Onterris, Inc. (ONT)

Onterris reported second-quarter 2026 revenue of $186.7 million, down from $234.5 million a year earlier 3.

The company says the fall came from historically low environmental emergency response work, the urgent response and recovery jobs after an incident, set against an abnormally high prior-year quarter driven by a single environmental event 3.

On 5 August 2026 it cut its full-year revenue outlook to $740.0 million to $790.0 million from $840.0 million to $900.0 million 3.

The same day its board opened a strategic review of the business, which includes evaluating acquisition interest in the company, with no timetable set 3.

Director Janet Risi Field resigned from the board on 7 October 2026 for personal reasons 5.

The company began in 2012, and it says its mission has been to help clients and communities meet their environmental goals and needs 1.

Since 2020 it has grown through both organic growth and acquisitions, with revenue compounding at 20.4 percent a year 1.

Revenue rose from $696.4 million in 2024 to $830.5 million in 2025, up 19.3 percent 1.

Most of the rise was organic growth of 12.7 percent, $29.0 million more emergency response revenue and $25.0 million from 2024 acquisitions 1.

Environmental response revenue was $77.0 million in 2025 against $48.0 million in 2024 1.

The consulting and permitting segment grew fastest, up 43.1 percent, helped by remediation consulting work sold on from an initial emergency response incident 1.

The company is winding down its renewables business because of regulatory uncertainty and declining demand, and that revenue fell to $2.8 million from $12.6 million 1.

The 2025 net loss narrowed to $843 thousand from $62.3 million in 2024 1.

In the first quarter of 2026 the company merged two of its three segments into one, called Consulting and Treatment 2.

It changed its name from Montrose Environmental Group to Onterris on 17 April 2026 2.

Consulting and Treatment

This segment sells environmental consulting, engineering and cleanup services that help clients assess and reduce environmental risks across the life of their projects 2.

It covers permits, toxicology advice, emergency response, and the treatment of contaminated water and soil 2.

It brought in $240.2 million in the first six months of 2026, down 17.3 percent from the same period of 2025 2.

Measurement and Analysis

This segment is one of the largest providers of environmental testing and laboratory services in North America, testing air, water and soil for contaminants 2.

It brought in $115.0 million in the first six months of 2026 against $121.8 million a year earlier 2.

It made up 29.6 percent of 2025 revenue 1.

People, rivals and problems

The company had about 120 offices across the United States, Canada and Australia and about 3,500 employees as of 30 June 2026 2.

Vijay Manthripragada is president and chief executive 3.

The company calls its industry highly fragmented with no single market leader 1.

It says that parts of its business depend on natural or manmade events that are difficult to predict, so its revenue can swing 1.

A bad debt expense of $4.9 million related to the City of Tustin weighed on one segment's margin in 2025 1.

The umbrella, in words

Onterris does the work as a consultant and service provider and does not own the properties, facilities or environmental liabilities tied to client projects 2.

Its research team has been awarded 31 patents, in areas such as water treatment, including PFAS and selenium removal 1.

On 5 August 2026 the company set its 2026 outlook at revenue of $740.0 million to $790.0 million and adjusted EBITDA of $117.0 million to $120.0 million 3.

Adjusted EBITDA is a profit measure that adds back items such as interest and depreciation 3.

The company says its outlook leaves out any benefit from future acquisitions or environmental emergencies that have not yet occurred 3.

For the third quarter it expects revenue of $190.0 million to $210.0 million 3.

It expects a year-end 2026 leverage ratio, a measure of debt against earnings, of approximately 2.5x 3.

The board has not set a timetable for its strategic review, and the company says there is no assurance it will result in any transaction or other outcome 3.