Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 125

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 125
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. Refer to Note 1 - Description of business and basis for presentation to the unaudited condensed consolidated financial statements for additional details.

27 

 Results of Operations

The following is a comparison of our results of operations for the three and nine months ended September 30, 2025 to the three and nine months ended September 30, 2024.

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024 

The following is a comparison of our results of operations for the three months ended September 30, 2025 to the three months ended September 30, 2024 (in thousands):

 Three Months Ended September 30,Favorable (Unfavorable) 20252024$% (unaudited)(unaudited)  Revenues by business segment:IHT$113,778 $107,604 $6,174 5.7 %MS111,198 103,154 8,044 7.8 %Total revenues$224,976 $210,758 $14,218 6.7 %Operating income (loss):IHT$11,522 $9,860 $1,662 16.9 %MS5,853 4,460 1,393 31.2 %Corporate and shared support services(16,033)(11,162)(4,871)(43.6)%Total operating income $1,342 $3,158 $(1,816)(57.5)%Interest expense, net$(11,855)$(11,770)$(85)(0.7)%Loss on debt extinguishment(1,283)— (1,283)(100)%Other income (expense), net1,298 (2,010)3,308 164.6 %Loss before income taxes$(10,498)$(10,622)$124 1.2 %Provision for income taxes(949)(504)(445)(88.3)%Net loss$(11,447)$(11,126)$(321)(2.9)%

Revenues. Total revenues increased by $14.2 million or 6.7% compared to the same period in the prior year. Revenues were favorably impacted by $0.9 million attributable to foreign exchange rates movements. IHT revenues increased by $6.2 million or 5.7% primarily driven by $5.0 million