As we close out the third quarter of 2025, I'm excited to share that our Team has just completed the strongest quarter in SteelBlue's history. This milestone reflects the dedication, hard work, and resilience of every single person in this organization. Despite continued headwinds in the storage market, we've achieved remarkable growth and are on track for another great year. The momentum we're building together is nothing short of extraordinary, and I couldn't be prouder of what we've accomplished.

Thriving in Challenging Times

The self-storage industry continues to face its share of challenges including financing hurdles, permitting delays, and overall market uncertainty. Yet, SteelBlue has thrived under these conditions. Our ability to grow significantly in a down market speaks volumes about the strength of our products, the quality of our service, and the trust our customers place in us. This success didn't happen by accident. It's the result of our Team's unwavering commitment to excellence and our customers' continued partnership and support.

What excites me most about this quarter is what these record numbers represent. Countless hours of collaboration across departments, creative problem-solving, and an unyielding focus on execution. We're learning, adapting, and getting better every single day.

Installation Services Trajectory

I want to take a moment to recognize Jack Reich, our Vice President of Construction, and his entire installation services team, Mike Preziosi, Chandler Sanburn, and all our installation crews for their outstanding performance this quarter. Jack and his team have exceeded expectations by a significant margin, demonstrating exactly what's possible when we combine industry expertise with exceptional execution. Their success in delivering turn-key installation services has not only strengthened our value proposition, but has also opened new doors for customer partnerships across the country.

Jack's leadership exemplifies the kind of operational excellence we're building across every function of our business. His team's ability to manage complex projects while maintaining the quality and customer service standards we're known for has been instrumental in our Q3 success. Please join me in celebrating their achievements this quarter.

Market Momentum Building

While the broader market has been challenging, we're seeing encouraging signs of a shift. Our quote activity has been picking up steadily, and we're having meaningful conversations with customers about projects that were previously on hold. The pipeline for 2026 is looking stronger, and there's a renewed sense of optimism in our industry. As always, we're positioning ourselves to be ready when the market fully rebounds and we believe that time is coming.

ERP and Customer Portal

One of the foundational elements of our company is the systems we've built. From day one, we've believed that technology should be a competitive advantage. Our ERP system continues to mature, and we're now seeing the benefits of the investments we've made over the past few years. The real-time visibility we have in our operations allows us to make faster, better-informed decisions, which is exactly what we need to maintain our edge in the market.

The strength of our ERP is allowing us to put the finishing touches on our Customer Portal and we are rolling it out to select customers in Q4. This has been a labor of love for our team, and it represents everything we believe about transparency and customer service. As we continue to expand our launches, you'll be able to see real-time updates on your projects, from quote to shipment. Stay tuned for more information as we get past our initial portal launches.

Looking Ahead

As we head into the fourth quarter, our focus remains clear: execute with discipline, deliver exceptional results for our customers/stakeholders and continue building the foundation for long-term success. We have ambitious goals ahead of us, and I'm confident that this team is up for the challenge.

Thank you to our customers, our vendor partners, and most importantly, to the SteelBlue Team. Your partnership, your trust, and your hard work make all this possible. Here's to finishing 2025 strong and building momentum for an even better 2026.

As always, we thank you for your continued partnership, support, and interest in SteelBlue. Building Tomorrow, Today…We Win Together!

Sincerely,

Rich Saginaw
CEO & President