RELATED PARTY TRANSACTIONS	6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company discloses material related party transactions, balances, and relationships in accordance with ASC 850, Related Party Disclosures. Management evaluates all related party transactions for proper accounting, disclosure, and potential conflicts of interest. Transactions with Investee The Company has a 50.0% ownership interest in 10G LLC (“10G”), a joint venture that designs, develops, engineers, tests and distributes electronic components and warehouses and sells electronic systems and products. The joint venture arrangement is accounted for under the equity method. For the three and six months ended June 30, 2026, the Company recognized revenue from sales to 10G of $9 million and $17 million, respectively, which is included in telematics platform revenue on the condensed consolidated statements of operations. At June 30, 2026 and December 31, 2025, the Company had amounts due from 10G of $4 million and $2 million, respectively, which are included in accounts receivable on the condensed consolidated balance sheets, and amounts owed to 10G of $0.1 million and $0.2 million, respectively, which are included in accounts payable on the consolidated balance sheets. The Company holds a 26.95% noncontrolling interest in Powers Group, Inc. (“Powers”), a third-party insurance agency that provides customers with a range of personal and business insurance policies and related services. The Company purchases insurance coverage through a wholly owned subsidiary of Powers, acting as an agent. For the three and six months ended June 30, 2026, the Company purchased insurance policies through this equity method investee and recognized $3 million and $6 million of insurance expense in selling, general and administrative expenses on the condensed consolidated statements of operations, respectively. For the three and six months ended June 30, 2025, the Company purchased insurance policies through this equity method investee and recognized $2 million and $4 million of insurance expense in selling, general and administrative expenses on the condensed consolidated statements of operations, respectively. At June 30, 2026 and December 31, 2025, the Company had $3 million and $2 million of prepaid insurance related to these policies, respectively, which are included in prepaid costs on the condensed consolidated balance sheets. Prior to September 19, 2025, the Company purchased telematics tracker devices from an equity method investee, The Morey Corporation (“Morey”), totaling approximately $3 million and $7 million for the three and six months ended June 30, 2025, respectively. Design and development services paid to Morey were $0.1 million and $0.4 million for the three and six months ended June 30, 2025, respectively, and included in selling, general and administrative expenses on the condensed consolidated statements of operations. On September 19, 2025, the Company entered into a stock purchase agreement to acquire 50.1% of the common stock of Morey, increasing the Company’s ownership interest from 49.9% to 100%. The transaction resulted in Morey becoming a wholly-owned subsidiary of the Company. Transactions with Entities Owned or Controlled by the Founders The Company periodically enters into transactions with entities that are either owned or controlled by the Company’s Chief Executive Officer or President (the “Founders”). Revenues The Company recognized the following revenues from transactions with entities owned or controlled by the Founders: •The Company recognized approximately $0.2 million for the three and six months ended June 30, 2026, respectively, of equipment rental and related services revenues. The Company recognized equipment rental and related services revenue of approximately $0.1 million and approximately $1 million during the three and six months ended June 30, 2025, respectively. •During the three and six months ended June 30, 2025, the Company recognized equipment sales revenue of $11 million and $113 million, respectively. A portion of the equipment sales for the three and six months ended June 30, 2025, were agent OEM transactions and the related cost of the equipment sold of zero and $42 million, respectively, is presented net of the associated equipment sales revenues for these periods on the condensed consolidated statements of operations. The equipment sold was subsequently listed on the Company’s marketplace under the OWN Program. There were no such transactions during the three and six months ended June 30, 2026. •The Company recognized equipment parts and supplies revenue of $0.1 million during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company recorded equipment parts and supplies revenue of $0.9 million and $3 million, respectively. •The Company recognized T3 telematics services revenue of less than $0.1 million during the three and six months ended June 30, 2026, relating to equipment enrolled under the OWN Program. During the three and six months ended June 30, 2025, the Company recorded T3 telematics services revenue of approximately $1 million and $1 million respectively, relating to equipment enrolled under the OWN Program. •During the three and six months ended June 30, 2026, the Company recognized $0.3 million and $0.4 million, respectively, and during the three and six months ended June 30, 2025, the Company recognized $0.3 million and $0.3 million, respectively, in sales of building materials and hardware supplies to the Founders, which are included in other platform revenues on the condensed consolidated statements of operations. OWN Program payouts OWN Program payouts to entities owned or controlled by the Founders were $0.5 million and $0.8 million for the three and six months ended June 30, 2026, respectively, and $17 million and $29 million for the three and six months ended June 30, 2025, respectively. These amounts are included in cost of revenues on the condensed consolidated statements of operations. At June 30, 2026, there was approximately $0.1 million included in accrued expenses for amounts due under the OWN Program to entities owned or controlled by the Founders. At December 31, 2025, no amounts were included in accrued expenses for amounts due under the OWN Program to entities owned or controlled by the Founders. Assignment of property site purchase rights and construction developer fees For the three and six months ended June 30, 2026, the Company recognized $0.7 million and approximately $2 million, respectively, of other miscellaneous income for the assignment of new property site purchase rights and related transaction services, and for the three and six months ended June 30, 2025, the Company recognized $0.6 million and $1 million, respectively. These amounts are included in other income, net on the condensed consolidated statements of operations. For the three and six months ended June 30, 2026, the Company recognized approximately $3 million and $5 million, respectively, for construction developer fees and interest provided to entities owned or controlled by the Founders. These amounts are included in other income, net on the condensed consolidated statements of operations, and for the three and six months ended June 30, 2025, the Company recognized $0.9 million and $2 million, respectively. These amounts are included in other income, net on the condensed consolidated statements of operations. Accounts receivable At June 30, 2026 and December 31, 2025, the Company had receivables due from entities owned or controlled by the Founders primarily related to property development costs and the transactions described above, in the amounts of $36 million and $19 million, respectively, which are included in accounts receivable on the condensed consolidated balance sheets. Leases The Company leases or has leased certain properties, facilities, vehicles, and aircraft for its operations under various lease arrangements with entities owned or controlled by the Founders. Lease expenses associated with various operating lease arrangements with entities owned or controlled by the Founders were $0.3 million and $0.7 million for the three and six months ended June 30, 2026, respectively, and were $1 million and $3 million for the three and six months ended June 30, 2025, respectively, which are included in direct operating costs or selling, general and administrative expenses on the condensed consolidated statements of operations. At June 30, 2026, the Company had operating lease right of use assets and operating lease liabilities under lease arrangements with entities owned or controlled by the Founders of $9 million and $9 million, respectively. At December 31, 2025, the Company had operating lease right of use assets and operating lease liabilities under lease arrangements with entities owned or controlled by the Founders of $6 million and $6 million, respectively. The Company recognized variable lease expense, short-term rental expense, and other miscellaneous expenses, which are included in direct operating costs or selling, general and administrative expenses on the condensed consolidated statements of operations, of $0.8 million and $2 million for the three and six months ended June 30, 2026, respectively, and $0.9 million and $1 million for the three and six months ended June 30, 2025, respectively, primarily relating to certain leases and short-term rentals from entities owned or controlled by the Founders. During the three and six months ended June 30, 2026, the Company made payments of $0.8 million and $2 million under property finance lease arrangements with entities owned or controlled by the Founders, respectively. During the three and six months ended June 30, 2025, the Company made payments of less than $0.1 million and $0.7 million under property finance lease arrangements with entities owned or controlled by the Founders, respectively. At June 30, 2026 and December 31, 2025, the Company had finance lease liabilities under finance lease arrangements with entities owned or controlled by the Founders of $31 million and $29 million, respectively. Purchases of rental equipment, parts, supplies and other During the three and six months ended June 30, 2025, the Company purchased $21 million and $22 million, respectively, of equipment previously enrolled in the OWN Program from entities owned or controlled by the Founders. The equipment purchased was added to the Company’s rental fleet, and is included in rental equipment, net, on the condensed consolidated balance sheets. During the three and six months ended June 30, 2026, there were no purchases of equipment previously enrolled in the OWN Program from entities owned or controlled by the Founders. The Company also purchased containers and vehicles for approximately $5 million during the three and six months ended June 30, 2025, respectively, and other miscellaneous equipment, parts and supplies for $0.2 million, during the three and six months ended June 30, 2025, respectively, from an entity owned or controlled by the Founders. The containers and vehicles purchased were added to the Company’s rental equipment and are included in rental equipment, net on the consolidated balance sheets. Purchases of property and other fixed assets During the three and six months ended June 30, 2026, there were less than $0.1 million construction services provided to the Company by entities owned or controlled by the Founders. During the three and six months ended June 30, 2025, entities owned or controlled by the Founders provided construction services to the Company in the amounts of less than $0.1 million and $1 million, respectively, which were capitalized to property and other fixed assets. Accounts payable At June 30, 2026 and December 31 2025, amounts due to entities owned or controlled by the Founders were $0.2 million and $0.1 million, respectively, which are included in accounts payable on the condensed consolidated balance sheets. Cash equivalents During the six months ended June 30, 2025, the Company deposited $5 million into a money market account at a financial institution in which the Founders have an ownership interest. As of June 30, 2026 and December 31, 2025, the Company had an aggregate of $21 million on deposit in a money market account with this financial institution, which is included in cash and cash equivalents on the condensed consolidated balance sheets. For the three and six months ended June 30, 2026, the funds on deposit earned interest income of $0.2 million and $0.4 million, respectively, and for the three and six months ended June 30, 2025 the funds on deposit earned interest income of $0.1 million and $0.2 million, respectively, which is included in other income, net on the condensed consolidated statements of operations. The Company does not provide any financial support or guarantee any debt of the related party entities involved in the transactions described above.

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2026

RELATED PARTY TRANSACTIONS

The Company discloses material related party transactions, balances, and relationships in accordance with

ASC 850, Related Party Disclosures. Management evaluates all related party transactions for proper accounting,

disclosure, and potential conflicts of interest.

Transactions with Investee

The Company has a 50.0% ownership interest in 10G LLC (“10G”), a joint venture that designs, develops,

engineers, tests and distributes electronic components and warehouses and sells electronic systems and products.

The joint venture arrangement is accounted for under the equity method. For the three and six months ended

June 30, 2026, the Company recognized revenue from sales to 10G of $9 million and $17 million, respectively,

which is included in telematics platform revenue on the condensed consolidated statements of operations. At

June 30, 2026 and December 31, 2025, the Company had amounts due from 10G of $4 million and $2 million,

respectively, which are included in accounts receivable on the condensed consolidated balance sheets, and amounts

owed to 10G of $0.1 million and $0.2 million, respectively, which are included in accounts payable on the

consolidated balance sheets.

The Company holds a 26.95% noncontrolling interest in Powers Group, Inc. (“Powers”), a third-party insurance

agency that provides customers with a range of personal and business insurance policies and related services. The

Company purchases insurance coverage through a wholly owned subsidiary of Powers, acting as an agent. For the

three and six months ended June 30, 2026, the Company purchased insurance policies through this equity method

investee and recognized $3 million and $6 million of insurance expense in selling, general and administrative

expenses on the condensed consolidated statements of operations, respectively. For the three and six months ended

June 30, 2025, the Company purchased insurance policies through this equity method investee and recognized $2

million and $4 million of insurance expense in selling, general and administrative expenses on the condensed

consolidated statements of operations, respectively. At June 30, 2026 and December 31, 2025, the Company had $3

million and $2 million of prepaid insurance related to these policies, respectively, which are included in prepaid

costs on the condensed consolidated balance sheets.

Prior to September 19, 2025, the Company purchased telematics tracker devices from an equity method

investee, The Morey Corporation (“Morey”), totaling approximately $3 million and $7 million for the three and six

months ended June 30, 2025, respectively. Design and development services paid to Morey were $0.1 million and

$0.4 million for the three and six months ended June 30, 2025, respectively, and included in selling, general and

administrative expenses on the condensed consolidated statements of operations. On September 19, 2025, the

Company entered into a stock purchase agreement to acquire 50.1% of the common stock of Morey, increasing the

Company’s ownership interest from 49.9% to 100%. The transaction resulted in Morey becoming a wholly-owned

subsidiary of the Company.

Transactions with Entities Owned or Controlled by the Founders

The Company periodically enters into transactions with entities that are either owned or controlled by the

Company’s Chief Executive Officer or President (the “Founders”).

Revenues

The Company recognized the following revenues from transactions with entities owned or controlled by the

Founders:

•The Company recognized approximately $0.2 million for the three and six months ended June 30, 2026,

respectively, of equipment rental and related services revenues. The Company recognized equipment rental

and related services revenue of approximately $0.1 million and approximately $1 million during the three

and six months ended June 30, 2025, respectively.

•During the three and six months ended June 30, 2025, the Company recognized equipment sales revenue of

$11 million and $113 million, respectively. A portion of the equipment sales for the three and six months

ended June 30, 2025, were agent OEM transactions and the related cost of the equipment sold of zero and

$42 million, respectively, is presented net of the associated equipment sales revenues for these periods on

the condensed consolidated statements of operations. The equipment sold was subsequently listed on the

Company’s marketplace under the OWN Program. There were no such transactions during the three and six

months ended June 30, 2026.

•The Company recognized equipment parts and supplies revenue of $0.1 million during the three and six

months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company recorded

equipment parts and supplies revenue of $0.9 million and $3 million, respectively.

•The Company recognized T3 telematics services revenue of less than $0.1 million during the three and six

months ended June 30, 2026, relating to equipment enrolled under the OWN Program. During the three and

six months ended June 30, 2025, the Company recorded T3 telematics services revenue of approximately

$1 million and $1 million respectively, relating to equipment enrolled under the OWN Program.

•During the three and six months ended June 30, 2026, the Company recognized $0.3 million and $0.4

million, respectively, and during the three and six months ended June 30, 2025, the Company recognized

$0.3 million and $0.3 million, respectively, in sales of building materials and hardware supplies to the

Founders, which are included in other platform revenues on the condensed consolidated statements of

operations.

OWN Program payouts

OWN Program payouts to entities owned or controlled by the Founders were $0.5 million and $0.8 million for

the three and six months ended June 30, 2026, respectively, and $17 million and $29 million for the three and six

months ended June 30, 2025, respectively. These amounts are included in cost of revenues on the condensed

consolidated statements of operations.

At June 30, 2026, there was approximately $0.1 million included in accrued expenses for amounts due under the

OWN Program to entities owned or controlled by the Founders. At December 31, 2025, no amounts were included

in accrued expenses for amounts due under the OWN Program to entities owned or controlled by the Founders.

Assignment of property site purchase rights and construction developer fees

For the three and six months ended June 30, 2026, the Company recognized $0.7 million and approximately $2

million, respectively, of other miscellaneous income for the assignment of new property site purchase rights and

related transaction services, and for the three and six months ended June 30, 2025, the Company recognized $0.6

million and $1 million, respectively. These amounts are included in other income, net on the condensed consolidated

statements of operations.

For the three and six months ended June 30, 2026, the Company recognized approximately $3 million and $5

million, respectively, for construction developer fees and interest provided to entities owned or controlled by the

Founders. These amounts are included in other income, net on the condensed consolidated statements of operations,

and for the three and six months ended June 30, 2025, the Company recognized $0.9 million and $2 million,

respectively. These amounts are included in other income, net on the condensed consolidated statements of

operations.

Accounts receivable

At June 30, 2026 and December 31, 2025, the Company had receivables due from entities owned or controlled

by the Founders primarily related to property development costs and the transactions described above, in the

amounts of $36 million and $19 million, respectively, which are included in accounts receivable on the condensed

consolidated balance sheets.

Leases

The Company leases or has leased certain properties, facilities, vehicles, and aircraft for its operations under

various lease arrangements with entities owned or controlled by the Founders. Lease expenses associated with

various operating lease arrangements with entities owned or controlled by the Founders were $0.3 million and $0.7

million for the three and six months ended June 30, 2026, respectively, and were $1 million and $3 million for the

three and six months ended June 30, 2025, respectively, which are included in direct operating costs or selling,

general and administrative expenses on the condensed consolidated statements of operations. At June 30, 2026, the

Company had operating lease right of use assets and operating lease liabilities under lease arrangements with entities

owned or controlled by the Founders of $9 million and $9 million, respectively. At December 31, 2025, the

Company had operating lease right of use assets and operating lease liabilities under lease arrangements with entities

owned or controlled by the Founders of $6 million and $6 million, respectively.

The Company recognized variable lease expense, short-term rental expense, and other miscellaneous expenses,

which are included in direct operating costs or selling, general and administrative expenses on the condensed

consolidated statements of operations, of $0.8 million and $2 million for the three and six months ended June 30,

2026, respectively, and $0.9 million and $1 million for the three and six months ended June 30, 2025, respectively,

primarily relating to certain leases and short-term rentals from entities owned or controlled by the Founders.

During the three and six months ended June 30, 2026, the Company made payments of $0.8 million and $2

million under property finance lease arrangements with entities owned or controlled by the Founders, respectively.

During the three and six months ended June 30, 2025, the Company made payments of less than $0.1 million and

$0.7 million under property finance lease arrangements with entities owned or controlled by the Founders,

respectively. At June 30, 2026 and December 31, 2025, the Company had finance lease liabilities under finance

lease arrangements with entities owned or controlled by the Founders of $31 million and $29 million, respectively.

Purchases of rental equipment, parts, supplies and other

During the three and six months ended June 30, 2025, the Company purchased $21 million and $22 million,

respectively, of equipment previously enrolled in the OWN Program from entities owned or controlled by the

Founders. The equipment purchased was added to the Company’s rental fleet, and is included in rental equipment,

net, on the condensed consolidated balance sheets. During the three and six months ended June 30, 2026, there were

no purchases of equipment previously enrolled in the OWN Program from entities owned or controlled by the

Founders.

The Company also purchased containers and vehicles for approximately $5 million during the three and six

months ended June 30, 2025, respectively, and other miscellaneous equipment, parts and supplies for $0.2 million,

during the three and six months ended June 30, 2025, respectively, from an entity owned or controlled by the

Founders. The containers and vehicles purchased were added to the Company’s rental equipment and are included in

rental equipment, net on the consolidated balance sheets.

Purchases of property and other fixed assets

During the three and six months ended June 30, 2026, there were less than $0.1 million construction services

provided to the Company by entities owned or controlled by the Founders. During the three and six months ended

June 30, 2025, entities owned or controlled by the Founders provided construction services to the Company in the

amounts of less than $0.1 million and $1 million, respectively, which were capitalized to property and other fixed

assets.

Accounts payable

At June 30, 2026 and December 31 2025, amounts due to entities owned or controlled by the Founders were

$0.2 million and $0.1 million, respectively, which are included in accounts payable on the condensed consolidated

balance sheets.

Cash equivalents

During the six months ended June 30, 2025, the Company deposited $5 million into a money market account at

a financial institution in which the Founders have an ownership interest. As of June 30, 2026 and December 31,

2025, the Company had an aggregate of $21 million on deposit in a money market account with this financial

institution, which is included in cash and cash equivalents on the condensed consolidated balance sheets.

For the three and six months ended June 30, 2026, the funds on deposit earned interest income of $0.2 million

and $0.4 million, respectively, and for the three and six months ended June 30, 2025 the funds on deposit earned

interest income of $0.1 million and $0.2 million, respectively, which is included in other income, net on the

condensed consolidated statements of operations.

The Company does not provide any financial support or guarantee any debt of the related party entities involved

in the transactions described above.