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SEGMENT DISCLOSURES
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT DISCLOSURES SEGMENT DISCLOSURES
We conduct operations in two segments: IHT and MS. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the services we offer. The reportable segments results are reviewed regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates the segments’ operating performance based on adjusted EBITDA defined as net income (loss) before income taxes, interest expense, depreciation and amortization, and other non-recurring and non-operational items. Our CODM uses adjusted EBITDA as a measure to make resource allocation decisions for each segment for the budgeting process and reviews budget-to-actual variances to assess performance and allocate capital.
During the current period, service type Emission Control Services, previously included within the MS segment, was moved to the IHT segment. This change by the Company to the composition of its reportable segments was completed to better align with how the CODM evaluates segment performance. Prior period segment information was recast to conform to the current period presentation. The recasting of the prior period segment information did not have any impact on the Company’s previously reported consolidated revenue or consolidated adjusted EBITDA. The impact of this change was to decrease previously reported revenue and adjusted EBITDA for the MS segment with a similar increase to the IHT segment by approximately $7.4 million and $2.0 million, respectively, for the three months ended March 31, 2025.
Segment data for our two operating segments are as follows (in thousands):

 Three Months Ended
March 31, 2026
 IHTMSTotal
(unaudited)(unaudited)(unaudited)
Revenues$123,391 $91,665 $215,056 
Adjusted operating expenses1
93,011 68,798 161,809 
Adjusted selling, general and administrative expenses2
15,093 20,312 35,405 
Adjusted EBITDA
$15,287 $2,555 $17,842 


 Three Months Ended
March 31, 2025
 IHTMSTotal
(unaudited)(unaudited)(unaudited)
Revenues$113,621 $85,034 $198,655 
Adjusted operating expenses1
85,054 63,193 148,247 
Adjusted selling, general and administrative expenses2
14,905 20,385 35,290 
Adjusted EBITDA
$13,662 $1,456 $15,118 

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1    Represent operating expenses including direct depreciation and amortization but excluding severance cost.
2    Represent segment selling, general and administrative expenses excluding noncash share-based compensation, professional, legal and other non-recurring costs.
Reconciliation of segment adjusted EBITDA to consolidated loss before income taxes:

 Three Months Ended
March 31,
 20262025
 (unaudited)(unaudited)
IHT$15,287 $13,662 
MS2,555 1,456 
     Segment adjusted EBITDA
17,842 15,118 
Segment depreciation and amortization
(7,113)(7,087)
Segment professional fees, severance and other
(1,300)(449)
Corporate and shared support cost(12,800)(13,585)
Consolidated operating loss(3,371)(6,003)
Interest expense(8,882)(11,436)
Loss on debt extinguishment— (11,853)
Other income/(expense)925 (204)
Loss before income taxes$(11,328)$(29,496)

 Three Months Ended
March 31,
 20262025
 (unaudited)(unaudited)
Capital expenditures1:
IHT$1,432 $1,458 
MS1,053 667 
Corporate and shared support services214 14 
Total capital expenditures
$2,699 $2,139 
____________
1    Excludes finance leases. Totals may vary from amounts presented in the consolidated statements of cash flows due to the timing of cash payments.

 Three Months Ended
March 31,
 20262025
 (unaudited)(unaudited)
Depreciation and amortization:
IHT$3,316 $2,816 
MS3,797 4,271 
Corporate and shared support services1,340 1,315 
Total depreciation and amortization
$8,453 $8,402 
Separate measures of our assets by operating segment are not produced or utilized by our CODM to evaluate segment performance.