- Adjusted EBITDA for Q3 2025 was $64.1 million, a 66.1% increase year-over-year excluding the bus business impact.
- Consolidated net sales for Q3 2025 were $644.9 million, up from $579.4 million in Q3 2024, excluding divested ENC transit bus sales, representing a 20.5% increase.
- Recreational Vehicle segment sales rose 9.7% to $161.7 million, but adjusted EBITDA declined 13.8% due to dealer assistance, tariffs, and inflation.
- Specialty Vehicles segment backlog stood at $4.3 billion, flat year-over-year, supporting strong future demand.
- Specialty Vehicles segment sales increased 11.8% to $483.3 million, with adjusted EBITDA up 71.4% and margins improving by 370 basis points to 13.4%.
- Trade working capital decreased by $56.6 million to $191.6 million, driven by lower inventory and increased customer advances.
- Year-to-date cash from operations was $164.7 million, with net debt at $54 million and $36 million cash on hand.
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Dafinchi