Team, Inc. filings document a specialty industrial services issuer with NYSE-listed common stock and disclosure focused on operating results, governance and capital structure. Form 8-K reports furnish quarterly financial results and describe material events, including executive separation arrangements, board appointments, committee assignments and changes in director compensation.
TEAM’s regulatory record also includes definitive proxy materials covering annual meeting matters, director elections, executive compensation and pay-versus-performance tables. Capital-structure filings describe material definitive agreements, Series B Preferred Stock, warrants to purchase common stock and related shareholder-agreement terms tied to the company’s financing activity.
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 for the quarter ended June 30, 2026 revenues of $228.7 million, down 7.8% year over year, generating operating income of $2.2 million versus $12.1 million a year ago and a net loss of $6.8 million versus $4.3 million.
For the first six months, revenue was $443.7 million (down 0.7%), with an operating loss of $1.2 million and a net loss of $18.1 million, improved from a $34.0 million loss primarily due to lower interest expense and the absence of prior-year debt extinguishment costs. Adjusted EBITDA fell to $12.8 million in Q2 from $24.5 million.
Total assets were $498.8 million, with total debt and finance obligations of $326.3 million, redeemable preferred stock of $57.8 million (including a 10.5% paid-in-kind dividend), and a shareholders’ deficit of $49.7 million. Cash and cash equivalents were $26.0 million, operating cash outflow improved to $8.4 million, and availability under the ABL facility was $28.9 million, with an additional $30.0 million Series B delayed draw capacity.
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 (TISI) shareholder group led by Corre Partners Advisors, LLC amended its Schedule 13D to reflect a major secondary sale and reduced ownership. On August 6, 2026, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon II Fund, LP sold all of their common stock in Team Inc to InspectionTech Holdings LP for aggregate consideration of $56,953,573, including 1,054,719 shares, 249,942 shares and 299,665 shares, respectively.
The Corre Holders continue to hold warrants exercisable for 500,000 shares of common stock (Warrant Nos. 2, 3 and 4), but exercises are subject to a 4.99% Beneficial Ownership Limitation, and a notice was delivered on August 7, 2026 decreasing this limit to 4.99%. As a result, the group states it is no longer a reporting person under the beneficial ownership rules, based on 4,571,382 shares outstanding as of May 11, 2026. The Corre Holders also agreed to standstill provisions, consultation and "reasonable best efforts" obligations regarding board nomination rights and potential resignation of the Lender Director, and irrevocably waived most of their Board Observer and Board Nomination Rights under a prior Board Rights Agreement. The amendment also notes that Eric Soderlund retired from Corre entities effective February 1, 2026 and was removed as a reporting person.
Entities associated with Corre Partners Management, LLC, identified as ten percent owners of Team Inc., reported a sale of 1,604,326 shares of common stock on 2026-08-06 at $35.50 per share. The shares are reported as held through indirect ownership, with additional explanatory notes referenced in an exhibit.
InspectionTech Holdings LP and affiliated Stellex entities reported a significant equity and governance position in TEAM INC. They beneficially own 1,604,326 shares of common stock, representing approximately 35.1% of the 4,571,382 shares outstanding as of May 11, 2026, all with shared voting and dispositive power.
The position reflects a broader financing and governance framework. In September 2025, Team issued to InspectionTech 75,000 Series B Preferred shares and Tranche A and B Warrants for 982,371 and 470,889 common shares, respectively, for total consideration of $75.0 million, plus an option for up to $30.0 million of additional preferred and warrants via delayed draws. On August 6, 2026, InspectionTech purchased 1,604,326 common shares from Corre-managed funds for $56,953,573.
Stellex obtained board and governance rights, including the ability to nominate up to two independent directors and appoint a board observer, subject to ownership thresholds. Warrants carry 10‑year terms and anti-dilution protections, with exercise limited by a 4.99% beneficial ownership cap. Corre and its funds agreed to a standstill restricting additional acquisitions, proxy activity and certain governance actions during a defined period, while progressively waiving board-related rights in favor of InspectionTech’s evolving designation rights.
TEAM INC director and ten percent owner Michael David Stewart reported an indirect purchase of TEAM INC common stock through InspectionTech Holdings LP. On August 6, 2026, InspectionTech Holdings LP (the Stellex SPV) purchased 1,604,326 shares of common stock from certain Corre entities for an aggregate purchase price of $56,953,573.00 under a Securities Purchase Agreement. Following this transaction, the indirectly held position reported for this entity is 1,604,326 shares. The securities are held of record by the Stellex SPV, and a group of related Stellex entities, including Stewart and another managing member, may be deemed to share beneficial ownership of these shares.
InspectionTech Holdings LP and related Stellex entities, together with Raymond Whiteman, reported indirect ownership positions in TEAM INC. Through InspectionTech Holdings LP (the Stellex SPV), they hold 1,604,326 shares of Common Stock and 75,000 shares of Series B Preferred Stock, plus derivative securities. Indirect warrant positions include Tranche A Warrants over 982,371 Common shares at an exercise price of $23.00 and Tranche B Warrants over 470,889 Common shares at $50.00, subject to a 4.99% beneficial ownership cap. They also hold rights to 30,000 Delayed Draw Preferred Shares of Series B Preferred Stock at $1,000 per share, which, upon each 5,000-share issuance, trigger additional Tranche A and Tranche B Warrants on specified terms.
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 Chief Financial Officer Clinton William Roeder filed an initial statement of beneficial ownership. He reports holding 9,175 restricted stock units, each representing a right to receive one share of TISI common stock. These RSUs vest in three equal installments on May 31, 2027, 2028, and 2029, subject to continued service. The filing shows no directly owned common shares at this time.