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TIC Solutions, Inc.
TICCIK 0002032966NYSEAcceleratedServices-Business Services, NecDelawareFY ends Dec 31
Period
FY 2025
Revenue
$1.53B
Net Income
$-87.12M
Total Assets
$4.40B
Equity
$2.18B
Shares Out
221.15M
Op. Cash Flow
$95.02M
Business
TIC Solutions, Inc. provides critical asset integrity services in the testing, inspection, certification and compliance (TICC) space for industrial clients. It offers nondestructive testing—radiography, ultrasonic, magnetic particle, penetrant and visual inspection—rope access technician services, specialty trades, engineering consulting and laboratory destructive testing. Key business lines include NDT, rope access and specialty trades, engineering and lab services, and materials failure analysis. It serves chemical, pipeline, refinery, power, oilsands, automotive, aerospace, mining, manufacturing, renewable energy and pulp and paper markets across the United States and Canada, with limited U.K. operations.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|
| Revenue | 1,530 | 1,050 | |
| Cost of revenue | 1,081 | 811 | |
| Gross profit | 449 | 240 | |
| Selling, general and administrative expenses | 441 | — | |
| Transaction costs | 26 | — | |
| Income (loss) from operations | −17 | — | |
| Interest expense, net | 88 | — | |
| Loss on extinguishment of debt | 0 | — | |
| Other income, net | −7 | — | |
| Loss before income tax provision (benefit) | −98 | — | |
| Provision (benefit) for income taxes | −11 | — | |
| Net loss | −87 | — | |
| Dividends | −7 | — | |
| Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 596,000 | — | |
| Net loss allocated to common stockholders | −93 | — | |
| Foreign currency translation adjustments | 47 | — | |
| Total other comprehensive income (loss) | −41 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-07-31 |
|---|---|---|---|---|
| Cash and cash equivalents | 440 | 139 | — | |
| Accounts receivable, net | 366 | 213 | — | |
| Contract assets, net | 154 | 24 | — | |
| Prepaid expenses and other current assets | 61 | 19 | — | |
| Total current assets | 1,021 | 394 | — | |
| Property and equipment, net | 256 | 189 | — | |
| Operating lease right-of-use assets, net | 60 | 30 | — | |
| Goodwill | 1,650 | 846 | 0 | |
| Intangible assets, net | 1,391 | 741 | — | |
| Deferred tax assets | 1 | 800,000 | — | |
| Other assets | 17 | 7 | — | |
| Total assets | 4,396 | 2,208 | — | |
| Accounts payable | 60 | 14 | — | |
| Accrued expenses and other current liabilities | 152 | 66 | — | |
| Contract liabilities | 48 | 2 | — | |
| Current portion of long-term debt | 26 | 8 | — | |
| Current portion of lease obligations | 34 | 17 | — | |
| Total current liabilities | 319 | 106 | — | |
| Long-term debt, net of current portion | 1,588 | 747 | — | |
| Non-current lease obligations | 66 | 41 | — | |
| Deferred tax liabilities | 223 | 151 | — | |
| Other non-current liabilities | 21 | 12 | — | |
| Total liabilities | 2,216 | 1,057 | — | |
| Commitments and Contingencies | — | — | — | |
| Series A Preferred Stock, $0.0001 par value, 1,000,000 shares issued and outstanding | 0 | 0 | — | |
| Common stock, $0.0001 par value, 220,485,045 and 121,476,215 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 21,000 | 12,000 | — | |
| Additional paid-in capital | 2,363 | 1,294 | — | |
| Accumulated deficit | −194 | −107 | — | |
| Accumulated other comprehensive income (loss) | 11 | −35 | — | |
| Total stockholders' equity | 2,180 | 1,151 | 556 | |
| Total liabilities and stockholders' equity | 4,396 | 2,208 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|
| Depreciation and amortization | 178 | 95 | |
| Noncash lease expense | 17 | — | |
| Share-based compensation expense | 17 | — | |
| Amortization of deferred financing costs | 5 | — | |
| Fair value adjustments on interest rate derivatives | 0 | — | |
| Deferred taxes | −33 | — | |
| Other | 3 | — | |
| Accounts receivable | 41 | — | |
| Contract assets | −6 | — | |
| Prepaid expenses and other current assets | −5 | — | |
| Accounts payable | −1 | — | |
| Accrued expenses and other current liabilities | −12 | — | |
| Operating lease obligations | −16 | — | |
| Contract liabilities | −1 | — | |
| Other assets and liabilities | −5 | — | |
| Net cash provided by operating activities | 95 | — | |
| Business acquisitions, net of cash acquired | −845 | — | |
| Purchases of property and equipment | −34 | — | |
| Proceeds from sale of property and equipment | 5 | — | |
| Net cash used in investing activities | −874 | — | |
| Proceeds from long-term borrowings | 875 | — | |
| Payments on long-term borrowings | −12 | — | |
| Payments of debt issuance costs | −24 | — | |
| Payments on finance lease obligations and other long-term debt | −13 | — | |
| Dividends paid to stockholder | 0 | — | |
| Proceeds from issuance of common shares and exercise of warrants, net of issuance costs | 250 | — | |
| Net cash provided by (used in) financing activities | 1,076 | — | |
| Net effect of exchange rate fluctuations on cash and cash equivalents | 4 | — | |
| Net change in cash and cash equivalents | 300 | — | |
| Interest paid | 81 | — | |
| Income taxes paid | 28 | — | |
| Equity consideration issued for business combinations | 798 | — | |
| Purchase of property and equipment accrued and not yet paid | 7 | — | |
| Notes payable and other obligations issued for acquisitions | 7 | — | |
| Settlement of derivative liability | 0 | — | |
| Operating leases | 45 | — | |
| Finance leases | 21 | — |
Filings
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