Montrose Environmental Group, Inc. reported a total revenue of $696.4 million for the fiscal year ended December 31, 2024, marking an increase of 11.6% from $624.2 million in the previous year. The growth was primarily driven by $81.6 million in revenues from acquisitions and an organic growth rate of 8.3%, amounting to $43.4 million, particularly in the Assessment, Permitting and Response and Measurement and Analysis segments. However, this growth was partially offset by a decline in environmental emergency response revenues, which fell to $48.0 million from $91.4 million in 2023, and the impact of the sale of the Discontinued Specialty Lab, which contributed $8.8 million in 2023.
The company's net loss for the year was $62.3 million, compared to a net loss of $30.9 million in 2023. This increase in loss was attributed to higher selling, general, and administrative expenses, which rose to $261.6 million from $222.9 million, driven by acquisition-related costs and increased stock-based compensation. Additionally, interest expenses surged to $15.9 million from $7.8 million, reflecting a higher debt balance and rising interest rates. The company’s total debt as of December 31, 2024, was $222.7 million, an increase from $163.2 million in the prior year.
Montrose continued to expand its operations through strategic acquisitions, completing six acquisitions in 2024, which contributed significantly to its revenue growth. The company has successfully integrated these acquisitions into its existing operations, enhancing its service offerings and geographic reach. As of December 31, 2024, Montrose employed approximately 3,410 individuals, reflecting a workforce increase driven by both organic growth and acquisitions.
Looking ahead, Montrose Environmental Group anticipates continued growth driven by both organic initiatives and further acquisitions. The company has indicated that it will focus on enhancing its operational efficiencies and expanding its service capabilities to meet the increasing demand for environmental services. The global environmental industry is projected to grow, and Montrose aims to leverage its position within this fragmented market to capture additional market share. The company has also emphasized its commitment to innovation and sustainability, which are expected to play a crucial role in its future growth strategy.
About Montrose Environmental Group, Inc.
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