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Confidential — Investor Materials

Whitespace Analysis8 Verified Accounts

$1B+ Addressable Whitespace

Serving 5 of the Top 6 equipment rental companies in North America. Current penetration sits at ~3% across 3,909 locations. The math is straightforward.

3,909
Total Locations
108
Active Today
3,801
Whitespace
~3%
Penetration
~3%penetrated
whitespace97%

108 of 3,909 locations currently served

01

Account-Level Breakdown

United Rentals
United Rentals
#1 Equipment Rental • URI • $15.3B revenue
$453M
Opportunity
1,663
Total Locations
67
Active
1,596
Whitespace
$283K
Rev/Location
Penetration4%
67 penetrated1,596 remaining
Sunbelt Rentals
Sunbelt Rentals
#2 Equipment Rental • Private • $7.6B revenue
$361M
Opportunity
1,300
Total Locations
26
Active
1,274
Whitespace
$283K
Rev/Location
Penetration2%
26 penetrated1,274 remaining
Herc Rentals
Herc RentalsBid Board
#3 Equipment Rental • HRI • $3.4B revenue
$132M
Opportunity
613
Total Locations
0
Active
613
Whitespace
$283K
Rev/Location
Centralized bid board — penetration measured by bid participation rate, not branch count
Sunstate Equipment
Sunstate EquipmentNEW
#6 Equipment Rental • Private • $1.2B revenue
$29M
Opportunity
108
Total Locations
0
Active
108
Whitespace
$283K
Rev/Location
Penetration0%
0 penetrated108 remaining
Rain for Rent
Rain for RentBid Board
Specialty Fluid Solutions • Private • $800M+ revenue
$24M
Opportunity
85
Total Locations
0
Active
85
Whitespace
$283K
Rev/Location
Centralized bid board — penetration measured by bid participation rate, not branch count
National Trench Safety
National Trench Safety
Trench & Shoring • Private • $400M+ revenue
$15M
Opportunity
62
Total Locations
9
Active
53
Whitespace
$283K
Rev/Location
Penetration15%
9 penetrated53 remaining
Bridgestone
BridgestoneBid Board
Industrial Products • 5108.T • $28B+ revenue
$14M
Opportunity
50
Total Locations
0
Active
50
Whitespace
$283K
Rev/Location
Centralized bid board — penetration measured by bid participation rate, not branch count
Midwest Hose
Midwest Hose
Hose & Fittings • Private • $100M+ revenue
$6M
Opportunity
28
Total Locations
6
Active
22
Whitespace
$283K
Rev/Location
Penetration21%
6 penetrated22 remaining
8 Verified Accounts
3,909
Locations
3,801
Whitespace
$1B+
Opportunity
02

Two Paths to Capture

Branch Penetration

AM-Driven • 5 Accounts • 3,156 Locations

$700M+
Revenue opportunity
$224M+
Margin @ 32%

Boots-on-ground account managers embedded with branch teams. Proven playbook: 1 AM converts 8 branches in 90 days.

Bid Board Expansion

AVRL-Driven • 3 Accounts • 748 Locations

$39M+
Revenue opportunity (floor)
$12M+
Margin @ 32%

AI-powered AVRL system increases bid participation from 50% to 85%+. Better cost-to-carry understanding improves win rates.

03

Methodology & Sources

Revenue Model

Whitespace locations × $283K average revenue per location per year, based on trailing 12-month data from active branches.

Margin Assumption

32% gross margin applied uniformly across all accounts, consistent with current blended margin performance.

Data Sources

Branch counts from company filings, SEC 10-K reports, and direct account manager verification. Updated Q4 2025.