Total Revenue

Increased by 14% YoY, from $165.742 million in Q4 2023 to $189.058 million in Q4 2024

Acquisitions and organic growth in strategic segments drove the revenue increase; similar drivers, such as previous Matrix acquisitions and strong performance in assessment and permitting segments, continued to support growth in the current period. " "

Cost of Goods Sold (COGS)

Increased by roughly 10% YoY, from $101.919 million in Q4 2023 to $111.954 million in Q4 2024

The rise in COGS is largely attributed to higher production and operational costs associated with increased revenue and acquisitions; the proportional increase reflects continuing cost pressures from prior periods, where expanded service delivery demanded additional resources. " "

Selling, General & Administrative (SG&A) Expenses

Increased by approximately 38% YoY, from $61.1 million in Q4 2023 to $84.445 million in Q4 2024

A significant surge in SG&A expenses is driven by higher acquisition-related costs, increased IT, travel, and bad debt expenses, and elevated indirect labor costs; this builds on earlier period trends where integration and organizational growth led to increased overhead. " "

Operating Income

Worsened from a loss of $8.911 million in Q4 2023 to a loss of $22.847 million in Q4 2024 (−156%)

Despite revenue gains, operational margins deteriorated due to a disproportionate rise in costs (especially SG&A), reflecting challenges in managing integration expenses and cost inflation that intensified from previous periods. " "

Net Income

Deteriorated sharply from a $1.441 million loss in Q4 2023 to a $28.225 million loss in Q4 2024

The sharp decline in net income stems from aggravated operating losses compounded by higher non-operating expenses, such as interest, which were less impactful in the previous period, thereby worsening the bottom line significantly. " "

Earnings Per Share (EPS)

EPS fell from -$0.18 in Q4 2023 to -$0.90 in Q4 2024 (a 400% decline)

The dramatic deterioration in EPS reflects the overall worsening of net income coupled with share dilution effects; while earlier periods saw moderate losses, the current period is burdened by higher operational and financial expenses that severely impact per-share results. " "

Net Change in Cash

Swung from a positive $0.667 million in Q4 2023 to a negative $9.808 million in Q4 2024

The liquidity deterioration is driven by significantly higher investing outflows related to acquisitions and capital expenditures, combined with a decline in operating cash flows from increased receivables, contrasting with the slight positivity in the previous period. " " "

Revenue

FY 2025

no prior guidance

$735 million to $785 million " "

no prior guidance

Consolidated Adjusted EBITDA

FY 2025

no prior guidance

$101 million to $108 million " "

no prior guidance

Organic Growth

FY 2025

no prior guidance

7% to 9% " "

no prior guidance

Operating Cash Flow Conversion

FY 2025

no prior guidance

over 50% "

no prior guidance

Environmental Emergency Response Revenues

FY 2025

no prior guidance

$50 million to $70 million "

no prior guidance

Margin Expansion & Operating Leverage Opportunities

Previous calls consistently discussed significant margin improvements. In Q1, the Remediation and Reuse segment was expected to gain about 100bps in aggregate EBITDA margins. " In Q2, improvements were attributed to pricing and operating leverage across segments – Matrix integration, organic growth and cost optimization were highlighted. " " " " In Q3, detailed updates noted improvements in multiple segments via acquisitions and operational excellence. " " " "

Q4 emphasized ongoing margin expansion opportunities—particularly in the Remediation and Reuse segment—with further operating leverage expected across all segments, and provided a 2025 outlook reinforcing these trends. " " " "

Consistent and positive. The narrative remains bullish with similar operational improvements and slight acceleration in margin targets.

Organic Growth & Cross-Selling Strategies

In Q1, organic growth guidance of 10%-12% was reaffirmed with strong cross‐selling, while Q2 and Q3 highlighted robust double-digit organic growth in key business lines driven by effective client expansion and successful integration of acquisitions. " " " " "

In Q4, the company reported 8.3% full‐year organic growth, underpinned by continued cross‐selling momentum and strengthened client relationships, reinforcing their long‐term target of 7%-9% annual growth. " " "

Stable and positive. The focus on cross‐selling and organic growth remains a central part of the strategy with consistent performance across periods.

Acquisition Strategy & Matrix Integration

Q1 focused on elevating acquisition cadence for geographic and service expansion. " " Q2 emphasized recent acquisitions such as Paragon and Spirit along with significant progress on Matrix’s margin improvement. " " " Q3 discussed a temporary pause on new deals to focus on deleveraging while highlighting Matrix’s successful integration with improved margins. " " " "

Q4 continued to highlight Matrix’s integration success with Matrix margins moving into the mid‐ to high‐teens, while noting that acquisitions remain part of the long‐term strategy even as short‐term focus shifts to balance sheet optimization. " " " "

Consistent with a slight shift. While integration remains a strength, recent periods show a temporary de‐emphasis on new acquisitions to prioritize debt and balance sheet matters.

Regulatory Environment (PFAS, EPA Regulations & Political Risks)

Q1 detailed strong regulatory tailwinds for PFAS remediation and the market opportunity linked to federal and state rules. " " In Q2, PFAS and methane rules were explained with emphasis on the funding and growing demand, while Q3 continued to underline PFAS-related revenue growth and local regulatory resilience. " " "

In Q4, the focus sharpened on state-level PFAS regulations—with 28 states enforcing their own rules—and detailed the stability provided by such frameworks, along with continued attention on methane emissions regulations and limited exposure to federal political changes. "

Steady with enhanced focus. The emphasis remains on regulatory tailwinds but with greater detail on the state-level regulatory framework offering predictable, favorable conditions.

Cash Flow Generation & Receivables Management

Q1 noted significant working capital investments and receivables increases—with temporary cash flow detriments offset by long-term conversion targets. " Q2 acknowledged increases in receivables amid integration and new projects, expecting normalization in the back half of the year. " Q3 addressed previous invoicing delays tied to Matrix and government projects, with positive signs on a return to normal DSOs. "

Q4 reported that operating cash flow conversion for 2024 fell short of the 50% target, citing timing issues and receivables delays (including delayed government payments), though the Matrix invoicing delays were resolved, and a rebound is expected in 2025. " " "

Cautiously optimistic with short-term challenges. While previous periods indicated transient receivables issues, Q4 still reflects some timing challenges but with a clear expectation of improvement moving forward.

International Market Expansion

Q1 did not explicitly address international expansion aside from mentioning geographic M&A. " In Q2, international markets were highlighted as contributing around 20% of revenue through organic expansion. " In Q3, the consistent presence of markets in Canada, Australia, and Europe was reinforced, with these regions performing collectively well. " "

Q4 reaffirmed that approximately 20% of revenue comes from international markets, emphasizing strong performance in Canada, Australia, and Europe. Although the business remains predominantly U.S.-focused, the international segment continues its steady organic growth. " "

Stable. The international expansion remains consistent across periods, with steady contributions and no major changes in strategy or sentiment.

Leadership Changes & Management Uncertainty

Q1 did not mention any leadership issues. In Q2, the appointment of Adrianne Griffin as Head of Investor Relations was introduced to enhance stakeholder engagement. " In Q3, the departure of COO Joshua Marie (with continued involvement in aiding transition) was noted. "

Q4 did not mention any new leadership changes, implying a stabilization after the Q3 transition, with no mention of management uncertainty [No additional details].

Reduced concerns. After some churn in Q3, Q4 lacks any mention of leadership changes, suggesting that management uncertainty may have been resolved or stabilized.

Balance Sheet Optimization & Debt Management

Q1 discussed actions including a $60 million redemption on preferred stock, upsizing of the credit facility, and a follow-on equity offering that improved liquidity and lowered leverage (around 2.1x). " Q2 provided further liquidity details and maintained a leverage ratio within target levels (2.4x). " Q3 reiterated efforts to redeem $122 million of Series A2 preferred stock and emphasized deleveraging with a 2.6x leverage ratio. " "

Q4 continued the balance sheet optimization story with plans to redeem the remaining Series A2 preferred stock by end-2025, finalizing a new credit agreement with expanded capacity and a reported leverage ratio of 2.1x, underscoring ongoing debt management discipline. " " "

Consistently disciplined. The approach remains steady in prioritizing deleveraging and liquidity enhancement, exhibiting a consistent financial management narrative across all periods.

Transparency in Organic Growth Metrics

In Q1, the company committed to transparency by clarifying its organic growth definition and long-term expectations of 10%-12% growth (despite historical performance closer to 15%). " " Q2 mentioned that quarterly metrics aren’t separately disclosed but affirmed guidance. " Q3 offered less explicit commentary on transparency while still highlighting strong organic performance. " " "

In Q4, transparency was explicitly reaffirmed with initiatives like canceling outstanding SARs to remove noncash expense impacts, clarifying true organic growth and earnings power, and reiterating the 7%-9% annual organic growth target. " "

Increasing focus on clarity. The company’s commitment to transparent organic metrics has remained a constant, with Q4 showing a renewed emphasis on aligning reporting with strategic objectives.

Biogas Business Pivot Challenges

In Q1, the pivot in the biogas business was discussed as a strategic shift toward higher-margin services, though it incurred short-term margin pressure and revenue adjustments in the Remediation and Reuse segment. " " " Q2, Q3 did not revisit this topic.

Q4 does not mention the biogas pivot issues at all, suggesting that either the challenges have been resolved or the topic has been de-emphasized in current communications.

No longer discussed. The biogas pivot was a notable challenge in Q1 but has since been de-emphasized or resolved, indicating a shift away from this concern in later periods.