Total Revenue

+14.5% (from $155.325M to $177.834M)

Revenue grew strongly in Q1 2025, driven by robust organic performance and continued benefits from acquisitions that had positively impacted previous periods, reflecting strong market demand and operational expansion. " " "

Net Loss

+45% (from $13.357M to $19.359M loss)

Despite higher revenue, net losses expanded significantly due to disproportionate increases in operating expenses—especially SG&A and interest expense—which built on trends seen in previous periods, suggesting that costs were rising faster than revenues. " " "

Cost of Revenues

+12% (from $96.557M to $108.406M)

The increase in cost of revenues is largely a function of scaled production in line with higher sales, where growing volumes and increased input costs contributed to the rise, a trend consistent with prior performance levels. " "

Selling, General & Administrative Expense

+16% (from $57.074M to $66.232M)

SG&A expenses surged due to acquisition-related costs, higher labor expenses, and investments in IT infrastructure, replicating earlier period trends where integration and operational scaling drove up these costs. " "

Interest Expense, Net

+53% (from $3.306M to $5.065M)

The sharp increase in interest expense is attributed to higher average debt balances used to support expansion initiatives, reflecting an elevated debt profile compared to previous periods. " " "

Margin Expansion

In Q2–Q4 2024, margin expansion was discussed across segments with noted improvements in EBITDA margins, operating leverage, and integration of acquisitions. " " " "

In Q1 2025, the company raised its full‐year EBITDA guidance, reported significant segment-specific margin improvements (e.g., 900 basis point increase in M&A margins, slight decline in R&R offset by confidence in year‐over‐year improvement), and emphasized pricing optimization and normalization toward long‐term targets. " " " "

Consistent focus with improved sentiment: Continued emphasis with stronger quantitative targets and raised guidance.

Operational Efficiency

Q2–Q4 2024 discussions highlighted process optimization, automation initiatives, cross‐selling improvements, and working capital management leading to improved cash flow conversion and cost efficiencies. " " " "

In Q1 2025, the narrative reinforced multifaceted process improvements through automation, enhanced back‑office infrastructure, improved working capital management (record Q1 operating cash flow), and strategic capital allocation. " " "

Steady and sustained progress: Continued focus with amplified impact as evidenced by record cash flow metrics.

Cash Flow Performance and Management

Across Q2–Q4 2024, cash flow challenges such as invoicing delays and working capital drags were noted but with clear steps toward improvement, including an expected rebound in Q4 and strong liquidity metrics. " " "

Q1 2025 delivered record operating cash flow (highest‐ever Q1 at $5.5 million), significant improvements in working capital management, and robust liquidity, reinforcing strong cash generation relative to adjusted EBITDA. " "

Marked improvement and positive momentum: A transition from resolving issues to achieving record performance.

Deleveraging Strategy and Capital Allocation

In Q2 2024, focus was on executing acquisitions and providing flexibility via equity offerings; followed in Q3 2024 by detailed discussions on balance sheet simplification and redemption of Series A2 preferred stock, while Q4 2024 did not strongly reiterate this topic. " " "

Q1 2025 mentioned progress in capital allocation strategy with continued focus on balance sheet simplification, though without an explicit in‑depth deleveraging discussion. "

Shift in emphasis: Moving from an intense focus on deleveraging in Q3 to a broader capital allocation strategy in Q1 with less emphasis on specific deleveraging details.

Acquisition Strategy and Integration

Q2 2024 detailed active strategic M&A and successful integration (e.g., Matrix, Paragon, Spirit); Q3 2024 noted a temporary pause on acquisitions to focus on deleveraging but highlighted successful integration of multiple targets; Q4 2024 emphasized acquisition contributions and smooth integration. " " " "

In Q1 2025, the company reiterated a temporary pause in new acquisitions to concentrate on organic improvements and integration outcomes, while still acknowledging the positive contributions from prior deals and outlining future acquisition plans once the leverage ratio improves. " " " "

Consistent yet cautious approach: Ongoing integration success with a strategic pause to optimize internal improvements before re-entering the acquisition market.

PFAS-related Services Growth

Q2 2024 discussions pointed to strong organic growth driven by regulatory updates and increased testing demand; Q3 2024 highlighted substantial percentage growth in PFAS advisory and lab services; Q4 2024 discussed the influence of state-driven PFAS regulations. " " " "

Q1 2025 reported five consecutive quarters of revenue growth in PFAS services, with PFAS now contributing 10%–15% of total revenue and benefiting from patent-protected technology and favorable regulatory tailwinds. " "

Steady and strengthening: A consistently high-growth topic now with sustained multi-quarter success and strong long-term regulatory support.

Regulatory Environment and Policy Impact

Q2 2024 offered a detailed view on Supreme Court decisions, PFAS and methane regulations, and state/local dynamics; Q3 2024 emphasized resilience against federal volatility (including Chevron and political outcomes); Q4 2024 focused on bipartisan support and state-level regulations driving demand. " " " "

Q1 2025 maintained discussion on the regulatory landscape by highlighting state-level influence, acknowledging federal regulatory volatility (e.g., EPA budget/workforce concerns, tariff impacts) while reinforcing the importance of environmental compliance and supportive PFAS policy developments. " " " "

Consistently resilient with evolving focus: Continued positive sentiment with a shift toward detailed operational impacts of regulatory policies.

Cross-Selling Initiatives Driving Organic Revenue

Q2 2024 discussions noted cross-selling as a key driver alongside organic growth targets; Q3 2024 provided specific examples from acquisitions (e.g., Origins, Spirit) and PFAS service growth; Q4 2024 stressed that over half of revenue now comes from existing clients expanding usage. " " " "

In Q1 2025, cross-selling was again credited as a significant driver of strong organic revenue growth and customer relationship expansion, reinforcing its role alongside M&A contributions. "

Strong and consistent driver: An enduring strategic focus that remains a foundational anchor for organic revenue growth.

International Expansion and Public Sector Opportunities

Q2 2024 did not address these topics; Q3 2024 mentioned an international footprint (about 20% from Canada, Australia, Europe) and a notable win with the U.S. Army Corps of Engineers; Q4 2024 did not include commentary on these topics. " "

Q1 2025 provided detailed discussion on international expansion, highlighted by an award from a major public mining company in Australia, and elaborated on public sector collaborations domestically to tackle contamination issues, indicating a more robust focus on these areas. "

Emerging and enhanced focus: A growing emphasis with new wins and expanded geographic and public sector opportunities in Q1.

Transparency in Organic Growth Reporting

Q2 2024 noted that the company does not separately break out quarterly organic growth figures but reaffirmed its annual guidance of 10%–12%; Q3 and Q4 2024 had no mentions of transparency on this aspect. "

Q1 2025 did not mention transparency in organic growth reporting at all.

Diminished focus: The explicit discussion on transparency in organic growth reporting has largely disappeared in the current period.

Leadership Changes and Stability

Q2 2024 introduced a new Head of Investor Relations, while Q3 2024 discussed the planned COO transition with assurances of continuity and stability; Q4 2024 had no additional commentary on leadership changes. " " "

Q1 2025 did not mention any leadership changes or stability, suggesting no new developments or concerns in this area.

Less emphasis now: After active discussions in earlier periods, leadership changes are not a focus in Q1, indicating relative stability or lower priority.