$TISI

TEAM INC

CIK:0000318833|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 228,678	$ 248,026	$ 443,734	$ 446,681
Operating expenses	171,288	176,825	333,200	325,112
Depreciation and amortization	2,994	3,112	5,983	6,214
Gross margin	54,396	68,089	104,551	115,355
Selling, general and administrative expenses	46,751	50,571	94,813	98,540
Depreciation and amortization	5,472	5,415	10,936	10,715
Operating income (loss)	2,173	12,103	(1,198)	6,100
Interest expense, net	(9,280)	(11,896)	(18,162)	(23,332)
Loss on debt extinguishment	0	0	0	(11,853)
Other income (expense), net	193	(3,490)	1,118	(3,694)
Loss before income taxes	(6,914)	(3,283)	(18,242)	(32,779)
Benefit (provision) for income taxes	102	(983)	97	(1,205)
Net loss	(6,812)	(4,266)	(18,145)	(33,984)
Dividend and accretion to redemption value on redeemable preferred stock	(3,006)	0	(5,880)	0
Net loss attributable to common shareholders, basic	(9,818)	(4,266)	(24,025)	(33,984)
Net loss attributable to common shareholders, diluted	$ (9,818)	$ (4,266)	$ (24,025)	$ (33,984)
Loss per common share:
Basic (in usd per share)	$ (2.15)	$ (0.95)	$ (5.26)	$ (7.56)
Diluted (in usd per share)	$ (2.15)	$ (0.95)	$ (5.26)	$ (7.56)
Weighted-average number of shares outstanding:
Basic (in shares)	4,571	4,494	4,565	4,494
Diluted (in shares)	4,571	4,494	4,565	4,494

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (18,145)	$ (33,984)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	16,919	16,929
Loss on debt extinguishment	0	11,853
Amortization of debt issuance costs, debt discounts, and deferred financing costs	2,284	2,608
Paid-in-kind (“PIK”) interest	4,337	6,541
Allowance for credit losses	379	788
Foreign currency loss (gain)	(1,290)	3,749
Deferred income taxes	(1,616)	(851)
Non-cash compensation cost	1,266	313
Other, net	150	7
Changes in operating assets and liabilities:
Accounts receivable	(17,334)	(31,187)
Inventory	(1,076)	(2,663)
Prepaid expenses and other assets	(2,327)	161
Accounts payable	(3,352)	(1,486)
Other accrued liabilities	9,395	(4,999)
Income taxes	1,995	216
Net cash used in operating activities	(8,415)	(32,005)
Cash flows from investing activities:
Capital expenditures	(6,406)	(4,316)
Proceeds from disposal of assets	31	0
Net cash used in investing activities	(6,375)	(4,316)
Cash flows from financing activities:
Payments under Corre Incremental Term Loan	0	(48,015)
Payments for debt issuance costs	0	(8,899)
Other	(1,101)	(1,448)
Net cash provided by financing activities	22,724	21,161
Effect of exchange rate changes on cash	(95)	324
Net increase (decrease) in cash and cash equivalents	7,839	(14,836)
Cash and cash equivalents at beginning of period	18,145	35,545
Cash and cash equivalents at end of period	25,984	20,709
Revolving Credit Loans
Cash flows from financing activities:
Borrowings under Revolving Credit Loans	152,500	37,000
Payments under Revolving Credit Loans	(127,800)	(17,018)
Corre Delayed Draw Term Loan
Cash flows from financing activities:
Payments under Corre Delayed Draw Term Loan, First Lien Term Loan, 2025 Second Lien Term Loan and ME/RE Loans	0	(35,700)
Corre Uptiered Loan
Cash flows from financing activities:
Payments under Corre Uptiered Loan	0	(55,894)
First Lien Term Loan
Cash flows from financing activities:
Payments under Corre Delayed Draw Term Loan, First Lien Term Loan, 2025 Second Lien Term Loan and ME/RE Loans	(875)	(438)
Borrowings under First Lien Term Loan	0	175,000
ME/RE Loans
Cash flows from financing activities:
Payments under Corre Delayed Draw Term Loan, First Lien Term Loan, 2025 Second Lien Term Loan and ME/RE Loans	$ 0	$ (23,427)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 25,984	$ 18,145
Accounts receivable, net of allowance of $4,697 and $4,585, respectively	193,798	177,884
Inventory	42,411	41,384
Income tax receivable	189	1,042
Prepaid expenses and other current assets	28,801	27,950
Total current assets	291,183	266,405
Property, plant and equipment, net	106,495	110,628
Intangible assets, net	31,591	37,849
Operating lease right-of-use assets	47,345	49,849
Defined benefit pension asset	5,285	5,144
Other assets, net	14,206	14,044
Deferred tax asset	2,656	1,534
Total assets	498,761	485,453
Current liabilities:
Current portion of long-term debt and finance lease obligations	4,070	3,858
Current portion of operating lease obligations	16,777	16,476
Accounts payable	38,429	42,010
Other accrued liabilities	65,574	56,724
Income tax payable	2,106	987
Total current liabilities	126,956	120,055
Long-term debt and finance lease obligations	322,201	293,343
Operating lease obligations	32,970	35,910
Deferred tax liabilities	4,595	4,984
Other long-term liabilities	3,902	3,691
Total liabilities	490,624	457,983
Commitments and contingencies
Redeemable preferred stock, par value $100.00 per share, 75,000 shares issued and outstanding at June 30, 2026 and December 31, 2025	57,838	51,951
Shareholders’ equity (deficit):
Preferred stock, 500,000 shares authorized, 75,000 shares (included in redeemable preferred stock) issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,571,382 and 4,532,240 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1,371	1,360
Additional paid-in capital	471,036	475,829
Accumulated deficit	(483,022)	(464,877)
Accumulated other comprehensive loss	(39,086)	(36,793)
Total shareholders’ equity (deficit)	(49,701)	(24,481)
Total liabilities, redeemable preferred stock and shareholders’ equity (deficit)	$ 498,761	$ 485,453