Accelevation

Leverage is the main weakness. Pro forma for the IPO, long‑term debt declines from about $642m to roughly $464m, with cash near $19m at June 30, 2026. This implies net debt of ~ $451m and limited cash cushion. A newly recorded TRA liability around $82m sits above common and can siphon future cash tax benefits to pre‑IPO owners.

In a 5%+ risk‑free environment, floating‑rate exposure magnifies downside in a demand pause. The business is cash‑generative (TTM FCF ~$50m) but not yet fortified for severe cycles given concentration and capital needs.