v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
Effective August 4, 2025, the Company’s Chief Executive Officer, who is the chief operating decision-maker (“CODM”), re-evaluated the structure of the Company’s internal organization as a result of the NV5 Acquisition. To reflect management’s revised perspective, the Company is now organized into three reportable segments as follows:
•Inspection and Mitigation, which includes the Company’s legacy testing, inspection, certification and compliance services in the United States, Canada, and United Kingdom;
•Consulting Engineering, which includes the Company’s engineering, civil program management, utility services, conformity assessment, clean energy consulting, data center commissioning and consulting, buildings and program management, MEP & technology design, and environmental health science services; and
•Geospatial, which includes the Company’s geospatial solution services.
The Company’s reportable segments are strategic business units that offer different products and services. The accounting policies of the reportable segments are the same as those described under “Note 2. Summary of Significant Accounting Policies.” The CODM evaluates the performance of these reportable segments based on their respective gross profit. The CODM considers budget-to-actual and forecast-to-actual variances on a monthly basis when making decisions about allocating resources. The CODM does not regularly review capital expenditures by segment. The following tables set forth certain financial information for each of the Company’s reportable segments for the periods indicated:
Successor
Year Ended December 31, 2025
Inspection and MitigationConsulting Engineering GeospatialCorporate and EliminationsTotal
Revenue$1,098,888 $300,145 $131,263 $— $1,530,296 
Cost of revenue$858,304 $157,660 $64,973 $— $1,080,937 
Gross profit$240,584 $142,485 $66,290 $— $449,359 
Depreciation and amortization$65,182 $3,040 $4,735 $105,373 $178,330 
Total assets$2,011,756 $1,173,971 $632,598 $577,984 $4,396,309 
Long-lived assets (1)$172,858 $10,702 $45,021 $27,044 $255,625 
(1) Long-lived assets consist of property and equipment, net as identified in “Note 7. Property and equipment.” As of December 31, 2025, 70.2% and 28.6% of the Company’s long-lived assets were located in the United States and Canada, respectively.
Successor
July 30 through December 31, 2024
Inspection and MitigationConsulting Engineering GeospatialCorporate and EliminationsTotal
Revenue$463,527 $— $— $— $463,527 
Cost of revenue$359,848 $— $— $— $359,848 
Gross profit$103,679 $— $— $— $103,679 
Depreciation and amortization$25,519 $— $— $21,794 $47,313 
Total assets$2,030,931 $— $— $176,808 $2,207,739 
Long-lived assets (1)$189,233 $— $— $— $189,233 
(1) Long-lived assets consist of property and equipment, net as identified in “Note 7. Property and equipment.” As of December 31, 2024, 63.1% and 36.9% of the Company’s long-lived assets were located in the United States and Canada, respectively.
Predecessor
January 1 through July 29, 2024
Inspection and MitigationConsulting Engineering GeospatialCorporate and EliminationsTotal
Revenue$633,866 $— $— $— $633,866 
Cost of revenue$471,881 $— $— $— $471,881 
Gross profit$161,985 $— $— $— $161,985 
Depreciation and amortization$22,345 $— $— $23,432 $45,777 
Predecessor
Year Ended December 31, 2023
Inspection and MitigationConsulting Engineering GeospatialCorporate and EliminationsTotal
Revenue$1,050,057 $— $— $— $1,050,057 
Cost of revenue$810,534 $— $— $— $810,534 
Gross profit$239,523 $— $— $— $239,523 
Depreciation and amortization$55,402 $— $— $39,416 $94,818 
The Company disaggregates its revenues from contracts with customers by geographic location, customer type, and contract type for each of its reportable segments. Disaggregated revenues include inter-segment revenues which are ultimately eliminated within Corporate and Eliminations. The Company believes this best depicts how the nature, amount, timing and uncertainty of its revenues and cash flows are affected by economic factors.
Revenues, classified by the major geographic area in which the Company’s customers are located, were as follows:
Successor
Year Ended December 31, 2025
Inspection and MitigationConsulting Engineering GeospatialTotal
United States$601,105 $260,270 $122,654 $984,029 
Canada487,283 — 849 488,132 
Other foreign10,500 39,875 7,760 58,135 
Total segment revenues$1,098,888 $300,145 $131,263 $1,530,296 
Successor
July 30 through December 31, 2024
Inspection and MitigationConsulting Engineering GeospatialTotal
United States$266,831 $— $— $266,831 
Canada196,696 — — 196,696 
Other foreign— — — — 
Total segment revenues$463,527 $— $— $463,527 
Predecessor
January 1 through July 29, 2024
Inspection and MitigationConsulting Engineering GeospatialTotal
United States$363,119 $— $— $363,119 
Canada270,747 — — 270,747 
Other foreign— — — — 
Total segment revenues$633,866 $— $— $633,866 
Predecessor
Year Ended December 31, 2023
Inspection and MitigationConsulting Engineering GeospatialTotal
United States$643,492 $— $— $643,492 
Canada406,565 — — 406,565 
Other foreign— — — — 
Total segment revenues$1,050,057 $— $— $1,050,057 
Revenues by customer type were as follows:
Successor
Year Ended December 31, 2025
Inspection and MitigationConsulting Engineering GeospatialTotal
Public and quasi-public sector$40,470 $147,579 $106,396 $294,445 
Private sector1,058,418 152,566 24,867 1,235,851 
Total segment revenues$1,098,888 $300,145 $131,263 $1,530,296 
Successor
July 30 through December 31, 2024
Inspection and MitigationConsulting Engineering GeospatialTotal
Public and quasi-public sector$9,123 $— $— $9,123 
Private sector454,404 — — 454,404 
Total segment revenues$463,527 $— $— $463,527 
Predecessor
January 1 through July 29, 2024
Inspection and MitigationConsulting Engineering GeospatialTotal
Public and quasi-public sector$10,335 $— $— $10,335 
Private sector623,531 — — 623,531 
Total segment revenues$633,866 $— $— $633,866 
Predecessor
Year Ended December 31, 2023
Inspection and MitigationConsulting Engineering GeospatialTotal
Public and quasi-public sector$16,536 $— $— $16,536 
Private sector1,033,521 — — 1,033,521 
Total segment revenues$1,050,057 $— $— $1,050,057 
Revenues by contract type were as follows:
Successor
Year Ended December 31, 2025
Inspection and MitigationConsulting Engineering GeospatialTotal
Cost-reimbursable contracts$1,044,637 $271,226 $127,537 $1,443,400 
Fixed-unit price contracts54,251 28,919 3,726 86,896 
Total segment revenues$1,098,888 $300,145 $131,263 $1,530,296 
Successor
July 30 through December 31, 2024
Inspection and MitigationConsulting Engineering GeospatialTotal
Cost-reimbursable contracts$442,997 $— $— $442,997 
Fixed-unit price contracts20,530 — — 20,530 
Total segment revenues$463,527 $— $— $463,527 
Predecessor
January 1 through July 29, 2024
Inspection and MitigationConsulting Engineering GeospatialTotal
Cost-reimbursable contracts$614,774 $— $— $614,774 
Fixed-unit price contracts19,092 — — 19,092 
Total segment revenues$633,866 $— $— $633,866 
Predecessor
Year Ended December 31, 2023
Inspection and MitigationConsulting Engineering GeospatialTotal
Cost-reimbursable contracts$1,026,478 $— $— $1,026,478 
Fixed-unit price contracts23,579 — — 23,579 
Total segment revenues$1,050,057 $— $— $1,050,057