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Onterris, Inc.

CIK:0001643615|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 186,661	$ 234,543	$ 355,179	$ 412,377
Cost of revenues (exclusive of depreciation and amortization shown below)	104,401	132,802	205,869	241,208
Selling, general and administrative expense	62,961	73,683	124,283	139,915
Fair value changes in business acquisition contingencies	141	354	(697)	831
Depreciation and amortization	12,704	12,763	25,333	26,057
Income from operations	6,454	14,941	391	4,366
Other income, net	729	9,171	1,871	8,323
Interest expense, net	(5,471)	(4,768)	(10,937)	(9,833)
Total other income (expense), net	(4,742)	4,403	(9,066)	(1,510)
Income (loss) before expense from income taxes	1,712	19,344	(8,675)	2,856
Income tax expense	346	988	2,649	3,859
Net income (loss)	1,366	18,356	(11,324)	(1,003)
Equity adjustment from foreign currency translation	(2,001)	(1,258)	(1,894)	(1,611)
Comprehensive income (loss)	$ (635)	$ 17,098	$ (13,218)	$ (2,614)
Weighted average common shares outstanding - Basic	35,806	35,206	35,926	34,855
Weighted average common shares outstanding - Diluted	38,714	43,455	35,926	34,855
Net income (loss) per share attributable to common stockholders - Basic	$ 0.04	$ 0.48	$ (0.32)	$ (0.15)
Net income (loss) per share attributable to common stockholders - Diluted	$ 0.04	$ 0.42	$ (0.32)	$ (0.15)
Net income (loss) attributable to common stockholders
Net income (loss)	$ 1,366	$ 18,356	$ (11,324)	$ (1,003)
Convertible and redeemable series A-2 preferred stock dividend	0	(1,400)	0	(4,150)
Net income (loss) attributable to common stockholders	$ 1,366	$ 16,956	$ (11,324)	$ (5,153)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (11,324)	$ (1,003)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Provision (recovery) for credit loss	(1,419)	5,482
Depreciation and amortization	25,333	26,057
Non-cash leases expense	5,733	6,119
Stock-based compensation expense	18,691	24,557
Fair value changes in financial instruments	(1,758)	(8,040)
Write off of deferred financing costs	0	913
Deferred income taxes	3,916	3,557
Other operating activities, net	(1,320)	1,671
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and contract assets	15,031	(27,379)
Prepaid expenses and other current assets	(13,492)	(1,124)
Accounts payable and other accrued liabilities	(17,358)	(793)
Accrued payroll and benefits	(22,223)	3,057
Change in operating leases	(5,614)	(5,676)
Other assets	323	0
Net cash (used in) provided by operating activities	(5,481)	27,398
Investing activities:
Purchases of property and equipment	(11,324)	(5,117)
Proceeds from the sale of property and equipment	181	39
Proprietary software development and other software costs	0	(2,804)
Purchase price true ups	0	(50)
Proceeds from other activities	19	0
Net cash used in investing activities	(11,124)	(7,932)
Financing activities:
Proceeds from revolving line of credit	258,405	216,025
Repayment of the revolving line of credit	(191,192)	(174,671)
Repayment of aircraft loan	(604)	(564)
Proceeds from term loan	0	200,000
Repayment of term loan	(5,000)	(189,219)
Payment of contingent consideration and other purchase price true ups	(10,758)	(4,400)
Repayment of finance leases	(6,276)	(6,070)
Payments of deferred financing costs	0	(2,189)
Proceeds from issuance of common stock for exercised stock options	3,678	77
Proceeds from building sale leaseback	0	2,500
Dividend payment to the series A-2 stockholders	0	(2,750)
Redemption of series A-2 preferred stock	0	(60,000)
Repurchases of common stock	(29,987)	0
Net cash (used in) provided by financing activities	18,266	(21,261)
Change in cash, cash equivalents and restricted cash	1,661	(1,795)
Foreign exchange impact on cash balance	(160)	(656)
Cash, cash equivalents and restricted cash:
Beginning of year	11,223	12,935
End of period	12,724	10,484
Supplemental disclosures of cash flows information:
Cash paid for interest	9,637	8,504
Cash paid for income taxes, net	6,350	3,019
Supplemental disclosures of non-cash investing and financing activities:
Accrued purchases of property and equipment	229	152
Property and equipment purchased under finance leases	3,261	5,145
Acquisitions unpaid contingent consideration	6,182	24,630
Acquisitions contingent consideration paid in common stock	0	6,998
Accrued series A-2 preferred stock dividend	$ 0	$ 1,400

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash, cash equivalents and restricted cash	$ 12,724	$ 11,223
Accounts receivable, net	133,155	155,380
Contract assets	66,293	58,831
Prepaid and other current assets	26,119	14,959
Total current assets	238,291	240,393
Non-current assets
Property and equipment, net	66,257	63,853
Operating lease right-of-use asset, net	37,376	36,560
Finance lease right-of-use asset, net	36,630	37,595
Goodwill	465,778	466,786
Other intangible assets, net	113,607	126,383
Other assets	9,299	9,726
Total assets	967,238	981,296
Current liabilities
Accounts payable and other accrued liabilities	53,505	71,778
Accrued payroll and benefits	30,550	52,773
Business acquisitions contingent consideration, current	6,182	14,883
Current portion of operating lease liabilities	11,113	10,735
Current portion of finance lease liabilities	6,700	6,602
Current portion of long-term debt	11,273	11,230
Total current liabilities	119,323	168,001
Non-current liabilities
Business acquisitions contingent consideration, long-term	0	2,755
Other non-current liabilities	6,186	7,088
Deferred tax liabilities, net	21,847	21,817
Operating lease liability, net of current portion	28,657	28,215
Finance lease liability, net of current portion	23,112	25,180
Long-term debt, net of deferred financing fees	337,774	277,065
Total liabilities	536,899	530,121
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000004 par value; authorized shares: 190,000,000 at June 30, 2026 and December 31, 2025; issued shares: 36,737,899 and 35,929,665 at June 30, 2026 and December 31, 2025, respectively; outstanding shares: 35,110,136 and 35,929,665 at June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid-in-capital	750,296	727,927
Accumulated deficit	(284,837)	(273,513)
Accumulated other comprehensive loss	(5,133)	(3,239)
Treasury stock, at cost; 1,627,763 and 0 shares at June 30, 2026 and December 31, 2025, respectively	(29,987)	0
Total stockholders’ equity	430,339	451,175
Total liabilities and Stockholders' Equity	$ 967,238	$ 981,296