Welcome to our dedicated page for Team news (Ticker: TISI), a resource for investors and traders seeking the latest updates and insights on Team stock.
News and filings about Team, Inc. (NYSE: TISI) focus on its role as a provider of specialty industrial services, including mechanical, heat-treating, and inspection offerings. Headquartered in Sugar Land, Texas, the company issues regular updates on its financial performance, capital structure, governance, and transformation initiatives, giving investors and analysts insight into its operations and strategic direction.
Team, Inc.’s quarterly earnings releases highlight revenue, gross margin, operating income, and non-GAAP measures such as Adjusted EBITDA for its two segments: Inspection and Heat Treating and Mechanical Services. These updates often discuss factors influencing results, including turnaround and callout activity, project mix, regional performance in the United States, Canada, and other international areas, and the impact of cost optimization programs.
In addition to earnings, the company publishes news on financing and capital structure actions, such as its March 2025 refinancing transaction and the September 2025 private placement of Series B Preferred Stock and warrants with an affiliate of Stellex Capital Management LLC. Governance-related announcements cover board appointments, changes in board leadership, and outcomes of shareholder meetings.
Visitors to this page can review a stream of such news items, including timing announcements for earnings releases and conference calls, updates on transformation leadership roles, and details on strategic initiatives aimed at cost savings and margin improvement. For those tracking TISI, this news feed offers a centralized view of the company’s reported developments across operations, finance, and corporate governance over time.
Team, Inc. (TISI) reported a 5.2% increase in Q2 2022 revenue, totaling $251.3 million, driven by strong performance in the Quest Integrity and Mechanical Services segments. Gross margin rose to $70 million (27.8% of revenue), with Adjusted EBITDA up 57% to $14.3 million. However, the company faced a net loss of $21.6 million. A strategic sale of the Quest Integrity business to Baker Hughes for $280 million is anticipated to enhance liquidity and reduce debt, marking a significant step in the company’s transformation plan.
Team, Inc. (NYSE: TISI) announced the sale of its Quest Integrity business to Baker Hughes for $280 million in cash, a strategic move to streamline operations and enhance profitability. This divestiture is part of Team's broader initiative to maximize shareholder value, following a review of strategic options. The sale, expected to close in Q4 2022, will enable Team to reduce debt significantly and focus on its core Inspection & Heat Treating and Mechanical Services, which contributed over 87% of its revenues year-to-date through June 30, 2022.
Revlon, Inc. (NYSE: REV) announces the retirement of Chief Financial Officer Victoria Dolan, effective September 30, 2022. Matt Kvarda, Managing Director at Alvarez & Marsal, will serve as interim CFO starting October 1. CEO Debra Perelman expressed gratitude for Dolan's contributions and optimism for Kvarda's role in the company's restructuring process. Kvarda brings nearly 30 years of experience and has held interim CFO positions at multiple companies, including TEAM, Inc. (NYSE: TISI).
On July 13, 2022, Team, Inc. (NYSE: TISI) received a notice from the NYSE indicating non-compliance with the listing standard requiring an average share price of at least $1.00 over 30 trading days. The company has six months to rectify this by achieving the required share price. Team, Inc. is considering options, including a potential reverse stock split, to regain compliance. Despite the notice, the company's operations and SEC reporting remain unaffected, with its stock continuing to trade under the ticker TISI.BC during this period.
Team, Inc. (NYSE: TISI) announced on June 17, 2022, that it received a notice from the NYSE for non-compliance with listing standards due to an average global market capitalization and shareholders' equity both below $50 million. The company plans to submit a compliance plan within 45 days, but it cannot guarantee successful compliance. The notice does not impact the current trading status of its stock or breach material debt agreements.
Team, Inc. (NYSE: TISI) has appointed Nelson M. Haight as Executive Vice President and Chief Financial Officer, effective June 13, 2022. He succeeds Matt Kvarda, who served as Interim CFO since November 2021 and will assist in the transition until mid-July. Haight brings over 30 years of experience in finance and operations, previously serving at Key Energy Services, Inc. (OTC: KEGX). Interim CEO Keith Tucker expressed confidence in Haight's ability to enhance TEAM's profitability and efficiency amid its strategic repositioning.
Team, Inc. (TISI) reported a 12% year-over-year revenue increase, reaching $218.6 million for Q1 2022.
Quest Integrity segment saw a remarkable 84% growth, driven by customer demand. Despite a GAAP net loss of $32.5 million, the adjusted EBITDA improved to $0.4 million from a loss of $5.3 million in the previous year. The company raised capital and refinanced its ABL in February 2022, aiming for performance improvements and value creation initiatives. The operational review led to initiatives for cost synergies and strategic growth across its business segments.
On April 1, 2022, Team, Inc. (NYSE: TISI) received notice from the NYSE confirming compliance with continued listing standards after remedying a minimum stock price deficiency. The company’s average closing share price exceeded the $1.00 requirement for 30 consecutive trading days, removing the '.bc' indicator from its symbol. Interim CEO Keith Tucker expressed satisfaction with this compliance milestone and emphasized ongoing efforts in the company's turnaround strategy, which focuses on enhancing service quality and financial performance.
Team, Inc. (NYSE: TISI) announced a leadership transition effective March 21, 2022, with Amerino Gatti resigning as Chairman and CEO. Keith Tucker, previously President of the Inspection and Heat Treating group, is appointed as Interim CEO, while Michael Caliel becomes non-executive Chairman. Gatti will act as an advisor during the transition. Tucker, with extensive industry experience since 2005 at Team, is expected to guide the company's turnaround. The Board expresses gratitude for Gatti's contributions, emphasizing the need for a fresh approach to refocus and grow the business.
Team, Inc. (TISI) reported fourth quarter 2021 revenues of $224 million, an 8% increase year-over-year, driven by strong performance in the Inspection & Heat Treating (IHT) segment, which grew 17%. However, the company faced a net loss of $43.1 million, worsening from a $14.9 million loss in Q4 2020, primarily due to COVID-related pricing concessions and inflationary pressures. The full-year revenue increased 3% to $875 million, but the net loss for 2021 reached $186 million. The company is focused on improving margins and enhancing shareholder value amid ongoing market challenges.