Company: TISI
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0000318833-25-000015
Chunk: 3

Company: TEAM INC
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 3
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, 12,000,000 shares authorized; 4,493,338 and 4,415,147 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively1,348 1,315 Additional paid-in capital460,186 458,614 Accumulated deficit(415,667)(377,401)Accumulated other comprehensive loss(44,129)(36,932)Total equity1,738 45,596 Total liabilities and equity$528,365 $565,744 

See accompanying notes to consolidated financial statements.

26

  TEAM, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 Twelve Months EndedDecember 31, 20242023Revenues$852,272 $862,615 Operating expenses629,122 651,461 Gross margin223,150 211,154 Selling, general and administrative expenses213,014 224,430 Operating income (loss)10,136 (13,276)Interest expense, net(47,808)(55,181)Loss on debt extinguishment— (1,585)Other income (expense), net2,682 (1,102)Loss before income taxes(34,990)(71,144)Provision for income taxes (see Note 10)(3,276)(4,578)Net loss $(38,266)$(75,722)Loss per common share:Basic and diluted(8.64)(17.32)Weighted-average number of shares outstanding:Basic and diluted4,429 4,371

See accompanying notes to consolidated financial statements.

27

TEAM, INC. AND SUBSIDIARIES

   CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

 Twelve Months EndedDecember 31, 20242023Net loss$(38,266)$(75,722)Other comprehensive income (loss) before tax:Foreign currency translation adjustment(7,396)3,006 Defined benefit pension plans:Net actuarial loss arising during period(261)(883)Amortization of prior service cost32 31 Amortization of net actuarial loss319 285 Other comprehensive income (loss), before tax(7,306)2,439 Tax benefit (provision) attributable to other comprehensive income (loss