 vs Q3 2024)
  • Net income: CAD 4,078 K (+104.9%) → diluted EPS $0.028 (+100%).
  • EBITDAS: CAD 6,171 K (+99.7%) → diluted EBITDAS per share $0.043 (+86.9%).
  • Revenue: CAD 42,323 K (+39.0%).
  • Gross profit: CAD 10,041 K (+91.3%).
  • SG&A expenses: CAD 3,870 K (+71.4%).
  • Operational Metrics – Hydrovac trucks sold in Q3 2025: 95 units (including 9 from CustomVac) vs 70 units in Q3 2024.
  • Outlook – Management expects continued growth in hydrovac truck production and sales through 2025‑2026, driven by infrastructure spending, synergies from the CustomVac acquisition, a new production building at Red Deer (substantially complete, operations expected Q4 2025), and expanded dealer relationships.
  • Non‑IFRS Measures – EBITDAS defined as earnings before interest, tax, depreciation, amortization, stock‑based compensation, FX gains/losses, disposal gains/losses, and derivative fair‑value changes; disclosed for performance assessment.

Notable Quotes

“The acquisition of CustomVac expands our product portfolio and is expected to be immediately accretive,” – Brett Newton, President & CEO.

All amounts are presented in thousands of Canadian dollars unless noted otherwise.

Read the original news release →

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