Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 58

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 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 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.