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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

19. SEGMENT INFORMATION

The Company has six operating units that aggregate into three reportable segments: Assessment, Permitting and Response, Measurement and Analysis, and Remediation and Reuse. These segments are monitored separately by management for performance against budget and prior year and are consistent with internal financial reporting. The Company’s operating segments are organized based upon primary services provided, the nature of the production process, types of customers, methods used to distribute the products, and the nature of the regulatory environment. Refer to Note 1 for description of each reportable segment.

Our Chief Executive Officer, who serves as the Chief Operating Decision Maker (CODM), reviews Segment Adjusted EBITDA in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of Company resources depending on the needs of each segment and the availability of resources. Segment Adjusted EBITDA is the calculated Company’s Earnings before Interest, Tax, Depreciation and Amortization (EBITDA), adjusted to exclude certain transactions such as stock-based compensation, acquisition costs, and fair value changes in financial instruments, amongst others. The CODM does not review segment assets as a measure of segment performance.

Corporate and Other includes costs associated with general corporate overhead (including executive, legal, finance, safety, human resources, marketing and IT related costs) that are not directly related to supporting operations. Overhead costs that are directly related to supporting operations (such as insurance, software, licenses, shared services and payroll processing costs) are allocated to the operating segments on a basis that reasonably approximates an estimate of the use of these services, and are included in Segment Expenses in the table below.

 

Segment Revenues, Segment Expenses and Segment Adjusted EBITDA were as follows:

 

 

 

Three Months Ended September 30,

 

 

 

2025

 

 

2024

 

(in thousands)

 

Segment Revenues

 

 

Segment Expenses

 

 

Segment Adjusted EBITDA

 

 

Segment Revenues

 

 

Segment Expenses

 

 

Segment Adjusted EBITDA

 

Assessment, Permitting and Response

 

$

91,081

 

 

$

70,645

 

 

$

20,436

 

 

$

52,019

 

 

$

40,831

 

 

$

11,188

 

Measurement and Analysis

 

 

62,958

 

 

 

45,675

 

 

 

17,283

 

 

 

58,583

 

 

 

45,213

 

 

 

13,370

 

Remediation and Reuse

 

 

70,849

 

 

 

61,437

 

 

 

9,412

 

 

 

68,085

 

 

 

56,430

 

 

 

11,655

 

Total Reportable Segments

 

$

224,888

 

 

 

 

 

$

47,131

 

 

$

178,687

 

 

 

 

 

$

36,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

(in thousands)

 

Segment Revenues

 

 

Segment Expenses

 

 

Segment Adjusted EBITDA

 

 

Segment Revenues

 

 

Segment Expenses

 

 

Segment Adjusted EBITDA

 

Assessment, Permitting and Response

 

$

248,144

 

 

$

189,581

 

 

$

58,563

 

 

$

164,043

 

 

$

123,955

 

 

$

40,088

 

Measurement and Analysis

 

 

184,783

 

 

 

135,429

 

 

 

49,354

 

 

 

158,889

 

 

 

126,656

 

 

 

32,233

 

Remediation and Reuse

 

 

204,338

 

 

 

178,969

 

 

 

25,369

 

 

 

184,405

 

 

 

158,811

 

 

 

25,594

 

Total Reportable Segments

 

$

637,265

 

 

 

 

 

$

133,286

 

 

$

507,337

 

 

 

 

 

$

97,915

 

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

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total Reportable Segments

 

$

47,131

 

 

$

36,213

 

 

$

133,286

 

 

$

97,915

 

Corporate and Other

 

 

(13,470

)

 

 

(7,901

)

 

 

(41,010

)

 

 

(29,367

)

Interest expense, net

 

 

(5,039

)

 

 

(4,137

)

 

 

(14,872

)

 

 

(11,420

)

Depreciation and amortization

 

 

(12,958

)

 

 

(13,240

)

 

 

(39,015

)

 

 

(37,408

)

Stock-based compensation

 

 

(9,220

)

 

 

(11,763

)

 

 

(33,777

)

 

 

(34,866

)

Acquisition costs (1)

 

 

(754

)

 

 

(2,764

)

 

 

(1,790

)

 

 

(6,371

)

Fair value changes in financial instruments

 

 

10,354

 

 

 

(3,946

)

 

 

18,394

 

 

 

(4,851

)

Fair value changes in business acquisition contingencies

 

 

(13

)

 

 

(143

)

 

 

(844

)

 

 

(385

)

Expenses related to financing transactions

 

 

(29

)

 

 

(41

)

 

 

(303

)

 

 

(280

)

Discontinued Specialty Lab

 

 

—

 

 

 

(96

)

 

 

—

 

 

 

(692

)

Other losses or expenses(2)

 

 

(343

)

 

 

(1,378

)

 

 

(1,554

)

 

 

(1,886

)

Income (loss) before expense from income taxes

 

$

15,659

 

 

$

(9,196

)

 

$

18,515

 

 

$

(29,611

)

__________________________

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

(2) The three months ended September 30, 2025 consist primarily of severance costs. The nine months ended September 30, 2025 consist primarily of the aforementioned severance costs, 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. The three and nine months ended September 30, 2024 consist primarily of non-recurring costs to centralize certain back-office functions. The nine months ended September 30, 2024 also include costs associated with a lease abandonment.

The following table presents revenues by geographic location:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

183,578

 

 

$

139,574

 

 

$

528,525

 

 

$

405,428

 

Canada

 

 

33,509

 

 

 

31,639

 

 

 

85,857

 

 

 

81,517

 

Other international

 

 

7,801

 

 

 

7,473

 

 

 

22,883

 

 

 

20,391

 

Total revenue

 

$

224,888

 

 

$

178,687

 

 

$

637,265

 

 

$

507,337

 

 

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

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

United States

 

$

57,087

 

 

$

57,730

 

Canada

 

 

4,517

 

 

 

5,070

 

Other international

 

 

1,348

 

 

 

976

 

Total property and equipment—net

 

$

62,952

 

 

$

63,776