v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Components of Segment Revenues, Other Segment Items and Segment Adjusted EBITDA

The following table presents Segment Revenues, Other Segment Items and Segment Adjusted EBITDA, with prior period information recast to reflect the above change in segment reporting:

 

 

Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

(in thousands)

 

Segment Revenues

 

 

Other Segment Items(1)

 

 

Segment Adjusted EBITDA

 

 

Segment Revenues

 

 

Other Segment Items(1)

 

 

Segment Adjusted EBITDA

 

Consulting and Treatment

 

$

125,597

 

 

$

97,712

 

 

$

27,885

 

 

$

171,748

 

 

$

134,163

 

 

$

37,585

 

Measurement and Analysis

 

 

61,064

 

 

 

45,087

 

 

 

15,977

 

 

 

62,795

 

 

 

44,497

 

 

 

18,298

 

Total Reportable Segments

 

$

186,661

 

 

 

 

 

$

43,862

 

 

$

234,543

 

 

 

 

 

$

55,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

(in thousands)

 

Segment Revenues

 

 

Other Segment Items(1)

 

 

Segment Adjusted EBITDA

 

 

Segment Revenues

 

 

Other Segment Items(1)

 

 

Segment Adjusted EBITDA

 

Consulting and Treatment

 

$

240,184

 

 

$

192,166

 

 

$

48,018

 

 

$

290,552

 

 

$

236,468

 

 

$

54,084

 

Measurement and Analysis

 

 

114,995

 

 

 

89,081

 

 

 

25,914

 

 

 

121,825

 

 

 

89,754

 

 

 

32,071

 

Total Reportable Segments

 

$

355,179

 

 

 

 

 

$

73,932

 

 

$

412,377

 

 

 

 

 

$

86,155

 

__________________________

(1) Other Segment Items for each reportable segment represents the difference between Segment Revenues and Segment Adjusted EBITDA and primarily includes cost of revenues, selling, general and administrative expense, and other income (expense), net. The CODM uses consolidated expense information as presented in the Consolidated Statement of Operations and Comprehensive Loss to manage operations and is not regularly provided disaggregated Other Segment Items at the individual segment level.
Reconciliation of Segment Measure to Income (Loss) Before Expense from Income Taxes

Presented below is a reconciliation of the Company’s segment measure to income (loss) before expense from income taxes:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total Reportable Segments

 

$

43,862

 

 

$

55,883

 

 

$

73,932

 

 

$

86,155

 

Corporate and Other

 

 

(11,982

)

 

 

(16,298

)

 

 

(24,229

)

 

 

(27,540

)

Interest expense, net

 

 

(5,471

)

 

 

(4,768

)

 

 

(10,937

)

 

 

(9,833

)

Depreciation and amortization

 

 

(12,704

)

 

 

(12,763

)

 

 

(25,333

)

 

 

(26,057

)

Stock-based compensation

 

 

(9,618

)

 

 

(10,834

)

 

 

(18,691

)

 

 

(24,557

)

Acquisition costs(1)

 

 

(137

)

 

 

(325

)

 

 

(218

)

 

 

(1,036

)

Fair value changes in financial instruments(2)

 

 

532

 

 

 

9,256

 

 

 

1,242

 

 

 

8,040

 

Fair value changes in business acquisition contingencies

 

 

(141

)

 

 

(354

)

 

 

697

 

 

 

(831

)

Rebranding expenses

 

 

(1,422

)

 

 

—

 

 

 

(2,523

)

 

 

—

 

Other losses or expenses(3)

 

 

(1,207

)

 

 

(453

)

 

 

(2,615

)

 

 

(1,485

)

Income (loss) before expense from income taxes

 

$

1,712

 

 

$

19,344

 

 

$

(8,675

)

 

$

2,856

 

__________________________

(1) Includes financial and tax diligence, consulting, legal, valuation, accounting, travel and acquisition-related incentives related to the Company's acquisition and integration activity.

(2) The three and six months ended June 30, 2026 consist primarily of the change in fair value of the interest rate swap instruments. The three and six months ended June 30, 2025 consist primarily of the change in fair value of the interest rate swap instruments and the embedded derivative attached to the Series A-2 preferred stock.

(3) The three and six months ended June 30, 2026 consist primarily of severance costs related to organizational restructuring of business lines within the Company's former Assessment, Permitting and Response and Remediation and Reuse segments and IT migration costs. The three and six months ended June 30, 2025 consist primarily of non-recurring costs incurred to restructure the Company's renewable energy business, third party expenses associated with the independent review and analysis of assertions in a short seller report regarding the Company, and costs to centralize certain back-office functions.
Schedule of Revenues by Geographic Location

The following table presents revenues by geographic location:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

150,743

 

 

$

199,011

 

 

$

285,777

 

 

$

344,947

 

Canada

 

 

27,131

 

 

 

27,699

 

 

 

52,915

 

 

 

52,348

 

Other international

 

 

8,787

 

 

 

7,833

 

 

 

16,487

 

 

 

15,082

 

Total revenue

 

$

186,661

 

 

$

234,543

 

 

$

355,179

 

 

$

412,377

 
Schedule of Long-lived Assets by Geographic Location

The following table presents long-lived assets by geographic location:

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

United States

 

$

61,396

 

 

$

58,590

 

Canada

 

 

3,876

 

 

 

4,311

 

Other international

 

 

985

 

 

 

952

 

Total property and equipment—net

 

$

66,257

 

 

$

63,853