MEG earnings analysis
What we found in MEG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Onterris reported Q1 2026 revenue of $168.5 million, down 5.2% compared to $177.8 million in Q1 2025, primarily due to decreased environmental emergency response revenues. However, the company's EPS improved significantly to -$0.35 from -$0.64 in the prior year, indicating better operational efficiency despite declining revenues.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Improvement in EPS
- EPS improved to -$0.35, a significant increase from -$0.64 in Q1 2025.
- Cost of Revenues Declined
- Cost of revenues decreased by $6.9 million or 6.4%, contributing to better margins despite lower revenues.
- Decrease in Operating Expenses
- SG&A expenses fell by 7.4% to $61.3 million, reflecting effective cost management.
- Adjusted EBITDA Stability
- Adjusted EBITDA for total reportable segments remained stable at $30.1 million compared to $30.3 million in Q1 2025.
- Sufficient Liquidity
- As of March 31, 2026, Onterris had $178.4 million available under its credit facility, and cash on hand was $10.0 million.
- Reduction in Interest Expense
- Interest expense increased only slightly to $5.5 million from $5.1 million, remaining manageable given the increased debt.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Decline
- Q1 2026 revenue of $168.5 million was down 5.2% year-over-year, primarily due to a $5.8 million decrease in emergency response revenues.
- High Working Capital Needs
- Working capital increased by $16.3 million, indicating tighter cash flow management than in Q1 2025.
- Increased Debt Levels
- Total debt increased to $321.4 million from $288.3 million at year-end 2025, raising concerns about financial leverage.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.35
- Gross margin
- 39.8%
- Operating margin
- -3.6%
- Segment
- Consulting and Treatment, Measurement and Analysis
What they said about what is next.
Full-year revenue guidance remains unchanged at $840M-$900M, indicating expectations of improved performance as the year progresses.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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