Second Quarter Financial Highlights: (comparisons are year over year)

• Total revenues increased 38.9% year over year to $406.5 million
• Construction and Material Handling revenue of $271.0 million and $135.5 million, respectively
• Product Support revenue increased $23.5 million year over year to $110.0 million
• Record second quarter financial results primarily due to strong demand for equipment and product support growth
• Net income of $5.4 million available to common shareholders compared to a loss of $(15.8) million in 2021
• Adjusted basic and diluted net income per share* of $0.21 compared to loss of $(0.06) in 2021
• Adjusted EBITDA* grew 45.3% to $41.4 million, compared to $28.5 million in 2021

Alta Equipment Group Inc. (“Alta” or the “Company”) (NYSE: ALTG), a leading provider of premium material handling and construction equipment and related services, today announced financial results for the second quarter ended June 30, 2022.

CEO Comment:

Ryan Greenawalt, Chief Executive Officer of Alta, said “As a result of the ongoing strong demand in our end-user markets, solid execution, flexible business model and the positive contributions from our growth initiatives, we delivered record results for the second quarter. Total revenues increased 38.9%, or $113.8 million, to $406.5 million and Adjusted EBITDA also increased significantly from a year ago. We also achieved $5.4 million of GAAP net income for the quarter. We are seeing significant strength in our Construction segment and our Material Handling business is also performing well. As a result of our performance in the second quarter and our visibility going forward, we have raised our Adjusted EBITDA guidance for the year.”

In terms of our market outlook, Mr. Greenawalt noted “Despite the headline economic news, concerns about a recession, our business indicators remain robust for our end-user markets. Project activity across all our regions remain solid and our industry’s business cycle remains in growth mode. Our large level of new equipment sales for the quarter is indicative of pent-up demand for equipment that continues to manifest itself in historic levels of equipment sales backlogs. Our parts and service revenue lines are benefiting from an aging field population as we provide customers with best-in-class skilled technicians to keep their business operations up and running. We believe the finalization of the infrastructure bill will be an incremental benefit to our business in 2023 and beyond.”

In conclusion, Mr. Greenawalt commented, “We have effectively executed our growth strategy over the past two years and our second quarter results reflect that success. On a trailing twelve-month basis, our acquisitions since the IPO have added $376 million in revenue and $42.4 million in Adjusted EBITDA to the enterprise. After quarter end we entered into a definitive agreement to acquire Yale Industrial Trucks, Inc. (“YIT”), a privately held Yale lift truck dealer with five locations in southeastern Canada. The YIT deal is very consistent with our strategy to increase the scale of our business and will establish a presence for Alta in an international market for the first time. Our balance sheet is very solid and will support further acquisition activity as well as our new capital allocation policy, which includes paying a regular quarterly dividend and a share repurchase program.”

Full Year 2022 Financial Guidance:

• The Company increased its guidance range and currently expects to report Adjusted EBITDA between $147 million and $152 million, net of new equipment floorplan interest, for the full year 2022. This is an increase from between $137 million and $142 million, as previously expected.

Recent Business Highlights:

• On July 29th, the Company acquired the stock of YIT, a privately held Canadian equipment distributer with locations in Ontario and Quebec. YIT generated approximately $46.6 million in revenue and adjusted EBITDA of $9.4 million in the trailing twelve months through May 2022. The implied enterprise value of the acquisition is estimated to be approximately $33.5 million, subject to post-closing purchase price adjustments.
• The Company's Board approved the initiation of a regular quarterly cash dividend for each of the Company's issued and outstanding shares of common stock. The common stock dividend is $0.057 per share, or approximately $0.23 per share on an annualized basis. The first common stock dividend will be payable on August 31st, 2022 to shareholders of record as of August 15th, 2022.
• The Company's Board approved a share repurchase program authorizing Alta to repurchase shares of its common stock for an aggregate purchase price of not more than $12.5 million.

Conference Call Information:

Alta management will host a conference call and webcast today at 5:00 p.m. Eastern Time to discuss and answer questions about the Company’s second quarter financial results. Additionally, supplementary presentation slides will be accessible on the “Investor Relations” section of the Company’s website at https://Investors.altaequipment.com.

Conference Call Details:

The audio replay will be archived through August 23, 2022.

About Alta Equipment Group Inc.

Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other material handling and construction equipment. Alta has operated as an equipment dealership for 38 years and has developed a branch network that includes over 65 total locations across Michigan, Illinois, Indiana, New England, New York, Virginia, Florida, Ohio, Ontario and Quebec. Alta offers its customers a one-stop-shop for most of their equipment needs by providing sales, parts, service, and rental functions under one roof. More information can be found at www.altg.com.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Alta’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Alta’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of the COVID-19 outbreak or future epidemics on our business; federal, state, and local budget uncertainty, especially as it relates to infrastructure projects; the performance and financial viability of key suppliers, contractors, customers, and financing sources; economic, industry, business and political conditions including their effects on governmental policy and government actions that disrupt our supply chain or sales channels; our success in identifying acquisition targets and integrating acquisitions; our success in expanding into and doing business in additional markets; our ability to raise capital at favorable terms; the competitive environment for our products and services; our ability to continue to innovate and develop new business lines; our ability to attract and retain key personnel, including, but not limited to, skilled technicians; our ability to maintain our listing on The New York Stock Exchange; the impact of cyber or other security threats or other disruptions to our businesses; our ability to realize the anticipated benefits of acquisitions or divestitures, rental fleet investments or internal reorganizations; and other risks and uncertainties identified in this presentation or indicated from time to time in the section entitled “Risk Factors” in Alta’s annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission (the “SEC”). Alta cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. Alta does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

*Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we disclose non-GAAP financial measures, including Adjusted EBITDA, Adjusted net income (loss), and Adjusted basic and diluted net income (loss) per share, in this press release because we believe they are useful performance measures that assist in an effective evaluation of our operating performance when compared to our peers, without regard to financing methods or capital structure. We believe such measures are useful for investors and others in understanding and evaluating our operating results in the same manner as our management. However, such measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for, or in isolation from, net income (loss), revenue, operating profit, or any other operating performance measures calculated in accordance with GAAP.

We define Adjusted EBITDA as net income (loss) before interest expense (not including floorplan interest paid on new equipment), income taxes, depreciation and amortization, adjustments for certain one-time or non-recurring items and other adjustments. We exclude these items from net income (loss) in arriving at Adjusted EBITDA because these amounts are either non-recurring or can vary substantially within the industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted net income (loss) is defined as net income (loss) adjusted to reflect certain one-time or non-recurring items and other adjustments. Adjusted basic and diluted earnings (loss) per share is defined as adjusted net income (loss) divided by the weighted average number of basic and diluted shares, respectively, outstanding during the period. Certain items excluded from Adjusted EBITDA, Adjusted net income (loss), Adjusted basic and diluted net income (loss) per share are significant components in understanding and assessing a company’s financial performance. For example, items such as a company’s cost of capital and tax structure, certain one-time or non-recurring items as well as the historic costs of depreciable assets, are not reflected in Adjusted EBITDA or Adjusted net income (loss). Our presentation of Adjusted EBITDA, Adjusted net income (loss), Adjusted basic and diluted net income (loss) per share should not be construed as an indication that results will be unaffected by the items excluded from these metrics. Our computation of Adjusted EBITDA, Adjusted net income (loss), Adjusted basic and diluted net income (loss) per share may not be identical to other similarly titled measures of other companies. For a reconciliation of non-GAAP measures to their most comparable measures under GAAP, please see the table entitled “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

CONSOLIDATED STATEMENTS OF OPERATIONS