Onterris, Inc.

Listed Company

ONTCIK 0001643615NYSELarge AcceleratedServices-Management Consulting ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$830.54M

Net Income

$-843.0K

Total Assets

$981.30M

Equity

$451.18M

Shares Out

35.98M

Op. Cash Flow

$107.48M

Business

Montrose Environmental Group, Inc. provides environmental services to help clients and communities meet environmental goals and manage complex regulatory, operational and emergency needs. It offers scientific advisory and consulting, environmental emergency response, permitting, laboratory testing and analysis for air, water and soil, and remediation and reuse engineering and treatment technologies. Operations are organized into three segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse, delivering consulting, testing, laboratory analysis, design and project implementation. Montrose serves private and public sector clients across the United States, Canada, Australia and Europe through direct project engagements, contracts and a national laboratory and field services network.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	831	696	624	544	546
Cost of revenues (exclusive of depreciation and amortization shown below)	496	418	384	352	369
Selling, general and administrative expense	271	262	223	176	118
Fair value changes in business acquisition contingencies	900,000	534,000	84,000	−3	24
Depreciation and amortization	51	53	46	47	45
Income (loss) from operations	12	−37	−28	−28	−9
Other income (expense), net	19	−2	4	4	−3
Interest expense, net	−20	−16	−8	−5	−12
Total other expense, net	−504,000	−18	−3	−2	−14
Income (loss) before expense from income taxes	11	−54	−32	−30	−24
Income tax expense (benefit)	12	8	−980,000	2	2
Net loss	−843,000	−62	−31	−32	−25
Equity adjustment from foreign currency translation	−1	−2	−231,000	−28,000	−35,000
Comprehensive income (loss)	−2	−64	−31	−32	−25
Weighted average common shares outstanding - basic	35	33	30	30	27
Weighted average common shares outstanding - diluted	35	33	30	30	27
Net income (loss) per share attributable to common stockholders - basic	−0.14	−2.22	−1.57	−1.62	−1.56
Net income (loss) per share attributable to common stockholders - diluted	−0.14	−2.22	−1.57	−1.62	−1.56
Convertible and redeemable Series A-2 Preferred Stock dividend	−4	−11	−16	−16	−16
Net income (loss) attributable to common stockholders	−5	−73	−47	−48	−42

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents and restricted cash	11	13	23	90	146
Accounts receivable, net	155	159	112	95	99
Contract assets	59	52	52	52	40
Prepaid and other current assets	15	14	14	10	8
Total current assets	240	238	201	248	294
Property and equipment, net	64	64	57	36	32
Operating lease right-of-use asset, net	37	40	32	26	24
Finance lease right-of-use asset, net	38	20	13	10	9
Goodwill	467	468	364	324	312
Other intangible assets, net	126	153	141	142	161
Other assets	10	9	8	6	2
Total assets	981	990	817	792	833
Accounts payable and other accrued liabilities	72	64	60	63	69
Accrued payroll and benefits	53	34	35	21	26
Business acquisitions contingent consideration, current	15	27	4	4	31
Current portion of operating lease liabilities	11	11	10	8	7
Current portion of finance lease liabilities	7	5	4	4	4
Current portion of long-term debt	11	18	14	12	11
Total current liabilities	168	159	126	111	148
Business acquisitions contingent consideration, long-term	3	6	2	4	4
Other non-current liabilities	7	6	7	13,000	100,000
Deferred tax liabilities, net	22	13	6	6	4
Operating lease liability, net of current portion	28	31	25	19	17
Finance lease liability, net of current portion	25	11	8	6	6
Long-term debt, net of deferred financing fees	277	205	149	152	162
Total liabilities	530	451	343	326	364
Commitments and contingencies	—	—	—	—	—
Additional paid-in-capital	728	721	532	493	464
Accumulated deficit	−274	−273	−210	−179	−148
Accumulated other comprehensive loss	−3	−2	−223,000	8,000	36,000
Total stockholders equity	451	446	321	313	317
Total liabilities, convertible and redeemable Series A-2 Preferred Stock and Stockholders' Equity	981	990	817	792	833

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−843,000	−62	−31	−32	−25
Provision (recovery) for credit loss	7	−146,000	3	—	—
Non-cash leases expense	12	12	10	—	—
Stock-based compensation expense	43	65	47	43	10
Fair value changes in financial instruments	−18	3	−4	−3	2
Write off of deferred financing costs	913,000	—	—	—	—
Deferred income taxes	10	4	−980,000	2	2
Other operating activities, net	668,000	754,000	3	−4	—
Accounts receivable and contract assets	−10	−42	−3	4	−36
Prepaid expenses and other current assets	−3	−930,000	−918,000	−2	−1
Accounts payable and other accrued liabilities	8	4	−9	−10	24
Accrued payroll and benefits	19	−2	9	−7	3
Payment of contingent consideration	—	—	−611,000	−19	−16
Change in operating leases	−12	−12	−10	−9	−8
Other assets	1	378,000	—	—	—
Net cash provided by operating activities	107	22	56	21	38
Purchases of property and equipment	−16	−21	−30	−10	−7
Proceeds from the sale of property and equipment	712,000	2	2	174,000	597,000
Proprietary software development and other software costs	−695,000	−3	−3	−593,000	−699,000
Purchase price true ups	458,000	−3	−1	−389,000	−9
Minority investments	—	−210,000	−3	—	—
Cash paid for acquisitions, net of cash acquired	—	−113	−66	−29	−56
Net cash used in investing activities	−16	−138	−102	−39	−72
Proceeds from revolving line of credit	478	403	—	—	109
Repayment of the revolving line of credit	−420	−378	—	—	−109
Proceeds from the aircraft loan	—	—	11	—	—
Repayment of aircraft loan	−1	−1	−591,000	—	—
Proceeds from term loan	200	50	—	—	175
Repayment of term loan	−192	−15	−12	−9	−174
Payment of contingent consideration and other purchase price true ups	−11	−363,000	−2	−11	−10
Repayment of finance leases	−11	−5	−5	−4	−3
Payments of deferred financing costs	−2	−348,000	—	−183,000	−446,000
Proceeds from issuance of common stock for exercised stock options	1	2	5	2	7
Proceeds from issuance of common stock in follow-on offering, net of issuance costs	—	122	—	—	—
Taxes paid related to net share settlement of equity awards	−11	—	—	—	—
Proceeds from building sale leaseback	3	—	—	—	—
Dividend payment to the series A-2 stockholders	−4	−11	−16	−16	−16
Redemption of series A-2 Preferred Stock	−122	−60	—	—	—
Net cash provided by (used in) financing activities	−93	106	−20	−39	146
Change in cash, cash equivalents and restricted cash	−1	−10	−66	−57	112
Foreign exchange impact on cash balance	−224,000	−497,000	−876,000	−111,000	−183,000
Cash paid for interest	18	15	8	7	5
Cash paid for income tax	6	4	997,000	789,000	412,000
Property and equipment purchased under finance leases	23	9	8	5	2
Acquisitions unpaid contingent consideration	18	33	6	8	36
Acquisitions contingent consideration paid in common stock	7	1	1	—	26
Non-cash considerations received from sale of subsidiary	4	—	—	—	—
Accrued purchases of property and equipment	1	983,000	1	2	790,000
Common stock issued to acquire new businesses	—	11	3	—	8
Accrued lease surrender liability	—	—	6	—	—
Promissory note receivable issued in connection with the sale of assets of the Discontinued Specialty Lab	—	—	4	—	—

Filings

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