Every 8-K that Team, Inc. (TISI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow TISI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TISI filings page.
Team, Inc. reported changes in its shareholder base and related governance arrangements. On August 6, 2026, Corre Partners Management, LLC and affiliated holders irrevocably waived most rights under a prior Board Rights Agreement, including board observation rights and nomination rights for Investor Equity Directors and the right to designate the chairman. Rights relating to the Lender Director remain in effect.
An entity controlled by Stellex Capital Management LLC acquired all 1,604,326 shares of Team’s common stock previously held by Corre and its affiliates in a privately negotiated transaction at $35.50 per share. Team is not issuing any shares in connection with this transaction and will not receive any proceeds. Upon closing, Stellex is expected to own approximately 35% of Team’s outstanding common stock, in addition to preferred stock and warrants issued to Stellex in September 2025, making Stellex the largest common equity shareholder.
TEAM, Inc. reported weaker results for the quarter ended June 30, 2026 while reaffirming a more optimistic full‑year outlook. Second quarter revenue was $228.7 million versus $248.0 million a year earlier, with consolidated gross margin of $54.4 million (23.8% of revenue). Operating income dropped to $2.2 million from $12.1 million, and net loss widened to $6.8 million, or $2.15 per share attributable to common shareholders after preferred dividends and accretion. Consolidated Adjusted EBITDA fell to $12.8 million (5.6% margin) from $24.5 million (9.9%).
Segment results showed lower turnaround and project activity. Inspection and Heat-Treating revenue declined to $131.3 million with operating income of $13.3 million, while Mechanical Services revenue fell to $97.4 million with operating income of $2.3 million. For the first half, the company reported a consolidated operating loss of $1.2 million.
Leverage remains elevated: total debt at June 30, 2026 was $326.3 million and net debt was $300.3 million, with liquidity of $51.2 million and a stockholders’ deficit of $49.7 million. Management targets structural cost improvements of $8–$15 million in 2026, with a full run‑rate goal of $20–$35 million, and maintained 2026 guidance for revenue of $920–$945 million, gross margin of $240–$260 million, and Adjusted EBITDA of $68–$73 million, implying mid‑teens growth in Adjusted EBITDA versus 2025 at the midpoint.
Team, Inc. revised its Corporate Executive Officer Compensation and Benefits Continuation Policy to reduce benefits payable upon qualifying terminations related to a change in control. Section III was amended so that any supplemental salary or supplemental compensation periods longer than 24 months are now capped at 24 months.
The amendment also standardizes how supplemental compensation for forgone annual incentives or bonuses is calculated. Covered executives will receive a single lump-sum payment based on the period used for supplemental salary, computed using the higher of the most recent year’s actual bonus or the average bonus from the last two years, or the target bonus if no annual bonus has yet been paid. This lump sum is paid on the same date as the executive’s supplemental salary payment and is in addition to any earned but unpaid incentive or bonus amounts prior to a change in control.
Team, Inc. announced a chief financial officer transition. Nelson Haight will step down as Executive Vice President and CFO on June 22, 2026, then serve briefly as a special advisor. The company states his departure is not due to any disagreement over operations, policies, or practices.
Under a Severance Agreement, Haight will receive $603,750 over 15 months, a prorated 2026 bonus at target, and a $15,500 lump-sum for healthcare. His unvested time-based restricted stock units will fully vest, while performance share units will continue to vest based on performance with payouts prorated to 92%, subject to a release of claims and 12‑month non‑compete and non‑solicitation covenants.
The Board appointed Clinton Roeder as the new Executive Vice President and CFO effective June 22, 2026. Roeder will receive a $500,000 base salary, eligibility for an annual cash bonus targeted at 75% of base salary, and equity awards valued at about $500,000, split between time‑vested restricted stock units and performance stock units tied to aggregate Adjusted EBITDA through December 31, 2028.
TEAM, Inc. reported results of its 2026 Annual Meeting of Shareholders, where investors approved an amendment adding 250,000 shares of common stock to the 2018 Equity Incentive Plan. Shareholders also re-elected three Class I directors to terms expiring at the 2029 meeting.
They gave advisory approval to 2026 named executive officer compensation and ratified KPMG LLP as independent auditor for the year ending December 31, 2026. Shareholders further approved the issuance of common shares underlying certain Stellex warrants pursuant to NYSE Listing Rule 312.03(c), including issuance below the defined Minimum Price down to the Adjustment Floor.
TEAM, Inc. reported a stronger first quarter of 2026, with revenue rising 8.3% to $215.1 million, driven by growth in both Inspection & Heat-Treating and Mechanical Services. Gross margin increased to $50.2 million, or 23.3% of revenue.
The company still posted a net loss of $11.3 million, but this was a substantial improvement from a $29.7 million loss a year earlier. Net loss attributable to common shareholders was $14.2 million, or $3.12 per share, helped by lower interest expense and the absence of prior-year debt extinguishment charges.
Adjusted EBITDA rose 45.2% to $7.7 million (3.6% margin), while adjusted SG&A fell to 21.2% of revenue. Liquidity at March 31, 2026 totaled $49.2 million, and total debt was $306.5 million, resulting in net debt of $293.7 million. For 2026, management guides to revenue of $920–$945 million, gross margin of $240–$260 million, and Adjusted EBITDA of $68–$73 million, implying mid‑single‑digit revenue growth and mid‑teens Adjusted EBITDA growth versus 2025.
TEAM, Inc. reported modest growth with ongoing losses for 2025. Revenue reached $896.5 million, up 5.2% from 2024, while consolidated Adjusted EBITDA rose 11.9% to $60.7 million or 6.8% of revenue, reflecting cost cuts and better job mix.
The company still recorded a net loss of $49.2 million, including a $13.1 million loss on debt extinguishment, and net loss attributable to common shareholders of $52.7 million or $11.70 per share. Fourth quarter revenue grew 5.4% to $224.8 million and the quarterly net loss improved to $3.8 million.
Liquidity at December 31, 2025 was $77.4 million, with $14.1 million in cash and $63.4 million of undrawn credit, while total debt decreased to $297.2 million from $325.1 million. New CEO Gary Hill emphasized growth, margin improvement and cash generation, but the company will provide 2026 guidance only after first-quarter results.
Team, Inc. detailed the severance and consulting terms for former Chief Executive Officer Keith Tucker following his termination without cause effective January 31, 2026. The company confirms his departure was not due to any disagreement over operations, policies, or practices.
Under a Severance and Consulting Agreement dated February 6, 2026, Mr. Tucker will receive $1,125,000 in severance, paid over 18 months, an additional cash amount equal to the annual bonus he would have earned for the 2025 performance period, and a lump-sum $19,000 for health and welfare benefits. His unvested time-based restricted stock units vest immediately, while performance share units continue to vest based on their terms with any payout prorated to 78%.
After leaving the CEO role, Mr. Tucker will serve as a consultant to Team, Inc. for 12 months for a $375,000 consulting fee. All payments depend on his signing a broad release of claims and complying with non-competition and non-solicitation covenants for 24 months.
Team, Inc. announced a leadership transition, with Chief Executive Officer Keith Tucker departing effective January 31, 2026, and the Board appointing Gary Hill as Chief Executive Officer effective February 1, 2026. The company states that Mr. Tucker’s departure is not due to any disagreement regarding operations, policies, or practices.
Gary Hill, age 60, has over 30 years of industrial services experience, including senior roles at Shermco Industries, AIS Holdings Company LLC, and AZZ Inc. Under a new offer letter, he will receive a $750,000 base salary, be eligible for an annual cash bonus targeted at 100% of base salary with a 200% maximum, and be granted restricted stock units valued at $562,500 and performance stock units valued at $1,312,500, plus relocation and temporary housing support. The company also outlines intended severance protections, including enhanced benefits if terminated following a change in control.
Team, Inc. filed a current report to let investors know it has released its unaudited financial results for the third quarter ended September 30, 2025. The company disseminated these results through a press release dated November 12, 2025, which is attached to the report as Exhibit 99.1.
The company states that the earnings information and exhibit are being furnished rather than filed under securities laws, meaning they are not subject to certain legal liabilities and will not automatically be incorporated into other securities filings. The report is signed on behalf of Team, Inc. by its Chief Financial Officer, Nelson M. Haight.
TEAM, Inc. expanded its Board by appointing K. Niclas Ytterdahl as a Class I director and Michael Stewart as a Class III director, effective October 24, 2025. The Board size increased from seven to nine with these appointments. Ytterdahl’s term runs to the 2026 annual meeting; Stewart’s runs to the 2028 annual meeting. Ytterdahl will receive a $172,500 annual cash retainer; per a Shareholders Agreement, Stewart will not receive compensation. Ytterdahl joins the Audit and Corporate Governance & Nominating Committees; Stewart joins the Compensation Committee.
The Shareholders Agreement entitles Stellex to designate two independent nominees, with that number reduced if its ownership thresholds decline as described. The Board determined both appointees meet NYSE independence standards. Jeffery G. Davis will resign effective December 31, 2025, with no dispute cited, and the Board will decrease from nine to eight at that time. The Company named Michael J. Caliel non‑executive Chairman on October 24, 2025, and assigned J. Michael Anderson to chair the Compensation Committee effective January 1, 2026.
Team, Inc. disclosed a package of financing and governance documents dated September 11, 2025, that together change its capital and control arrangements. The filing lists a Certificate of Designation for Series B Preferred Stock, multiple Common Stock Purchase Warrants (including two warrants issued to InspectionTech Holdings LP and language specifying an $50.00 initial exercise price for Additional Tranche B Warrants), and a Securities Purchase Agreement with named purchasers. The company also filed a Shareholders Agreement, a Registration Rights Agreement, and a Voting and Support Agreement involving Corre-related funds and InspectionTech Holdings LP.
The filing shows amendments to three separate credit facilities (including first amendments to two term loan agreements and a seventh amendment to another credit agreement), a press release and an interactive cover page iXBRL file. The document states the Corre Holders hold approximately 35% of outstanding voting power without counting shares issuable from their warrants, and it references a 30-day volume weighted average price as an adjustment metric for warrant exercise pricing.
Team, Inc. filed a Form 8-K to furnish a press release announcing its unaudited financial results for the first quarter ended March 31, 2025. The press release, dated August 12, 2025, is attached as Exhibit 99.1 and incorporated by reference into this report.
The company specifies that the information under Item 2.02, including Exhibit 99.1, is being furnished rather than filed, so it is not subject to liability under Section 18 of the Exchange Act and will not be automatically incorporated into other Securities Act or Exchange Act filings. The filing also includes Exhibit 104, the cover page interactive data file embedded within the Inline XBRL document.
Team Inc (TISI) has filed an 8-K/A to correct a significant error in their previous filing regarding the voting results from their June 18, 2025 Annual Meeting. The amendment addresses two key issues:
The company initially reported that shareholders had approved a Charter Amendment to modify Article VII, Section 5 regarding director removal provisions. However, this was incorrect - the proposal did not receive the required two-thirds majority vote and was therefore not approved.
Key actions taken:
- On June 24, 2025, Team filed a Certificate of Correction with Delaware Secretary of State to nullify the previously filed Charter Amendment
- The company's original Amended and Restated Certificate of Incorporation (from 2011, with amendments from 2013 and 2022) remains in effect
- The correction means no changes were made to the provisions specifying when "cause" exists for director removal