Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 21

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 Accumulated deficit(449,651)(415,667)Accumulated other comprehensive loss(35,057)(44,129)Total shareholders’ equity (deficit)(22,924)1,738 Total liabilities and shareholders’ equity (deficit)$548,361 $528,365       

See accompanying notes to unaudited condensed consolidated financial statements.

2 

Table of Contents

TEAM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 Three Months EndedJune 30,Six Months EndedJune 30, 2025202420252024Revenues$248,026 $228,618 $446,681 $428,218 Operating expenses179,937 165,064 331,326 315,933 Gross margin68,089 63,554 115,355 112,285 Selling, general and administrative expenses55,986 52,395 109,255 107,512 Operating income12,103 11,159 6,100 4,773 Interest expense, net(11,896)(11,909)(23,332)(24,007)Loss on debt extinguishment— — (11,853)— Other income (expense), net(3,490)(541)(3,694)821 Loss before income taxes(3,283)(1,291)(32,779)(18,413)Provision for income taxes(983)(1,472)(1,205)(1,545)Net loss $(4,266)$(2,763)$(33,984)$(19,958)Loss per common share:Basic and diluted$(0.95)$(0.63)$(7.56)$(4.52)Weighted-average number of shares outstanding:Basic and diluted4,494 4,416 4,494 4,415 

See accompanying notes to unaudited condensed consolidated financial statements.

3 

TEAM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME (LOSS)

(in thousands)

(Unaudited)

 Three Months EndedJune 30,Six Months EndedJune 30, 2025202420252024Net loss$(4,266)$(2,763)$(33,984)$(19,958)Other comprehensive