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Stock-Based Plans and Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Schedule of Stock-based Compensation Expense | There were no stock-based compensation expenses related to the 2013 Plan in the three and nine months ended September 30, 2025 and 2024. Total stock-based compensation expense related to the 2017 Plan was as follows:
| Three Months Ended September 30, |
| 2025 |  |  | 2024 |
| Options |  |  | RSUs |  |  | Total |  |  | Options |  |  | RSUs |  |  | SARs |  |  | Total |
Cost of revenue | $ | 197 |  |  | $ | 868 |  |  | $ | 1,065 |  |  | $ | 285 |  |  | $ | 1,057 |  |  | $ | — |  |  | $ | 1,342 |
Selling, general and administrative expense |  | 233 |  |  |  | 7,922 |  |  |  | 8,155 |  |  |  | 499 |  |  |  | 7,607 |  |  |  | 2,315 |  |  |  | 10,421 |
Total | $ | 430 |  |  | $ | 8,790 |  |  | $ | 9,220 |  |  | $ | 784 |  |  | $ | 8,664 |  |  | $ | 2,315 |  |  | $ | 11,763 |
| Nine Months Ended September 30, |
| 2025 |  |  | 2024 |
| Options |  |  | RSUs |  |  | Total |  |  | Options |  |  | RSUs |  |  | SARs |  |  | Total |
Cost of revenue | $ | 596 |  |  | $ | 3,910 |  |  | $ | 4,506 |  |  | $ | 914 |  |  | $ | 2,539 |  |  | $ | — |  |  | $ | 3,453 |
Selling, general and administrative expense |  | 736 |  |  |  | 28,535 |  |  |  | 29,271 |  |  |  | 2,074 |  |  |  | 22,443 |  |  |  | 6,896 |  |  |  | 31,413 |
Total | $ | 1,332 |  |  | $ | 32,445 |  |  | $ | 33,777 |  |  | $ | 2,988 |  |  | $ | 24,982 |  |  | $ | 6,896 |  |  | $ | 34,866 |
Schedule of Common Stock Reserved for Future Issuance | The Company has reserved certain stock of its authorized but unissued common stock for possible future issuance in connection with the following:
| September 30, |
| 2025 |  |  | 2024 |
Montrose 2013 Stock Incentive Plan |  | 661,794 |  |  |  | 686,738 |
Montrose 2017 Stock Incentive Plan(1) |  | 7,384,230 |  |  |  | 9,653,054 |
|  | 8,046,024 |  |  |  | 10,339,792 |
(1) In January 2025 and 2024, the Board of Directors ratified the addition of 1,372,373 and 1,207,563 shares of common stock, respectively, to the number of shares available for issuance under the 2017 Plan pursuant to the annual increase provision of such plan. Unless the Board of Directors determines otherwise, additional annual increases will be effective on each January 1, through January 1, 2027. The 2017 Plan permits the company to settle awards, if and when vested, in cash at its discretion. Pursuant to the terms of the 2017 Plan, the number of shares authorized for issuance thereunder will only be reduced with respect to shares of common stock actually issued upon exercise or settlement of an award. Shares of common stock subject to awards that have been canceled, expired, forfeited or otherwise not issued under an award and shares of common stock subject to awards settled in cash do not count as shares of common stock issued under the 2017 Plan. The Company expects to have sufficient shares available under the 2017 Plan to satisfy the future settlement of outstanding awards. Shares reserved for future issuance as of September 30, 2024 include 3,000,000 shares underlying the 3,000,000 2021 Performance SARs, which were cancelled effective as of December 31, 2024.
Montrose Amended & Restated 2017 Stock Incentive Plan |
Schedule of Restricted Stock Activity | RSAs and RSUs activity was as follows:
| Nine Months Ended September 30, |
| 2025 |  |  | 2024 |
| Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Beginning outstanding shares |  | 2,617,059 |  |  |  |  |  |  | 2,468,722 |  |  |  |
Granted |  | 1,350,599 |  |  | $ | 18.02 |  |  |  | 354,060 |  |  | $ | 40.12 |
Forfeited/ cancelled |  | (104,996 | ) |  | $ | 28.44 |  |  |  | (43,115 | ) |  | $ | 36.70 |
Vested |  | (617,957 | ) |  | $ | 27.21 |  |  |  | (150,641 | ) |  | $ | 37.46 |
Ending outstanding shares |  | 3,244,705 |  |  |  |  |  |  | 2,629,026 |  |  |  |
Summary of Stock Option Activity | The following summarizes the options activity of the 2017 Plan:
| Options to Purchase Common Stock |  |  | Weighted-Average Exercise Price per Share |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Contract Life (in Years) |  |  | Aggregate Intrinsic Value of In-The-Money Options |
Outstanding as of December 31, 2023 |  | 2,516,272 |  |  | $ | 30.92 |  |  | $ | 15.95 |  |  |  | 7.0 |  |  | $ | 13,825 |
Forfeited/ cancelled |  | (71,915 | ) |  |  | 38.64 |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  | (20,510 | ) |  |  | 45.57 |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | (51,524 | ) |  |  | 26.21 |  |  |  | — |  |  |  | — |  |  |  | 732 |
Outstanding as of September 30, 2024 |  | 2,372,323 |  |  | $ | 30.66 |  |  | $ | 16.30 |  |  |  | 6.3 |  |  | $ | 7,517 |
Outstanding as of December 31, 2024 |  | 2,345,207 |  |  | $ | 30.62 |  |  |  | 16.32 |  |  |  | 6.0 |  |  |  | 776 |
Forfeited/ cancelled |  | (40,368 | ) |  |  | 41.50 |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  | (65,287 | ) |  |  | 36.89 |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | (16,804 | ) |  |  | 15.45 |  |  |  | — |  |  |  | — |  |  |  | 164 |
Outstanding as of September 30, 2025 |  | 2,222,748 |  |  | $ | 30.35 |  |  | $ | 16.32 |  |  |  | 5.2 |  |  | $ | 8,241 |
Exercisable as of September 30, 2025 |  | 1,995,520 |  |  | $ | 29.11 |  |  |  |  |  |  | 5.1 |  |  | $ | 8,241 |
Montrose Amended and Restated 2013 Stock Option Plan |
Summary of Stock Option Activity | The following summarizes the activity of the 2013 Plan:
| Options to Purchase Common Stock |  |  | Weighted-Average Exercise Price per Share |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Contract Life (in Years) |  |  | Aggregate Intrinsic Value of In-The-Money Options |
Outstanding as of December 31, 2023 |  | 792,191 |  |  | $ | 6.40 |  |  | $ | 2.16 |  |  |  | 2.4 |  |  | $ | 20,380 |
Exercised |  | (105,453 | ) |  |  | 5.86 |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding as of September 30, 2024 |  | 686,738 |  |  | $ | 6.49 |  |  | $ | 2.49 |  |  |  | 1.8 |  |  | $ | 13,606 |
Outstanding as of December 31, 2024 |  | 680,889 |  |  | $ | 6.49 |  |  |  | 2.51 |  |  |  | 1.5 |  |  |  | 8,211 |
Expired |  | (1,000 | ) |  |  | 6.03 |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | (18,095 | ) |  |  | 8.02 |  |  |  | — |  |  |  | — |  |  |  | 309 |
Outstanding as of September 30, 2025 |  | 661,794 |  |  | $ | 6.46 |  |  | $ | 2.51 |  |  |  | 0.8 |  |  | $ | 10,351 |
Exercisable as of September 30, 2025 |  | 661,794 |  |  | $ | 6.45 |  |  |  |  |  |  | 0.8 |  |  | $ | 10,351 |

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