Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 4

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 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 of revenue growth from higher callout and nested activity in the U.S. with new customers and addition to existing customer sites. Additionally, IHT revenues in Canada and other international regions increased by $1.2 million, driven by higher non-destructive examination and heat-treating activity primarily in Canada. MS reported an $8.0 million or 7.8% increase in revenues, largely attributable to a $7.9 million increase in U.S. turnaround activities, and a $3.4 million increase in project work in Canada. These gains were partially offset by a $3.3 million decrease in revenues from other international locations, including the United Kingdom, due to lower demand for leak repair services and valve product services during the quarter.

Operating income (loss). Overall operating income was $1.3 million in the current year quarter, a $1.8 million decrease compared to operating income of $3.2