Fortrea CFO placed on leave after court order; Q2 revenue $678M, raises FY guidance

Fortrea Holdings Inc.

• CFO Jason Knoblauch placed on paid leave after Delaware court grants TRO in lawsuit by prior employer alleging restrictive covenant violations.
• Board member David Smith (ex-Charles River CFO) appointed Interim CFO; receives $60k/month salary and up to $900k in RSUs.
• Q2 revenue $678.2M (down 4.5% YoY); GAAP net loss $(13.2)M, adjusted EPS $0.23.
• Adjusted EBITDA $58.7M (up from $54.9M); book-to-bill 1.06x, backlog $7.8B.
• Full-year 2026 guidance raised: revenue $2,620M-$2,690M, adjusted EBITDA $205M-$220M.