Montrose Environmental Group, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
ONT$23.59+7.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(In thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net loss | $(843) | $(62,314) | $(30,859) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Provision (recovery) for credit loss | 6,713 | (146) | 3,142 |
| Depreciation and amortization | 50,915 | 52,762 | 45,780 |
| Non-cash leases expense | 11,771 | 11,572 | 10,194 |
| Stock-based compensation expense | 42,716 | 64,665 | 47,267 |
| Fair value changes in financial instruments | (18,251) | 3,123 | (4,129) |
| Write off of deferred financing costs | 913 | — | — |
| Deferred income taxes | 9,901 | 4,286 | (980) |
| Other operating activities, net | 668 | 754 | — |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable and contract assets | (10,072) | (41,977) | (2,923) |
| Prepaid expenses and other current assets | (3,300) | (930) | (918) |
| Accounts payable and other accrued liabilities | 8,348 | 3,798 | (8,912) |
| Accrued payroll and benefits | 18,525 | (1,709) | 9,464 |
| Payment of contingent consideration | — | — | (611) |
| Change in operating leases | (11,809) | (12,027) | (10,493) |
| Other assets | 1,281 | 378 | — |
| Net cash provided by operating activities | $107,476 | $22,235 | $56,022 |
| Investing activities: | |||
| Purchases of property and equipment | (16,317) | (21,333) | (29,578) |
| Proceeds from the sale of property and equipment | 712 | 2,372 | 1,544 |
| Proprietary software development and other software costs | (695) | (2,501) | (3,352) |
| Purchase price true ups | 458 | (3,287) | (1,425) |
| Minority investments | — | (210) | (2,626) |
| Cash paid for acquisitions, net of cash acquired | — | (113,086) | (66,187) |
| Net cash used in investing activities | $(15,842) | $(138,045) | $(101,624) |
| Financing activities: | |||
| Proceeds from revolving line of credit | 477,599 | 403,116 | — |
| Repayment of the revolving line of credit | (419,757) | (377,615) | — |
| Proceeds from the aircraft loan | — | — | 10,935 |
| Repayment of aircraft loan | (1,146) | (1,071) | (591) |
| Proceeds from term loan | 200,000 | 50,000 | — |
| Repayment of term loan | (191,718) | (15,000) | (12,211) |
| Payment of contingent consideration and other purchase price true ups | (11,045) | (363) | (1,949) |
| Repayment of finance leases | (11,092) | (5,489) | (4,584) |
| Payments of deferred financing costs | (2,407) | (348) | — |
| Proceeds from issuance of common stock for exercised stock options | 1,067 | 2,060 | 4,690 |
| Proceeds from issuance of common stock in follow-on offering, net of issuance costs | — | 121,776 | — |
| Taxes paid related to net share settlement of equity awards | (10,738) | — | — |
| Proceeds from building sale leaseback | 2,500 | — | — |
| Dividend payment to the series A-2 stockholders | (4,150) | (11,064) | (16,400) |
| Redemption of series A-2 Preferred Stock | (122,235) | (60,000) | — |
| Net cash provided by (used in) financing activities | $(93,122) | $106,002 | $(20,110) |
| Change in cash, cash equivalents and restricted cash | (1,488) | (9,808) | (65,712) |
| Foreign exchange impact on cash balance | (224) | (497) | (876) |
| Cash, cash equivalents and restricted cash: | |||
| Beginning of year | 12,935 | 23,240 | 89,828 |
| End of year | $11,223 | $12,935 | $23,240 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of cash flows information: | |||
| Cash paid for interest | $17,882 | $14,780 | $8,059 |
| Cash paid for income tax | $5,505 | $4,194 | $997 |
| Supplemental disclosures of non-cash investing and financing activities: | |||
| Property and equipment purchased under finance leases | $23,384 | $9,435 | $8,298 |
| Acquisitions unpaid contingent consideration | $17,638 | $33,127 | $6,040 |
| Acquisitions contingent consideration paid in common stock | $7,272 | $1,087 | $1,000 |
| Non-cash considerations received from sale of subsidiary | $4,470 | $— | $— |
| Accrued purchases of property and equipment | $1,184 | $983 | $1,098 |
| Common stock issued to acquire new businesses | $— | $10,712 | $2,598 |
| Accrued lease surrender liability | $— | $— | $5,947 |
| Promissory note receivable issued in connection with the sale of assets of the Discontinued Specialty Lab | $— | $— | $4,348 |
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