TEAM, Inc. Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

TEAM (NYSE:TISI) reported Q4 2025 revenue of $224.8M (up 5.4%) and full-year 2025 revenue of $896.5M (up 5.2%). Consolidated Adjusted EBITDA rose to $16.4M in Q4 and $60.7M for the year, reflecting margin improvement and cost reductions.

Full-year net loss was $49.2M, which included a $13.1M loss on debt extinguishment; liquidity totaled $77.4M and total debt was $297.2M.

Positive

• Revenue +5.2% full-year to $896.5M
• Adjusted EBITDA +11.9% to $60.7M for 2025
• Liquidity $77.4M (cash $14.1M plus $63.4M undrawn)
• Raised $75.0M via preferred stock and warrants to reduce debt

Negative

• Full-year net loss $49.2M, including $13.1M debt extinguishment loss
• Net loss attributable to common shareholders $52.7M ($11.70 per share)
• Total debt remains substantial at $297.2M with net debt $279.1M

Key Figures

Q4 2025 revenue: $224.8M FY 2025 revenue: $896.5M Q4 2025 net loss: $3.8M +5 more

8 metrics

Q4 2025 revenue $224.8M Fourth quarter 2025 revenue, up 5.4% year over year

FY 2025 revenue $896.5M Full year 2025 revenue, a 5.2% increase vs 2024

Q4 2025 net loss $3.8M Fourth quarter 2025 net loss, improved from prior year

FY 2025 net loss $49.2M Full year 2025 net loss including $13.1M loss on debt extinguishment

Q4 2025 Adjusted EBITDA $16.4M Fourth quarter 2025 consolidated Adjusted EBITDA, 7.3% of revenue

FY 2025 Adjusted EBITDA $60.7M Full year 2025 consolidated Adjusted EBITDA, 6.8% of revenue

Preferred raise $75.0M Preferred stock and warrants proceeds in September 2025

Total debt $297.2M Total debt as of December 31, 2025

Market Reality Check

Price: $14.53 Vol: Volume 1,759 is below 20-...

low vol

$14.53 Last Close

Volume Volume 1,759 is below 20-day average 3,824 (relative volume 0.46), suggesting limited pre-release positioning. low

Technical Price at 14.51 trades below 200-day MA of 16.37 and sits 40.16% below the 52-week high 24.25 yet 19.77% above the 52-week low 12.115.

Peers on Argus

Pre-release, TISI was up 0.76% while sector peers were mixed: DLHC +4.07%, WFCF ...

1 Down

Pre-release, TISI was up 0.76% while sector peers were mixed: DLHC +4.07%, WFCF +1.21%, SPIR +6.67%, PMEC -0.06%, SST -10.28%. Scanner shows only PMEC in momentum (down), indicating stock-specific focus rather than a sector-wide move.

Previous Earnings Reports

5 past events · Latest: Nov 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 12	Q3 2025 earnings	Positive	-5.1%	Revenue and EBITDA growth with improved margins and capital structure actions.
Aug 12	Q2 2025 earnings	Positive	+18.5%	Strong revenue growth, higher Adjusted EBITDA, and SG&A savings trajectory.
May 12	Q1 2025 earnings	Positive	+4.1%	Stable revenue with loss driven by refinancing and cost optimization plans.
Mar 19	FY 2024 earnings	Positive	+0.8%	Improved profitability metrics and refinancing with growth guidance for 2025.
Nov 11	Q3 2024 earnings	Negative	-28.1%	Revenue growth but continued net loss and lowered full-year guidance.

Pattern Detected

Earnings releases often showed improved fundamentals but mixed price reactions, with one notable negative divergence on strong Q3 2025 results.

Recent Company History

Over the last five earnings events from Nov 2024 through Nov 2025, Team, Inc. consistently reported revenue growth, higher gross margins, and expanding consolidated Adjusted EBITDA, while remaining net-loss making. Q1–Q3 2025 updates emphasized cost optimization, refinancing, and at least mid-single-digit revenue growth targets. The current Q4 and full-year 2025 release continues this narrative with 5.2% full-year revenue growth, improved Adjusted EBITDA, and a narrower net loss, tying back to prior guidance on margin improvement and capital structure simplification.

Historical Comparison

-2.0% avg move · Past earnings headlines moved the stock an average of -1.96%, with generally improving revenue and A...

earnings

-2.0%

Average Historical Move earnings

Past earnings headlines moved the stock an average of -1.96%, with generally improving revenue and Adjusted EBITDA but recurring net losses, similar to this Q4/FY 2025 update.

Earnings releases from late 2024 through 2025 show a progression of mid-single-digit revenue growth, steadily rising Adjusted EBITDA, and ongoing cost optimization against a backdrop of persistent but narrowing net losses and balance sheet refinancings.

Regulatory & Risk Context

Active S-3 Shelf · $6,371.80

Shelf Active

Active S-3 Shelf Registration 2025-10-09

$6,371.80 registered capacity

An S-3 shelf filed on 2025-10-09 remains active through 2028-10-09. The filing identifies Team, Inc. as a smaller reporting company and incorporates prior securities and governance documents. The shelf is not yet effective, with 0 recorded usage events and no disclosed aggregate capacity in the provided summary.

Market Pulse Summary

This announcement highlights solid top-line growth to $896.5M, higher consolidated Adjusted EBITDA o...

Analysis

This announcement highlights solid top-line growth to $896.5M, higher consolidated Adjusted EBITDA of $60.7M, and a narrower net loss of $49.2M, alongside reduced debt of $297.2M. It follows a series of 2025 earnings where revenue and margins improved but losses persisted. Investors may watch how new leadership executes on 2026 priorities, the use of the existing S-3 shelf, and whether cash flow gains continue against remaining leverage.

Key Terms

adjusted ebita, non-gaap, basis points, preferred stock, +4 more

8 terms

adjusted ebita financial

"Increased consolidated Adjusted EBITDA1 to $16.4 million and 7.3% of consolidated revenue"

Adjusted EBITA is a measure of a company’s operating profit before interest, taxes and amortization, further modified to remove one-time or unusual items so it reflects ongoing business earnings. It matters to investors because it aims to show the company’s core cash-making ability — like listening to an engine without road noise — making comparisons across periods or peers easier, though companies may differ in what they exclude.

non-gaap financial

"Adjusted Selling, General and Administrative Expense (non-GAAP), which excludes expenses not representative"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

basis points financial

"lowered the Company’s blended interest rate by more than 100 basis points"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

preferred stock financial

"Issued preferred stock and warrants in September 2025 that raised $75.0 million in proceeds"

Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.

warrants financial

"Issued preferred stock and warrants in September 2025 that raised $75.0 million in proceeds"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

restricted stock units financial

"he directly holds 39,637 restricted stock units (RSUs), each representing a contingent right"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

s-3 shelf registration regulatory

"filed an S-3 shelf registration describing a securities offering and incorporating prior SEC reports"

An S-3 shelf registration is a streamlined SEC filing that lets an already-reporting company register a pool of securities in advance so it can sell them later without filing a full new registration each time. For investors, it matters because it makes it faster and easier for a company to raise money or issue shares, which can dilute existing ownership or signal funding needs—think of it as a pre-approved supply kept on a store shelf ready to be sold when needed.

registration rights agreement regulatory

"and a Registration Rights Agreement with InspectionTech Holdings LP"

A registration rights agreement is a contract that gives investors the option to have their ownership stakes officially registered with the government, making it easier to sell their shares later. This agreement matters because it provides investors with a clearer path to cash out their investments if they choose, offering more liquidity and confidence in their ability to sell their holdings when desired.

AI-generated analysis. Not financial advice.

SUGAR LAND, Texas, March 12, 2026 (GLOBE NEWSWIRE) -- TEAM, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized, and proprietary inspection, heat-treating, and mechanical services, today reported its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights:

• Generated fourth quarter 2025 revenues of $224.8 million, an increase of 5.4% over the 2024 period.
• Grew gross margin to $58.3 million.
• Reported a net loss of $3.8 million, an improvement of $3.4 million from the 2024 period.
• Reduced Adjusted Selling, General and Administrative Expenses¹ as a percentage of revenue to 20.0%, a reduction of 150 basis points from the 2024 period.
• Increased consolidated Adjusted EBITDA¹ to $16.4 million and 7.3% of consolidated revenue, up 12.1% from the 2024 period.
• Generated cash flow from operations of $16.8 million and Free Cash Flow¹ of $14.6 million.
  
  

Full Year 2025 Highlights:

• Generated revenue of $896.5 million, a 5.2% increase compared to 2024.
• Grew gross margin to $231.7 million.
• Reported 2025 net loss of $49.2 million, inclusive of a $13.1 million loss on debt extinguishment attributable to the transactions discussed below.
• Lowered Adjusted Selling, General and Administrative Expenses¹ to 20.5%, a reduction of 90 basis points from 2024.
• Increased consolidated Adjusted EBITDA¹ to $60.7 million and 6.8% of consolidated revenue, up 11.9% from 2024.
• As previously announced:
  • Closed on a refinancing transaction in March 2025 that simplified the capital structure, extended term maturities, and lowered the Company’s blended interest rate by more than 100 basis points, and
  • Issued preferred stock and warrants in September 2025 that raised $75.0 million in proceeds (before expenses) that were used to significantly reduce debt and improve financial flexibility.
    
    

¹ See the accompanying reconciliation of non-GAAP measures at the end of this press release.

“I am excited to share these strong fourth quarter and full-year 2025 results in my first earnings release since joining TEAM as CEO in early February. Our fourth quarter performance was highlighted by 5.4% revenue growth to $224.8 million, driven by robust increases in the U.S. and Canada, alongside a 12.1% improvement in consolidated Adjusted EBITDA to $16.4 million or 7.3% of revenue,” said Gary L. Hill, TEAM’s Chief Executive Officer. “For the full year, our revenue grew by 5.2% to $896.5 million and our consolidated Adjusted EBITDA increased by 11.9% to $60.7 million, or 6.8% of revenue. These results demonstrate the solid foundation and operational momentum built by our highly skilled and dedicated team.”

Mr. Hill continued, “For 2026, my focus is clear and aggressive: accelerating commercial execution and top-line growth by deepening customer relationships, capturing profitable market share in our core industrial sectors, and accelerating expansion into attractive end markets such as aerospace and power. We will continue to emphasize cost efficiency and disciplined resource allocation to further enhance profitability and cash flow generation. At the same time, we are committed to strengthening our organization by investing in our people, optimizing processes, prioritizing safety, and fostering a more agile, collaborative culture. While recent events in the Middle East have increased market and energy price volatility, we remain optimistic about delivering further revenue and Adjusted EBITDA growth in 2026 and will provide a more detailed outlook following our first quarter results.”

“I am excited about TEAM's potential and energized by the opportunities ahead as we remain committed to driving profitable top line growth, continuously improving margins and accelerating cash flow generation. Finally, I want to thank our dedicated and highly skilled employees who safely deliver best in class service every day, while building a financially stronger TEAM,” concluded Mr. Hill.

Financial Results

Fourth quarter revenue was $224.8 million compared to $213.3 million in the prior year period, an increase of $11.5 million, or 5.4%, driven by revenue growth of 4.9% in the United States and 21.6% in Canada. Consolidated gross margin was $58.3 million (25.9% of revenue).

Selling, general and administrative expenses for the fourth quarter were $51.7 million, a decrease of $3.5 million, or 6.3%, compared to the fourth quarter of 2024, primarily driven by lower insurance and legal related expenses. Adjusted Selling, General and Administrative Expense (non-GAAP), which excludes expenses not representative of TEAM’s ongoing operations as well as non-cash expenses such as depreciation and amortization and share-based compensation cost, decreased by $1.0 million and 150 basis points as compared to the 2024 period.

Operating income for the fourth quarter of 2025 was $6.6 million, a $4.4 million increase over the 2024 period. Net loss in the fourth quarter of 2025 was $3.8 million, an improvement of 47.4% over the prior year period. Net loss attributable to common shareholders, which includes dividends and accretion related to the preferred shares issued in September 2025, totaled $6.6 million and $1.47 per share as compared to a net loss of $7.2 million and $1.61 per share in the 2024 fourth quarter. Consolidated Adjusted EBITDA, a non-GAAP measure, improved 12.1% to $16.4 million and 7.3% of consolidated revenue, compared to $14.6 million and 6.9% of consolidated revenue for the 2024 quarter.

For the full year 2025, consolidated revenues were $896.5 million, an increase of $44.2 million, or 5.2%, as compared to $852.3 million in 2024, driven by revenue growth of 6.7% in the United States and 14.7% in Canada, partially offset by lower year over year activity in other international regions. Consolidated gross margin improved by $8.6 million to $231.7 million (25.8% of revenue).

Selling, general and administrative expenses in 2025 were $217.6 million, higher by $4.6 million, or 2.2%, compared to 2024, primarily due to increased professional fees related to debt and equity refinancing activities during 2025. Adjusted Selling, General and Administrative Expense (non-GAAP) was $183.7 million and declined by 90 basis points as a percentage of revenue versus the 2024 period.

Operating income for 2025 was $14.1 million, an increase of 39.0% over 2024. Net loss for 2025 was $49.2 million and included a loss on debt extinguishment of $13.1 million related to the debt and equity transactions discussed above. Net loss attributable to common shareholders was $52.7 million, or $11.70 per share. Consolidated Adjusted EBITDA, a non-GAAP measure, improved by 11.9% to $60.7 million or 6.8% of revenue as compared to $54.3 million or 6.4% of revenue in 2024, driven by the Company’s cost reduction efforts and a more favorable job and pricing mix.

Adjusted net loss, consolidated Adjusted EBIT, Adjusted EBITDA and Adjusted Selling, General and Administrative Expense are non-GAAP financial measures that exclude certain items that are not indicative of TEAM’s core operating activities. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is at the end of this earnings release.

Segment Results

The following table illustrates the composition of the Company’s revenue and operating income (loss) by segment for the three months ended December 31, 2025 and 2024 (in thousands):

TEAM, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(unaudited, in thousands)
	Three Months Ended December 31,								Favorable (Unfavorable)
		2025				2024			$				%
Revenues
IHT	$	108,490			$	106,436			$	2,054			1.9	%
MS		116,336				106,860				9,476			8.9	%
	$	224,826			$	213,296			$	11,530			5.4	%
Operating income (loss)
IHT	$	7,860			$	9,508			$	(1,648	)		(17.3	)%
MS		11,545				8,099				3,446			42.5	%
Corporate and shared support services		(12,776	)			(15,402	)			2,626			17.0	%
	$	6,629			$	2,205			$	4,424			200.6	%

Revenues. IHT’s revenue increased by $2.1 million, or 1.9%, compared to the prior year period, driven primarily by higher turnaround activity in the U.S. MS revenue increased by $9.5 million or 8.9%, including a $5.5 million revenue increase in the U.S. due to higher turnaround activities in the oil and refining sectors, and a $4.5 million increase from project work in Canada.

Operating income (loss). IHT’s fourth quarter 2025 operating income decreased by $1.6 million to $7.9 million mainly due to the timing of certain labor related and equipment costs. MS operating income improved by approximately $3.4 million due to pricing and job mix and the realized benefit from cost reductions implemented throughout 2025. Corporate and shared support services costs decreased by $2.6 million or 17.0%, driven mainly by lower insurance and legal related expenses.

The following table illustrates the composition of the Company’s revenue and operating income (loss) by segment for the twelve months ended December 31, 2025 and 2024 (in thousands):

TEAM, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(unaudited, in thousands)
	Twelve Months Ended December 31,								Favorable (Unfavorable)
		2025				2024			$				%
Revenues
IHT	$	458,879			$	426,722			$	32,157			7.5	%
MS		437,604				425,550				12,054			2.8	%
	$	896,483			$	852,272			$	44,211			5.2	%
Operating income (loss)
IHT	$	43,855			$	37,012			$	6,843			18.5	%
MS		26,424				27,287				(863	)		(3.2	)%
Corporate and shared support services		(56,208	)			(54,163	)			(2,045	)		(3.8	)%
	$	14,071			$	10,136			$	3,935			38.8	%

Revenues. IHT revenues increased by $32.2 million, or 7.5%, as compared to 2024. This growth was primarily driven by a $28.5 million increase in U.S. revenue, reflecting higher call-out and turnaround activity as well as expanded projects at our lab inspection and testing facility in Cincinnati. In addition, revenue in Canada and other international regions increased by $2.5 million and $1.2 million respectively, due to increased non-destructive examination and heat-treating activity. MS revenue increased by $12.1 million, or 2.8%, over the prior year. This included a $14.6 million increase in U.S. revenue, driven by higher turnaround activities in the oil and refining sectors, and a $7.4 million increase in Canada, resulting from expanded project work. This growth was partially offset by a $9.9 million revenue decrease in other international regions attributable to reduced project activity in call-out and leak repair services.

Operating income (loss). IHT’s operating income grew by 18.5% to $43.9 million, primarily due to lower costs and an improved job mix, which drove higher gross margins in the U.S. Operating income in both Canada and other international regions also increased by $0.5 million each, for the reasons noted above. MS operating income decreased by $0.9 million year over year to $26.4 million, with operating income in the U.S. and Canada increasing by $3.9 million and $0.6 million, respectively, partially offset by lower operating income from other international regions for the reasons noted above. Corporate operating loss increased by $2.0 million, mainly due to higher professional fees in the current year associated with the debt and equity transactions discussed above.

Balance Sheet and Liquidity

At December 31, 2025, the Company had $77.4 million of total liquidity, consisting of consolidated cash and cash equivalents of $14.1 million (excluding $4.0 million of restricted cash) and $63.4 million in undrawn availability under its various credit facilities. Additionally, in connection with the September 2025 preferred stock and warrants issuance, and subject to certain conditions regarding the use of proceeds as outlined in the purchase agreement related thereto, the Company has the option through September 2027 to draw upon up to an additional $30.0 million as a delayed draw and concurrently issue additional preferred stock and warrants.

The Company’s total debt as of December 31, 2025 was $297.2 million compared to $325.1 million as of fiscal year end 2024. The decrease was primarily due to the paydown on the 2022 ABL Credit Agreement and Second A&R Second Lien Term Loan following the issuance of preferred stock and warrants on September 11, 2025, partially offset by new borrowings from the refinancing completed on March 12, 2025. The Company’s net debt (total debt less cash and cash equivalents), a non-GAAP financial measure, was $279.1 million at December 31, 2025.

2026 Outlook

Due to the change in leadership, the Company is not providing full-year guidance at this time. The Company is actively reviewing strategic priorities and operational plans and expects to provide updated guidance for fiscal year 2026 after the first quarter.

Conference Call

As previously announced, the Company will hold a conference call to discuss its fourth quarter 2025 financial and operating results on Friday, March 13, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Interested parties in the United States may participate toll-free by dialing (877) 270-2148. Interested parties internationally may dial (412) 902-6510. Participants should ask to join “TEAM, Inc. Fourth Quarter 2025 Conference Call.” The Company will not host questions during the call. This call will also be webcast on TEAM’s website at www.teaminc.com. An audio replay will be available on the Company’s website following the call.

Non-GAAP Financial Measures

The non-GAAP measures in this earnings release are provided to enable investors, analysts and management to evaluate TEAM’s performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. These measures should be used in addition to, and not in lieu of, results prepared in conformity with generally accepted accounting principles (“GAAP”). A reconciliation of each of the non-GAAP financial measures to the most directly comparable historical GAAP financial measure is contained in the accompanying schedule for each of the fiscal periods indicated.

About TEAM, Inc.

Headquartered in Sugar Land, Texas, TEAM, Inc. (NYSE: TISI) is a global, leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized, and proprietary inspection, heat-treating, and mechanical services. We deploy conventional to highly specialized inspection, condition assessment, maintenance, and repair services that result in greater safety, reliability, and operational efficiency for our customers’ most critical assets. Through locations in 13 countries, we unite the delivery of technological innovation with over a century of progressive, yet proven integrity and reliability management expertise to fuel a better tomorrow. For more information, please visit www.teaminc.com.

Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions, and beliefs upon which this forward-looking information is based are current, reasonable, and complete. However, such forward-looking statements involve estimates, assumptions, judgments, and uncertainties. They include but are not limited to statements regarding the Company’s financial and growth prospects and strategy, including the implementation of cost-saving measures. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Although it is not possible to identify all of these factors, they include, among others: the Company’s ability to generate sufficient cash from operations, access its credit facilities, or maintain its compliance with covenants under its credit agreements, the duration and magnitude of accidents, extreme weather, natural disasters, and pandemics and related global economic effects and inflationary pressures, the Company’s liquidity and ability to obtain additional financing, the Company’s ability to execute on its cost management actions, the impact of new or changes to existing governmental laws and regulations and their application, including tariffs; the outcome of tax examinations, changes in tax laws, and other tax matters; foreign currency exchange rate and interest rate fluctuations; the Company’s ability to successfully divest assets on terms that are favorable to the Company; the Company’s ability to repay, refinance or restructure its debt and the debt of certain of its subsidiaries; anticipated or expected purchases or sales of assets; the Company’s continued listing on the New York Stock Exchange, and such known factors as are detailed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein, including statements regarding the Company’s financial prospects and the implementation of cost-saving measures, will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the Company, whether as a result of new information, future events or otherwise, except as may be required by law.

Contact:
Nelson M. Haight
Executive Vice President, Chief Financial Officer
(281) 388-5521

TEAM, INC. AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED OPERATING RESULTS
(in thousands, except per share data)
	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
		2025				2024				2025				2024
	(unaudited)				(unaudited)
Revenues	$	224,826			$	213,296			$	896,483			$	852,272
Operating expenses		166,517				155,955				664,775				629,122
Gross margin		58,309				57,341				231,708				223,150
Selling, general and administrative expenses		51,680				55,136				217,637				213,014
Operating income		6,629				2,205				14,071				10,136
Interest expense, net		(9,489	)			(12,031	)			(44,676	)			(47,808	)
Loss on debt extinguishment		—				—				(13,136	)			—
Other (income) expense, net		(493	)			3,871				(2,889	)			2,682
Loss before income taxes		(3,353	)			(5,955	)			(46,630	)			(34,990	)
Provision for income taxes		(426	)			(1,227	)			(2,580	)			(3,276	)
Net loss	$	(3,779	)		$	(7,182	)		$	(49,210	)		$	(38,266	)
Dividend and accretion to redemption value on redeemable preferred stock		(2,841	)			—				(3,451	)			—
Net loss attributable to common shareholders	$	(6,620	)		$	(7,182	)		$	(52,661	)		$	(38,266	)
Loss per common share:
Basic and diluted	$	(1.47	)		$	(1.61	)		$	(11.70	)		$	(8.64	)
Weighted-average number of shares outstanding:
Basic and diluted		4,517				4,463				4,501				4,429

The following table includes the details of depreciation and amortization expense:

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2025			2024			2025			2024
Depreciation and amortization:
Amount included in operating expenses	$	2,998		$	3,210		$	12,495		$	13,730
Amount included in SG&A expenses		5,408			5,151			21,587			22,565
Total depreciation and amortization	$	8,406		$	8,361		$	34,082		$	36,295

TEAM, INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
	December 31,				December 31,
		2025			2024
Cash and cash equivalents	$	18,145			$	35,545
Other current assets		248,260				269,558
Property, plant and equipment, net		110,628				112,835
Other non-current assets		108,420				110,427
Total assets	$	485,453			$	528,365
Current portion of long-term debt and finance lease obligations	$	3,858			$	6,485
Other current liabilities		116,197				164,763
Long-term debt and finance lease obligations, net of current maturities		293,343				318,626
Other non-current liabilities		44,585				36,753
Redeemable preferred stock		51,951				—
Stockholders’ equity (deficit)		(24,481	)			1,738
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)	$	485,453			$	528,365

TEAM INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED CASH FLOW INFORMATION
(in thousands)
	Three Months Ended December 31,							Twelve Months Ended December 31,
		2025				2024			2025				2024
Cash flows from operating activities:
Net loss	$	(3,779	)		$	(7,182	)	$	(49,210	)		$	(38,266	)
Depreciation and amortization expense		8,406				8,361			34,082				36,295
Amortization of debt issuance costs, debt discounts and deferred financing costs		1,126				1,536			5,065				6,226
Deferred income taxes		479				(430	)		(15	)			(1,184	)
Non-cash compensation cost		130				529			795				2,273
Loss on debt extinguishment		—				—			13,136				—
Change in working capital and other		10,412				18,810			(15,201	)			17,423
Net cash provided by (used in) operating activities		16,774				21,624			(11,348	)			22,767
Cash flows from investing activities:
Capital expenditures		(2,134	)			(2,011	)		(9,289	)			(9,465	)
Proceeds from disposal of assets		146				18			228				167
Net cash used in investing activities		(1,988	)			(1,993	)		(9,061	)			(9,298	)
Cash flows from financing activities:
Borrowings (payments) under ABL Facilities, net		(9,100	)			(1	)		(19,118	)			(510	)
Payments under Corre DDTL		—				—			(35,700	)			—
Payments under Corre Uptiered Loan		—				—			(55,894	)			—
Borrowings (payments) under HPS First Lien Term Loan, net		(437	)			—			173,688				—
Payments under Corre Second Lien Term Loan		—				—			(41,803	)			—
Payments under ME/RE Loans		—				(711	)		(23,427	)			(2,842	)
Net proceeds from issuance of preferred stock and warrants		(751	)			—			67,226				—
Payments under Corre Incremental Term Loans		—				(356	)		(48,015	)			(1,425	)
Payments for debt issuance costs		75				(1,091	)		(11,337	)			(8,462	)
Other		(1,156	)			(661	)		(2,813	)			492
Net cash provided by (used in) financing activities		(11,369	)			(2,820	)		2,807				(12,747	)
Effect of exchange rate changes		(84	)			(353	)		202				(604	)
Net change in cash and cash equivalents	$	3,333			$	16,458		$	(17,400	)		$	118

TEAM, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(unaudited, in thousands)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Revenues
IHT	$	108,490			$	106,436			$	458,879			$	426,722
MS		116,336				106,860				437,604				425,550
	$	224,826			$	213,296			$	896,483			$	852,272
Operating income (loss)
IHT	$	7,860			$	9,508			$	43,855			$	37,012
MS		11,545				8,099				26,424				27,287
Corporate and shared support services		(12,776	)			(15,402	)			(56,208	)			(54,163	)
	$	6,629			$	2,205			$	14,071			$	10,136
Segment Adjusted EBIT1
IHT	$	8,001			$	9,724			$	45,020			$	37,725
MS		12,081				8,221				28,006				28,056
Corporate and shared support services		(12,214	)			(12,204	)			(47,178	)			(50,087	)
	$	7,868			$	5,741			$	25,848			$	15,694
Segment Adjusted EBITDA1
IHT	$	11,068			$	12,567			$	57,052			$	49,503
MS		16,086				12,564				44,761				46,117
Corporate and shared support services		(10,750	)			(10,500	)			(41,088	)			(41,358	)
	$	16,404			$	14,631			$	60,725			$	54,262

___________________

¹ See the accompanying reconciliation of non-GAAP measures at the end of this earnings release.

TEAM, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures and Reconciliations
(Unaudited)

The Company uses supplemental non-GAAP financial measures, which are derived from consolidated financial information, including adjusted net income (loss); adjusted net income (loss) per share; earnings before interest and taxes (“EBIT”); Adjusted EBIT (defined below); adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), free cash flow and net debt to supplement financial information presented on a GAAP basis.

The Company defines adjusted net income (loss) and adjusted net income (loss) per share to exclude the following items: non-routine legal costs and settlements, non-routine professional fees, (gain) loss on debt extinguishment, certain severance charges, non-routine write-off of assets, and certain other items that we believe are not indicative of core operating activities. Consolidated Adjusted EBIT, as defined by us, excludes the costs excluded from adjusted net income (loss), as well as income tax expense (benefit), interest charges, foreign currency (gain) loss, pension credit, and items of other (income) expense. Consolidated Adjusted EBITDA further excludes depreciation, amortization and non-cash share-based compensation costs from consolidated Adjusted EBIT. Segment Adjusted EBIT is equal to segment operating income (loss) excluding costs associated with non-routine legal costs and settlements, non-routine professional fees, certain severance charges, and certain other items as determined by management. Segment Adjusted EBITDA further excludes depreciation, amortization, and non-cash share-based compensation costs from segment Adjusted EBIT. Adjusted Selling, General and Administrative Expense is defined to exclude non-routine legal costs and settlements, non-routine professional fees, certain severance charges, certain other items that we believe are not indicative of core operating activities and non-cash expenses such as depreciation and amortization and non-cash compensation. Free Cash Flow is defined as net cash provided by (used in) operating activities minus capital expenditures paid in cash. Net debt is defined as the sum of the current and long-term portions of debt, including finance lease obligations, less cash and cash equivalents.

Management believes these non-GAAP financial measures are useful to both management and investors in their analysis of our financial position and results of operations. In particular, adjusted net income (loss), adjusted net income (loss) per share, consolidated Adjusted EBIT, and consolidated Adjusted EBITDA are meaningful measures of performance which are commonly used by industry analysts, investors, lenders, and rating agencies to analyze operating performance in our industry, perform analytical comparisons, benchmark performance between periods, and measure our performance against externally communicated targets. Our segment Adjusted EBITDA is also used as a basis for the Chief Operating Decision Maker (Chief Executive Officer) to evaluate the performance of our reportable segments. Free cash flow is used by our management and investors to analyze our ability to service and repay debt and return value directly to stakeholders.

Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures and should be read only in conjunction with financial information presented on a GAAP basis. Further, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies who may calculate non-GAAP financial measures differently, limiting the usefulness of those measures for comparative purposes. The liquidity measure of free cash flow does not represent a precise calculation of residual cash flow available for discretionary expenditures. Reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure are presented below.

TEAM, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands except per share data)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Adjusted Net Loss:
Net loss	$	(3,779	)		$	(7,182	)		$	(49,210	)		$	(38,266	)
Professional fees and other1		1,901				1,196				8,186				4,111
Legal costs (credits) and litigation reserves		(1,141	)			1,976				2,120				124
Severance charges, net		477				364				1,470				1,323
Loss on debt extinguishment		—				—				13,136				—
Write-off of software cost		—				—				45				—
Tax impact of adjustments and other net tax items		(99	)			(8	)			(200	)			(210	)
Adjusted net loss	$	(2,641	)		$	(3,654	)		$	(24,453	)		$	(32,918	)
Dividend and accretion to redemption value on redeemable preferred stock		(2,841	)			—				(3,451	)			—
Adjusted Net Loss attributable to common shareholders	$	(5,482	)		$	(3,654	)		$	(27,904	)		$	(32,918	)
Adjusted net loss per common share:
Basic and diluted	$	(1.21	)		$	(0.82	)		$	(6.20	)		$	(7.43	)
Consolidated Adjusted EBIT and Adjusted EBITDA:
Net loss	$	(3,779	)		$	(7,182	)		$	(49,210	)		$	(38,266	)
Provision for income taxes		426				1,227				2,580				3,276
Interest expense, net		9,489				12,031				44,676				47,808
Foreign currency loss (gain)		661				(3,735	)			3,274				(2,231	)
Gain on sale of assets		(113	)			(16	)			(216	)			(5	)
Professional fees and other1		1,901				1,196				8,186				4,111
Legal costs (credits) and litigation reserves		(1,141	)			1,976				2,120				124
Severance charges, net		477				364				1,470				1,323
Loss on debt extinguishment		—				—				13,136				—
Write-off of software cost		—				—				45				—
Pension credit2		(53	)			(120	)			(213	)			(446	)
Consolidated Adjusted EBIT		7,868				5,741				25,848				15,694
Depreciation and amortization
Amount included in operating expenses		2,998				3,210				12,495				13,730
Amount included in SG&A expenses		5,408				5,151				21,587				22,565
Total depreciation and amortization		8,406				8,361				34,082				36,295
Non-cash share-based compensation costs		130				529				795				2,273
Consolidated Adjusted EBITDA	$	16,404			$	14,631			$	60,725			$	54,262
Free Cash Flow:
Cash provided by (used in) operating activities	$	16,774			$	21,624			$	(11,348	)		$	22,767
Capital expenditures		(2,134	)			(2,011	)			(9,289	)			(9,465	)
Free Cash Flow	$	14,640			$	19,613			$	(20,637	)		$	13,302

____________________________________

¹ The three and twelve months ended December 31, 2025 include $0.4 million and $1.7 million, respectively related to debt financing and $1.5 million and $6.5 million, respectively related to support costs. The three and twelve months ended December 31, 2024, include $1.1 million and $3.8 million, respectively, related to costs associated with debt financing, and $0.1 million and $0.3 million, respectively, for lease extinguishment charges, support and other costs.

² Represents pension credits for the U.K. pension plan based on the difference between the expected return on plan assets and the amount of the discounted pension liability. The pension plan was frozen in 1994 and no new participants have been added since that date.

TEAM, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
(unaudited, in thousands)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Segment Adjusted EBIT and Adjusted EBITDA:
IHT
Operating income	$	7,860			$	9,508			$	43,855			$	37,012
Professional fees and other1		141				122				985				162
Severance charges, net		—				94				180				551
Adjusted EBIT		8,001				9,724				45,020				37,725
Depreciation and amortization		3,067				2,843				12,032				11,778
Adjusted EBITDA	$	11,068			$	12,567			$	57,052			$	49,503
MS
Operating income	$	11,545			$	8,099			$	26,424			$	27,287
Professional fees and other1		71				—				71				140
Legal costs		—				—				251				41
Severance charges, net		465				122				1,260				588
Adjusted EBIT		12,081				8,221				28,006				28,056
Depreciation and amortization		4,005				4,343				16,755				18,061
Adjusted EBITDA	$	16,086			$	12,564			$	44,761			$	46,117
Corporate and shared support services
Net loss	$	(23,184	)		$	(24,789	)		$	(119,489	)		$	(102,565	)
Provision for income taxes		426				1,227				2,580				3,276
Gain on sale of assets		(113	)			(16	)			(216	)			(5	)
Interest expense, net		9,489				12,031				44,676				47,808
Foreign currency loss (gain)		661				(3,735	)			3,274				(2,231	)
Professional fees and other1		1,689				1,074				7,130				3,809
Legal costs (credits) and litigation reserves		(1,141	)			1,976				1,869				83
Severance charges, net		12				148				30				184
Loss on debt extinguishment		—				—				13,136				—
Write-off of software cost		—				—				45				—
Pension credit2		(53	)			(120	)			(213	)			(446	)
Adjusted EBIT		(12,214	)			(12,204	)			(47,178	)			(50,087	)
Depreciation and amortization		1,334				1,175				5,295				6,456
Non-cash share-based compensation costs		130				529				795				2,273
Adjusted EBITDA	$	(10,750	)		$	(10,500	)		$	(41,088	)		$	(41,358	)
Consolidated Adjusted EBITDA	$	16,404			$	14,631			$	60,725			$	54,262

___________________

¹ The three and twelve months ended December 31, 2025 include $0.4 million and $1.7 million, respectively related to debt financing and $1.5 million and $6.5 million, respectively related to support costs. The three and twelve months ended December 31, 2024, include $1.1 million and $3.8 million, respectively, related to costs associated with debt financing, and $0.1 million and $0.3 million, respectively, for lease extinguishment charges, support and other costs.

² Represents pension credits for the U.K. pension plan based on the difference between the expected return on plan assets and the amount of the discounted pension liability. The pension plan was frozen in 1994 and no new participants have been added since that date.

TEAM, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
(unaudited, in thousands)
	Three Months Ended December 31,							Twelve Months Ended December 31,
		2025			2024			2025			2024
Selling, General and Administrative Expenses	$	51,680			$	55,136		$	217,637		$	213,014
Less:
Depreciation and amortization in SG&A expenses		5,408				5,151			21,587			22,565
Non-cash share-based compensation costs		130				529			795			2,273
Professional fees and other1		1,901				1,196			8,186			4,111
Legal costs (credits) and litigation reserves		(1,141	)			1,976			2,120			124
Severance charges included in SG&A expenses		396				327			1,232			1,245
Total non-cash/non-recurring items		6,694				9,179			33,920			30,318
Adjusted Selling, General and Administrative Expenses	$	44,986			$	45,957		$	183,717		$	182,696

___________________

¹ The three and twelve months ended December 31, 2025 include $0.4 million and $1.7 million, respectively related to debt financing and $1.5 million and $6.5 million, respectively related to support costs. The three and twelve months ended December 31, 2024, include $1.1 million and $3.8 million, respectively, related to costs associated with debt financing, and $0.1 million and $0.3 million, respectively, for lease extinguishment charges, support and other costs.

FAQ

What were TEAM (TISI) Q4 2025 revenues and growth rates?

Q4 2025 revenue was $224.8 million, up 5.4% versus Q4 2024. According to the company, growth was driven by higher activity in the U.S. and a 21.6% increase in Canada, with consolidated gross margin at 25.9% of revenue.

How much did TEAM (TISI) report for full-year 2025 Adjusted EBITDA?

TEAM reported consolidated Adjusted EBITDA of $60.7 million for 2025, up 11.9% year-over-year. According to the company, improvement was driven by cost reductions and a more favorable job and pricing mix across segments.

What caused TEAM's (TISI) 2025 net loss and how large was the debt charge?

Full-year net loss was $49.2 million, which included a $13.1 million loss on debt extinguishment. According to the company, the debt charge relates to refinancing and debt and equity transactions completed during 2025.

What is TEAM's (TISI) liquidity and total debt position at year-end 2025?

At December 31, 2025, TEAM had $77.4 million of total liquidity and $297.2 million of total debt. According to the company, liquidity included $14.1 million cash and $63.4 million undrawn credit availability.

How did TEAM (TISI) finance its 2025 recapitalization and what proceeds were raised?

TEAM completed a March 2025 refinancing and issued preferred stock and warrants in September 2025, raising $75.0 million gross. According to the company, proceeds were used to pay down debt and improve financial flexibility.

Will TEAM (TISI) provide 2026 guidance after the leadership change?

TEAM is not providing full-year 2026 guidance now and plans to update guidance after Q1 2026 results. According to the company, the new CEO is reviewing strategic priorities and expects to deliver a detailed outlook following the first quarter.