TEAM INC

Listed Company

TISICIK 0000318833NYSENon-AcceleratedSmaller ReportingServices-Miscellaneous Repair ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$896.48M

Net Income

$-49.21M

Total Assets

$485.45M

Equity

$-24.48M

Shares Out

4.57M

Op. Cash Flow

$-11.35M

Business

TEAM INC provides specialty industrial services focused on inspection, heat treating, and mechanical maintenance and repair for critical industrial assets. It offers conventional and advanced non-destructive testing, pipeline integrity management, field heat treating, metallurgical and chemical processing, digital imaging, leak repair, engineered composite solutions, hot tapping, valve services, field machining, and related condition assessment and engineering services. The company operates through two primary segments: Inspection and Heat Treating (IHT) and Mechanical Services (MS). It serves heavy industries globally across energy, manufacturing and process, midstream, infrastructure, and aerospace and defense markets through on-call, project, and nested service delivery channels.

Summary from filing dated 2025-03-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	896	852	863	840	794
Operating expenses	665	629	651	639	617
Gross margin	232	223	211	202	178
Selling, general and administrative expenses	218	213	224	241	246
Operating income	14	10	−13	−40	−127
Interest expense, net	−45	−48	−55	—	—
Loss on debt extinguishment	−13	0	−2	−30	0
Other income (expense), net	−3	3	−1	8	−3
Loss before income taxes	−47	−35	−71	−147	−176
Provision for income taxes (see Note 10)	−3	−3	−5	−3	−9
Net loss	−49	−38	−76	70	−186
Dividend and accretion to redemption value on redeemable preferred stock	−3	0	—	—	—
Net loss attributable to common shareholders, basic	−53	−38	—	—	—
Net loss attributable to common shareholders, diluted	−53	−38	—	—	—
Basic (in usd per share)	−11.7	−8.64	−17.32	16.73	−60.05
Diluted (in usd per share)	−11.7	−8.64	−17.32	16.73	−60.05
Basic (in shares)	5	4	4	4	3
Diluted (in shares)	5	4	4	4	3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	18	36	35	58	55
Accounts receivable, net of allowance of $4,585 and $3,271, respectively	178	173	181	187	168
Inventory	41	38	39	36	35
Income tax receivable	1	396,000	644,000	779,000	4
Prepaid expenses and other current assets	28	59	66	66	56
Total current assets	266	305	322	348	402
Property, plant and equipment, net	111	113	127	138	145
Intangible assets, net	38	50	63	75	88
Operating lease right-of-use assets	50	40	40	48	58
Defined benefit pension asset	5	5	4	398,000	3
Other assets, net	14	13	8	6	8
Deferred tax asset	2	2	1	375,000	673,000
Total assets	485	528	566	617	707
Current portion of long-term debt and finance lease obligations	4	6	5	281	667,000
Current portion of operating lease obligations	16	15	14	14	15
Accounts payable	42	42	36	33	44
Other accrued liabilities	57	105	118	119	112
Income tax payable	987,000	3	1	2	0
Total current liabilities	120	171	175	449	188
Long-term debt and finance lease obligations	293	319	306	5	405
Operating lease obligations	36	29	30	39	48
Deferred tax liabilities	5	5	6	4	4
Other long-term liabilities	4	3	3	3	10
Total liabilities	458	527	520	499	655
Commitments and contingencies	—	—	—	—	—
Redeemable preferred stock, par value $100.00 per share, 75,000 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	52	0	—	—	—
Preferred stock, 500,000 shares authorized, 75,000 (included in redeemable preferred stock) and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,532,240 and 4,493,338 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1	1	1	1	936,000
Additional paid-in capital	476	460	459	457	448
Accumulated deficit	−465	−416	−377	−302	−372
Accumulated other comprehensive loss	−37	−44	−37	−39	−27
Total shareholders equity (deficit)	−24	2	46	118	52
Total liabilities, redeemable preferred stock and shareholders equity (deficit)	485	528	566	617	707

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	34	36	38	38	42
Amortization of debt issuance costs, debt discounts, and deferred financing costs	5	6	19	36	14
Paid-in-kind (PIK) interest	11	14	15	18	0
Allowance for credit losses	3	845,000	267,000	402,000	2
Foreign currency loss (gain)	3	−2	734,000	2	6
Deferred income taxes	−15,000	−1	906,000	653,000	5
Loss (gain) on asset disposal	−226,000	7,000	−231,000	−5	−3
Non-cash compensation costs	795,000	2	2	247,000	7
Other, net	−225,000	−345,000	−4	−5	−5
Accounts receivable	−4	4	7	−33	700,000
Inventory	−3	−40,000	−2	−2	528,000
Prepaid expenses and other assets	151,000	−946,000	−8	−3	4
Accounts payable	−3	7	3	−13	1
Other accrued liabilities	−20	−7	−7	15	12
Income taxes	−2	2	−1	6	605,000
Net cash provided by (used in) operating activities	−11	23	−11	−58	−35
Capital expenditures	−9	−9	−10	−25	−18
Proceeds from disposal of assets	228,000	167,000	414,000	7	4
Net cash used in investing activities	−9	−9	−10	243	−14
Payments under Corre Incremental Term Loan	−48	−1	−319,000	0	—
Proceeds from issuance of Series B Preferred Stock and warrants	75	0	—	—	—
Issuance cost related to Series B Preferred Stock and warrants	−8	0	—	—	—
Payments for debt issuance costs	−11	−8	−9	−14	−10
Other	−3	492,000	−1	−887,000	−453,000
Net cash provided by (used in) financing activities	3	−13	−2	−192	92
Effect of exchange rate changes on cash	202,000	−604,000	253,000	−690,000	−2
Net increase (decrease) in cash and cash equivalents	−17	118,000	−23	−7	41
Interest	30	25	20	29	28
Income taxes	3	2	4	−553,000	6
Assets acquired under finance lease	5	1	—	—	—
Equipment financed with notes payable	2	0	—	—	—
Accrued capital expenditures	1	407,000	—	—	—

Filings

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