Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 20

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 2025 and December 31, 2024, respectively— — Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,498,854 and 4,493,338 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively1,350 1,348 Additional paid-in capital479,119 460,186 Accumulated deficit(461,098)(415,667)Accumulated other comprehensive loss(37,024)(44,129)Total shareholders’ equity (deficit)(17,653)1,738 Total liabilities, redeemable preferred stock and shareholders’ equity (deficit)$531,047 $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 EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Revenues$224,976 $210,758 $671,657 $638,976 Operating expenses166,932 157,234 498,258 473,167 Gross margin58,044 53,524 173,399 165,809 Selling, general and administrative expenses56,702 50,366 165,957 157,878 Operating income 1,342 3,158 7,442 7,931 Interest expense, net(11,855)(11,770)(35,187)(35,777)Loss on debt extinguishment(1,283)— (13,136)— Other income (expense), net1,298 (2,010)(2,396)(1,189)Loss before income taxes(10,498)(10,622)(43,277)(29,035)Provision for income taxes(949)(504)(2,154)(2,049)Net loss $(11,447)$(11,126)$(45,431)$(31,084)Dividend and accretion to redemption value on redeemable preferred stock(610)— (610)— Net loss attributable to common shareholders$(12,057)$(11,126)$(46,041)$(31,084)Loss per common share