10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 001-42524

TIC Solutions, Inc.

(Exact name of registrant as specified in its charter)

Delaware	66-1076867
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
200 South Park Road, Suite 350, Hollywood, Florida	33021
(Address of principal executive offices)	(Zip Code)

(954) 495-2112

Registrant’s telephone number, including area code

_______________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.0001 per share	TIC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	x	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐   No ☑

The number of shares of the registrant’s common stock outstanding as of May 1, 2026, was 221,042,604.

TABLE OF CONTENTS

		Page
Part I – Financial Information
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets (unaudited)	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)	2
	Condensed Consolidated Statements of Stockholders’ Equity (unaudited)	3
	Condensed Consolidated Statements of Cash Flows (unaudited)	4
	Notes to the Condensed Consolidated Financial Statements (unaudited)	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
Part II – Other Information
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34
Signatures		35

i

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TIC Solutions, Inc.

Condensed Consolidated Balance Sheets

(amounts in thousands, except par and share data)

(Unaudited)

	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	426,564	$	439,536
Accounts receivable, net	344,243		366,293
Contract assets, net	182,732		154,439
Prepaid expenses and other current assets	66,821		60,768
Total current assets	1,020,360		1,021,036
Property and equipment, net	245,601		255,625
Operating lease right-of-use assets, net	54,919		60,209
Goodwill	1,647,534		1,649,595
Intangible assets, net	1,351,980		1,391,382
Deferred tax assets	1,423		1,438
Other assets	10,319		17,024
Total assets	$	4,332,136	$	4,396,309
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	57,505	$	60,426
Accrued expenses and other current liabilities	168,237		151,626
Contract liabilities	52,000		47,846
Current portion of long-term debt	23,460		25,511
Current portion of lease obligations	32,215		33,584
Total current liabilities	333,417		318,993
Long-term debt, net of current portion	1,585,424		1,587,686
Non-current lease obligations	61,401		66,049
Deferred tax liabilities	205,155		222,955
Other non-current liabilities	12,880		20,710
Total liabilities	2,198,277		2,216,393
Commitments and contingencies (Note 15)
Stockholders' Equity
Series A Preferred Stock, $0.0001 par value, 1,000,000 shares issued and outstanding	—		—
Common stock, $0.0001 par value, 221,039,674 and 220,485,045 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	21		21
Additional paid-in capital	2,371,142		2,362,943
Accumulated deficit	(235,654)		(194,105)
Accumulated other comprehensive income (loss)	(1,650)		11,057
Total stockholders' equity	2,133,859		2,179,916
Total liabilities and stockholders' equity	$	4,332,136	$	4,396,309

See accompanying notes to unaudited condensed consolidated financial statements.

1

TIC Solutions, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(amounts in thousands, except share and per share data)

(Unaudited)

	Three Months Ended
	March 31, 2026		March 31, 2025
Revenue	$	488,029	$	234,215
Cost of revenue	326,728		190,546
Gross profit	161,301		43,669
Selling, general and administrative expenses	150,328		39,872
Depreciation and amortization	40,036		13,237
Loss from operations	(29,063)		(9,440)
Interest expense, net	29,021		16,007
Other income, net	(77)		(1,119)
Loss before income tax benefit	(58,007)		(24,328)
Income tax provision (benefit)	(16,458)		1,465
Net loss	(41,549)		(25,793)
Undistributed loss allocated to Series A Preferred Stock	190		211
Net loss allocated to common stockholders	$	(41,359)	$	(25,582)
Other comprehensive income (loss):
Net loss	$	(41,549)	$	(25,793)
Foreign currency translation adjustment	(12,707)		2,561
Total other comprehensive loss	$	(54,256)	$	(23,232)
Basic and diluted loss per share:
Common stock, basic and diluted	$	(0.19)	$	(0.21)
Series A Preferred Stock, basic and diluted	$	(0.19)	$	(0.21)
Weighted-average shares outstanding:
Common stock, basic	217,251,178		121,476,215
Common stock, diluted	218,251,178		122,476,215
Series A Preferred Stock, basic and diluted	1,000,000		1,000,000

See accompanying notes to unaudited condensed consolidated financial statements.

2

TIC Solutions, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(amounts in thousands, except share data)

(Unaudited)

	Common Stock			Series A Preferred Stock
	Shares	Amount		Shares	Amount		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total
Balances at December 31, 2025	220,485,045	$	21	1,000,000	$	—	$	2,362,943	$	(194,105)	$	11,057	$	2,179,916
Net loss	—	—		—	—		—		(41,549)		—		(41,549)
Share-based compensation expense	—	—		—	—		8,728		—		—		8,728
Restricted stock issuances and restricted stock unit vestings, net	(113,718)	—		—	—		(529)		—				(529)
Issuance of common shares in conjunction with the Series A Preferred Stock Dividend	668,347	—		—	—		—		—		—		—
Other comprehensive loss	—	—		—	—		—		—		(12,707)		(12,707)
Balances at March 31, 2026	221,039,674	$	21	1,000,000	$	—	$	2,371,142	$	(235,654)	$	(1,650)	$	2,133,859

	Common Stock			Series A Preferred Stock
	Shares	Amount		Shares	Amount		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total
Balances at December 31, 2024	121,476,215	$	12	1,000,000	$	—	$	1,293,638	$	(106,989)	$	(35,489)	$	1,151,172
Net loss	—	—		—	—		—		(25,793)		—		(25,793)
Share-based compensation expense	—	—		—	—		1,107		—		—		1,107
Other comprehensive income	—	—		—	—		—		—		2,561		2,561
Balances at March 31, 2025	121,476,215	$	12	1,000,000	$	—	$	1,294,745	$	(132,782)	$	(32,928)	$	1,129,047

See accompanying notes to unaudited condensed consolidated financial statements.

3

TIC Solutions, Inc.

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

(Unaudited)

	Three Months Ended
	March 31, 2026		March 31, 2025
Cash flows from operating activities:
Net loss	$	(41,549)	$	(25,793)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	58,880		28,599
Noncash lease expense	6,035		2,491
Share-based compensation expense	12,912		1,107
Amortization of deferred financing costs	1,883		828
Deferred taxes	(17,334)		(4,320)
Other	1,189		(899)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	22,092		40,254
Contract assets	(27,886)		(8,395)
Prepaid expenses and other current assets	(5,635)		4,306
Accounts payable	(7,402)		3,433
Accrued expenses and other current liabilities	7,391		(5,708)
Operating lease obligations	(5,801)		(2,352)
Contract liabilities	4,161		(213)
Other assets and liabilities	989		(546)
Net cash provided by operating activities	9,925		32,792
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(3,884)		(8,030)
Purchases of property and equipment	(5,697)		(4,476)
Proceeds from sale of property and equipment	1,287		293
Net cash used in investing activities	(8,294)		(12,213)
Cash flows from financing activities:
Payments on long-term borrowings	(4,131)		(1,932)
Payments of debt issuance costs	—		(1,165)
Payments on finance lease obligations and other long-term debt	(8,776)		(2,508)
Net cash used in financing activities	(12,907)		(5,605)
Net effect of exchange rate fluctuations on cash and cash equivalents	(1,696)		1,631
Net change in cash and cash equivalents	(12,972)		16,605
Beginning of period	439,536		139,134
End of period	$	426,564	$	155,739

See accompanying notes to unaudited condensed consolidated financial statements.

4

TIC Solutions, Inc.

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

(Unaudited)

Supplemental cash flow information and schedules of non-cash investing and financing activities for the periods indicated were as follows:

	Three Months Ended
	March 31, 2026		March 31, 2025
Supplemental disclosure of cash flow information
Interest paid	$	26,673	$	14,332
Income taxes paid	$	4,022	$	6,172
Supplemental disclosure of non-cash operating, investing and financing activities:
Purchases of property and equipment accrued and not yet paid	$	4,472	$	3,461
Notes payable and other obligations issued for acquisitions	$	3,000	$	—

See accompanying notes to unaudited condensed consolidated financial statements.

5

TIC Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(table amounts in thousands, except share and per share data)
(Unaudited)

NOTE 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business

TIC Solutions, Inc. (formerly Acuren Corporation and hereinafter referred to as “we,” “our,” “us,” “TIC Solutions,” or the “Company”) is a leading provider of tech-enabled Testing, Inspection, Certification and Compliance (“TICC”), engineering and consulting, and geospatial services. On August 4, 2025 (the “NV5 Closing Date”), the Company completed its acquisition of NV5 Global, Inc. (“NV5” and such acquisition, the “NV5 Acquisition”), an engineering and consulting services company. The Company operates primarily in North America and serves both private and public-sector clients. On October 10, 2025, the Company changed its name from Acuren Corporation to TIC Solutions, Inc.

The Company’s private-sector clients span industrial, infrastructure, construction, and commercial real estate end markets and its public-sector clients include federal, state, and municipal agencies, public utilities, transportation authorities, and environmental regulators. Within industrial markets, the Company’s services address energy processing and refining, pipeline and midstream infrastructure, chemicals and industrial processing, manufacturing and industrial services, power generation and utilities, and companies in aerospace, automotive, renewable energy, pulp and paper, and mining. The Company provides mission-critical services that are essential to the safety, reliability, and efficiency of industrial assets, buildings and public infrastructure. The Company’s services are often non-discretionary and are driven by regulatory requirements, customer risk management policies, and the need to extend the useful life of critical assets.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements (the “interim statements”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. GAAP for complete financial statements as certain information has been condensed or omitted. All intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current period presentation. Such reclassifications did not have a material effect on the Company's financial condition or results of operations as previously reported. The results of operations of companies acquired are included from the date of acquisition. In the opinion of management, these interim statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These interim statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the period ended December 31, 2025, as filed with the SEC (the “2025 Annual Report”).

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in “Note 2. Summary of Significant Accounting Policies” in our 2025 Annual Report and are supplemented by the notes included in this Quarterly Report on Form 10-Q (the “Quarterly Report”).

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, by following the five-step model: the Company identifies a contract with a customer, identifies the performance obligation(s) in the contract, determines the transaction price, allocates the transaction price to each performance obligation in the contract and recognizes revenues as the Company satisfies the performance obligation(s).

6

Nature of Services and Performance Obligations

The Company provides TICC, engineering, geospatial and other services to customers under a variety of contract types. Contracts are evaluated to determine whether they should be combined and whether they contain one or multiple performance obligations. Most contracts contain a single performance obligation, as the promise to transfer individual services is not separately identifiable from other promises in the contract and, therefore, is not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation utilizing several different pricing scenarios and is able to discretely price out each individual component based on its nature and relation to the overall performance obligation.

Performance obligations are generally satisfied over time as work progresses or services are rendered, because the customer simultaneously receives and consumes the benefits of the Company’s performance. Revenue may be recognized over time based on time and material incurred to date, which best portrays the transfer of control to the customer, or based on progress measured using an input method by comparing direct costs incurred to date to the estimated total direct costs for the completion of the services. Contract costs include labor, sub-consultant services and other direct costs. For contracts that meet the required conditions, the Company applies the as-invoiced practical expedient and recognizes revenue based on its right to invoice for services performed.

Performance obligations in certain contracts are satisfied at a point in time. Revenue for these services is recognized when control of the promised deliverable transfers to the customer, which is generally upon completion, delivery or customer acceptance of reports or analyses.

The Company enters into contracts with its clients that contain two principal types of pricing provisions: cost-reimbursable and fixed-unit price. Cost-reimbursable contracts consist of the following:

•time and material contracts, which are common for professional and technical consulting and certification services projects. Under these types of contracts, there is no predetermined fee. Instead, the Company negotiates hourly billing rates and charges the clients based upon actual hours expended on a project. In addition, any direct project expenditures are passed through to the client and are typically reimbursed. These contracts may have an initial not-to-exceed or guaranteed maximum price provision.

•cost-plus contracts are the predominant contracting method used by the Company to charge clients for its costs, including both direct and indirect costs, plus a negotiated fee. The total estimated cost plus the negotiated fee represents the total contract value.

•lump-sum contracts typically require the performance of all of the work under the contract for a specified lump-sum fee, subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Many of the Company’s lump-sum contracts are negotiated and arise in the design of projects with a specified scope and project deliverables. In most cases, we can bill additional fees if the construction schedule is modified and lengthened.

Fixed-unit price contracts typically require the performance of an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units performed.

As of March 31, 2026, the Company had $1.1 billion of remaining performance obligations, of which $860.2 million is expected to be recognized over the next 12 months. Performance obligations include only those amounts that have been funded and authorized and does not reflect the full amounts the Company may receive over the term of such contracts. In the case of non-government contracts and project awards, performance obligations include future revenue at contract or customary rates, excluding contract renewals or extensions that are at the discretion of the client. For contracts with a not-to-exceed maximum amount, the Company includes revenue from such contracts in performance obligations to the extent of the remaining estimated amount.

Contract estimates are based on various assumptions to project the outcome of future events. These assumptions are dependent upon the accuracy of a variety of estimates, including engineering progress, achievement of milestones, labor productivity and cost estimates. Due to uncertainties inherent in the estimation process, it is possible that actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss or reduction to the percentage of total contract revenues recognized to date, these losses or reductions are recognized in the period in which the revisions are known. The effect of revisions to revenues and estimated costs to complete contracts, including penalties, incentive awards, change orders, claims and anticipated losses, are recorded on a cumulative catch-up basis in the period in which the revisions are identified and the loss can be reasonably estimated. Such revisions could occur in any reporting period and the effects on the results of operations for that reporting period may be material depending on the size of the project or the adjustment.

7

Contract Balances

The timing of revenue recognition, billings and cash collections results in, and are reflected within, “Accounts receivable, net,” “Contract assets, net,” and “Contract liabilities” on the condensed consolidated balance sheets.

“Accounts receivable, net” represents amounts billed to clients that remain uncollected as of the balance sheet date. The amounts are stated at their estimated realizable value. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. See further discussion in “Note 5. Accounts Receivable and Contract Assets.”

“Contract assets, net” represent recognized amounts pending billing pursuant to contract terms or accounts billed after period end and are expected to be billed and collected within the next 12 months. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets that are classified as current.

In certain circumstances, the contract may allow for billing terms that result in cumulative amounts billed in excess of revenues recognized. “Contract liabilities” represent billings in excess of revenues recognized on these contracts as of the reporting date that are generally classified as current. During the three months ended March 31, 2026, revenue recognized related to the Company’s contract liabilities that existed as of December 31, 2025 was not material.

Contract Modifications

Contract modifications may occur in the normal course of business and typically result from changes in scope, specifications or performance period. In most cases, such modifications are not distinct and are accounted for as part of the existing contract. If a modification adds distinct goods or services at a price that reflects their standalone selling prices, it is accounted for as a separate contract.

Federal Acquisition Regulations

Federal Acquisition Regulations (“FAR”), which are applicable to the Company’s federal government contracts and may be incorporated in local and state agency contracts, limit the recovery of certain specified indirect costs on contracts. Cost-plus contracts covered by FAR or certain state and local agencies also may require an audit of actual costs and provide for upward or downward adjustments if actual recoverable costs differ from billed recoverable costs.

Recent Accounting Pronouncements Not Yet Adopted

The Company has not adopted any new accounting pronouncements since the audited consolidated financial statements for the year ended December 31, 2025. See the 2025 Annual Report for information pertaining to the effects of recently adopted and other recent accounting pronouncements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40. The amendments in this update remove all references to prescriptive and sequential software development stages. Under this ASU, capitalization of internal-use software begins when management authorizes and commits to funding the project and it is probable that the project will be completed. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods; however early adoption is permitted either prospectively or retrospectively. The Company is currently evaluating the impact the adoption of this guidance will have on its financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), requiring disclosure in the notes to the financial statements for specified information about certain costs and expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027; however early adoption is permitted and can be applied either prospectively or retrospectively. The Company is currently evaluating the impact the adoption of this guidance will have on its financial statements and related disclosures.

NOTE 2. BUSINESS COMBINATIONS

2026 Acquisitions

During the three months ended March 31, 2026, the Company completed one business combination, which was not significant to the consolidated financial statements. Total consideration for the acquisition was approximately $5.0 million. The Company recorded approximately $2.0 million of goodwill related to the acquisition. The final determination of the fair value of assets and liabilities will be completed within the one-year measurement period as required by ASC 805.

8

2025 Acquisitions

NV5 Acquisition

On August 4, 2025, the Company completed its acquisition of NV5 pursuant to the Agreement and Plan of Merger dated May 14, 2025.

In conjunction with the NV5 Acquisition, in 2025 the Company completed a reorganization of the Company’s reportable segments to align with the service offerings of the combined entity. Accordingly, the post-acquisition results of NV5 are reported within the Company’s Consulting Engineering and Geospatial reportable segments, and the Company’s historical United States and Canada reportable segments have been combined into the Inspection and Mitigation reportable segment. “See Note 16. Segment Reporting” for further discussion regarding the Company’s reorganization and revised reportable segments.

The aggregate purchase consideration paid to the stockholders of NV5 totaled $1.7 billion, including: (i) a cash payment at the NV5 Closing Date of $870.9 million, (ii) the issuance of 73.2 million shares of common stock to NV5 stockholders with an estimated fair value of $768.3 million, and, (iii) the replacement of $76.5 million of unvested NV5 share-based awards, of which $29.7 million was attributable to pre-combination services. The Company funded the cash portion of the purchase price with a new term loan in an aggregate principal amount of $875.0 million and cash on hand. In conjunction with the debt financing, the Company incurred $21.9 million in debt issuance costs that were capitalized and will be amortized using the effective interest method over the remaining term of the Term Loans (as defined in “Note 11. Long-Term Debt”). The Company also increased the amount of its existing senior secured revolving credit facility to $125.0 million (the “Revolving Credit Facility”) and incurred debt issuance costs of $1.3 million related to the Revolving Credit Facility which will be amortized on a straight-line basis over the remaining term of the Revolving Credit Facility.

The NV5 Acquisition was accounted for under the acquisition method of accounting. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed, the Company engaged an independent third-party valuation specialist to assist in the determination of the fair values. The final determination of the fair values of assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The NV5 Acquisition will necessitate the use of this measurement period to adequately analyze and assess the factors used in establishing the asset and liability fair values as of the relevant acquisition date, including intangible assets, contract assets and liabilities, certain lease-related assets and liabilities, indemnification assets, and deferred tax assets and liabilities.

The excess of the purchase price over the preliminary fair value of the tangible and intangible net assets acquired and liabilities assumed has been recorded as goodwill. The goodwill balance is primarily attributed to the assembled workforce, expansion of service offerings, market opportunities and synergies expected to be achieved from the combined operations of the Company and NV5. The Company has preliminarily assigned goodwill amounts of approximately $15.4 million, $515.3 million, and $233.1 million to the Inspection and Mitigation, Consulting Engineering and Geospatial segments, respectively. Goodwill of $76.1 million is expected to be deductible for income tax purposes.

9

The following table summarizes the preliminary estimated fair value of consideration transferred and the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the NV5 Acquisition:

	Total
Cash consideration	$	870,911
Equity consideration	768,304
Replacement of share-based awards	29,744
Total consideration	$	1,668,959
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	58,958
Accounts receivables	186,228
Contract assets	123,428
Prepaid expenses and other current assets	33,536
Plant and equipment	80,557
Other assets	4,560
Operating lease right-of-use assets	33,464
Intangible assets	720,000
Accounts payable	(40,350)
Accrued expenses and other current liabilities	(99,123)
Contract liabilities	(47,694)
Other liabilities	(10,569)
Deferred tax liabilities	(97,935)
Lease liabilities	(39,908)
Total identifiable net assets acquired	$	905,152
Goodwill	$	763,807

Measurement period adjustments made during the three months ended March 31, 2026 were immaterial.

As part of the purchase price allocation, the Company determined the identifiable intangible assets included customer relationships, customer backlog, trade name, and developed technology. Management used the multi-period excess earnings method to estimate the fair value of the customer relationships, which utilized the following significant assumptions and inputs: revenue growth rates, EBITDA margins, attrition rates, probability of renewal, contributory asset charges, income tax rates, depreciation and discount rates.

The following table summarizes the preliminary fair value of the identifiable intangible assets:

	Fair Value as of March 31, 2026
Customer relationships	$	590,000
Customer backlog	88,000
Trade name	39,000
Developed technology	3,000
Total intangible assets	$	720,000

The weighted useful lives over which the intangible assets will be amortized are estimated as follows: 15 years for customer relationships, 2 years for customer backlog, 10 years for the trade name, and 3 years for developed technology.

In conjunction with the NV5 Acquisition, the Company incurred transaction costs of $24.7 million, which were expensed and included in “Selling, general and administrative expenses” in the condensed consolidated statements of operations.

10

Pro Forma Consolidated Financial Information

The following pro forma consolidated financial information reflects the results of operations of the Company for the three months ended March 31, 2025 as if the NV5 Acquisition and related financing had occurred as of January 1, 2024, after giving effect to certain purchase accounting and financing adjustments. These amounts are based on financial information of the NV5 business and are not necessarily indicative of what the Company’s operating results would have been had the NV5 Acquisition and related financing taken place on January 1, 2024.

	Three Months Ended
	March 31, 2025
Net Revenue	$	468,260
Net Loss	$	(43,109)

Pro forma financial information is presented as if the operations of NV5 had been included in the consolidated results of the Company since January 1, 2024, and gives effect to transactions that are directly attributable to the NV5 Acquisition and related financing. Adjustments, net of related tax impacts, include: additional depreciation and amortization expense related to the fair value of acquired property and equipment and intangible assets as if such assets were acquired on January 1, 2024; movement of transaction costs between reporting periods; interest expense under the Company’s Term Loans (defined in “Note 11. Long-Term Debt”) as if the amount borrowed to partially finance the purchase price was borrowed on January 1, 2024.

Other 2025 Acquisition Activity

During the year ended December 31, 2025, the Company completed seven other business combinations, which were not significant to the consolidated financial statements, either individually or in the aggregate. Total aggregate consideration was $45.8 million. The Company recorded a total $17.9 million of goodwill related to these acquisitions, of which $9.8 million was assigned to the Inspection and Mitigation reportable segment, $1.9 million was assigned to the Consulting Engineering reportable segment, and $6.2 million was assigned to the Geospatial reportable segment. The final determination of the fair values of assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The measurement period adjustments were not material.

NOTE 3. STOCKHOLDERS’ EQUITY

The Company has authorized shares consisting of two classes: 500,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000 shares of preferred stock, $0.0001 par value per share, of which 1,000,000 shares are designated as “Series A Preferred Stock” (the “Series A Preferred Stock”). As of March 31, 2026, the Company had 221,039,674 shares of common stock and 1,000,000 shares of Series A Preferred Stock issued and outstanding.

Series A Preferred Stock

The Company has 1,000,000 shares of Series A Preferred Stock issued and outstanding as of March 31, 2026. Shares of the Series A Preferred Stock are not mandatorily redeemable and do not embody an unconditional obligation to settle in a variable number of equity shares and are not unconditionally redeemable or conditionally puttable by the holder for cash. As such, shares of Series A Preferred Stock are classified as permanent equity in the accompanying condensed consolidated balance sheets.

The holder of the Series A Preferred Stock are entitled to receive an annual dividend in the form of shares of common stock once the Average Price (as defined in our certificate of incorporation) of the common stock is at least $11.50 per share for any 10 consecutive trading days (the “Annual Dividend Amount”), with such condition having been satisfied during the year ended December 31, 2025.

The Annual Dividend Amount for the first Dividend Period (the year ended December 31, 2025) was equal to 20 percent of the increase in the volume-weighted average market price per share of the Company’s common stock for the last 10 trading days of the calendar year (the “Dividend Price”) over $10.00 per share multiplied by 121,476,215 shares. In subsequent years, the Annual Dividend Amount will be calculated based on the appreciated Dividend Price compared to the highest Dividend Price previously used in calculating the Annual Dividend Amount.

As of December 31, 2025, the Dividend Price was $10.28. The annual dividend was declared as of December 31, 2025, and the Company issued 668,347 shares of our common stock to the holder of the Series A Preferred Stock in January 2026.

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Upon the liquidation of the Company, an Annual Dividend Amount shall be payable for the shortened Dividend Period and the holder of the Series A Preferred Stock shall have the right to a pro rata share (together with holders of the common stock) in the distribution of the surplus assets of the Company. In the event of a Change of Control, the holder of the Series A Preferred Stock will be entitled to receive, in the aggregate, a one-time dividend equal to the Change of Control Dividend Amount (as defined in our certificate of incorporation).

Holder of the Series A Preferred Stock will participate in any dividends on the common stock on an as converted basis. Specifically, if the Company pays a dividend on its common stock, the holder of the Series A Preferred Stock will also receive an amount equal to 20 percent of the dividend which would be distributable on 121,476,215 shares of common stock as of March 31, 2026. All such dividends on the Series A Preferred Stock will be paid at the same time as the dividends on the common stock.

Shares of Series A Preferred Stock will be automatically converted into shares of common stock on a one-for-one basis on December 31, 2034 (the “Conversion”). At the option of the holder, each share of Series A Preferred Stock is convertible into one share of common stock until the Conversion. The holder of the Series A Preferred Stock is entitled to one vote per share on all matters submitted to a vote of stockholders of the Company, voting together with the holders of common stock as a single class.

The Company followed ASC 718, Compensation — Stock Compensation, to account for the issuance of the Series A Preferred Stock. See “Note 17. Share-Based Compensation” in the 2025 Annual Report for further discussion.

Warrants

Pre-Funded Warrant

On October 5, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with the investor named therein (the “Investor”), for the private placement (the “Private Placement”), of (i) 17,708,333 shares of the Company’s common stock, par value $0.0001 per share, at $12.00 per share and (ii) a pre-funded warrant (the “Pre-Funded Warrant”) to purchase 3,125,000 shares of common stock, at $11.9999 per share. The aggregate gross proceeds of the Private Placement were approximately $250.0 million, before deducting placement agent fees and other expenses. The Private Placement closed on October 7, 2025.

The Pre-Funded Warrant has an exercise price of $0.0001 per share of common stock, is immediately exercisable and will remain exercisable until exercised in full. The Pre-Funded Warrant is exercisable in cash or by means of a cashless exercise. The Investor may not exercise the Pre-Funded Warrant if the Investor, together with its affiliates, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after giving effect to such exercise; provided, however, that a holder may increase or decrease such percentage by giving 61 days’ notice to the Company, but not to any percentage in excess of 19.99%.

The Pre-Funded Warrant was classified as a component of permanent stockholders’ equity within additional paid-in capital and was recorded at the issuance date using a relative fair value allocation method.

The Pre-Funded Warrant is equity classified because it (i) is a freestanding financial instrument that is legally detachable and separately exercisable from the equity instrument, (ii) is immediately exercisable, (iii) does not embody an obligation for the Company to repurchase its shares, (iv) permits the holders to receive a fixed number of shares of common stock upon exercise, (v) is indexed to the Company’s common stock and (vi) meets the equity classification criteria. The Company valued the Pre-Funded Warrant at issuance, concluding that its sales price approximated its fair value, and allocated net proceeds from the Private Placement proportionately to the Company's common stock and Pre-Funded Warrant.

Public Warrants

In May 2023, in connection with the Company’s initial IPO, the Company issued 54,975,000 Public Warrants to the purchasers of both common shares and Series A Preferred Stock (including 25,000 Warrants that were issued to the then independent non-founder directors in connection with their fees). Each Public Warrant is exercisable until July 30, 2027. The Public Warrants are exercisable in multiples of four-for-one share of common stock at an exercise price of $11.50 per whole share of common stock.

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The Public Warrants are mandatorily redeemable by the Company at a price of $0.01 should the average market price per share of the common stock exceed $18.00 for 10 consecutive trading days (subject to any prior adjustment in accordance with the terms of the Public Warrants). The Public Warrants expire worthless on July 30, 2027, if not exercised or redeemed. The Public Warrants were determined to be equity classified in accordance with ASC 815, Derivatives and Hedging, and ASC 480, Distinguishing Liabilities from Equity. During the three months ended March 31, 2026, no Public Warrants were exercised for shares of commons stock. As of March 31, 2026 and May 1, 2026, the Company had 14,952,860 Public Warrants outstanding for approximately 3,738,215 shares of common stock.

Share Repurchase Program

On March 10, 2026, the Company’s Board of Directors approved a share repurchase program of up to $200.0 million of the Company’s common stock through open market repurchases (including pursuant to Rule 10b-18 under the Securities Exchange Act of 1934) and/or in privately negotiated transactions, at management’s discretion and subject to market and business conditions, applicable legal requirements, and other factors. As of March 31, 2026, the Company has not repurchased any common stock under the share repurchase program. The Company’s share repurchase program does not obligate the Company to purchase any shares. Repurchased shares will be retired. The program has no expiration date and may be modified, suspended, or terminated at any time by the Board of Directors in its sole discretion.

NOTE 4. EARNINGS PER SHARE

Net income is allocated between the Company’s common stock and other participating securities (excluding unvested restricted stock awards) based on their participation rights. The Company has determined that its Series A Preferred Stock represent participating securities and are a class of common stock. As such, the Company uses the two-class method of computing earnings per share. Under this method, net income (or loss) is allocated between the holders of common stock and the holders of the Series A Preferred Stock based on their respective participation rights.

Given that holders of Series A Preferred Stock participate in net losses on a 1:1 basis with holders of common stock, the allocation of net losses under the two-class method is equivalent to the allocation of net losses that would result under the if-converted method. Consequently, there is no difference between basic and diluted net loss per share of common stock, which also excludes all potential common stock equivalents as their impact on diluted net loss per share would be anti-dilutive.

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The following table sets forth the computations of basic and diluted loss per share of common stock and Series A Preferred Stock using the two-class method and the if-converted method, respectively, for the three months ended March 31, 2026 and March 31, 2025.

	Three Months Ended
	March 31, 2026		March 31, 2025
Basic shares:
Numerator:
Net loss	$	(41,549)	$	(25,793)
Undistributed loss allocated to Series A Preferred Stock	190		211
Net loss available to holders of common stock	$	(41,359)	$	(25,582)
Denominator:
Weighted average common stock outstanding – basic	217,251,178		121,476,215
Weighted average Series A Preferred Stock outstanding – basic	1,000,000		1,000,000
Basic loss per common stock	$	(0.19)	$	(0.21)
Basic loss per Series A Preferred Stock	$	(0.19)	$	(0.21)
Dilutive shares:
Numerator:
Undistributed loss allocated to common stock	$	(41,359)	$	(25,582)
Undistributed loss allocated to Series A Preferred Stock	(190)		(211)
Total undistributed loss	$	(41,549)	$	(25,793)
Denominator:
Weighted average common stock outstanding – basic	217,251,178		121,476,215
Add: dilutive securities
Series A Preferred Stock	1,000,000		1,000,000
Weighted average common stock outstanding – diluted	218,251,178		122,476,215
Weighted average Series A Preferred Stock outstanding – diluted	1,000,000		1,000,000
Diluted loss per common stock	$	(0.19)	$	(0.21)
Diluted loss per Series A Preferred Stock	$	(0.19)	$	(0.21)

For the three months ended March 31, 2026 and March 31, 2025, the Company excluded the following potentially dilutive shares from the computation of diluted loss per common stock as the impact would have been anti-dilutive:

	Three Months Ended
Potentially dilutive securities	March 31, 2026	March 31, 2025
Stock options(1)	—	125,000
Warrants(1)	—	212,901
Restricted stock awards	3,390,276	—
Restricted stock units	1,145,327	973,092
Shares issuable pursuant to the Series A Preferred Stock dividend(2)	—	3,196,648
(1) For the three months ended March 31, 2026, the stock options and warrants were out of the money.
(2) See discussion of the Annual Dividend Amount in “Note 3. Stockholders’ Equity.”

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NOTE 5. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

Accounts receivable and contract assets are recorded net of allowances for credit losses. Accounts receivable represent invoiced and accrued revenue while contract assets represent accrued revenue that has yet to be invoiced to the customer. The Company’s accounts receivable, contract assets and allowance for credit losses consisted of the following as of the below dates:

	March 31, 2026		December 31, 2025
Accounts receivables	$	347,195	$	369,669
Contract assets	182,802		154,510
Allowance for credit losses	(3,022)		(3,447)
Total accounts receivables, net	$	526,975	$	520,732

The Company records an allowance for credit losses for accounts receivable based on management’s expected credit losses. Management’s estimate of expected credit losses is based on its assessment of the business environment, customers’ financial condition, historical collection experience, accounts receivable aging and customer disputes.

Changes to the allowance for credit losses are adjusted through credit loss expense, which is included within “Selling, general and administrative expenses” in the condensed consolidated statements of operations and comprehensive income (loss).

NOTE 6. PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

	Useful Life (Years)	March 31, 2026		December 31, 2025
Land		$	6,117	$	6,179
Buildings and leasehold improvements	25	25,908		25,364
Computer, software, and office equipment	3 – 5	24,560		23,279
Machinery and equipment	3 – 10	186,145		181,437
Vehicles, aircrafts and vessels	5 - 15	97,781		96,192
Construction in progress		12,222		11,238
Total property and equipment		352,733		343,689
Accumulated depreciation		(107,132)		(88,064)
Property and equipment, net		$	245,601	$	255,625

Total depreciation expense for property and equipment was recognized as follows for the following periods:

	Three Months Ended
	March 31, 2026		March 31, 2025
Cost of revenue	$	18,843	$	15,362
Selling, general and administrative expenses	3,083		235
Total depreciation expense	$	21,926	$	15,597

NOTE 7. GOODWILL

The changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2026 were as follows:

	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Balance at December 31, 2025	$	895,533	$	516,873	$	237,189	1,649,595
Acquisitions	—		2,069		—		2,069
Measurement period adjustments	102		292		2,147		2,541
Currency adjustments	(6,671)		—		—		(6,671)
Balance at March 31, 2026	$	888,964	$	519,234	$	239,336	$	1,647,534

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NOTE 8. INTANGIBLE ASSETS

The gross carrying amounts and accumulated amortization of intangible assets were as follows:

	Weighted Average Remaining Life (Years)	March 31, 2026						December 31, 2025
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	13.3	$	1,279,417	$	(104,950)	$	1,174,467	$	1,282,032	$	(82,609)	$	1,199,423
Customer backlog	1.4	88,741		(42,215)		46,526		88,466		(31,126)		57,340
Tradenames	12.3	138,946		(13,621)		125,325		139,498		(11,059)		128,439
Technology	2.9	7,993		(2,331)		5,662		8,019		(1,839)		6,180
		$	1,515,097	$	(163,117)	$	1,351,980	$	1,518,015	$	(126,633)	$	1,391,382

Amortization expense recognized on intangible assets was $37.0 million and $13.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

NOTE 9. ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued Expenses and Other Current Liabilities

The Company’s accrued expenses and other current liabilities consisted of the following as of the below dates:

	March 31, 2026		December 31, 2025
Accrued salaries, wages and related employee benefits	$	76,617	$	58,655
Accrued trade payables	28,220		32,090
Accrued operating expenses	15,528		21,718
Accrued indirect taxes	4,334		4,676
Accrued sales discounts	1,986		3,094
Current portion of contingent consideration	12,670		8,608
Other accrued expenses	28,882		22,785
Total accrued expenses and other current liabilities	$	168,237	$	151,626

Contingent Consideration

Contingent consideration arrangements are included as part of the purchase price of acquired companies on their respective acquisition dates. The Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration as a liability on the consolidated balance sheet. Changes in the estimated fair value of contingent consideration payments are included in “Selling, general and administrative expenses” in the consolidated statements of operations. During the three months ended March 31, 2026 the Company recorded contingent consideration of $1.0 million related to 2026 acquisitions and made payments of $1.3 million. Fair value re-measurements were $1.9 million during the three months ended March 31, 2026. Accordingly, as of March 31, 2026, the Company had $15.2 million of contingent consideration recorded on the condensed consolidated balance sheet, including $12.7 million reflected as current. As of December 31, 2025, the Company had $13.6 million of contingent consideration recorded on the consolidated balance sheet, including $8.6 million reflected as current

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NOTE 10. FAIR VALUE MEASUREMENTS

The Company performs fair value measurements by determining the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three-level hierarchy that prioritizes the inputs used to measure fair value. The three levels of the hierarchy are defined as follows:

Level 1	—	Unadjusted quoted prices in active markets that are accessible at the measurement dates for identical, unrestricted assets or liabilities.
Level 2	—	Quoted prices for markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3	—	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).

If the inputs used to measure the financial assets and liabilities fall within the different levels described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying values of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities approximate their fair values because of their short maturity. The fair values of the Company’s revolving line of credit facilities and long-term debt approximate their carrying value as they are based on current lending rates for similar borrowings, assuming the debt is outstanding through maturity, and considering the collateral. The fair values of the Company’s finance lease obligations approximate their carrying amounts based on anticipated interest rates which management believes would currently be available to the Company for similar issuances of debt.

The Company reviews and re-assesses the estimated fair value of contingent consideration liabilities on a quarterly basis and the updated fair value could differ from the initial estimates. The Company measures contingent consideration recognized in connection with business combinations at fair value on a recurring basis using significant unobservable inputs classified as Level 3 inputs. The Company generally uses an option-based model or a probability-weighted approach to determine the fair value of earn-outs based on key inputs requiring significant judgments and estimates to be made by the Company, including projections of future earnings over the earn-out period. Significant increases or decreases to these inputs could result in a significantly higher or lower liability with a higher liability capped by the contractual maximum. Ultimately, the liability will be equivalent to the amount paid, and the difference between the fair value estimate as of the acquisition date and amount paid will be recorded in earnings.

The fair value of interest rate swap agreements are determined using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. This fair value measurement is based on inputs that are observable either directly or indirectly and thus represents a Level 2 measurement within the fair value hierarchy. Refer to “Note 12. Financial Instruments” for further details on the accounting treatment of swap agreements.

NOTE 11. LONG-TERM DEBT

The Company’s long-term debt obligations consisted of the following:

	Maturity Date	March 31, 2026		December 31, 2025
Term Loans	July 30, 2031	$	1,631,804	$	1,635,935
Revolving credit facility	July 30, 2029	—		—
Promissory notes		13,389		15,273
Less: Unamortized deferred financing costs		(36,309)		(38,011)
Total debt, net		1,608,884		1,613,197
Less:
Current portion of Term Loans		(16,525)		(16,525)
Current portion of promissory notes		(6,935)		(8,986)
Long-term debt, net of current portion		$	1,585,424	$	1,587,686

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2024 Credit Agreement

The Company is party to a credit agreement by and among Acuren Delaware Holdco, Inc. (f/k/a AAL Delaware Holdco, Inc.), a wholly-owned subsidiary of the Company, as the initial borrower, Acuren Holdings, Inc. (f/k/a ASP Acuren Holdings, Inc.), a wholly-owned subsidiary of the Company, as a borrower, and any other subsidiaries of the Company from time to time party thereto as borrowers, (collectively, the “Borrowers”), the guarantors from time to time party thereto, the lenders from time to time party thereto, and Jefferies Finance LLC, as administrative agent and collateral agent (the “Credit Agreement”). The Credit Agreement provides for a $775.0 million seven-year senior secured term loan (the “2024 Term Loan”) under the senior secured term loan facility (the “Term Loan Facility”) and a $75.0 million five-year senior Revolving Credit Facility, of which up to $20.0 million can be used for the issuance of letters of credit (together with the Term Loan Facility, the “Credit Facility”).

The Credit Facility contains certain customary negative operating covenants (certain of which are not applicable depending on net leverage ratios), customary restrictive covenants and other customary provisions relating to events of default, including non-payment of principal, interest or fees, breach of covenants, misrepresentations, insolvency proceedings, cross default to other indebtedness of the Borrowers and its subsidiaries in excess of $40.0 million or judgments from creditors of such amount, change of control, and certain events relating to Employee Retirement Income Security Act plans. 

Solely with respect to the Revolving Credit Facility, the Credit Facility contains a financial covenant for the First Lien Net Leverage Ratio to be tested as of the last day of any such fiscal quarter only in the event that the total outstanding (excluding undrawn Letters of Credit) is greater than 35% of the total Revolving Credit Commitment, in which case the First Lien Net Leverage Ratio may exceed 5.85 to 1.00. As of March 31, 2026, the Company was in compliance with the covenants under the Credit Facility.

Obligations under the Credit Agreement are guaranteed on a senior secured basis, jointly and severally, by the Company and substantially all of its U.S. and Canadian subsidiaries. Amounts borrowed under the Credit Facility are secured on a first priority basis by a perfected security interest in substantially all of the present and future property (subject to certain exceptions) of the Borrower and each guarantor.

Repricing of Term Loan

On January 31, 2025, the Company entered into the First Amendment to the Credit Agreement, pursuant to which the interest rate margins for the Term Loan decreased from 2.50% to 1.75% for the base rate and from 3.50% to 2.75% for the secured overnight financing rate (“SOFR”), adjusted for statutory reserves. All other material terms of the Credit Agreement, including the aggregate principal amount, repayment terms, and interest rate applicable on the revolving credit facility available under the Credit Agreement (the “Revolving Credit Facility”) remained the same. The Company evaluated the change of terms under ASC 470-50, Debt–Modifications and Extinguishments, and concluded the change in terms did not result in significant and consequential changes to the economic substance of the debt and thus resulted in a modification of the debt and not an extinguishment of the debt. As such, the financing costs of $1.2 million were reflected as additional debt issuance costs and are amortized to interest expense over the term of the Term Loan.

Second Amendment to Credit Agreement

On August 4, 2025, in connection with the NV5 Acquisition, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”). The Second Amendment amended the Credit Agreement to: (i) include new term loans in an aggregate principal amount of $875.0 million (the “2025 Term Loans,” and together with the 2024 Term Loans, the “Term Loans”), and (ii) increase the aggregate amount of the Revolving Credit Facility from $75.0 million to $125.0 million. Principal payments on the Term Loans, commenced on September 30, 2025 and will be made in quarterly installments on the last day of each fiscal quarter in an amount equal to $4.1 million, subject to adjustments in accordance with the Credit Agreement. Accordingly, as of March 31, 2026, the Company has reflected $16.5 million of principal payments as current in the condensed consolidated balance sheet.

As of March 31, 2026, the Company had $1.6 billion of principal outstanding under the Term Loans. The interest rate applicable to the Term Loans is, at the Company’s option, either: (1) a base rate plus an applicable margin equal to 1.75% or (2) SOFR plus an applicable margin equal to 2.75%. For the three months ended March 31, 2026, the Company recorded $1.7 million of amortization expense related to debt issuance costs incurred in connection with the Term Loans. The Term Loans will mature on July 30, 2031.

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Revolving Credit Facility 

The interest rate applicable to borrowings under the Revolving Credit Facility is, at the Company’s option, either: (1) a base rate plus an applicable margin equal to 2.50% or (2) SOFR (adjusted for statutory reserves) plus an applicable margin equal to 3.50%. The unused portion of the Revolving Credit Facility is subject to a commitment fee of 0.375% or 0.50% based on the Company’s first lien net leverage ratio. For the three months ended March 31, 2026, the amortization expense related to debt issuance costs incurred in connection with the Revolving Credit Facility was immaterial. As of March 31, 2026 and December 31, 2025, the Company had no amounts outstanding under its Revolving Credit Facility.

Letters of Credit and Surety Bonds  

As of March 31, 2026, the Company had $14.1 million in stand-by letters of credit issued (as a component of the Revolving Credit Facility), but did not withdraw any amount against the letters of credit. Additionally, the Company had $71.0 million in surety bonds outstanding, which are not a component of the Revolving Credit Facility.

Promissory Notes

The Company has outstanding uncollateralized promissory notes due to sellers issued in connection with prior acquisitions completed by NV5 prior to the NV5 Acquisition. As of March 31, 2026, the short-term and long-term outstanding balances of these promissory notes totaled $6.9 million and $6.5 million, respectively. As of March 31, 2026, the Company’s weighted average interest rate on promissory notes was 1.4%.

NOTE 12. FINANCIAL INSTRUMENTS

The Company’s risk management strategy from time to time utilizes interest rate swap agreements to mitigate interest rate exposure on its variable rate debt. The Company has not historically designated these derivatives as hedging instruments and reported these agreements at fair value with unrealized gains and losses recorded within “Interest expense, net” within the condensed consolidated statements of operations and comprehensive income (loss) in the reporting period in which the unrealized gains and losses occurred. During the three months ended March 31, 2026 and March 31, 2025, the Company had no interest rate swap agreements.

NOTE 13. INCOME TAXES

Income taxes are accounted for under the asset and liability method as required by ASC 740, Income Taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured at the enacted income tax rates expected to apply in the taxable year that the asset or liability is expected to be recovered or settled.

The Company recorded an income tax benefit of $16.5 million for the three months ended March 31, 2026 and an income tax provision of $1.5 million for the three months ended March 31, 2025. The effective tax rate, inclusive of discrete items, was 28.4% and (6.0)% for the three months ended March 31, 2026 and March 31, 2025, respectively, which was driven by a combination of the disparity between results of operations as well as the tax jurisdictions across the United States and Canada, permanent non-deductible expenses, and the valuation allowance discussed in further detail below.

The Company evaluated and considered all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for its deferred tax assets was needed. The deferred tax assets are composed primarily of net operating loss carryforwards and 163(j) interest limitation carryforwards. The Company primarily relies on reversing taxable temporary differences to support the realization of its deferred tax assets. Based on available evidence and limitations on interest deductions under the tax law, the Company previously had a valuation allowance of $10.5 million as of March 31, 2025, primarily against the interest expense carryforward. However, the deferred tax liability recorded in connection with the NV5 Acquisition provided a source of future taxable income which supports the realizability of the interest expense carryforward asset and therefore the valuation allowance was reversed during the three months ended September 30, 2025. The deferred tax liability continues to support the realizability of the interest expense carryforward asset and no valuation allowance has been recorded during the three months ended March 31, 2026.

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NOTE 14. STOCK-BASED COMPENSATION

Restricted Stock Units

Awards of Restricted Stock Units (“RSUs”) are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. Forfeitures are recognized as they occur. The Company’s RSU’s consist of three types: time-based units, market-based units and performance-based units, that are settled in shares of the Company’s common stock upon vesting.

The time-based awards issued to the Company’s employees vest either (i) in equal installments over a three-year service period from the grant date or (ii) cliff vest at the end of a one to three-year service period from the grant date. The time-based RSUs issued to the Company’s directors vest at the end of the anniversary date of their grant date. The market-based RSUs issued to the Company’s employees vest upon the later of the (i) first anniversary of the grant date and (ii) the calendar day following the 10 consecutive trading day period during which the VWAP of the Company’s common stock reaches $20.00 per share, which must be achieved before the fifth anniversary of the grant date. The performance-based RSUs issued to the Company’s employees vest based on the attainment of performance-based targets as outlined in the award grant notice over a three-year performance period.

The grant-date fair values of the time-based units and the performance-based units were determined based on the fair value of the underlying common stock on the grant date. The grant-date fair value of the market-based units was determined using a Monte Carlo simulation method which takes into consideration different stock price paths.

Below is a summary of RSU activity for the three months ended March 31, 2026:

	Time Vesting Units			Market Vesting Units			Performance Vesting
	Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	944,202	$	9.76	555,000	$	5.35	984,321	$	9.38
Granted	3,577,160	7.60		—	—		2,564,179	7.60
Forfeited	(18,677)	9.30		(15,000)	5.35		(83,001)	9.19
Units Vested	(146,667)	9.60		—	—		—	—
Unvested as of March 31, 2026	4,356,018	$	8.40	540,000	$	5.35	3,465,499	$	8.27

Share-based compensation expense is recorded in “Selling, general and administrative expenses” in the condensed consolidated statements of operations and comprehensive income (loss). Share-based compensation expense for the Company’s RSUs during the three months ended March 31, 2026 was $7.8 million, consisting of $6.6 million for time-based RSU’s, $0.3 million for market-based RSUs, and $0.9 million for performance-based RSU’s. Share-based compensation expense includes $4.2 million of expense related to the Company’s liability-classified awards during the three months ended March 31, 2026. The total estimated amount of the liability-classified awards is approximately $17.4 million.

As of March 31, 2026, the total unrecognized compensation expense for time-based RSUs was $43.5 million, which is expected to be recognized over a weighted average period of approximately 2.1 years. As of March 31, 2026, the total unrecognized compensation expense for market-based RSUs was $1.1 million, which is expected to be recognized over a weighted average period of approximately 1.0 years. As of March 31, 2026, the total unrecognized compensation expense for performance-based RSUs was $24.8 million, which is expected to be recognized over a weighted average period of approximately 2.7 years. The aggregate intrinsic value of RSUs vested during the three months ended March 31, 2026 was $1.0 million.

Restricted Stock Awards

NV5 historically granted Restricted Stock Awards (“RSAs”) to its employees. The RSAs generally provided for service-based cliff vesting two to four years following the grant date. In connection with the NV5 Acquisition, all outstanding unvested RSAs otherwise not accelerated upon the NV5 Closing Date were converted into RSAs of the Company with substantially similar terms and conditions of the previously existing awards, including future service requirements. The RSAs were replaced based on an exchange ratio of 2.0387, which was calculated in the same manner as the exchange ratio that was applicable to the NV5 common stock outstanding on the NV5 Closing Date and that received merger consideration on the NV5 Closing Date.

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The following summarizes the activity of restricted stock awards during the three months ended March 31, 2026:

	Number of Unvested Restricted Stock Awards	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	6,958,429	$	10.50
Forfeited	(180,010)	10.50
Vested	(385,558)	10.50
Unvested as of March 31, 2026	6,392,861	$	10.50

Share-based compensation expense relating to RSAs during the three months ended March 31, 2026 was $5.1 million. As of March 31, 2026, the total unrecognized share-based compensation expense for RSAs was $29.8 million, which is expected to be recognized over a weighted average period of approximately 1.4 years. The aggregate intrinsic value of RSAs vested during the three months ended March 31, 2026 was $3.5 million.

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (“ESPP”) allows qualified employees to purchase designated shares of the Company’s common stock at a price equal to 85% of the lesser of the fair market value of common stock at the beginning or end of each semi-annual stock purchase period. The Company did not issue any shares of common stock pursuant to the ESPP during the three months ended March 31, 2026. Share-based compensation expense for the Company’s ESPP during the three months ended March 31, 2026 was not material.

NOTE 15. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is involved in matters that involve various claims which have arisen in the normal course of business. The Company does not believe any liabilities that may arise as a result of such claims will have a material adverse effect, individually or in the aggregate, on its business, results of operations, cash flows or financial condition.

NOTE 16. SEGMENT REPORTING

The Company reports segment information in accordance with ASC Topic No. 280 “Segment Reporting” (“Topic No. 280”). The Company’s Chief Executive Officer is the Company’s chief operating decision-maker (“CODM”). The Company is organized into three reportable segments as follows:

•Inspection and Mitigation, which includes the Company’s legacy testing, inspection, certification and compliance services in the United States, Canada, and United Kingdom;

•Consulting Engineering, which includes the Company’s engineering, civil program management, utility services, conformity assessment, clean energy consulting, data center commissioning and consulting, buildings and program management, MEP & technology design, and environmental health science services; and

•Geospatial, which includes the Company’s geospatial solution services.

The Company’s reportable segments are strategic business units that offer different products and services. The accounting policies of the reportable segments are the same as those described under “Note 1. Basis of Presentation and Significant Accounting Policies.” The CODM evaluates the performance of these reportable segments based on their respective gross profit. The CODM considers budget-to-actual and forecast-to-actual variances on a monthly basis when making decisions about allocating resources. The CODM does not regularly review capital expenditures by segment.

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The following tables set forth certain financial information for each of the Company’s reportable segments for the periods indicated:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	234,827	$	187,341	$	65,861	$	—	$	488,029
Cost of revenue	$	194,066	$	98,191	$	34,471	$	—	$	326,728
Gross profit	$	40,761	$	89,150	$	31,390	$	—	$	161,301
Depreciation and amortization	$	16,723	$	1,686	$	2,714	$	37,757	$	58,880
Total assets	$	1,982,840	$	1,160,672	$	626,315	$	562,309	$	4,332,136
Long-lived assets (1)	$	163,822	$	10,700	$	44,481	$	26,598	$	245,601

(1) Long-lived assets consist of property and equipment, net as identified in “Note 6. Property and equipment.”

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	234,215	$	—	$	—	$	—	$	234,215
Cost of revenue	$	190,546	$	—	$	—	$	—	$	190,546
Gross profit	$	43,669	$	—	$	—	$	—	$	43,669
Depreciation and amortization	$	15,597	$	—	$	—	$	13,002	$	28,599
Total assets	$	1,986,435	$	—	$	—	$	193,845	$	2,180,280
Long-lived assets (1)	$	183,473	$	—	$	—	$	—	$	183,473

(1) Long-lived assets consist of property and equipment, net as identified in “Note 6. Property and equipment.”

The Company disaggregates its revenues from contracts with customers by geographic location, customer type, and contract type for each of its reportable segments. Disaggregated revenues include inter-segment revenues which are ultimately eliminated within Corporate and Eliminations. The Company believes this best depicts how the nature, amount, timing and uncertainty of its revenues and cash flows are affected by economic factors.

Revenues, classified by the major geographic areas in which the Company's customers are located, were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
United States	$	134,044	$	156,286	$	62,416	$	352,746
Canada	98,013		—		228		98,241
Other foreign	2,770		31,055		3,217		37,042
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
United States	$	145,321	$	—	$	—	$	145,321
Canada	86,528		—		—		86,528
Other foreign	2,366		—		—		2,366
Total segment revenues	$	234,215	$	—	$	—	$	234,215

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Revenues by customer were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Public and quasi-public sector	$	6,876	$	89,505	$	55,394	$	151,775
Private sector	227,951		97,836		10,467		336,254
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Public and quasi-public sector	$	5,903	$	—	$	—	$	5,903
Private sector	228,312		—		—		228,312
Total segment revenues	$	234,215	$	—	$	—	$	234,215

Revenues by contract type were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Cost-reimbursable contracts	$	224,526	$	170,311	$	64,278	$	459,115
Fixed-unit price contracts	10,301		17,030		1,583		28,914
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Cost-reimbursable contracts	$	220,772	$	—	$	—	$	220,772
Fixed-unit price contracts	13,443		—		—		13,443
Total segment revenues	$	234,215	$	—	$	—	$	234,215

NOTE 17. RELATED PARTIES

On July 30, 2024, the Company entered into a Consulting Services Agreement with Mariposa Capital, LLC, an entity owned by the Co-Chairman of the Company’s board of directors. Under this agreement, Mariposa Capital, LLC agreed to provide certain services, including corporate development and consulting services, consulting services with respect to mergers and acquisitions, investor relations services, strategic planning consulting services, capital expenditure allocation consulting services, strategic treasury consulting services and such other services relating to the Company as may from time to time be mutually agreed. In connection with these services, Mariposa Capital, LLC is entitled to receive an annual fee equal to $2.0 million, payable in quarterly installments. The initial term of this agreement was for the one-year period ended July 30, 2025. The agreement was automatically renewed and automatically renews for successive one-year terms unless either party notifies the other party in writing of its intention not to renew this agreement no later than 90 days prior to the expiration of the term. This agreement may only be terminated by the Company upon a vote of a majority of the directors. In the event that this agreement is terminated by the Company, the effective date of the termination will be six months following the expiration of the initial term or a renewal term, as the case may be. During each of the quarters ending March 31, 2026 and March 31, 2025, the Company paid $0.5 million of consulting fees under this contract

No dividends on the Series A Preferred Stock have been declared during the three months ended March 31, 2026.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of the results of operations of: (i) TIC Solutions, Inc. and its subsidiaries (collectively, the “Company,” “we,” “our,” “us,” or “TIC Solutions”) (formerly Acuren Corporation) for the three months ended March 31, 2026, compared to the results of operations for the three months ended March 31, 2025. This discussion should be read in conjunction with the information contained in the unaudited TIC Solutions, Inc. condensed consolidated financial statements and the notes related thereto included elsewhere in this Quarterly Report and the audited financial statements for the year ended December 31, 2025, included in our Annual Report on Form 10-K. The tables below are presented in thousands except for percentages and share and per share amounts.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This Quarterly Report contains “forward-looking statements”. These forward-looking statements are based on beliefs and assumptions as of the date such statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms including “expect,” “anticipate,” “project,” “will,” “should,” “believe,” “intend,” “plan,” “estimate,” “potential,” “target,” “would,” and similar expressions, although not all forward-looking statements contain these identifying terms. These forward-looking statements are based on our current expectations and assumptions and on information currently available to management and include, among others, statements concerning our expectations regarding, as of the date such statements are made: (i) economic, industry and market conditions, including as a result of inflation, and trade and geopolitical conflicts, (ii) the sufficiency of our current sources of liquidity to fund our future liquidity requirements, our expectations regarding the types of future liquidity requirements and our expectations regarding the availability of future sources of liquidity, (iii) the cost of compliance with laws and regulations, (iv) the impact of legal claims and related contingencies, (v) estimates and liabilities regarding accounting and tax matters, and (vi) the Company’s acquisitions, including the NV5 Acquisition and the goodwill, synergies and benefits of such acquisition.

These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including, among others, (i) economic conditions affecting the industries we serve, including the construction industry and the energy sector, as well as general economic conditions; (ii) adverse developments in the credit markets that could adversely affect funding of construction projects; (iii) the ability and willingness of customers to invest in infrastructure projects; (iv) a decline in demand for our services or for the products and services of our customers; (v) the fact that our revenues are derived primarily from contracts with durations of less than six months and the risk that customers will not renew or enter into new contracts; (vi) our ability to successfully acquire other businesses, successfully integrate acquired businesses into our operations and manage the risks and potential liabilities associated with those acquisitions; (vii) our ability to compete successfully in the industries and markets we serve; (viii) our ability to properly manage and accurately estimate costs associated with specific customer projects, in particular for arrangements with fixed price terms; (ix) increases in the cost, or reductions in the supply, of the materials we use in our business and for which we bear the risk of such increases; (x) the inherently dangerous nature of the services we provide and the risks of potential liability; (xi) the seasonality of our business and the impact of weather conditions; (xii) our ability to remediate any material weaknesses; (xiii) the impact of health, safety and environmental laws and regulations, and the costs associated with compliance with such laws and regulations; (xiv) our substantial level of indebtedness and the effect of restrictions on our operations set forth in the documents that govern such indebtedness; (xv) a prolonged government shutdown, and (xvi) our compliance with certain financial maintenance covenants in the documents governing our indebtedness and the effect on our liquidity of any failure to comply with such covenants.

Please see the section entitled “Risk Factors” located in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A of this Quarterly Report for a further discussion of these and other risks and uncertainties which could affect our future results. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. We undertake no obligation to revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events, except to the extent we are legally required to disclose certain matters in our SEC filings or otherwise.

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Overview

We are a leading provider of tech-enabled Testing, Inspection, Certification and Compliance (TICC), engineering and consulting, and geospatial services. We provide mission-critical services that are essential to the safety, reliability, and efficiency of industrial assets, buildings and public infrastructure. Our services are often non-discretionary and are driven by regulatory requirements, customer risk management policies, and the need to extend the useful life of critical assets.

We operate primarily in North America and serve both private and public-sector clients. Our private-sector clients span industrial, infrastructure, construction, and commercial real estate end markets. Our public-sector clients include federal, state, and municipal agencies, public utilities, transportation authorities, and environmental regulators. Within industrial markets, our services address energy processing and refining, pipeline and midstream infrastructure, chemicals and industrial processing, manufacturing and industrial services, power generation and utilities, and companies in aerospace, automotive, renewable energy, pulp and paper, and mining.

On October 10, 2025, we changed our name from Acuren Corporation to TIC Solutions, Inc.

Recent Developments

Employee Stock Purchase Plan

Our Employee Stock Purchase Plan (“ESPP”) allows qualified employees to purchase designated shares of the our common stock at a price equal to 85% of the lesser of the fair market value of common stock at the beginning or end of each semi-annual stock purchase period. We did not issue any shares of common stock pursuant to the ESPP during the three months ended March 31, 2026.

Share Repurchase

On March 10, 2026, our Board of Directors approved a share repurchase program of up to $200 million of our common stock. As of March 31, 2026, we have not repurchased any common stock under the share repurchase program. Our share repurchase program does not obligate us to purchase any shares.

NV5 Acquisition

On August 4, 2025 (the “NV5 Closing Date”), we completed the NV5 Acquisition. NV5 is a global provider of infrastructure engineering, building systems, environmental consulting and geospatial analytics to private and public-sector clients in the infrastructure, utility services, construction, real estate, environmental and geospatial markets. Pursuant to the terms of the merger agreement, the aggregate purchase price was approximately $1.7 billion, including the full repayment of NV5’s outstanding debt. The Company paid total consideration consisting of $870.9 million in cash and the issuance of approximately 73.2 million shares of Company common stock.

Certain Factors and Trends Affecting Results of Operations

Summary of Acquisitions

The Company completed other immaterial acquisitions during the periods presented that also affect the comparability of its results of operations.

Economic, Industry and Market Factors

We may experience increased costs associated with the recent developments around tariffs between the United States, Canada, and other international jurisdictions and will continue to monitor market conditions and respond accordingly. We also have observed some impact from inflationary pressures during 2025 and into 2026. Although we look to mitigate the impact of these pressures with a combination of cost management and price initiatives, there can be no guarantee that these initiatives will be successful. There has been no direct effect on our business from the Russian-Ukrainian or the Middle Eastern conflicts, although these conflicts may have an impact on certain end markets, results of operations or liquidity or in other ways which we cannot yet determine.

The Organization for Economic Co-operation and Development (“OECD”) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as "Pillar 2"), with certain aspects of Pillar 2 effective January 1, 2024, and other aspects effective January 1, 2025. The U.S. and other countries continue to discuss how Pillar 2 will apply to U.S. companies. We are continuing to evaluate and monitor the impact of Pillar 2 and the evolving legislative landscape. To date, Pillar 2 has not had a material impact on our effective tax rate or condensed consolidated financial statements.

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Description of Key Financial Statement Line Items

Revenue

Revenue is recognized to depict the transfer of goods or services to a customer at an amount that reflects the consideration we expect to receive in exchange for those goods or services. Our performance obligations are satisfied as work progresses or at a point in time. Revenue is recognized over time based on time and material incurred to date which best portrays the transfer of control to the customer. For our cost-reimbursable contracts, revenue is recognized over time using direct costs incurred or direct costs incurred to date as compared to the estimated total direct costs for performance obligations because it depicts the transfer of control to the customer. Contract costs include labor, sub-consultant services, and other direct costs. Revenue from services transferred to customers at a point in time is recognized when control of the promised deliverable transfers to the customer, which is generally upon completion, delivery, or customer acceptance of reports or analyses.

Cost of revenue

Cost of revenue consists primarily of direct labor, sub-consultant services, and other direct costs. Other direct costs include materials and costs, such as supplies, tools, facility costs, and depreciation of equipment related to our services as well as travel, per diem, and lodging costs. Labor costs are recognized as labor hours are incurred in delivering services.

Selling, general and administrative expenses

Selling, general and administrative expenses consist primarily of certain indirect costs of providing our services, employee compensation, information systems and technology costs, share-based compensation, depreciation, amortization of intangibles, and facility related expenses.

Results of Operations

The comparability of our operating results for the three months ended March 31, 2026 and March 31, 2025 was impacted by the NV5 Acquisition. In the discussion of our results of operations for these periods, we may quantitatively disclose the impacts of the NV5 Acquisition to the extent they remain ascertainable.

The following table summarizes our results of operations for the periods indicated:

	Three Months Ended
	March 31, 2026		March 31, 2025
Revenue	$	488,029	$	234,215
Cost of revenue	326,728		190,546
Gross profit	161,301		43,669
Selling, general and administrative expenses	150,328		39,872
Depreciation and amortization	40,036		13,237
Loss from operations	(29,063)		(9,440)
Interest expense, net	29,021		16,007
Other income, net	(77)		(1,119)
Loss before income tax benefit	(58,007)		(24,328)
Income tax provision (benefit)	(16,458)		1,465
Net loss	$	(41,549)	$	(25,793)

Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025

Revenues

Revenues were $488.0 million for the three months ended March 31, 2026, an increase of $253.8 million, or 108%, compared to $234.2 million during the three months ended March 31, 2025. The increase in revenues was primarily driven by incremental revenues of $253.2 million resulting from the NV5 Acquisition. Excluding the NV5 Acquisition, revenues increased by $0.6 million due to increased call-out and outage work, which was partially offset by lower run-and-maintain and capital project activity.

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Cost of revenues

Cost of revenues were $326.7 million for the three months ended March 31, 2026, an increase of $136.2 million, or 71%, compared to $190.5 million during the three months ended March 31, 2025. The increase was primarily driven by incremental cost of revenues of $132.7 million resulting from the NV5 Acquisition. Excluding the NV5 Acquisition, cost of revenues increased $3.5 million which was primarily driven by a decline in higher-margin capital project work and an associated shift in revenue mix toward callout and lower-margin run-and-maintain activity.

Gross profit

The following table presents gross profit and gross profit margin, defined as gross profit as a percentage of revenue, for the three months ended March 31, 2026 and March 31, 2025:

	Three Months Ended
	March 31, 2026			March 31, 2025
Revenue	$	488,029		$	234,215
Gross profit	$	161,301		$	43,669
Gross profit margin	33		%	19		%

Gross profit was $161.3 million for the three months ended March 31, 2026, an increase of $117.6 million, or 269%, compared to $43.7 million during the three months ended March 31, 2025. Gross profit margin was 33.1% for the three months ended March 31, 2026 compared to 18.6% during the three months ended March 31, 2025. The increase in gross profit and gross profit margin was primarily driven by the NV5 Acquisition. The NV5 Acquisition contributed $120.5 million of gross profit and 48% gross profit margin. NV5’s consulting engineering and geospatial services have higher gross profit than the TIC Solutions legacy services. Excluding the NV5 Acquisition, gross profit decreased $2.9 million. The decrease was primarily due to a decline in higher-margin capital project work and an associated shift in revenue mix toward callout and lower-margin run-and-maintain activity relative to the prior-year period.

Selling, general and administrative expenses

The following table presents selling, general and administrative expenses (“SG&A expenses”) and SG&A expenses as a percentage of revenue for the three months ended March 31, 2026 and March 31, 2025:

	Three Months Ended
	March 31, 2026			March 31, 2025
SG&A expenses	$	150,328		$	39,872
SG&A expenses as a percentage of revenue (%)	31		%	17		%

SG&A expenses were $150.3 million for the three months ended March 31, 2026, an increase of $110.5 million, or 277%, compared to $39.9 million during the three months ended March 31, 2025. The increase in SG&A expense was primarily driven by incremental expenses of $95.3 million resulting from the NV5 Acquisition. Excluding the NV5 Acquisition, SG&A expenses increased $15.2 million. The increase was primarily driven by an increase in share-based compensation and acquisition-related expenses.

Depreciation and amortization expense

Total depreciation expense for property and equipment and amortization expense for intangibles were recognized as follows:

	Three Months Ended
	March 31, 2026		March 31, 2025
Depreciation expense included in cost of revenue	$	18,843	$	15,362
Depreciation and amortization expense	40,036		13,237
Total depreciation and amortization expense	$	58,880	$	28,599

This increase in depreciation and amortization expense of $30.3 million, or 106%, was primarily driven by incremental amortization expense of $23.0 million and depreciation expense of $5.2 million resulting from the NV5 Acquisition.

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Interest expense, net

Interest expense, net was $29.0 million for the three months ended March 31, 2026, an increase of $13.0 million, or 81%, compared to $16.0 million during the three months ended March 31, 2025. The increase in interest expense was primarily driven by an increase in our indebtedness as a result of the NV5 Acquisition.

Income taxes

The Company recorded an income tax benefit of $16.5 million for the three months ended March 31, 2026 compared to an income tax expense of $1.5 million during the three months ended March 31, 2025. The income tax benefit for the three months ended March 31, 2026 was primarily driven by the loss recognized in the period and the reversal of an uncertain tax liability from a prior acquisition. See “Note 13. Income Taxes” for further discussion.

Operating Segment Results

The following tables set forth summarized financial information about our reportable segments for the periods indicated.

Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025

Revenue

	Three Months Ended
	March 31, 2026		March 31, 2025
Inspection and Mitigation	$	234,827	$	234,215
Consulting Engineering	187,341		—
Geospatial	65,861		—
Total	$	488,029	$	234,215

Cost of revenue

	Three Months Ended
	March 31, 2026		March 31, 2025
Inspection and Mitigation	$	194,066	$	190,546
Consulting Engineering	98,191		—
Geospatial	34,471		—
Total	$	326,728	$	190,546

Gross profit

	Three Months Ended
	March 31, 2026		March 31, 2025
Inspection and Mitigation	$	40,761	$	43,669
Consulting Engineering	89,150		—
Geospatial	31,390		—
Total	$	161,301	$	43,669

Inspection and Mitigation

Inspection and Mitigation revenues were $234.8 million for the three months ended March 31, 2026, an increase of $0.6 million, or 0.3%, compared to $234.2 million during the three months ended March 31, 2025. The increase primarily reflects higher call-out and outage activity, which was partially offset by a decline in capital project and construction work, as well as continued softness in the chemicals end market.

Segment gross profit was $40.8 million for the three months ended March 31, 2026, a decrease of $2.9 million, or 6.7%, compared to $43.7 million during the three months ended March 31, 2025. The decrease was primarily driven by a decline in higher-margin capital project work and an associated shift in revenue mix toward callout and lower-margin run-and-maintain activity, as well as increased depreciation expense.

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Consulting Engineering

Consulting Engineering revenue was $187.3 million for the three months ended March 31, 2026 due to the NV5 Acquisition. During the period, the Consulting Engineering segment experienced growth primarily attributable to data center, buildings, and infrastructure activity, with data center growth concentrated in APAC and growth in infrastructure work concentrated in the eastern United States. Segment gross profit was $89.2 million for the three months ended March 31, 2026.

Geospatial

Geospatial revenue was $65.9 million for the three months ended March 31, 2026 due to the NV5 Acquisition. During the period, the Geospatial segment experienced normal course growth in government work primarily related to projects with federal agencies. Segment gross profit was $31.4 million for the three months ended March 31, 2026.

Liquidity and Capital Resources

Overview

Overall, we believe that available cash and cash equivalents, cash flows generated from future operations, access to capital markets, and availability under the revolving credit facility are sufficient to fund our operations, service our indebtedness, and maintain compliance with our debt covenants over the next 12 months. Our uses of available cash, borrowing capacity, cash flows from operations and financing arrangements are used to invest in capital expenditures to support our growth, repay debt maturities as they become due, and complete integration activities. Our principal liquidity requirements are for working capital and general corporate purposes, including capital expenditures and debt service, as well as to execute and integrate strategic acquisitions. In addition, we will use available cash, borrowing capacity, and cash flows from operations to fund our operating leases, finance leases, debt repayments, and various other obligations as they arise.

Financing

We have a $775.0 million senior secured 2024 Term Loan and an $875.0 million senior secured 2025 Term Loan under the Term Loan Facility, as well as a $125.0 million five-year senior secured revolving credit facility, of which up to $20.0 million can be used for the issuance of letters of credit. As of March 31, 2026, we had $1.6 billion of indebtedness outstanding under the Term Loans and no amounts outstanding under the Revolving Credit Facility. For discussion of the First Amendment to our Credit Agreement, and the Second Amendment, see “Note 11. Long-Term Debt” of the notes to our unaudited condensed consolidated financial statements.

For discussion of the covenants contained in the Credit Agreement governing our Revolving Credit Facility, see “Note 11. Long-Term Debt” of the notes to our unaudited condensed consolidated financial statements. As of March 31, 2026, we were in compliance with these covenants.

Cash Flows

The following table summarizes net cash flows with respect to our operating, investing and financing activities for the periods indicated:

	Three Months Ended
Cash flows provided by (used in):	March 31, 2026		March 31, 2025
Operating activities	$	9,925	$	32,792
Investing activities	(8,294)		(12,213)
Financing activities	(12,907)		(5,605)
Effect of exchange rate on cash	(1,696)		1,631
Net change in cash and cash equivalents	$	(12,972)	$	16,605

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Operating activities

Net cash provided by operating activities for the three months ended March 31, 2026 was $9.9 million, a decrease of $22.9 million compared to cash provided by operating activities of $32.8 million during the three months ended March 31, 2025. The decrease was a result of changes in our working capital, partially offset by increases in our net income adjusted for noncash items primarily driven by increased revenues. The changes in our working capital that contributed to decreased cash flows from operations were primarily a result of increases in accounts receivable of $18.2 million and increases in contract assets of $19.5 million due to timing of project billing cycles, partially offset by increases in accrued expenses and other current liabilities of $13.1 million and increases in contract liabilities of $4.4 million.

Investing activities

For the three months ended March 31, 2026, net cash used in investing activities was $8.3 million, a decrease of $3.9 million compared to net cash used in investing activities of $12.2 million during three months ended March 31, 2025. The decrease in cash used in investing activities was primarily a result of decreased cash paid for acquisitions of $4.1 million.

Financing activities

For the three months ended March 31, 2026, net cash used in financing activities was $12.9 million, an increase of $7.3 million compared to net cash used in financing activities of $5.6 million during the three months ended March 31, 2025. The increase in cash used in financing activities was primarily a result of an increase in payments on finance lease obligations and other long-term debt of $6.3 million and an increase in payments on long-term borrowings of $2.2 million, partially offset by a decrease in payments of debt issuance costs of $1.2 million.

Effect of exchange rate changes

For the three months ended March 31, 2026 and March 31, 2025, the effect of foreign exchange rate changes on cash was $(1.7) million and $1.6 million, respectively. The impact of exchange rates on cash and cash equivalents is primarily attributable to fluctuations in the U.S. Dollar exchange rate against the Canadian Dollar.

Off-Balance Sheet Arrangements

During the three months ended March 31, 2026 and March 31, 2025, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Recently Issued Accounting Pronouncements

See “Note 1. Basis of Presentation and Significant Accounting Policies” of the notes to our unaudited condensed consolidated financial statements for disclosures regarding recently issued accounting pronouncements and the critical accounting policies related to our business.

Critical Accounting Estimates

There have been no significant changes to our critical accounting policies and estimates from the information provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in the 2025 Annual Report, except for the changes discussed in Note 1. Basis of Presentation and Significant Accounting Policies of the Notes to the Consolidated Financial Statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no significant changes to our quantitative and qualitative disclosures about market risk as discussed in Part II, Item 7A “Quantitative and Qualitative Disclosures About Market Risk,” included in the 2025 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Management maintains and assesses the effectiveness of our disclosure controls and procedures as defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These disclosure controls and procedures provide reasonable assurance that the information we are required to disclose in the

30

reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), to allow timely decisions regarding required disclosure. These disclosure controls and procedures are also designed to provide reasonable assurance that such information is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms.

Based on this assessment, our CEO and CFO concluded that, as of March 31, 2026, our disclosure controls and procedures were not effective at a reasonable assurance level due to the material weaknesses previously disclosed in our 2025 Annual Report.

Material Weaknesses in Internal Control Over Financial Reporting

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

As indicated above, we identified material weaknesses in our internal control over financial reporting as:

•We did not design and maintain an effective control environment commensurate with our financial reporting requirements. Specifically, we lacked a sufficient complement of resources with (i) an appropriate level of accounting knowledge, training, and experience to appropriately analyze, record and disclose accounting matters timely and accurately, and (ii) an appropriate level of knowledge and experience to establish effective processes and controls. This material weakness contributed to the following additional material weaknesses.

•We did not design and maintain effective controls related to the period-end financial reporting process, including designing and maintaining formal accounting policies, procedures and controls to achieve complete, accurate and timely financial accounting, reporting and disclosures; further, we did not design and maintain effective controls over the preparation and review of account reconciliations and journal entries, including maintaining appropriate segregation of duties.

These material weaknesses resulted in the misstatement of our income tax provision (benefit) and deferred tax liabilities and related financial statement disclosures which resulted in the restatement of our financial statements for the predecessor period January 1 through July 29, 2024. These material weaknesses also resulted in immaterial audit adjustments to our previously issued annual and interim consolidated financial statements in the following financial statement line items: accounts receivable; prepaid expenses and other current assets; accounts payable; accrued expenses and other current liabilities; deferred tax liabilities; current portion of lease obligations; non-current lease obligations; revenue; cost of revenue; selling, general and administrative expenses; and interest expense. Additionally, these material weaknesses could result in a misstatement of all of the Company’s accounts or disclosures that would result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or detected.

•We did not design and maintain effective information technology (“IT”) general controls for information systems that are relevant to the preparation of our consolidated financial statements. Specifically, we did not design and maintain:

◦User access controls to ensure appropriate segregation of duties and to adequately restrict user and privileged access to appropriate personnel;

◦Program change management controls to ensure that information technology program and data changes are identified, tested, authorized, and implemented appropriately;

◦Computer operations controls to ensure that processing and transfer of data, and data backups and recovery are monitored; and

◦Program development controls to ensure that new software development is tested, authorized and implemented appropriately.

These IT deficiencies did not result in a material misstatement to the consolidated financial statements, however, the deficiencies, when aggregated, could impact maintaining effective segregation of duties, as well as the effectiveness of IT-dependent controls (such as automated controls that address the risk of material misstatement to one or more assertions, along with the IT controls and underlying data that support the effectiveness of system-generated data and reports) that could result in misstatements potentially impacting all financial statement accounts and disclosures that would not be prevented or detected. Accordingly, management has determined these deficiencies in the aggregate constitute a material weakness.

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Management’s Plans to Remediate the Material Weaknesses

Management is in the process of developing a remediation plan for the material weaknesses that have been identified. The material weaknesses will not be considered remediated until management designs and implements effective controls that operate for a sufficient period of time and management has concluded, through testing, that these controls are effective. The Company is implementing enhancements to its internal controls to remediate the identified material weaknesses in its internal control over financial reporting. We are committed to maintaining an effective control environment and will continue to monitor the effectiveness of these efforts, adjusting as necessary.

Specifically, the Company has:

•Engaged a third-party advisor to support the design and implementation of internal control over financial reporting in accordance with the Sarbanes-Oxley Act (“SOX”);

•Hired skilled professionals with a strong background in developing and improving control environments to strengthen the finance organization;

•Delivered targeted training across the Company on SOX requirements, internal control over financial reporting, segregation of duties and other critical control environment topics;

•Completed a financial statement risk assessment and documented business processes and internal controls deemed critical to financial reporting;

•Developed and begun implementing enhanced policies and procedures for journal entries, account reconciliations, and other core accounting processes;

•Began assessing the design and operating effectiveness of internal control over financial reporting;

•Initiated remediation of segregation of duties conflicts and improvements to user access protocols; and

•Implemented monitoring controls over key information systems and applications relevant to financial reporting.

In addition, the Company plans to continue hiring qualified accounting, finance and IT personnel with the necessary skills and expertise to support ongoing remediation and sustain an effective control environment.

While these remediation efforts are expected to significantly improve our internal control over financial reporting, they require time to be fully implemented and validated. Additional controls may also be required over time as the Company evolves. The Company will not be able to conclude that the material weaknesses have been remediated until the new and enhanced controls have been in place for a sufficient period of time and have been tested for both design and operating effectiveness.

Changes in Internal Control Over Financial Reporting

Other than the changes described above, there have not been any changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. As of the filing of this report, we continue to implement the changes and remediation plans described above.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For information on legal proceedings, see “Note 15. Commitments and Contingencies” included in this Quarterly Report.

ITEM 1A. RISK FACTORS

Our operations and financial results are subject to various risks and uncertainties. There have been no material changes in our risk factors from those previously disclosed in Part 1, Item 1A, “Risk Factors” in our 2025 Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(b) 10b5-1 Trading Plans

During the three months ended March 31, 2026, none of our officers (as defined in Rule 16a-1(f) of the Exchange Act) or directors adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(d) of Regulation S-K.

33

ITEM 6. EXHIBITS

Exhibit No.	Description
10.1	Executive Employment Agreement, dated March 31, 2026, by and between TIC Solutions, Inc. and Ben Heraud (incorporated by reference to Exhibit 10.21 to the registrant’s Annual Report on Form 10-K/A filed on April 30, 2026).
10.2	Talman Pizzey Separation Agreement dated March 31, 2026 (incorporated by reference to Exhibit 10.22 to the registrant’s Annual Report on Form 10-K/A filed on April 30, 2026).
31.1*	Certification by Ben Heraud, Chief Executive Officer, pursuant to Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification by Kristin Schultes, Chief Financial Officer, pursuant to Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification by Ben Heraud, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification by Kristin Schultes, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document.
101.SCH*	Inline XBRL Taxonomy Extension Schema Document.
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*Filed herewith.

**Furnished herewith

†Management contract or compensatory plan or arrangement

#Certain schedules to these agreements have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish a copy of any schedule omitted from the agreements to the SEC upon request.

34

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIC Solutions, Inc.
May 6, 2026	/s/ Benjamin Heraud
	Benjamin Heraud
	Chief Executive Officer and Director
	(duly authorized officer)
May 6, 2026	/s/ Kristin Schultes
	Kristin Schultes
	Chief Financial Officer
	(principal financial officer)

35

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Benjamin Heraud, certify that:

1.I have reviewed this quarterly report on Form 10-Q of TIC Solutions, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2026	By:	/s/ Benjamin Heraud
		Benjamin Heraud
		Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a)UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Kristin Schultes, certify that:

1.I have reviewed this quarterly report on Form 10-Q of TIC Solutions, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2026	By:	/s/ Kristin Schultes
		Kristin Schultes
		Chief Financial Officer
		(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of TIC Solutions, Inc. (the “Company”) for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 6, 2026	By:	/s/ Benjamin Heraud
		Benjamin Heraud
		Chief Executive Officer
		(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of TIC Solutions, Inc. (the “Company”) for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 6, 2026	By:	/s/ Kristin Schultes
		Kristin Schultes
		Chief Financial Officer
		(Principal Financial Officer)

XML

Cover page - shares	3 Months Ended
	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42524
Entity Registrant Name	TIC Solutions, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	66-1076867
Entity Address, Address Line One	200 South Park Road
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Hollywood
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33021
City Area Code	954
Local Phone Number	495-2112
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	TIC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		221,042,604
Entity Central Index Key	0002032966
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Fiscal Year Focus	2026

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 426,564	$ 439,536
Accounts receivable, net	344,243	366,293
Contract assets, net	182,732	154,439
Prepaid expenses and other current assets	66,821	60,768
Total current assets	1,020,360	1,021,036
Property and equipment, net	245,601	255,625
Operating lease right-of-use assets, net	54,919	60,209
Goodwill	1,647,534	1,649,595
Intangible assets, net	1,351,980	1,391,382
Deferred tax assets	1,423	1,438
Other assets	10,319	17,024
Total assets	4,332,136	4,396,309
Current liabilities
Accounts payable	57,505	60,426
Accrued expenses and other current liabilities	168,237	151,626
Contract liabilities	52,000	47,846
Current portion of long-term debt	23,460	25,511
Current portion of lease obligations	32,215	33,584
Total current liabilities	333,417	318,993
Long-term debt, net of current portion	1,585,424	1,587,686
Non-current lease obligations	61,401	66,049
Deferred tax liabilities	205,155	222,955
Other non-current liabilities	12,880	20,710
Total liabilities	2,198,277	2,216,393
Commitments and contingencies (Note 15)
Equity, Attributable to Parent [Abstract]
Series A Preferred Stock, $0.0001 par value, 1,000,000 shares issued and outstanding	$ 0	0
Number Of Authorized Shares Not Disclosed	true
Common stock, $0.0001 par value, 221,039,674 and 220,485,045 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	$ 21	21
Additional paid-in capital	2,371,142	2,362,943
Accumulated deficit	(235,654)	(194,105)
Accumulated other comprehensive income (loss)	(1,650)	11,057
Total stockholders' equity	2,133,859	2,179,916
Total liabilities and stockholders' equity	$ 4,332,136	$ 4,396,309

XML

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Dec. 16, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.1000	$ 0.1000	$ 0.0001
Preferred stock, shares issued (in shares)	1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.1000	$ 0.1000	$ 0.0001
Common stock, shares issued (in shares)	221,039,674	220,485,045
Balance at the beginning of the period (in shares) (Successor)	221,039,674	220,485,045

XML

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue	$ 488,029	$ 234,215
Cost of revenue	326,728	190,546
Gross profit	161,301	43,669
Selling, general and administrative expenses	150,328	39,872
Depreciation and amortization	40,036	13,237
Loss from operations	(29,063)	(9,440)
Interest expense, net	29,021	16,007
Other income, net	(77)	(1,119)
Loss before income tax benefit	(58,007)	(24,328)
Income tax provision (benefit)	(16,458)	1,465
Net loss	(41,549)	(25,793)
Undistributed loss allocated to Series A Preferred Stock	190	211
Net loss allocated to common stockholders	(41,359)	(25,582)
Foreign currency translation adjustment	(12,707)	2,561
Total other comprehensive loss	$ (54,256)	$ (23,232)
Weighted-average shares outstanding:
Series A Preferred Stock (in shares)	1,000,000	1,000,000
Common Stock
Basic and diluted loss per share:
Basic loss per common stock and Series A Preferred Stock (in dollars per share)	$ (0.19)	$ (0.21)
Diluted loss per common stock and Series A Preferred Stock (in dollars per share)	$ (0.19)	$ (0.21)
Weighted-average shares outstanding:
Weighted average common stock stock and Series A Preferred Stock outstanding – basic (in shares)	217,251,178	121,476,215
Weighted average common stock stock and Series A Preferred Stock outstanding, diluted (in shares)	218,251,178	122,476,215
Series A Preferred Stock
Undistributed loss allocated to Series A Preferred Stock	$ 190	$ 211
Basic and diluted loss per share:
Basic loss per common stock and Series A Preferred Stock (in dollars per share)	$ (0.19)	$ (0.21)
Diluted loss per common stock and Series A Preferred Stock (in dollars per share)	$ (0.19)	$ (0.21)
Weighted-average shares outstanding:
Weighted average common stock stock and Series A Preferred Stock outstanding – basic (in shares)	1,000,000	1,000,000
Weighted average common stock stock and Series A Preferred Stock outstanding, diluted (in shares)	1,000,000	1,000,000

XML

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Series A Preferred Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of the period (in shares) at Dec. 31, 2024		121,476,215	1,000,000,000
Balance at the beginning of the period at Dec. 31, 2024	$ 1,151,172	$ 12	$ 0	$ 1,293,638	$ (106,989)	$ (35,489)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(25,793)				(25,793)
Share-based compensation expense	1,107			1,107
Other comprehensive income (loss)	2,561					2,561
Balance at the end of the period (in shares) at Mar. 31, 2025		121,476,215	1,000,000,000
Balance at the end of the period at Mar. 31, 2025	$ 1,129,047	$ 12	$ 0	1,294,745	(132,782)	(32,928)
Balance at the beginning of the period (in shares) at Dec. 31, 2025	220,485,045	220,485,045	1,000,000
Balance at the beginning of the period at Dec. 31, 2025	$ 2,179,916	$ 21	$ 0	2,362,943	(194,105)	11,057
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(41,549)				(41,549)
Share-based compensation expense	8,728			8,728
Restricted Stock Share Issuances And Restricted Stock Unit Vesting, Net		(113,718)
Restricted stock unit vestings (in shares)	(529)			(529)
Issuance of common shares in conjunction with the Series A Preferred Stock Dividend (in shares)		668,347
Other comprehensive income (loss)	$ (12,707)					(12,707)
Balance at the end of the period (in shares) at Mar. 31, 2026	221,039,674	221,039,674	1,000,000
Balance at the end of the period at Mar. 31, 2026	$ 2,133,859	$ 21	$ 0	$ 2,371,142	$ (235,654)	$ (1,650)

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (41,549)	$ (25,793)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	58,880	28,599
Noncash lease expense	6,035	2,491
Share-based compensation expense	12,912	1,107
Amortization of deferred financing costs	1,883	828
Deferred taxes	(17,334)	(4,320)
Other	1,189	(899)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	22,092	40,254
Contract assets	(27,886)	(8,395)
Prepaid expenses and other current assets	(5,635)	4,306
Accounts payable	(7,402)	3,433
Accrued expenses and other current liabilities	7,391	(5,708)
Operating lease obligations	(5,801)	(2,352)
Contract liabilities	4,161	(213)
Other assets and liabilities	989	(546)
Net cash provided by operating activities	9,925	32,792
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(3,884)	(8,030)
Purchases of property and equipment	(5,697)	(4,476)
Proceeds from sale of property and equipment	1,287	293
Net cash used in investing activities	(8,294)	(12,213)
Cash flows from financing activities:
Payments on long-term borrowings	(4,131)	(1,932)
Payments of debt issuance costs	0	(1,165)
Payments on finance lease obligations and other long-term debt	(8,776)	(2,508)
Net cash used in financing activities	(12,907)	(5,605)
Net effect of exchange rate fluctuations on cash and cash equivalents	(1,696)	1,631
Net change in cash and cash equivalents	(12,972)	16,605
Beginning of period	439,536	139,134
End of period	426,564	155,739
Supplemental disclosure of cash flow information
Interest paid	26,673	14,332
Income taxes paid	4,022	6,172
Purchases of property and equipment accrued and not yet paid	4,472	3,461
Notes payable and other obligations issued for acquisitions	$ 3,000	$ 0

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business

TIC Solutions, Inc. (formerly Acuren Corporation and hereinafter referred to as “we,” “our,” “us,” “TIC Solutions,” or the “Company”) is a leading provider of tech-enabled Testing, Inspection, Certification and Compliance (“TICC”), engineering and consulting, and geospatial services. On August 4, 2025 (the “NV5 Closing Date”), the Company completed its acquisition of NV5 Global, Inc. (“NV5” and such acquisition, the “NV5 Acquisition”), an engineering and consulting services company. The Company operates primarily in North America and serves both private and public-sector clients. On October 10, 2025, the Company changed its name from Acuren Corporation to TIC Solutions, Inc.

The Company’s private-sector clients span industrial, infrastructure, construction, and commercial real estate end markets and its public-sector clients include federal, state, and municipal agencies, public utilities, transportation authorities, and environmental regulators. Within industrial markets, the Company’s services address energy processing and refining, pipeline and midstream infrastructure, chemicals and industrial processing, manufacturing and industrial services, power generation and utilities, and companies in aerospace, automotive, renewable energy, pulp and paper, and mining. The Company provides mission-critical services that are essential to the safety, reliability, and efficiency of industrial assets, buildings and public infrastructure. The Company’s services are often non-discretionary and are driven by regulatory requirements, customer risk management policies, and the need to extend the useful life of critical assets.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements (the “interim statements”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. GAAP for complete financial statements as certain information has been condensed or omitted. All intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current period presentation. Such reclassifications did not have a material effect on the Company's financial condition or results of operations as previously reported. The results of operations of companies acquired are included from the date of acquisition. In the opinion of management, these interim statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These interim statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the period ended December 31, 2025, as filed with the SEC (the “2025 Annual Report”).

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in “Note 2. Summary of Significant Accounting Policies” in our 2025 Annual Report and are supplemented by the notes included in this Quarterly Report on Form 10-Q (the “Quarterly Report”).

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, by following the five-step model: the Company identifies a contract with a customer, identifies the performance obligation(s) in the contract, determines the transaction price, allocates the transaction price to each performance obligation in the contract and recognizes revenues as the Company satisfies the performance obligation(s).

Nature of Services and Performance Obligations

The Company provides TICC, engineering, geospatial and other services to customers under a variety of contract types. Contracts are evaluated to determine whether they should be combined and whether they contain one or multiple performance obligations. Most contracts contain a single performance obligation, as the promise to transfer individual services is not separately identifiable from other promises in the contract and, therefore, is not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation utilizing several different pricing scenarios and is able to discretely price out each individual component based on its nature and relation to the overall performance obligation.

Performance obligations are generally satisfied over time as work progresses or services are rendered, because the customer simultaneously receives and consumes the benefits of the Company’s performance. Revenue may be recognized over time based on time and material incurred to date, which best portrays the transfer of control to the customer, or based on progress measured using an input method by comparing direct costs incurred to date to the estimated total direct costs for the completion of the services. Contract costs include labor, sub-consultant services and other direct costs. For contracts that meet the required conditions, the Company applies the as-invoiced practical expedient and recognizes revenue based on its right to invoice for services performed.

Performance obligations in certain contracts are satisfied at a point in time. Revenue for these services is recognized when control of the promised deliverable transfers to the customer, which is generally upon completion, delivery or customer acceptance of reports or analyses.

The Company enters into contracts with its clients that contain two principal types of pricing provisions: cost-reimbursable and fixed-unit price. Cost-reimbursable contracts consist of the following:

•time and material contracts, which are common for professional and technical consulting and certification services projects. Under these types of contracts, there is no predetermined fee. Instead, the Company negotiates hourly billing rates and charges the clients based upon actual hours expended on a project. In addition, any direct project expenditures are passed through to the client and are typically reimbursed. These contracts may have an initial not-to-exceed or guaranteed maximum price provision.

•cost-plus contracts are the predominant contracting method used by the Company to charge clients for its costs, including both direct and indirect costs, plus a negotiated fee. The total estimated cost plus the negotiated fee represents the total contract value.

•lump-sum contracts typically require the performance of all of the work under the contract for a specified lump-sum fee, subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Many of the Company’s lump-sum contracts are negotiated and arise in the design of projects with a specified scope and project deliverables. In most cases, we can bill additional fees if the construction schedule is modified and lengthened.

Fixed-unit price contracts typically require the performance of an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units performed.

As of March 31, 2026, the Company had $1.1 billion of remaining performance obligations, of which $860.2 million is expected to be recognized over the next 12 months. Performance obligations include only those amounts that have been funded and authorized and does not reflect the full amounts the Company may receive over the term of such contracts. In the case of non-government contracts and project awards, performance obligations include future revenue at contract or customary rates, excluding contract renewals or extensions that are at the discretion of the client. For contracts with a not-to-exceed maximum amount, the Company includes revenue from such contracts in performance obligations to the extent of the remaining estimated amount.

Contract estimates are based on various assumptions to project the outcome of future events. These assumptions are dependent upon the accuracy of a variety of estimates, including engineering progress, achievement of milestones, labor productivity and cost estimates. Due to uncertainties inherent in the estimation process, it is possible that actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss or reduction to the percentage of total contract revenues recognized to date, these losses or reductions are recognized in the period in which the revisions are known. The effect of revisions to revenues and estimated costs to complete contracts, including penalties, incentive awards, change orders, claims and anticipated losses, are recorded on a cumulative catch-up basis in the period in which the revisions are identified and the loss can be reasonably estimated. Such revisions could occur in any reporting period and the effects on the results of operations for that reporting period may be material depending on the size of the project or the adjustment.

Contract Balances

The timing of revenue recognition, billings and cash collections results in, and are reflected within, “Accounts receivable, net,” “Contract assets, net,” and “Contract liabilities” on the condensed consolidated balance sheets.

“Accounts receivable, net” represents amounts billed to clients that remain uncollected as of the balance sheet date. The amounts are stated at their estimated realizable value. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. See further discussion in “Note 5. Accounts Receivable and Contract Assets.”

“Contract assets, net” represent recognized amounts pending billing pursuant to contract terms or accounts billed after period end and are expected to be billed and collected within the next 12 months. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets that are classified as current.

In certain circumstances, the contract may allow for billing terms that result in cumulative amounts billed in excess of revenues recognized. “Contract liabilities” represent billings in excess of revenues recognized on these contracts as of the reporting date that are generally classified as current. During the three months ended March 31, 2026, revenue recognized related to the Company’s contract liabilities that existed as of December 31, 2025 was not material.

Contract Modifications

Contract modifications may occur in the normal course of business and typically result from changes in scope, specifications or performance period. In most cases, such modifications are not distinct and are accounted for as part of the existing contract. If a modification adds distinct goods or services at a price that reflects their standalone selling prices, it is accounted for as a separate contract.

Federal Acquisition Regulations

Federal Acquisition Regulations (“FAR”), which are applicable to the Company’s federal government contracts and may be incorporated in local and state agency contracts, limit the recovery of certain specified indirect costs on contracts. Cost-plus contracts covered by FAR or certain state and local agencies also may require an audit of actual costs and provide for upward or downward adjustments if actual recoverable costs differ from billed recoverable costs.

Recent Accounting Pronouncements Not Yet Adopted

The Company has not adopted any new accounting pronouncements since the audited consolidated financial statements for the year ended December 31, 2025. See the 2025 Annual Report for information pertaining to the effects of recently adopted and other recent accounting pronouncements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40. The amendments in this update remove all references to prescriptive and sequential software development stages. Under this ASU, capitalization of internal-use software begins when management authorizes and commits to funding the project and it is probable that the project will be completed. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods; however early adoption is permitted either prospectively or retrospectively. The Company is currently evaluating the impact the adoption of this guidance will have on its financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), requiring disclosure in the notes to the financial statements for specified information about certain costs and expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027; however early adoption is permitted and can be applied either prospectively or retrospectively. The Company is currently evaluating the impact the adoption of this guidance will have on its financial statements and related disclosures.

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BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

BUSINESS COMBINATIONS

2026 Acquisitions

During the three months ended March 31, 2026, the Company completed one business combination, which was not significant to the consolidated financial statements. Total consideration for the acquisition was approximately $5.0 million. The Company recorded approximately $2.0 million of goodwill related to the acquisition. The final determination of the fair value of assets and liabilities will be completed within the one-year measurement period as required by ASC 805.

2025 Acquisitions

NV5 Acquisition

On August 4, 2025, the Company completed its acquisition of NV5 pursuant to the Agreement and Plan of Merger dated May 14, 2025.

In conjunction with the NV5 Acquisition, in 2025 the Company completed a reorganization of the Company’s reportable segments to align with the service offerings of the combined entity. Accordingly, the post-acquisition results of NV5 are reported within the Company’s Consulting Engineering and Geospatial reportable segments, and the Company’s historical United States and Canada reportable segments have been combined into the Inspection and Mitigation reportable segment. “See Note 16. Segment Reporting” for further discussion regarding the Company’s reorganization and revised reportable segments.

The aggregate purchase consideration paid to the stockholders of NV5 totaled $1.7 billion, including: (i) a cash payment at the NV5 Closing Date of $870.9 million, (ii) the issuance of 73.2 million shares of common stock to NV5 stockholders with an estimated fair value of $768.3 million, and, (iii) the replacement of $76.5 million of unvested NV5 share-based awards, of which $29.7 million was attributable to pre-combination services. The Company funded the cash portion of the purchase price with a new term loan in an aggregate principal amount of $875.0 million and cash on hand. In conjunction with the debt financing, the Company incurred $21.9 million in debt issuance costs that were capitalized and will be amortized using the effective interest method over the remaining term of the Term Loans (as defined in “Note 11. Long-Term Debt”). The Company also increased the amount of its existing senior secured revolving credit facility to $125.0 million (the “Revolving Credit Facility”) and incurred debt issuance costs of $1.3 million related to the Revolving Credit Facility which will be amortized on a straight-line basis over the remaining term of the Revolving Credit Facility.

The NV5 Acquisition was accounted for under the acquisition method of accounting. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed, the Company engaged an independent third-party valuation specialist to assist in the determination of the fair values. The final determination of the fair values of assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The NV5 Acquisition will necessitate the use of this measurement period to adequately analyze and assess the factors used in establishing the asset and liability fair values as of the relevant acquisition date, including intangible assets, contract assets and liabilities, certain lease-related assets and liabilities, indemnification assets, and deferred tax assets and liabilities.

The excess of the purchase price over the preliminary fair value of the tangible and intangible net assets acquired and liabilities assumed has been recorded as goodwill. The goodwill balance is primarily attributed to the assembled workforce, expansion of service offerings, market opportunities and synergies expected to be achieved from the combined operations of the Company and NV5. The Company has preliminarily assigned goodwill amounts of approximately $15.4 million, $515.3 million, and $233.1 million to the Inspection and Mitigation, Consulting Engineering and Geospatial segments, respectively. Goodwill of $76.1 million is expected to be deductible for income tax purposes.

The following table summarizes the preliminary estimated fair value of consideration transferred and the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the NV5 Acquisition:

	Total
Cash consideration	$	870,911
Equity consideration	768,304
Replacement of share-based awards	29,744
Total consideration	$	1,668,959
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	58,958
Accounts receivables	186,228
Contract assets	123,428
Prepaid expenses and other current assets	33,536
Plant and equipment	80,557
Other assets	4,560
Operating lease right-of-use assets	33,464
Intangible assets	720,000
Accounts payable	(40,350)
Accrued expenses and other current liabilities	(99,123)
Contract liabilities	(47,694)
Other liabilities	(10,569)
Deferred tax liabilities	(97,935)
Lease liabilities	(39,908)
Total identifiable net assets acquired	$	905,152
Goodwill	$	763,807

Measurement period adjustments made during the three months ended March 31, 2026 were immaterial.

As part of the purchase price allocation, the Company determined the identifiable intangible assets included customer relationships, customer backlog, trade name, and developed technology. Management used the multi-period excess earnings method to estimate the fair value of the customer relationships, which utilized the following significant assumptions and inputs: revenue growth rates, EBITDA margins, attrition rates, probability of renewal, contributory asset charges, income tax rates, depreciation and discount rates.

The following table summarizes the preliminary fair value of the identifiable intangible assets:

	Fair Value as of March 31, 2026
Customer relationships	$	590,000
Customer backlog	88,000
Trade name	39,000
Developed technology	3,000
Total intangible assets	$	720,000

The weighted useful lives over which the intangible assets will be amortized are estimated as follows: 15 years for customer relationships, 2 years for customer backlog, 10 years for the trade name, and 3 years for developed technology.

In conjunction with the NV5 Acquisition, the Company incurred transaction costs of $24.7 million, which were expensed and included in “Selling, general and administrative expenses” in the condensed consolidated statements of operations.

Pro Forma Consolidated Financial Information

The following pro forma consolidated financial information reflects the results of operations of the Company for the three months ended March 31, 2025 as if the NV5 Acquisition and related financing had occurred as of January 1, 2024, after giving effect to certain purchase accounting and financing adjustments. These amounts are based on financial information of the NV5 business and are not necessarily indicative of what the Company’s operating results would have been had the NV5 Acquisition and related financing taken place on January 1, 2024.

	Three Months Ended
	March 31, 2025
Net Revenue	$	468,260
Net Loss	$	(43,109)

Pro forma financial information is presented as if the operations of NV5 had been included in the consolidated results of the Company since January 1, 2024, and gives effect to transactions that are directly attributable to the NV5 Acquisition and related financing. Adjustments, net of related tax impacts, include: additional depreciation and amortization expense related to the fair value of acquired property and equipment and intangible assets as if such assets were acquired on January 1, 2024; movement of transaction costs between reporting periods; interest expense under the Company’s Term Loans (defined in “Note 11. Long-Term Debt”) as if the amount borrowed to partially finance the purchase price was borrowed on January 1, 2024.

Other 2025 Acquisition Activity

During the year ended December 31, 2025, the Company completed seven other business combinations, which were not significant to the consolidated financial statements, either individually or in the aggregate. Total aggregate consideration was $45.8 million. The Company recorded a total $17.9 million of goodwill related to these acquisitions, of which $9.8 million was assigned to the Inspection and Mitigation reportable segment, $1.9 million was assigned to the Consulting Engineering reportable segment, and $6.2 million was assigned to the Geospatial reportable segment. The final determination of the fair values of assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The measurement period adjustments were not material.

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STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

The Company has authorized shares consisting of two classes: 500,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000 shares of preferred stock, $0.0001 par value per share, of which 1,000,000 shares are designated as “Series A Preferred Stock” (the “Series A Preferred Stock”). As of March 31, 2026, the Company had 221,039,674 shares of common stock and 1,000,000 shares of Series A Preferred Stock issued and outstanding.

Series A Preferred Stock

The Company has 1,000,000 shares of Series A Preferred Stock issued and outstanding as of March 31, 2026. Shares of the Series A Preferred Stock are not mandatorily redeemable and do not embody an unconditional obligation to settle in a variable number of equity shares and are not unconditionally redeemable or conditionally puttable by the holder for cash. As such, shares of Series A Preferred Stock are classified as permanent equity in the accompanying condensed consolidated balance sheets.

The holder of the Series A Preferred Stock are entitled to receive an annual dividend in the form of shares of common stock once the Average Price (as defined in our certificate of incorporation) of the common stock is at least $11.50 per share for any 10 consecutive trading days (the “Annual Dividend Amount”), with such condition having been satisfied during the year ended December 31, 2025.

The Annual Dividend Amount for the first Dividend Period (the year ended December 31, 2025) was equal to 20 percent of the increase in the volume-weighted average market price per share of the Company’s common stock for the last 10 trading days of the calendar year (the “Dividend Price”) over $10.00 per share multiplied by 121,476,215 shares. In subsequent years, the Annual Dividend Amount will be calculated based on the appreciated Dividend Price compared to the highest Dividend Price previously used in calculating the Annual Dividend Amount.

As of December 31, 2025, the Dividend Price was $10.28. The annual dividend was declared as of December 31, 2025, and the Company issued 668,347 shares of our common stock to the holder of the Series A Preferred Stock in January 2026.

Upon the liquidation of the Company, an Annual Dividend Amount shall be payable for the shortened Dividend Period and the holder of the Series A Preferred Stock shall have the right to a pro rata share (together with holders of the common stock) in the distribution of the surplus assets of the Company. In the event of a Change of Control, the holder of the Series A Preferred Stock will be entitled to receive, in the aggregate, a one-time dividend equal to the Change of Control Dividend Amount (as defined in our certificate of incorporation).

Holder of the Series A Preferred Stock will participate in any dividends on the common stock on an as converted basis. Specifically, if the Company pays a dividend on its common stock, the holder of the Series A Preferred Stock will also receive an amount equal to 20 percent of the dividend which would be distributable on 121,476,215 shares of common stock as of March 31, 2026. All such dividends on the Series A Preferred Stock will be paid at the same time as the dividends on the common stock.

Shares of Series A Preferred Stock will be automatically converted into shares of common stock on a one-for-one basis on December 31, 2034 (the “Conversion”). At the option of the holder, each share of Series A Preferred Stock is convertible into one share of common stock until the Conversion. The holder of the Series A Preferred Stock is entitled to one vote per share on all matters submitted to a vote of stockholders of the Company, voting together with the holders of common stock as a single class.

The Company followed ASC 718, Compensation — Stock Compensation, to account for the issuance of the Series A Preferred Stock. See “Note 17. Share-Based Compensation” in the 2025 Annual Report for further discussion.

Warrants

Pre-Funded Warrant

On October 5, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with the investor named therein (the “Investor”), for the private placement (the “Private Placement”), of (i) 17,708,333 shares of the Company’s common stock, par value $0.0001 per share, at $12.00 per share and (ii) a pre-funded warrant (the “Pre-Funded Warrant”) to purchase 3,125,000 shares of common stock, at $11.9999 per share. The aggregate gross proceeds of the Private Placement were approximately $250.0 million, before deducting placement agent fees and other expenses. The Private Placement closed on October 7, 2025.

The Pre-Funded Warrant has an exercise price of $0.0001 per share of common stock, is immediately exercisable and will remain exercisable until exercised in full. The Pre-Funded Warrant is exercisable in cash or by means of a cashless exercise. The Investor may not exercise the Pre-Funded Warrant if the Investor, together with its affiliates, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after giving effect to such exercise; provided, however, that a holder may increase or decrease such percentage by giving 61 days’ notice to the Company, but not to any percentage in excess of 19.99%.

The Pre-Funded Warrant was classified as a component of permanent stockholders’ equity within additional paid-in capital and was recorded at the issuance date using a relative fair value allocation method.

The Pre-Funded Warrant is equity classified because it (i) is a freestanding financial instrument that is legally detachable and separately exercisable from the equity instrument, (ii) is immediately exercisable, (iii) does not embody an obligation for the Company to repurchase its shares, (iv) permits the holders to receive a fixed number of shares of common stock upon exercise, (v) is indexed to the Company’s common stock and (vi) meets the equity classification criteria. The Company valued the Pre-Funded Warrant at issuance, concluding that its sales price approximated its fair value, and allocated net proceeds from the Private Placement proportionately to the Company's common stock and Pre-Funded Warrant.

Public Warrants

In May 2023, in connection with the Company’s initial IPO, the Company issued 54,975,000 Public Warrants to the purchasers of both common shares and Series A Preferred Stock (including 25,000 Warrants that were issued to the then independent non-founder directors in connection with their fees). Each Public Warrant is exercisable until July 30, 2027. The Public Warrants are exercisable in multiples of four-for-one share of common stock at an exercise price of $11.50 per whole share of common stock.

The Public Warrants are mandatorily redeemable by the Company at a price of $0.01 should the average market price per share of the common stock exceed $18.00 for 10 consecutive trading days (subject to any prior adjustment in accordance with the terms of the Public Warrants). The Public Warrants expire worthless on July 30, 2027, if not exercised or redeemed. The Public Warrants were determined to be equity classified in accordance with ASC 815, Derivatives and Hedging, and ASC 480, Distinguishing Liabilities from Equity. During the three months ended March 31, 2026, no Public Warrants were exercised for shares of commons stock. As of March 31, 2026 and May 1, 2026, the Company had 14,952,860 Public Warrants outstanding for approximately 3,738,215 shares of common stock.

Share Repurchase Program

On March 10, 2026, the Company’s Board of Directors approved a share repurchase program of up to $200.0 million of the Company’s common stock through open market repurchases (including pursuant to Rule 10b-18 under the Securities Exchange Act of 1934) and/or in privately negotiated transactions, at management’s discretion and subject to market and business conditions, applicable legal requirements, and other factors. As of March 31, 2026, the Company has not repurchased any common stock under the share repurchase program. The Company’s share repurchase program does not obligate the Company to purchase any shares.

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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Net income is allocated between the Company’s common stock and other participating securities (excluding unvested restricted stock awards) based on their participation rights. The Company has determined that its Series A Preferred Stock represent participating securities and are a class of common stock. As such, the Company uses the two-class method of computing earnings per share. Under this method, net income (or loss) is allocated between the holders of common stock and the holders of the Series A Preferred Stock based on their respective participation rights.

Given that holders of Series A Preferred Stock participate in net losses on a 1:1 basis with holders of common stock, the allocation of net losses under the two-class method is equivalent to the allocation of net losses that would result under the if-converted method. Consequently, there is no difference between basic and diluted net loss per share of common stock, which also excludes all potential common stock equivalents as their impact on diluted net loss per share would be anti-dilutive.

The following table sets forth the computations of basic and diluted loss per share of common stock and Series A Preferred Stock using the two-class method and the if-converted method, respectively, for the three months ended March 31, 2026 and March 31, 2025.

	Three Months Ended
	March 31, 2026		March 31, 2025
Basic shares:
Numerator:
Net loss	$	(41,549)	$	(25,793)
Undistributed loss allocated to Series A Preferred Stock	190		211
Net loss available to holders of common stock	$	(41,359)	$	(25,582)
Denominator:
Weighted average common stock outstanding – basic	217,251,178		121,476,215
Weighted average Series A Preferred Stock outstanding – basic	1,000,000		1,000,000
Basic loss per common stock	$	(0.19)	$	(0.21)
Basic loss per Series A Preferred Stock	$	(0.19)	$	(0.21)
Dilutive shares:
Numerator:
Undistributed loss allocated to common stock	$	(41,359)	$	(25,582)
Undistributed loss allocated to Series A Preferred Stock	(190)		(211)
Total undistributed loss	$	(41,549)	$	(25,793)
Denominator:
Weighted average common stock outstanding – basic	217,251,178		121,476,215
Add: dilutive securities
Series A Preferred Stock	1,000,000		1,000,000
Weighted average common stock outstanding – diluted	218,251,178		122,476,215
Weighted average Series A Preferred Stock outstanding – diluted	1,000,000		1,000,000
Diluted loss per common stock	$	(0.19)	$	(0.21)
Diluted loss per Series A Preferred Stock	$	(0.19)	$	(0.21)

For the three months ended March 31, 2026 and March 31, 2025, the Company excluded the following potentially dilutive shares from the computation of diluted loss per common stock as the impact would have been anti-dilutive:

	Three Months Ended
Potentially dilutive securities	March 31, 2026	March 31, 2025
Stock options(1)	—	125,000
Warrants(1)	—	212,901
Restricted stock awards	3,390,276	—
Restricted stock units	1,145,327	973,092
Shares issuable pursuant to the Series A Preferred Stock dividend(2)	—	3,196,648
(1) For the three months ended March 31, 2026, the stock options and warrants were out of the money.
(2) See discussion of the Annual Dividend Amount in “Note 3. Stockholders’ Equity.”

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ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

Accounts receivable and contract assets are recorded net of allowances for credit losses. Accounts receivable represent invoiced and accrued revenue while contract assets represent accrued revenue that has yet to be invoiced to the customer. The Company’s accounts receivable, contract assets and allowance for credit losses consisted of the following as of the below dates:

	March 31, 2026		December 31, 2025
Accounts receivables	$	347,195	$	369,669
Contract assets	182,802		154,510
Allowance for credit losses	(3,022)		(3,447)
Total accounts receivables, net	$	526,975	$	520,732

The Company records an allowance for credit losses for accounts receivable based on management’s expected credit losses. Management’s estimate of expected credit losses is based on its assessment of the business environment, customers’ financial condition, historical collection experience, accounts receivable aging and customer disputes.

Changes to the allowance for credit losses are adjusted through credit loss expense, which is included within “Selling, general and administrative expenses” in the condensed consolidated statements of operations and comprehensive income (loss).

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PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

	Useful Life (Years)	March 31, 2026		December 31, 2025
Land		$	6,117	$	6,179
Buildings and leasehold improvements	25	25,908		25,364
Computer, software, and office equipment	3 – 5	24,560		23,279
Machinery and equipment	3 – 10	186,145		181,437
Vehicles, aircrafts and vessels	5 - 15	97,781		96,192
Construction in progress		12,222		11,238
Total property and equipment		352,733		343,689
Accumulated depreciation		(107,132)		(88,064)
Property and equipment, net		$	245,601	$	255,625

Total depreciation expense for property and equipment was recognized as follows for the following periods:

	Three Months Ended
	March 31, 2026		March 31, 2025
Cost of revenue	$	18,843	$	15,362
Selling, general and administrative expenses	3,083		235
Total depreciation expense	$	21,926	$	15,597

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GOODWILL

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

GOODWILL

The changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2026 were as follows:

	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Balance at December 31, 2025	$	895,533	$	516,873	$	237,189	1,649,595
Acquisitions	—		2,069		—		2,069
Measurement period adjustments	102		292		2,147		2,541
Currency adjustments	(6,671)		—		—		(6,671)
Balance at March 31, 2026	$	888,964	$	519,234	$	239,336	$	1,647,534

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INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

The gross carrying amounts and accumulated amortization of intangible assets were as follows:

	Weighted Average Remaining Life (Years)	March 31, 2026						December 31, 2025
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	13.3	$	1,279,417	$	(104,950)	$	1,174,467	$	1,282,032	$	(82,609)	$	1,199,423
Customer backlog	1.4	88,741		(42,215)		46,526		88,466		(31,126)		57,340
Tradenames	12.3	138,946		(13,621)		125,325		139,498		(11,059)		128,439
Technology	2.9	7,993		(2,331)		5,662		8,019		(1,839)		6,180
		$	1,515,097	$	(163,117)	$	1,351,980	$	1,518,015	$	(126,633)	$	1,391,382

Amortization expense recognized on intangible assets was $37.0 million and $13.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

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ACCRUED EXPENSES AND OTHER LIABILITIES

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued Expenses and Other Current Liabilities

The Company’s accrued expenses and other current liabilities consisted of the following as of the below dates:

	March 31, 2026		December 31, 2025
Accrued salaries, wages and related employee benefits	$	76,617	$	58,655
Accrued trade payables	28,220		32,090
Accrued operating expenses	15,528		21,718
Accrued indirect taxes	4,334		4,676
Accrued sales discounts	1,986		3,094
Current portion of contingent consideration	12,670		8,608
Other accrued expenses	28,882		22,785
Total accrued expenses and other current liabilities	$	168,237	$	151,626

Contingent Consideration

Contingent consideration arrangements are included as part of the purchase price of acquired companies on their respective acquisition dates. The Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration as a liability on the consolidated balance sheet. Changes in the estimated fair value of contingent consideration payments are included in “Selling, general and administrative expenses” in the consolidated statements of operations. During the three months ended March 31, 2026 the Company recorded contingent consideration of $1.0 million related to 2026 acquisitions and made payments of $1.3 million. Fair value re-measurements were $1.9 million during the three months ended March 31, 2026. Accordingly, as of March 31, 2026, the Company had $15.2 million of contingent consideration recorded on the condensed consolidated balance sheet, including $12.7 million reflected as current. As of December 31, 2025, the Company had $13.6 million of contingent consideration recorded on the consolidated balance sheet, including $8.6 million reflected as current

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FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company performs fair value measurements by determining the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three-level hierarchy that prioritizes the inputs used to measure fair value. The three levels of the hierarchy are defined as follows:

Level 1	—	Unadjusted quoted prices in active markets that are accessible at the measurement dates for identical, unrestricted assets or liabilities.
Level 2	—	Quoted prices for markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3	—	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).

If the inputs used to measure the financial assets and liabilities fall within the different levels described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying values of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities approximate their fair values because of their short maturity. The fair values of the Company’s revolving line of credit facilities and long-term debt approximate their carrying value as they are based on current lending rates for similar borrowings, assuming the debt is outstanding through maturity, and considering the collateral. The fair values of the Company’s finance lease obligations approximate their carrying amounts based on anticipated interest rates which management believes would currently be available to the Company for similar issuances of debt.

The Company reviews and re-assesses the estimated fair value of contingent consideration liabilities on a quarterly basis and the updated fair value could differ from the initial estimates. The Company measures contingent consideration recognized in connection with business combinations at fair value on a recurring basis using significant unobservable inputs classified as Level 3 inputs. The Company generally uses an option-based model or a probability-weighted approach to determine the fair value of earn-outs based on key inputs requiring significant judgments and estimates to be made by the Company, including projections of future earnings over the earn-out period. Significant increases or decreases to these inputs could result in a significantly higher or lower liability with a higher liability capped by the contractual maximum. Ultimately, the liability will be equivalent to the amount paid, and the difference between the fair value estimate as of the acquisition date and amount paid will be recorded in earnings.

The fair value of interest rate swap agreements are determined using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. This fair value measurement is based on inputs that are observable either directly or indirectly and thus represents a Level 2 measurement within the fair value hierarchy. Refer to “Note 12. Financial Instruments” for further details on the accounting treatment of swap agreements.

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LONG-TERM DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

The Company’s long-term debt obligations consisted of the following:

	Maturity Date	March 31, 2026		December 31, 2025
Term Loans	July 30, 2031	$	1,631,804	$	1,635,935
Revolving credit facility	July 30, 2029	—		—
Promissory notes		13,389		15,273
Less: Unamortized deferred financing costs		(36,309)		(38,011)
Total debt, net		1,608,884		1,613,197
Less:
Current portion of Term Loans		(16,525)		(16,525)
Current portion of promissory notes		(6,935)		(8,986)
Long-term debt, net of current portion		$	1,585,424	$	1,587,686

2024 Credit Agreement

The Company is party to a credit agreement by and among Acuren Delaware Holdco, Inc. (f/k/a AAL Delaware Holdco, Inc.), a wholly-owned subsidiary of the Company, as the initial borrower, Acuren Holdings, Inc. (f/k/a ASP Acuren Holdings, Inc.), a wholly-owned subsidiary of the Company, as a borrower, and any other subsidiaries of the Company from time to time party thereto as borrowers, (collectively, the “Borrowers”), the guarantors from time to time party thereto, the lenders from time to time party thereto, and Jefferies Finance LLC, as administrative agent and collateral agent (the “Credit Agreement”). The Credit Agreement provides for a $775.0 million seven-year senior secured term loan (the “2024 Term Loan”) under the senior secured term loan facility (the “Term Loan Facility”) and a $75.0 million five-year senior Revolving Credit Facility, of which up to $20.0 million can be used for the issuance of letters of credit (together with the Term Loan Facility, the “Credit Facility”).

The Credit Facility contains certain customary negative operating covenants (certain of which are not applicable depending on net leverage ratios), customary restrictive covenants and other customary provisions relating to events of default, including non-payment of principal, interest or fees, breach of covenants, misrepresentations, insolvency proceedings, cross default to other indebtedness of the Borrowers and its subsidiaries in excess of $40.0 million or judgments from creditors of such amount, change of control, and certain events relating to Employee Retirement Income Security Act plans. 

Solely with respect to the Revolving Credit Facility, the Credit Facility contains a financial covenant for the First Lien Net Leverage Ratio to be tested as of the last day of any such fiscal quarter only in the event that the total outstanding (excluding undrawn Letters of Credit) is greater than 35% of the total Revolving Credit Commitment, in which case the First Lien Net Leverage Ratio may exceed 5.85 to 1.00. As of March 31, 2026, the Company was in compliance with the covenants under the Credit Facility.

Obligations under the Credit Agreement are guaranteed on a senior secured basis, jointly and severally, by the Company and substantially all of its U.S. and Canadian subsidiaries. Amounts borrowed under the Credit Facility are secured on a first priority basis by a perfected security interest in substantially all of the present and future property (subject to certain exceptions) of the Borrower and each guarantor.

Repricing of Term Loan

On January 31, 2025, the Company entered into the First Amendment to the Credit Agreement, pursuant to which the interest rate margins for the Term Loan decreased from 2.50% to 1.75% for the base rate and from 3.50% to 2.75% for the secured overnight financing rate (“SOFR”), adjusted for statutory reserves. All other material terms of the Credit Agreement, including the aggregate principal amount, repayment terms, and interest rate applicable on the revolving credit facility available under the Credit Agreement (the “Revolving Credit Facility”) remained the same. The Company evaluated the change of terms under ASC 470-50, Debt–Modifications and Extinguishments, and concluded the change in terms did not result in significant and consequential changes to the economic substance of the debt and thus resulted in a modification of the debt and not an extinguishment of the debt. As such, the financing costs of $1.2 million were reflected as additional debt issuance costs and are amortized to interest expense over the term of the Term Loan.

Second Amendment to Credit Agreement

On August 4, 2025, in connection with the NV5 Acquisition, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”). The Second Amendment amended the Credit Agreement to: (i) include new term loans in an aggregate principal amount of $875.0 million (the “2025 Term Loans,” and together with the 2024 Term Loans, the “Term Loans”), and (ii) increase the aggregate amount of the Revolving Credit Facility from $75.0 million to $125.0 million. Principal payments on the Term Loans, commenced on September 30, 2025 and will be made in quarterly installments on the last day of each fiscal quarter in an amount equal to $4.1 million, subject to adjustments in accordance with the Credit Agreement. Accordingly, as of March 31, 2026, the Company has reflected $16.5 million of principal payments as current in the condensed consolidated balance sheet.

As of March 31, 2026, the Company had $1.6 billion of principal outstanding under the Term Loans. The interest rate applicable to the Term Loans is, at the Company’s option, either: (1) a base rate plus an applicable margin equal to 1.75% or (2) SOFR plus an applicable margin equal to 2.75%. For the three months ended March 31, 2026, the Company recorded $1.7 million of amortization expense related to debt issuance costs incurred in connection with the Term Loans. The Term Loans will mature on July 30, 2031.

Revolving Credit Facility 

The interest rate applicable to borrowings under the Revolving Credit Facility is, at the Company’s option, either: (1) a base rate plus an applicable margin equal to 2.50% or (2) SOFR (adjusted for statutory reserves) plus an applicable margin equal to 3.50%. The unused portion of the Revolving Credit Facility is subject to a commitment fee of 0.375% or 0.50% based on the Company’s first lien net leverage ratio. For the three months ended March 31, 2026, the amortization expense related to debt issuance costs incurred in connection with the Revolving Credit Facility was immaterial. As of March 31, 2026 and December 31, 2025, the Company had no amounts outstanding under its Revolving Credit Facility.

Letters of Credit and Surety Bonds  

As of March 31, 2026, the Company had $14.1 million in stand-by letters of credit issued (as a component of the Revolving Credit Facility), but did not withdraw any amount against the letters of credit. Additionally, the Company had $71.0 million in surety bonds outstanding, which are not a component of the Revolving Credit Facility.

Promissory Notes

The Company has outstanding uncollateralized promissory notes due to sellers issued in connection with prior acquisitions completed by NV5 prior to the NV5 Acquisition. As of March 31, 2026, the short-term and long-term outstanding balances of these promissory notes totaled $6.9 million and $6.5 million, respectively. As of March 31, 2026, the Company’s weighted average interest rate on promissory notes was 1.4%.

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FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTSThe Company’s risk management strategy from time to time utilizes interest rate swap agreements to mitigate interest rate exposure on its variable rate debt. The Company has not historically designated these derivatives as hedging instruments and reported these agreements at fair value with unrealized gains and losses recorded within “Interest expense, net” within the condensed consolidated statements of operations and comprehensive income (loss) in the reporting period in which the unrealized gains and losses occurred. During the three months ended March 31, 2026 and March 31, 2025, the Company had no interest rate swap agreements.

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INCOME TAXES

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

Income taxes are accounted for under the asset and liability method as required by ASC 740, Income Taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured at the enacted income tax rates expected to apply in the taxable year that the asset or liability is expected to be recovered or settled.

The Company recorded an income tax benefit of $16.5 million for the three months ended March 31, 2026 and an income tax provision of $1.5 million for the three months ended March 31, 2025. The effective tax rate, inclusive of discrete items, was 28.4% and (6.0)% for the three months ended March 31, 2026 and March 31, 2025, respectively, which was driven by a combination of the disparity between results of operations as well as the tax jurisdictions across the United States and Canada, permanent non-deductible expenses, and the valuation allowance discussed in further detail below.

The Company evaluated and considered all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for its deferred tax assets was needed. The deferred tax assets are composed primarily of net operating loss carryforwards and 163(j) interest limitation carryforwards. The Company primarily relies on reversing taxable temporary differences to support the realization of its deferred tax assets. Based on available evidence and limitations on interest deductions under the tax law, the Company previously had a valuation allowance of $10.5 million as of March 31, 2025, primarily against the interest expense carryforward. However, the deferred tax liability recorded in connection with the NV5 Acquisition provided a source of future taxable income which supports the realizability of the interest expense carryforward asset and therefore the valuation allowance was reversed during the three months ended September 30, 2025. The deferred tax liability continues to support the realizability of the interest expense carryforward asset and no valuation allowance has been recorded during the three months ended March 31, 2026.

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STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

Restricted Stock Units

Awards of Restricted Stock Units (“RSUs”) are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. Forfeitures are recognized as they occur. The Company’s RSU’s consist of three types: time-based units, market-based units and performance-based units, that are settled in shares of the Company’s common stock upon vesting.

The time-based awards issued to the Company’s employees vest either (i) in equal installments over a three-year service period from the grant date or (ii) cliff vest at the end of a one to three-year service period from the grant date. The time-based RSUs issued to the Company’s directors vest at the end of the anniversary date of their grant date. The market-based RSUs issued to the Company’s employees vest upon the later of the (i) first anniversary of the grant date and (ii) the calendar day following the 10 consecutive trading day period during which the VWAP of the Company’s common stock reaches $20.00 per share, which must be achieved before the fifth anniversary of the grant date. The performance-based RSUs issued to the Company’s employees vest based on the attainment of performance-based targets as outlined in the award grant notice over a three-year performance period.

The grant-date fair values of the time-based units and the performance-based units were determined based on the fair value of the underlying common stock on the grant date. The grant-date fair value of the market-based units was determined using a Monte Carlo simulation method which takes into consideration different stock price paths.

Below is a summary of RSU activity for the three months ended March 31, 2026:

	Time Vesting Units			Market Vesting Units			Performance Vesting
	Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	944,202	$	9.76	555,000	$	5.35	984,321	$	9.38
Granted	3,577,160	7.60		—	—		2,564,179	7.60
Forfeited	(18,677)	9.30		(15,000)	5.35		(83,001)	9.19
Units Vested	(146,667)	9.60		—	—		—	—
Unvested as of March 31, 2026	4,356,018	$	8.40	540,000	$	5.35	3,465,499	$	8.27

Share-based compensation expense is recorded in “Selling, general and administrative expenses” in the condensed consolidated statements of operations and comprehensive income (loss). Share-based compensation expense for the Company’s RSUs during the three months ended March 31, 2026 was $7.8 million, consisting of $6.6 million for time-based RSU’s, $0.3 million for market-based RSUs, and $0.9 million for performance-based RSU’s. Share-based compensation expense includes $4.2 million of expense related to the Company’s liability-classified awards during the three months ended March 31, 2026. The total estimated amount of the liability-classified awards is approximately $17.4 million.

As of March 31, 2026, the total unrecognized compensation expense for time-based RSUs was $43.5 million, which is expected to be recognized over a weighted average period of approximately 2.1 years. As of March 31, 2026, the total unrecognized compensation expense for market-based RSUs was $1.1 million, which is expected to be recognized over a weighted average period of approximately 1.0 years. As of March 31, 2026, the total unrecognized compensation expense for performance-based RSUs was $24.8 million, which is expected to be recognized over a weighted average period of approximately 2.7 years. The aggregate intrinsic value of RSUs vested during the three months ended March 31, 2026 was $1.0 million.

Restricted Stock Awards

NV5 historically granted Restricted Stock Awards (“RSAs”) to its employees. The RSAs generally provided for service-based cliff vesting two to four years following the grant date. In connection with the NV5 Acquisition, all outstanding unvested RSAs otherwise not accelerated upon the NV5 Closing Date were converted into RSAs of the Company with substantially similar terms and conditions of the previously existing awards, including future service requirements. The RSAs were replaced based on an exchange ratio of 2.0387, which was calculated in the same manner as the exchange ratio that was applicable to the NV5 common stock outstanding on the NV5 Closing Date and that received merger consideration on the NV5 Closing Date.

The following summarizes the activity of restricted stock awards during the three months ended March 31, 2026:

	Number of Unvested Restricted Stock Awards	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	6,958,429	$	10.50
Forfeited	(180,010)	10.50
Vested	(385,558)	10.50
Unvested as of March 31, 2026	6,392,861	$	10.50

Share-based compensation expense relating to RSAs during the three months ended March 31, 2026 was $5.1 million. As of March 31, 2026, the total unrecognized share-based compensation expense for RSAs was $29.8 million, which is expected to be recognized over a weighted average period of approximately 1.4 years. The aggregate intrinsic value of RSAs vested during the three months ended March 31, 2026 was $3.5 million.

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (“ESPP”) allows qualified employees to purchase designated shares of the Company’s common stock at a price equal to 85% of the lesser of the fair market value of common stock at the beginning or end of each semi-annual stock purchase period. The Company did not issue any shares of common stock pursuant to the ESPP during the three months ended March 31, 2026. Share-based compensation expense for the Company’s ESPP during the three months ended March 31, 2026 was not material.

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is involved in matters that involve various claims which have arisen in the normal course of business. The Company does not believe any liabilities that may arise as a result of such claims will have a material adverse effect, individually or in the aggregate, on its business, results of operations, cash flows or financial condition.

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SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company reports segment information in accordance with ASC Topic No. 280 “Segment Reporting” (“Topic No. 280”). The Company’s Chief Executive Officer is the Company’s chief operating decision-maker (“CODM”). The Company is organized into three reportable segments as follows:

•Inspection and Mitigation, which includes the Company’s legacy testing, inspection, certification and compliance services in the United States, Canada, and United Kingdom;

•Consulting Engineering, which includes the Company’s engineering, civil program management, utility services, conformity assessment, clean energy consulting, data center commissioning and consulting, buildings and program management, MEP & technology design, and environmental health science services; and

•Geospatial, which includes the Company’s geospatial solution services.

The Company’s reportable segments are strategic business units that offer different products and services. The accounting policies of the reportable segments are the same as those described under “Note 1. Basis of Presentation and Significant Accounting Policies.” The CODM evaluates the performance of these reportable segments based on their respective gross profit. The CODM considers budget-to-actual and forecast-to-actual variances on a monthly basis when making decisions about allocating resources. The CODM does not regularly review capital expenditures by segment.

The following tables set forth certain financial information for each of the Company’s reportable segments for the periods indicated:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	234,827	$	187,341	$	65,861	$	—	$	488,029
Cost of revenue	$	194,066	$	98,191	$	34,471	$	—	$	326,728
Gross profit	$	40,761	$	89,150	$	31,390	$	—	$	161,301
Depreciation and amortization	$	16,723	$	1,686	$	2,714	$	37,757	$	58,880
Total assets	$	1,982,840	$	1,160,672	$	626,315	$	562,309	$	4,332,136
Long-lived assets (1)	$	163,822	$	10,700	$	44,481	$	26,598	$	245,601

(1) Long-lived assets consist of property and equipment, net as identified in “Note 6. Property and equipment.”

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	234,215	$	—	$	—	$	—	$	234,215
Cost of revenue	$	190,546	$	—	$	—	$	—	$	190,546
Gross profit	$	43,669	$	—	$	—	$	—	$	43,669
Depreciation and amortization	$	15,597	$	—	$	—	$	13,002	$	28,599
Total assets	$	1,986,435	$	—	$	—	$	193,845	$	2,180,280
Long-lived assets (1)	$	183,473	$	—	$	—	$	—	$	183,473

(1) Long-lived assets consist of property and equipment, net as identified in “Note 6. Property and equipment.”

The Company disaggregates its revenues from contracts with customers by geographic location, customer type, and contract type for each of its reportable segments. Disaggregated revenues include inter-segment revenues which are ultimately eliminated within Corporate and Eliminations. The Company believes this best depicts how the nature, amount, timing and uncertainty of its revenues and cash flows are affected by economic factors.

Revenues, classified by the major geographic areas in which the Company's customers are located, were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
United States	$	134,044	$	156,286	$	62,416	$	352,746
Canada	98,013		—		228		98,241
Other foreign	2,770		31,055		3,217		37,042
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
United States	$	145,321	$	—	$	—	$	145,321
Canada	86,528		—		—		86,528
Other foreign	2,366		—		—		2,366
Total segment revenues	$	234,215	$	—	$	—	$	234,215

Revenues by customer were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Public and quasi-public sector	$	6,876	$	89,505	$	55,394	$	151,775
Private sector	227,951		97,836		10,467		336,254
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Public and quasi-public sector	$	5,903	$	—	$	—	$	5,903
Private sector	228,312		—		—		228,312
Total segment revenues	$	234,215	$	—	$	—	$	234,215

Revenues by contract type were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Cost-reimbursable contracts	$	224,526	$	170,311	$	64,278	$	459,115
Fixed-unit price contracts	10,301		17,030		1,583		28,914
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Cost-reimbursable contracts	$	220,772	$	—	$	—	$	220,772
Fixed-unit price contracts	13,443		—		—		13,443
Total segment revenues	$	234,215	$	—	$	—	$	234,215

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RELATED PARTIES

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

RELATED PARTIES

RELATED PARTIES

On July 30, 2024, the Company entered into a Consulting Services Agreement with Mariposa Capital, LLC, an entity owned by the Co-Chairman of the Company’s board of directors. Under this agreement, Mariposa Capital, LLC agreed to provide certain services, including corporate development and consulting services, consulting services with respect to mergers and acquisitions, investor relations services, strategic planning consulting services, capital expenditure allocation consulting services, strategic treasury consulting services and such other services relating to the Company as may from time to time be mutually agreed. In connection with these services, Mariposa Capital, LLC is entitled to receive an annual fee equal to $2.0 million, payable in quarterly installments. The initial term of this agreement was for the one-year period ended July 30, 2025. The agreement was automatically renewed and automatically renews for successive one-year terms unless either party notifies the other party in writing of its intention not to renew this agreement no later than 90 days prior to the expiration of the term. This agreement may only be terminated by the Company upon a vote of a majority of the directors. In the event that this agreement is terminated by the Company, the effective date of the termination will be six months following the expiration of the initial term or a renewal term, as the case may be. During each of the quarters ending March 31, 2026 and March 31, 2025, the Company paid $0.5 million of consulting fees under this contract

No dividends on the Series A Preferred Stock have been declared during the three months ended March 31, 2026.

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements (the “interim statements”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. GAAP for complete financial statements as certain information has been condensed or omitted. All intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current period presentation. Such reclassifications did not have a material effect on the Company's financial condition or results of operations as previously reported. The results of operations of companies acquired are included from the date of acquisition. In the opinion of management, these interim statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These interim statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the period ended December 31, 2025, as filed with the SEC (the “2025 Annual Report”).

Revenue Recognition

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, by following the five-step model: the Company identifies a contract with a customer, identifies the performance obligation(s) in the contract, determines the transaction price, allocates the transaction price to each performance obligation in the contract and recognizes revenues as the Company satisfies the performance obligation(s).

Nature of Services and Performance Obligations

The Company provides TICC, engineering, geospatial and other services to customers under a variety of contract types. Contracts are evaluated to determine whether they should be combined and whether they contain one or multiple performance obligations. Most contracts contain a single performance obligation, as the promise to transfer individual services is not separately identifiable from other promises in the contract and, therefore, is not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation utilizing several different pricing scenarios and is able to discretely price out each individual component based on its nature and relation to the overall performance obligation.

Performance obligations are generally satisfied over time as work progresses or services are rendered, because the customer simultaneously receives and consumes the benefits of the Company’s performance. Revenue may be recognized over time based on time and material incurred to date, which best portrays the transfer of control to the customer, or based on progress measured using an input method by comparing direct costs incurred to date to the estimated total direct costs for the completion of the services. Contract costs include labor, sub-consultant services and other direct costs. For contracts that meet the required conditions, the Company applies the as-invoiced practical expedient and recognizes revenue based on its right to invoice for services performed.

Performance obligations in certain contracts are satisfied at a point in time. Revenue for these services is recognized when control of the promised deliverable transfers to the customer, which is generally upon completion, delivery or customer acceptance of reports or analyses.

The Company enters into contracts with its clients that contain two principal types of pricing provisions: cost-reimbursable and fixed-unit price. Cost-reimbursable contracts consist of the following:

•time and material contracts, which are common for professional and technical consulting and certification services projects. Under these types of contracts, there is no predetermined fee. Instead, the Company negotiates hourly billing rates and charges the clients based upon actual hours expended on a project. In addition, any direct project expenditures are passed through to the client and are typically reimbursed. These contracts may have an initial not-to-exceed or guaranteed maximum price provision.

•cost-plus contracts are the predominant contracting method used by the Company to charge clients for its costs, including both direct and indirect costs, plus a negotiated fee. The total estimated cost plus the negotiated fee represents the total contract value.

•lump-sum contracts typically require the performance of all of the work under the contract for a specified lump-sum fee, subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Many of the Company’s lump-sum contracts are negotiated and arise in the design of projects with a specified scope and project deliverables. In most cases, we can bill additional fees if the construction schedule is modified and lengthened.

Fixed-unit price contracts typically require the performance of an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units performed.

As of March 31, 2026, the Company had $1.1 billion of remaining performance obligations, of which $860.2 million is expected to be recognized over the next 12 months. Performance obligations include only those amounts that have been funded and authorized and does not reflect the full amounts the Company may receive over the term of such contracts. In the case of non-government contracts and project awards, performance obligations include future revenue at contract or customary rates, excluding contract renewals or extensions that are at the discretion of the client. For contracts with a not-to-exceed maximum amount, the Company includes revenue from such contracts in performance obligations to the extent of the remaining estimated amount.

Contract estimates are based on various assumptions to project the outcome of future events. These assumptions are dependent upon the accuracy of a variety of estimates, including engineering progress, achievement of milestones, labor productivity and cost estimates. Due to uncertainties inherent in the estimation process, it is possible that actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss or reduction to the percentage of total contract revenues recognized to date, these losses or reductions are recognized in the period in which the revisions are known. The effect of revisions to revenues and estimated costs to complete contracts, including penalties, incentive awards, change orders, claims and anticipated losses, are recorded on a cumulative catch-up basis in the period in which the revisions are identified and the loss can be reasonably estimated. Such revisions could occur in any reporting period and the effects on the results of operations for that reporting period may be material depending on the size of the project or the adjustment.

Contract Balances

The timing of revenue recognition, billings and cash collections results in, and are reflected within, “Accounts receivable, net,” “Contract assets, net,” and “Contract liabilities” on the condensed consolidated balance sheets.

“Accounts receivable, net” represents amounts billed to clients that remain uncollected as of the balance sheet date. The amounts are stated at their estimated realizable value. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. See further discussion in “Note 5. Accounts Receivable and Contract Assets.”

“Contract assets, net” represent recognized amounts pending billing pursuant to contract terms or accounts billed after period end and are expected to be billed and collected within the next 12 months. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets that are classified as current.

In certain circumstances, the contract may allow for billing terms that result in cumulative amounts billed in excess of revenues recognized. “Contract liabilities” represent billings in excess of revenues recognized on these contracts as of the reporting date that are generally classified as current. During the three months ended March 31, 2026, revenue recognized related to the Company’s contract liabilities that existed as of December 31, 2025 was not material.

Contract Modifications

Contract modifications may occur in the normal course of business and typically result from changes in scope, specifications or performance period. In most cases, such modifications are not distinct and are accounted for as part of the existing contract. If a modification adds distinct goods or services at a price that reflects their standalone selling prices, it is accounted for as a separate contract.

Federal Acquisition Regulations

Federal Acquisition Regulations (“FAR”), which are applicable to the Company’s federal government contracts and may be incorporated in local and state agency contracts, limit the recovery of certain specified indirect costs on contracts. Cost-plus contracts covered by FAR or certain state and local agencies also may require an audit of actual costs and provide for upward or downward adjustments if actual recoverable costs differ from billed recoverable costs.

Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

The Company has not adopted any new accounting pronouncements since the audited consolidated financial statements for the year ended December 31, 2025. See the 2025 Annual Report for information pertaining to the effects of recently adopted and other recent accounting pronouncements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40. The amendments in this update remove all references to prescriptive and sequential software development stages. Under this ASU, capitalization of internal-use software begins when management authorizes and commits to funding the project and it is probable that the project will be completed. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods; however early adoption is permitted either prospectively or retrospectively. The Company is currently evaluating the impact the adoption of this guidance will have on its financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), requiring disclosure in the notes to the financial statements for specified information about certain costs and expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027; however early adoption is permitted and can be applied either prospectively or retrospectively. The Company is currently evaluating the impact the adoption of this guidance will have on its financial statements and related disclosures.

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BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Summary of Business Acquisitions, by Acquisition

The following table summarizes the preliminary estimated fair value of consideration transferred and the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the NV5 Acquisition:

	Total
Cash consideration	$	870,911
Equity consideration	768,304
Replacement of share-based awards	29,744
Total consideration	$	1,668,959
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	58,958
Accounts receivables	186,228
Contract assets	123,428
Prepaid expenses and other current assets	33,536
Plant and equipment	80,557
Other assets	4,560
Operating lease right-of-use assets	33,464
Intangible assets	720,000
Accounts payable	(40,350)
Accrued expenses and other current liabilities	(99,123)
Contract liabilities	(47,694)
Other liabilities	(10,569)
Deferred tax liabilities	(97,935)
Lease liabilities	(39,908)
Total identifiable net assets acquired	$	905,152
Goodwill	$	763,807

Measurement period adjustments made during the three months ended March 31, 2026 were immaterial.

Summary of Fair Value of the Identifiable Intangible Assets

The following table summarizes the preliminary fair value of the identifiable intangible assets:

	Fair Value as of March 31, 2026
Customer relationships	$	590,000
Customer backlog	88,000
Trade name	39,000
Developed technology	3,000
Total intangible assets	$	720,000

Summary of Pro Forma Consolidated Financial Information Reflects the Results of Operations

The following pro forma consolidated financial information reflects the results of operations of the Company for the three months ended March 31, 2025 as if the NV5 Acquisition and related financing had occurred as of January 1, 2024, after giving effect to certain purchase accounting and financing adjustments. These amounts are based on financial information of the NV5 business and are not necessarily indicative of what the Company’s operating results would have been had the NV5 Acquisition and related financing taken place on January 1, 2024.

	Three Months Ended
	March 31, 2025
Net Revenue	$	468,260
Net Loss	$	(43,109)

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EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

The following table sets forth the computations of basic and diluted loss per share of common stock and Series A Preferred Stock using the two-class method and the if-converted method, respectively, for the three months ended March 31, 2026 and March 31, 2025.

	Three Months Ended
	March 31, 2026		March 31, 2025
Basic shares:
Numerator:
Net loss	$	(41,549)	$	(25,793)
Undistributed loss allocated to Series A Preferred Stock	190		211
Net loss available to holders of common stock	$	(41,359)	$	(25,582)
Denominator:
Weighted average common stock outstanding – basic	217,251,178		121,476,215
Weighted average Series A Preferred Stock outstanding – basic	1,000,000		1,000,000
Basic loss per common stock	$	(0.19)	$	(0.21)
Basic loss per Series A Preferred Stock	$	(0.19)	$	(0.21)
Dilutive shares:
Numerator:
Undistributed loss allocated to common stock	$	(41,359)	$	(25,582)
Undistributed loss allocated to Series A Preferred Stock	(190)		(211)
Total undistributed loss	$	(41,549)	$	(25,793)
Denominator:
Weighted average common stock outstanding – basic	217,251,178		121,476,215
Add: dilutive securities
Series A Preferred Stock	1,000,000		1,000,000
Weighted average common stock outstanding – diluted	218,251,178		122,476,215
Weighted average Series A Preferred Stock outstanding – diluted	1,000,000		1,000,000
Diluted loss per common stock	$	(0.19)	$	(0.21)
Diluted loss per Series A Preferred Stock	$	(0.19)	$	(0.21)

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share

For the three months ended March 31, 2026 and March 31, 2025, the Company excluded the following potentially dilutive shares from the computation of diluted loss per common stock as the impact would have been anti-dilutive:

	Three Months Ended
Potentially dilutive securities	March 31, 2026	March 31, 2025
Stock options(1)	—	125,000
Warrants(1)	—	212,901
Restricted stock awards	3,390,276	—
Restricted stock units	1,145,327	973,092
Shares issuable pursuant to the Series A Preferred Stock dividend(2)	—	3,196,648
(1) For the three months ended March 31, 2026, the stock options and warrants were out of the money.
(2) See discussion of the Annual Dividend Amount in “Note 3. Stockholders’ Equity.”

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ACCOUNTS RECEIVABLE AND CONTRACT ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Summary of Accounts Receivable and Contract Assets

Accounts receivable and contract assets are recorded net of allowances for credit losses. Accounts receivable represent invoiced and accrued revenue while contract assets represent accrued revenue that has yet to be invoiced to the customer. The Company’s accounts receivable, contract assets and allowance for credit losses consisted of the following as of the below dates:

	March 31, 2026		December 31, 2025
Accounts receivables	$	347,195	$	369,669
Contract assets	182,802		154,510
Allowance for credit losses	(3,022)		(3,447)
Total accounts receivables, net	$	526,975	$	520,732

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PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consists of the following:

	Useful Life (Years)	March 31, 2026		December 31, 2025
Land		$	6,117	$	6,179
Buildings and leasehold improvements	25	25,908		25,364
Computer, software, and office equipment	3 – 5	24,560		23,279
Machinery and equipment	3 – 10	186,145		181,437
Vehicles, aircrafts and vessels	5 - 15	97,781		96,192
Construction in progress		12,222		11,238
Total property and equipment		352,733		343,689
Accumulated depreciation		(107,132)		(88,064)
Property and equipment, net		$	245,601	$	255,625

Total depreciation expense for property and equipment was recognized as follows for the following periods:

	Three Months Ended
	March 31, 2026		March 31, 2025
Cost of revenue	$	18,843	$	15,362
Selling, general and administrative expenses	3,083		235
Total depreciation expense	$	21,926	$	15,597

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GOODWILL (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill

The changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2026 were as follows:

	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Balance at December 31, 2025	$	895,533	$	516,873	$	237,189	1,649,595
Acquisitions	—		2,069		—		2,069
Measurement period adjustments	102		292		2,147		2,541
Currency adjustments	(6,671)		—		—		(6,671)
Balance at March 31, 2026	$	888,964	$	519,234	$	239,336	$	1,647,534

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INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization of intangible assets were as follows:

	Weighted Average Remaining Life (Years)	March 31, 2026						December 31, 2025
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	13.3	$	1,279,417	$	(104,950)	$	1,174,467	$	1,282,032	$	(82,609)	$	1,199,423
Customer backlog	1.4	88,741		(42,215)		46,526		88,466		(31,126)		57,340
Tradenames	12.3	138,946		(13,621)		125,325		139,498		(11,059)		128,439
Technology	2.9	7,993		(2,331)		5,662		8,019		(1,839)		6,180
		$	1,515,097	$	(163,117)	$	1,351,980	$	1,518,015	$	(126,633)	$	1,391,382

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ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Summary of Accounts Payable and Accrued Liabilities

The Company’s accrued expenses and other current liabilities consisted of the following as of the below dates:

	March 31, 2026		December 31, 2025
Accrued salaries, wages and related employee benefits	$	76,617	$	58,655
Accrued trade payables	28,220		32,090
Accrued operating expenses	15,528		21,718
Accrued indirect taxes	4,334		4,676
Accrued sales discounts	1,986		3,094
Current portion of contingent consideration	12,670		8,608
Other accrued expenses	28,882		22,785
Total accrued expenses and other current liabilities	$	168,237	$	151,626

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LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Summary of Long-Term Debt

The Company’s long-term debt obligations consisted of the following:

	Maturity Date	March 31, 2026		December 31, 2025
Term Loans	July 30, 2031	$	1,631,804	$	1,635,935
Revolving credit facility	July 30, 2029	—		—
Promissory notes		13,389		15,273
Less: Unamortized deferred financing costs		(36,309)		(38,011)
Total debt, net		1,608,884		1,613,197
Less:
Current portion of Term Loans		(16,525)		(16,525)
Current portion of promissory notes		(6,935)		(8,986)
Long-term debt, net of current portion		$	1,585,424	$	1,587,686

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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Activities of RSUs

Below is a summary of RSU activity for the three months ended March 31, 2026:

	Time Vesting Units			Market Vesting Units			Performance Vesting
	Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	944,202	$	9.76	555,000	$	5.35	984,321	$	9.38
Granted	3,577,160	7.60		—	—		2,564,179	7.60
Forfeited	(18,677)	9.30		(15,000)	5.35		(83,001)	9.19
Units Vested	(146,667)	9.60		—	—		—	—
Unvested as of March 31, 2026	4,356,018	$	8.40	540,000	$	5.35	3,465,499	$	8.27

Summary of the Activity of Restricted Stock Awards

The following summarizes the activity of restricted stock awards during the three months ended March 31, 2026:

	Number of Unvested Restricted Stock Awards	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	6,958,429	$	10.50
Forfeited	(180,010)	10.50
Vested	(385,558)	10.50
Unvested as of March 31, 2026	6,392,861	$	10.50

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SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Segment Reporting Information, by Segment

The following tables set forth certain financial information for each of the Company’s reportable segments for the periods indicated:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	234,827	$	187,341	$	65,861	$	—	$	488,029
Cost of revenue	$	194,066	$	98,191	$	34,471	$	—	$	326,728
Gross profit	$	40,761	$	89,150	$	31,390	$	—	$	161,301
Depreciation and amortization	$	16,723	$	1,686	$	2,714	$	37,757	$	58,880
Total assets	$	1,982,840	$	1,160,672	$	626,315	$	562,309	$	4,332,136
Long-lived assets (1)	$	163,822	$	10,700	$	44,481	$	26,598	$	245,601

(1) Long-lived assets consist of property and equipment, net as identified in “Note 6. Property and equipment.”

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	234,215	$	—	$	—	$	—	$	234,215
Cost of revenue	$	190,546	$	—	$	—	$	—	$	190,546
Gross profit	$	43,669	$	—	$	—	$	—	$	43,669
Depreciation and amortization	$	15,597	$	—	$	—	$	13,002	$	28,599
Total assets	$	1,986,435	$	—	$	—	$	193,845	$	2,180,280
Long-lived assets (1)	$	183,473	$	—	$	—	$	—	$	183,473

(1) Long-lived assets consist of property and equipment, net as identified in “Note 6. Property and equipment.”

Summary of Revenue from External Customers by Geographic Areas

Revenues, classified by the major geographic areas in which the Company's customers are located, were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
United States	$	134,044	$	156,286	$	62,416	$	352,746
Canada	98,013		—		228		98,241
Other foreign	2,770		31,055		3,217		37,042
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
United States	$	145,321	$	—	$	—	$	145,321
Canada	86,528		—		—		86,528
Other foreign	2,366		—		—		2,366
Total segment revenues	$	234,215	$	—	$	—	$	234,215

Revenues by customer were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Public and quasi-public sector	$	6,876	$	89,505	$	55,394	$	151,775
Private sector	227,951		97,836		10,467		336,254
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Public and quasi-public sector	$	5,903	$	—	$	—	$	5,903
Private sector	228,312		—		—		228,312
Total segment revenues	$	234,215	$	—	$	—	$	234,215

Revenues by contract type were as follows:

	Three Months Ended March 31, 2026
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Cost-reimbursable contracts	$	224,526	$	170,311	$	64,278	$	459,115
Fixed-unit price contracts	10,301		17,030		1,583		28,914
Total segment revenues	$	234,827	$	187,341	$	65,861	$	488,029

	Three Months Ended March 31, 2025
	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Cost-reimbursable contracts	$	220,772	$	—	$	—	$	220,772
Fixed-unit price contracts	13,443		—		—		13,443
Total segment revenues	$	234,215	$	—	$	—	$	234,215

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 1,100.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 860.2
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

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BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands, shares in Millions		3 Months Ended	12 Months Ended
	May 14, 2025 USD ($) shares	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) business
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill		$ 1,647,534	$ 1,649,595
Consulting Engineering
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill		519,234	516,873
Inspection and Mitigation
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill		888,964	895,533
Geospatial
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill		239,336	237,189
2026 Business Acquisitions
Business Combination, Separately Recognized Transaction [Line Items]
Total consideration		5,000
Goodwill		$ 2,000
NV5 Global, Inc.
Business Combination, Separately Recognized Transaction [Line Items]
Total consideration	$ 1,668,959
Goodwill	763,807
Cash paid to acquire business	$ 870,911
Number of shares issued (in shares) | shares	73.2
Equity consideration	$ 768,304
Replacement of unvested	76,500
Replacement of share-based awards	29,744
Debt issuance costs	21,900
Goodwill expected to be tax deductible	76,100
Acquisition-related cost, expense	24,700
NV5 Global, Inc. | Revolving Credit Facility
Business Combination, Separately Recognized Transaction [Line Items]
Debt issuance costs	1,300
Increase in existing senior secured revolving credit facility	125,000
NV5 Global, Inc. | Revolving Credit Facility | Line of Credit
Business Combination, Separately Recognized Transaction [Line Items]
Long-term debt	875,000
NV5 Global, Inc. | Consulting Engineering
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill	515,300
NV5 Global, Inc. | Inspection and Mitigation
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill	15,400
NV5 Global, Inc. | Geospatial
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill	$ 233,100
NV5 Global, Inc. | Customer relationships
Business Combination, Separately Recognized Transaction [Line Items]
Weighted average remaining life (in years)	15 years
NV5 Global, Inc. | Customer backlog
Business Combination, Separately Recognized Transaction [Line Items]
Weighted average remaining life (in years)	2 years
NV5 Global, Inc. | Trade name
Business Combination, Separately Recognized Transaction [Line Items]
Weighted average remaining life (in years)	10 years
NV5 Global, Inc. | Developed technology
Business Combination, Separately Recognized Transaction [Line Items]
Weighted average remaining life (in years)	3 years
2025 Business Acquisitions
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill			17,900
Cash paid to acquire business			$ 45,800
Number of businesses acquired | business			7
2025 Business Acquisitions | Consulting Engineering
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill			$ 1,900
2025 Business Acquisitions | Inspection and Mitigation
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill			9,800
2025 Business Acquisitions | Geospatial
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill			$ 6,200

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BUSINESS COMBINATIONS - Summary of Fair Value of Consideration Transferred (Details) € in Thousands, $ in Thousands	May 14, 2025 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	May 14, 2025 EUR (€)
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill		$ 1,647,534	$ 1,649,595
NV5 Global, Inc.
Business Combination, Separately Recognized Transaction [Line Items]
Cash consideration	$ 870,911
Equity consideration	768,304
Replacement of share-based awards	29,744
Total consideration	1,668,959
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	58,958
Accounts receivables	186,228
Contract assets	123,428
Prepaid expenses and other current assets	33,536
Plant and equipment	80,557
Other assets	4,560
Operating lease right-of-use assets	33,464
Intangible assets	720,000	$ 720,000
Accounts payable	(40,350)
Accrued expenses and other current liabilities	(99,123)
Contract liabilities	(47,694)
Other liabilities	(10,569)
Deferred tax liabilities | €				€ (97,935)
Lease liabilities	(39,908)
Total identifiable net assets acquired	905,152
Goodwill	$ 763,807

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BUSINESS COMBINATIONS - Summary of Preliminary Fair Value of the Identifiable Intangible Assets (Details) - NV5 Global, Inc. - USD ($) $ in Thousands	Mar. 31, 2026	May 14, 2025
Intangible Asset, Acquired, Indefinite-Lived [Line Items]
Intangible assets	$ 720,000	$ 720,000
Customer relationships
Intangible Asset, Acquired, Indefinite-Lived [Line Items]
Intangible assets	590,000
Customer backlog
Intangible Asset, Acquired, Indefinite-Lived [Line Items]
Intangible assets	88,000
Trade name
Intangible Asset, Acquired, Indefinite-Lived [Line Items]
Intangible assets	39,000
Developed technology
Intangible Asset, Acquired, Indefinite-Lived [Line Items]
Intangible assets	$ 3,000

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BUSINESS COMBINATIONS - Summary of Pro Forma Consolidated Financial Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Net Revenue	$ 468,260
Net Loss	$ (43,109)

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STOCKHOLDERS’ EQUITY - Preferred Stock Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026 $ / shares shares	Dec. 31, 2025 USD ($) d $ / shares shares	Dec. 16, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Common stock, shares authorized (in shares)			500,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.1000	$ 0.1000	$ 0.0001
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.1000	$ 0.1000	$ 0.0001
Common stock, shares issued (in shares)	221,039,674	220,485,045
Common stock, shares outstanding (in shares)	221,039,674	220,485,045
Number of securities issued (in shares)	1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)	1,000,000	1,000,000
Average share price threshold for annual dividends (in dollars per share) | $ / shares		$ 11.50
Share price threshold for Preferred stock dividends consecutive trading days | d		10
Dividend rate, percent of appreciation of market price	20.00%
Share price baseline for calculating annual dividends (in dollars per share) | $ / shares		$ 10.00
Preferred stock dividends, shares amount	121,476,215	121,476,215
Common stock, dividends, per share, declared | $ / shares		$ 10.28
Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)			5,000,000
Series A Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)			1,000,000
Number of securities issued (in shares)	1,000,000
Preferred stock, shares outstanding (in shares)	1,000,000
Dividends, common stock (in dollars per share) | $		$ 668,347

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STOCKHOLDERS’ EQUITY - Warrants Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 05, 2025 USD ($) $ / shares shares	Dec. 31, 2025 d $ / shares	Mar. 31, 2026 $ / shares shares	Mar. 10, 2026 USD ($)	Dec. 16, 2024 $ / shares	May 31, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.1000	$ 0.1000		$ 0.0001
Warrant conversion shares ratio (in shares) | shares			0
Vested warrants outstanding (in shares) | shares			14,952,860
Share price threshold for Preferred stock dividends consecutive trading days | d		10
Number of securities called by each warrant (in shares) | shares			3,738,215
Private Placement
Class of Warrant or Right [Line Items]
Gross proceeds | $	$ 250.0
Private Placement | Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Sale price per share (in dollars per share) | $ / shares	$ 11.9999
Warrant conversion shares ratio (in shares) | shares	3,125,000
Exercise price of warrants (in dollars per share) | $ / shares	$ 0.0001
Notice period	61 days
Private Placement | Pre-Funded Warrants | Minimum
Class of Warrant or Right [Line Items]
Minimum beneficial ownership percentage	9.99%
Private Placement | Pre-Funded Warrants | Maximum
Class of Warrant or Right [Line Items]
Minimum beneficial ownership percentage	19.99%
Initial Public Stock Offering | Common Stock And Series A Preferred Stock
Class of Warrant or Right [Line Items]
Warrant conversion shares ratio (in shares) | shares						4
Exercise price of warrants (in dollars per share) | $ / shares						$ 11.50
Vested warrants outstanding (in shares) | shares						54,975,000
Initial Public Stock Offering | Common Stock And Series A Preferred Stock | Non Founder Director
Class of Warrant or Right [Line Items]
Vested warrants outstanding (in shares) | shares						25,000
Initial Public Stock Offering | Common Stock And Series A Preferred Stock | Minimum
Class of Warrant or Right [Line Items]
Mandatorily redeemable, stock trigger price (in dollars per share) | $ / shares						$ 0.01
Initial Public Stock Offering | Common Stock And Series A Preferred Stock | Maximum
Class of Warrant or Right [Line Items]
Mandatorily redeemable, stock trigger price (in dollars per share) | $ / shares						$ 18.00
Common Stock
Class of Warrant or Right [Line Items]
Share repurchase program, authorized, amount | $				$ 200.0
Common Stock | Private Placement
Class of Warrant or Right [Line Items]
Number of shares (in shares) | shares	17,708,333
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Sale price per share (in dollars per share) | $ / shares	$ 12.00

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EARNINGS PER SHARE - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (41,549)	$ (25,793)
Undistributed loss allocated to Series A Preferred Stock	(190)	(211)
Net loss available to holders of common stock	(41,359)	(25,582)
Numerator:
Total undistributed loss	$ (41,549)	$ (25,793)
Add: dilutive securities
Series A Preferred Stock (in shares)	1,000,000	1,000,000
Series A Preferred Stock
Numerator:
Undistributed loss allocated to Series A Preferred Stock	$ (190)	$ (211)
Denominator:
Weighted average common stock stock and Series A Preferred Stock outstanding – basic (in shares)	1,000,000	1,000,000
Basic loss per common stock and Series A Preferred Stock (in dollars per share)	$ (0.19)	$ (0.21)
Numerator:
Total undistributed loss	$ (190)	$ (211)
Add: dilutive securities
Weighted average common stock and Series A Preferred Stock outstanding – diluted	1,000,000	1,000,000
Diluted loss per common stock and Series A Preferred Stock (in dollars per share)	$ (0.19)	$ (0.21)
Common Stock
Denominator:
Weighted average common stock stock and Series A Preferred Stock outstanding – basic (in shares)	217,251,178	121,476,215
Basic loss per common stock and Series A Preferred Stock (in dollars per share)	$ (0.19)	$ (0.21)
Numerator:
Total undistributed loss	$ (41,359)	$ (25,582)
Add: dilutive securities
Weighted average common stock and Series A Preferred Stock outstanding – diluted	218,251,178	122,476,215
Diluted loss per common stock and Series A Preferred Stock (in dollars per share)	$ (0.19)	$ (0.21)

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EARNINGS PER SHARE - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	0	125,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	0	212,901
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	3,390,276	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	1,145,327	973,092
Shares issuable pursuant to the Series A Preferred Stock dividend
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	0	3,196,648

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ACCOUNTS RECEIVABLE AND CONTRACT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Receivables [Abstract]
Accounts receivables	$ 347,195	$ 369,669
Contract assets	182,802	154,510
Allowance for credit losses	(3,022)	(3,447)
Total accounts receivables, net	$ 526,975	$ 520,732

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PROPERTY AND EQUIPMENT - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 352,733	$ 343,689
Accumulated depreciation	(107,132)	(88,064)
Property and equipment, net	245,601	255,625	$ 183,473
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,117	6,179
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Useful Life (Years)	25 years
Total property and equipment	$ 25,908	25,364
Computer, software, and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 24,560	23,279
Computer, software, and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Computer, software, and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	5 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 186,145	181,437
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	10 years
Vehicles, aircrafts and vessels
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 97,781	96,192
Vehicles, aircrafts and vessels | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	5 years
Vehicles, aircrafts and vessels | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	15 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 12,222	$ 11,238

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PROPERTY AND EQUIPMENT - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 21,926	$ 15,597
Cost of revenue
Property, Plant and Equipment [Line Items]
Total depreciation expense	18,843	15,362
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 3,083	$ 235

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GOODWILL (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2025	$ 1,649,595
Acquisitions	2,069
Measurement period adjustments	2,541
Currency adjustments	(6,671)
Balance at March 31, 2026	1,647,534
Inspection and Mitigation
Goodwill [Roll Forward]
Balance at December 31, 2025	895,533
Acquisitions	0
Measurement period adjustments	102
Currency adjustments	(6,671)
Balance at March 31, 2026	888,964
Consulting Engineering
Goodwill [Roll Forward]
Balance at December 31, 2025	516,873
Acquisitions	2,069
Measurement period adjustments	292
Currency adjustments	0
Balance at March 31, 2026	519,234
Geospatial
Goodwill [Roll Forward]
Balance at December 31, 2025	237,189
Acquisitions	0
Measurement period adjustments	2,147
Currency adjustments	0
Balance at March 31, 2026	$ 239,336

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INTANGIBLE ASSETS - Summary of Intangible Assets and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,515,097	$ 1,518,015
Accumulated Amortization	(163,117)	(126,633)
Net Carrying Amount	$ 1,351,980	1,391,382
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (Years)	13 years 3 months 18 days
Gross Carrying Amount	$ 1,279,417	1,282,032
Accumulated Amortization	(104,950)	(82,609)
Net Carrying Amount	$ 1,174,467	1,199,423
Customer backlog
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (Years)	1 year 4 months 24 days
Gross Carrying Amount	$ 88,741	88,466
Accumulated Amortization	(42,215)	(31,126)
Net Carrying Amount	$ 46,526	57,340
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (Years)	12 years 3 months 18 days
Gross Carrying Amount	$ 138,946	139,498
Accumulated Amortization	(13,621)	(11,059)
Net Carrying Amount	$ 125,325	128,439
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (Years)	2 years 10 months 24 days
Gross Carrying Amount	$ 7,993	8,019
Accumulated Amortization	(2,331)	(1,839)
Net Carrying Amount	$ 5,662	$ 6,180

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INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 37.0	$ 13.0

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ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued salaries, wages and related employee benefits	$ 76,617	$ 58,655
Accrued trade payables	28,220	32,090
Accrued operating expenses	15,528	21,718
Accrued indirect taxes	4,334	4,676
Accrued sales discounts	1,986	3,094
Current portion of contingent consideration	12,670	8,608
Other accrued expenses	28,882	22,785
Total accrued expenses and other current liabilities	$ 168,237	$ 151,626

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ACCRUED EXPENSES AND OTHER LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Loss Contingencies [Line Items]
Contingent consideration, change in contingent consideration, liability, increase (decrease)	$ 1,900
Current portion of contingent consideration	12,670	$ 8,608
2026 Business Acquisitions
Loss Contingencies [Line Items]
Contingent consideration liability incurred	1,000
Contingent consideration liability payment	(1,300)
Contingent consideration	$ 15,200
NV5 Global, Inc.
Loss Contingencies [Line Items]
Contingent consideration		$ 13,600

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LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Less: Unamortized deferred financing costs	$ (36,309)	$ (38,011)
Total debt, net	1,608,884	1,613,197
Long-Term Debt, Current Maturities	(23,460)	(25,511)
Long-term debt, net of current portion	1,585,424	1,587,686
Term Loans
Debt Instrument [Line Items]
Long-term debt	1,631,804	1,635,935
Long-Term Debt, Current Maturities	(16,525)	(16,525)
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	0	0
Promissory notes
Debt Instrument [Line Items]
Long-term debt	13,389	15,273
Long-Term Debt, Current Maturities	$ (6,935)	$ (8,986)

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LONG-TERM DEBT - Narrative (Details) $ in Millions			3 Months Ended
	Aug. 04, 2025 USD ($)	Jan. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 03, 2025 USD ($)
Term Loan 2024
Debt Instrument [Line Items]
Amortization expense related to debt issuance costs			$ 1.7
Long-term debt			1,600.0
New Term Loans | Line of Credit
Debt Instrument [Line Items]
Quarterly installments	$ 4.1
Principal payment			16.5
Promissory notes
Debt Instrument [Line Items]
Short-term debt			6.9
Long-term debt			$ 6.5
Weighted average interest rate (as a percent)			1.40%
Term Loans | 2024 Credit Agreement | Term Loan 2024
Debt Instrument [Line Items]
Debt instrument face amount			$ 775.0
Debt instrument, term (in years)			7 years
Debt issuance costs		$ 1.2
Term Loans | 2024 Credit Agreement | Term Loan 2024 | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%	1.75%
Term Loans | 2024 Credit Agreement | Term Loan 2024 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%	2.75%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	875.0
Revolving Credit Facility | 2024 Credit Agreement
Debt Instrument [Line Items]
Covenant compliance, debt default, threshold amount			$ 40.0
Covenant compliance, undrawn letter of credit threshold, percent (greater than)			0.35
Covenant compliance, first lien net leverage ratio			0.0585
Revolving Credit Facility | 2024 Credit Agreement | Term Loan 2024
Debt Instrument [Line Items]
Amortization expense related to debt issuance costs			$ 0.0
Line of credit facility outstanding			$ 0.0	$ 0.0
Revolving Credit Facility | 2024 Credit Agreement | Term Loan 2024 | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
Revolving Credit Facility | 2024 Credit Agreement | Term Loan 2024 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%
Revolving Credit Facility | 2024 Credit Agreement | Term Loan 2024 | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage			0.375%
Revolving Credit Facility | 2024 Credit Agreement | Term Loan 2024 | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage			0.50%
Revolving Credit Facility | 2024 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Debt instrument, term (in years)			5 years
Line of credit facility, maximum borrowing capacity	$ 125.0		$ 75.0		$ 75.0
Letter of Credit | 2024 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			20.0
Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			14.1
Surety Bond | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 71.0

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INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ (16,458)	$ 1,465
Effective income tax rate, percent	28.40%	(6.00%)
Valuation allowance		$ 10,500

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STOCK-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) rsu $ / shares	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted Stock, Convertible, Conversion Ratio		2.0387
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of types of RSUs | rsu	3
Share-based compensation expense	$ 7.8
Aggregate intrinsic value, vested	$ 1.0
Restricted stock units | Time Vesting Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	3 years
Service period	3 years
Consecutive trading day	10 days
Weighted average exercise price (in dollars per share) | $ / shares	$ 20.00
Share-based compensation expense	$ 6.6
Unrecognized compensation expense	$ 43.5
Weighted average period (in shares)	2 years 1 month 6 days
Restricted stock units | Performance Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period	3 years
Share-based compensation expense	$ 0.9
Unrecognized compensation expense	$ 24.8
Weighted average period (in shares)	2 years 8 months 12 days
Restricted stock units | Market Vesting Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 0.3
Unrecognized compensation expense	$ 1.1
Weighted average period (in shares)	1 year
Contingently issuable RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 5.1
Unrecognized compensation expense	$ 29.8
Weighted average period (in shares)	1 year 4 months 24 days
Fair value of restricted shares vested	$ 3.5
Total estimated fair value	$ 17.4
Contingently issuable RSUs | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	2 years
Contingently issuable RSUs | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	4 years
Liability Based Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 4.2
Employee Stock | Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Purchase price of common stock, percent	85.00%

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STOCK-BASED COMPENSATION - Summary of Activities of RSUs (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Time Vesting Units
Number of Unvested Restricted Stock Awards
Unvested beginning balance (in shares) | shares	944,202
Granted (in shares) | shares	3,577,160
Forfeited (in shares) | shares	(18,677)
Units vested (in shares) | shares	(146,667)
Unvested ending balance (in shares) | shares	4,356,018
Weighted Average Grant Date Fair Value
Unvested, Weighted average grant date fair value at beginning balance (in dollars per share) | $ / shares	$ 9.76
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares	7.60
Forfeited, Weighted average grant date fair value (dollar per share) | $ / shares	9.30
Units Vested, Weighted average grant date fair value (in dollars per share) | $ / shares	9.60
Unvested, Weighted average grant date fair value at Ending balance (in dollars per share) | $ / shares	$ 8.40
Market Vesting Units
Number of Unvested Restricted Stock Awards
Unvested beginning balance (in shares) | shares	555,000
Granted (in shares) | shares	0
Forfeited (in shares) | shares	(15,000)
Units vested (in shares) | shares	0
Unvested ending balance (in shares) | shares	540,000
Weighted Average Grant Date Fair Value
Unvested, Weighted average grant date fair value at beginning balance (in dollars per share) | $ / shares	$ 5.35
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares	0
Forfeited, Weighted average grant date fair value (dollar per share) | $ / shares	5.35
Units Vested, Weighted average grant date fair value (in dollars per share) | $ / shares	0
Unvested, Weighted average grant date fair value at Ending balance (in dollars per share) | $ / shares	$ 5.35
Performance Vesting
Number of Unvested Restricted Stock Awards
Unvested beginning balance (in shares) | shares	984,321
Granted (in shares) | shares	2,564,179
Forfeited (in shares) | shares	(83,001)
Units vested (in shares) | shares	0
Unvested ending balance (in shares) | shares	3,465,499
Weighted Average Grant Date Fair Value
Unvested, Weighted average grant date fair value at beginning balance (in dollars per share) | $ / shares	$ 9.38
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares	7.60
Forfeited, Weighted average grant date fair value (dollar per share) | $ / shares	9.19
Units Vested, Weighted average grant date fair value (in dollars per share) | $ / shares	0
Unvested, Weighted average grant date fair value at Ending balance (in dollars per share) | $ / shares	$ 8.27

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STOCK-BASED COMPENSATION - Summary of Activities of Restricted Stock Awards (Details) - Contingently issuable RSUs	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Unvested Restricted Stock Awards
Unvested beginning balance (in shares) | shares	6,958,429
Forfeited (in shares) | shares	(180,010)
Vested (in shares) | shares	(385,558)
Unvested ending balance (in shares) | shares	6,392,861
Weighted Average Grant Date Fair Value
Unvested, Weighted average grant date fair value at beginning balance (in dollars per share) | $ / shares	$ 10.50
Forfeited (dollar per share) | $ / shares	10.50
Vested (in dollars per share) | $ / shares	10.50
Unvested, Weighted average grant date fair value at Ending balance (in dollars per share) | $ / shares	$ 10.50

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SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	3

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SEGMENT REPORTING - Summary of Financial Information For each of the Company’s Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 488,029	$ 234,215
Cost of revenue	326,728	190,546
Gross profit	161,301	43,669
Depreciation and amortization	58,880	28,599
Total assets	4,332,136	2,180,280	$ 4,396,309
Property and equipment, net	245,601	183,473	$ 255,625
Operating Segments
Segment Reporting Information [Line Items]
Revenue	488,029	234,215
Corporate and Eliminations
Segment Reporting Information [Line Items]
Revenue	0	0
Cost of revenue	0	0
Gross profit	0	0
Depreciation and amortization	(37,757)	(13,002)
Total assets	(562,309)	(193,845)
Property and equipment, net	(26,598)	0
Inspection and Mitigation | Operating Segments
Segment Reporting Information [Line Items]
Revenue	234,827	234,215
Cost of revenue	194,066	190,546
Gross profit	40,761	43,669
Depreciation and amortization	16,723	15,597
Total assets	1,982,840	1,986,435
Property and equipment, net	163,822	183,473
Consulting Engineering | Operating Segments
Segment Reporting Information [Line Items]
Revenue	187,341	0
Cost of revenue	98,191	0
Gross profit	89,150	0
Depreciation and amortization	1,686	0
Total assets	1,160,672	0
Property and equipment, net	10,700	0
Geospatial | Operating Segments
Segment Reporting Information [Line Items]
Revenue	65,861	0
Cost of revenue	34,471	0
Gross profit	31,390	0
Depreciation and amortization	2,714	0
Total assets	626,315	0
Property and equipment, net	$ 44,481	$ 0

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SEGMENT REPORTING - Summary of Service Revenues Classifications by Major Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 488,029	$ 234,215
Operating Segments
Segment Reporting Information [Line Items]
Revenue	488,029	234,215
Operating Segments | Cost-reimbursable contracts
Segment Reporting Information [Line Items]
Revenue	459,115	220,772
Operating Segments | Fixed-unit price contracts
Segment Reporting Information [Line Items]
Revenue	28,914	13,443
Operating Segments | Public and quasi-public sector
Segment Reporting Information [Line Items]
Revenue	151,775	5,903
Operating Segments | Private sector
Segment Reporting Information [Line Items]
Revenue	336,254	228,312
Operating Segments | Inspection and Mitigation
Segment Reporting Information [Line Items]
Revenue	234,827	234,215
Operating Segments | Inspection and Mitigation | Cost-reimbursable contracts
Segment Reporting Information [Line Items]
Revenue	224,526	220,772
Operating Segments | Inspection and Mitigation | Fixed-unit price contracts
Segment Reporting Information [Line Items]
Revenue	10,301	13,443
Operating Segments | Inspection and Mitigation | Public and quasi-public sector
Segment Reporting Information [Line Items]
Revenue	6,876	5,903
Operating Segments | Inspection and Mitigation | Private sector
Segment Reporting Information [Line Items]
Revenue	227,951	228,312
Operating Segments | Consulting Engineering
Segment Reporting Information [Line Items]
Revenue	187,341	0
Operating Segments | Consulting Engineering | Cost-reimbursable contracts
Segment Reporting Information [Line Items]
Revenue	170,311	0
Operating Segments | Consulting Engineering | Fixed-unit price contracts
Segment Reporting Information [Line Items]
Revenue	17,030	0
Operating Segments | Consulting Engineering | Public and quasi-public sector
Segment Reporting Information [Line Items]
Revenue	89,505	0
Operating Segments | Consulting Engineering | Private sector
Segment Reporting Information [Line Items]
Revenue	97,836	0
Operating Segments | Geospatial
Segment Reporting Information [Line Items]
Revenue	65,861	0
Operating Segments | Geospatial | Cost-reimbursable contracts
Segment Reporting Information [Line Items]
Revenue	64,278	0
Operating Segments | Geospatial | Fixed-unit price contracts
Segment Reporting Information [Line Items]
Revenue	1,583	0
Operating Segments | Geospatial | Public and quasi-public sector
Segment Reporting Information [Line Items]
Revenue	55,394	0
Operating Segments | Geospatial | Private sector
Segment Reporting Information [Line Items]
Revenue	10,467	0
Operating Segments | United States
Segment Reporting Information [Line Items]
Revenue	352,746	145,321
Operating Segments | United States | Inspection and Mitigation
Segment Reporting Information [Line Items]
Revenue	134,044	145,321
Operating Segments | United States | Consulting Engineering
Segment Reporting Information [Line Items]
Revenue	156,286	0
Operating Segments | United States | Geospatial
Segment Reporting Information [Line Items]
Revenue	62,416	0
Operating Segments | Canada
Segment Reporting Information [Line Items]
Revenue	98,241	86,528
Operating Segments | Canada | Inspection and Mitigation
Segment Reporting Information [Line Items]
Revenue	98,013	86,528
Operating Segments | Canada | Consulting Engineering
Segment Reporting Information [Line Items]
Revenue	0	0
Operating Segments | Canada | Geospatial
Segment Reporting Information [Line Items]
Revenue	228	0
Operating Segments | Other foreign
Segment Reporting Information [Line Items]
Revenue	37,042	2,366
Operating Segments | Other foreign | Inspection and Mitigation
Segment Reporting Information [Line Items]
Revenue	2,770	2,366
Operating Segments | Other foreign | Consulting Engineering
Segment Reporting Information [Line Items]
Revenue	31,055	0
Operating Segments | Other foreign | Geospatial
Segment Reporting Information [Line Items]
Revenue	$ 3,217	$ 0

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RELATED PARTIES (Details) - USD ($) $ in Millions			3 Months Ended
	Jul. 30, 2025	Jul. 30, 2024	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Automatic renews for successive terms (in years)	1 year
Prior to expiration of term (in days)	90 days
Series A Preferred Stock
Related Party Transaction [Line Items]
Common stock dividends, (in shares)			0
Mariposa Capital, LLC
Related Party Transaction [Line Items]
Advisory fees		$ 2.0	$ 0.5	$ 0.5