Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 7

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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,442 $7,931 $(489)(6.2)%Interest expense, net$(35,187)$(35,777)$590 1.6 %Loss on debt extinguishment(13,136)— (13,136)(100)%Other income (expense), net(2,396)(1,189)(1,207)(101.5)%Loss before income taxes$(43,277)$(29,035)$(14,242)(49.1)%Provision for income taxes(2,154)(2,049)(105)(5.1)%Net loss$(45,431)$(31,084)$(14,347)(46.2)%

Revenues. Total revenues increased by $32.7 million or 5.1% from the prior year period. IHT year-to-date revenue increased by $30.1 million or 9.4% compared to the prior year period, primarily driven by an increase in U.S. revenue of $23.0 million mainly due to large turnaround projects for our existing customers at new sites, and expanded support in established nested activities for existing customers. In addition, increased demand for enhanced non-destructive evaluation and testing services generated $3.1 million in year over year growth from our laboratory testing and inspection facility in Cincinnati. Greater turnaround and callout services, especially in eastern Canada also contributed a $3.4 million revenue increase. MS revenue increased by $2.6 million or 0.8% compared to the prior year period, with a $9.1 million U.S. revenue increase due to increased turnaround and call out activity and a $2.9 million revenue increase in Canada, offset by a revenue decrease in other international areas of $9.4 million due to the conclusion of prior year projects in Trinidad, the United Kingdom and Latin America that did not repeat in 2025.

Operating income (loss). Overall operating income was $7.4 million in the 2025 period, a $0.5 million or 6.2% decrease over operating income of $7.9 million in the prior year period. IHT operating income increased by $8.5 million or 30.9%, primarily driven by the increased revenue described above. MS operating income decreased by $4.3 million or 22.5% as compared to the prior year period. MS operating income from international operations, excluding Canada, decreased by $4.5 million, reflecting the impact of prior year project activity that did