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Stock-Based Plans and Compensation (Tables)

9 Months Ended

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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