To be honest, EQPT is not just engaged in simple equipment leasing business.

On the surface, it appears to be a traditional operation of renting, selling, and maintaining equipment across 45 states nationwide. But what’s truly interesting are the initiatives beneath the surface—redefining construction site operations through the digital platform T3.

**Why is this worth paying attention to?**

The construction equipment industry is undergoing an invisible transformation. In the past, customers only cared about "whether there are excavators and if the price is reasonable." Now, they focus on utilization rates, downtime, equipment condition monitoring, theft prevention, and compliance—costs that translate directly into real money. What does this mean? The industry is shifting from "focusing on equipment quantity" to "focusing on management efficiency."

EQPT’s T3 platform is doing exactly that—integrating equipment positioning, health monitoring, and site management. It sounds like an operating system for construction sites. The longer customers use it, the more sticky they become; the more data accumulated, the greater the potential for improving operational efficiency. This is the true moat.

**Regarding expansion speed—OWN model is very clever**

Selling equipment to third-party investors, then leasing it back from them to sublease to construction companies. This financing structure cleverly avoids heavy asset pressure and accelerates scale expansion. In cyclical industries, such financial innovation can indeed unlock growth potential.

However, at its core, equipment leasing remains a pro-cyclical, highly cyclical business. No matter how digitalized it is, it cannot escape the macro drivers like infrastructure, manufacturing, and power grid upgrades. The key is whether the technological premium can truly translate into profits and customer retention.