TEAM INC

For the period ended Sep 30, 2026. Filed Nov 12, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 12, 2026

TISI$23.34+17.2%Stored close · as of Nov 12, 2026

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Contents

Financial Statements

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PART I—FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	September 30, 2026	December 31, 2025
ASSETS · (unaudited)
Current assets:
Cash and cash equivalents	$11,010	$18,145
Accounts receivable, net of allowance of $4,654 and $4,585, respectively	195,331	177,884
Inventory	41,509	41,384
Income tax receivable	272	1,042
Prepaid expenses and other current assets	30,076	27,950
Total current assets	278,198	266,405
Property, plant and equipment, net	103,749	110,628
Intangible assets, net	28,580	37,849
Operating lease right-of-use assets	47,101	49,849
Defined benefit pension asset	5,403	5,144
Other assets	13,511	14,044
Deferred tax asset	2,999	1,534
Total assets	$479,541	$485,453
LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Current portion of long-term debt and finance lease obligations	$4,132	$3,858
Current portion of operating lease obligations	16,833	16,476
Accounts payable	37,704	42,010
Other accrued liabilities	65,139	56,724
Income tax payable	2,783	987
Total current liabilities	126,591	120,055
Long-term debt and finance lease obligations	314,933	293,343
Operating lease obligations	32,590	35,910
Deferred tax liabilities	4,504	4,984
Other long-term liabilities	3,869	3,691
Total liabilities	482,487	457,983
Commitments and contingencies
Redeemable preferred stock, par value $100.00 per share, 75,000 shares issued and outstanding at September 30, 2026 and December 31, 2025	60,980	51,951
Shareholders’ equity (deficit):
Preferred stock, 500,000 shares authorized, 75,000 shares (included in redeemable preferred stock) issued and outstanding at September 30, 2026 and December 31, 2025	—	—
Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,583,209 and 4,532,240 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	1,375	1,360
Additional paid-in capital	467,484	475,829
Accumulated deficit	(494,090)	(464,877)
Accumulated other comprehensive loss	(38,695)	(36,793)
Total shareholders’ equity (deficit)	(63,926)	(24,481)
Total liabilities, redeemable preferred stock and shareholders’ equity (deficit)	$479,541	$485,453

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2026	2025	2026	2025
Revenues	$220,369	$224,976	$664,103	$671,657
Operating expenses	161,627	163,648	494,827	488,760
Depreciation and amortization	2,974	3,284	8,957	9,498
Gross margin	55,768	58,044	160,319	173,399
Selling, general and administrative expenses	50,698	51,239	145,511	149,779
Depreciation and amortization	5,541	5,463	16,477	16,178
Operating (loss) income	(471)	1,342	(1,669)	7,442
Interest expense, net	(9,809)	(11,855)	(27,971)	(35,187)
Loss on debt extinguishment	—	(1,283)	—	(13,136)
Other (expense) income, net	(194)	1,298	924	(2,396)
Loss before income taxes	(10,474)	(10,498)	(28,716)	(43,277)
Provision for income taxes	(594)	(949)	(497)	(2,154)
Net loss	$(11,068)	$(11,447)	$(29,213)	$(45,431)
Dividend and accretion to redemption value on redeemable preferred stock	(3,142)	(610)	(9,022)	(610)
Net loss attributable to common shareholders	$(14,210)	$(12,057)	$(38,235)	$(46,041)
Loss per common share:
Basic and diluted	$(3.10)	$(2.68)	$(8.36)	$(10.24)
Weighted-average number of shares outstanding:
Basic and diluted	4,581	4,499	4,571	4,495

CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME (LOSS)

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2026	2025	2026	2025
Net loss	$(11,068)	$(11,447)	$(29,213)	$(45,431)
Other comprehensive income (loss) before tax:
Foreign currency translation adjustment	299	(2,073)	(2,127)	6,954
Defined benefit pension plans:
Amortization of prior service cost	9	9	25	25
Amortization of net actuarial loss	109	93	328	274
Other comprehensive income (loss) before tax	417	(1,971)	(1,774)	7,253
Tax provision attributable to other comprehensive income (loss)	(26)	4	(128)	(148)
Other comprehensive income (loss), net of tax	391	(1,967)	(1,902)	7,105
Total comprehensive loss	$(10,677)	$(13,414)	$(31,115)	$(38,326)

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

Common Stock · AdditionalPaid-inCapital · Accumulated Deficit · AccumulatedOtherComprehensiveLoss · TotalShareholders’Equity(Deficit)
Shares	Amount
Balance at December 31, 2025	4,532		$1,360		$475,829		$(464,877)			$(36,793)		$(24,481)
Net loss	—		—		—		(11,333)			—		(11,333)
Dividend and accretion to redemption value on redeemable preferred stock	—		—		(2,874)		—			—		(2,874)
Net settlement of vested stock awards	39		11		(179)		—			—		(168)
Foreign currency translation adjustment, net of tax	—		—		—		—			(1,635)		(1,635)
Defined benefit pension plans, net of tax	—		—		—		—			118		118
Non-cash compensation	—		—		954		—			—		954
Balance at March 31, 2026	4,571		$1,371		$473,730		$(476,210)			$(38,310)		$(39,419)
Net loss	—		—		—		(6,812)			—		(6,812)
Dividend and accretion to redemption value on redeemable preferred stock	—		—		(3,006)		—			—		(3,006)
Foreign currency translation adjustment, net of tax	—	—		—		—		—			(893)		(893)
Defined benefit pension plans, net of tax	—	—		—		—		—			117		117
Non-cash compensation	—	—		—		312		—			—		312
Balance at June 30, 2026	4,571		$1,371		$471,036		$(483,022)			$(39,086)		$(49,701)
Net loss	—		—		—		(11,068)			—		(11,068)
Dividend and accretion to redemption value on redeemable preferred stock	—		—		(3,142)		—			—		(3,142)
Net settlement of vested stock awards	12		4		(117)		—			—		(113)
Foreign currency translation adjustment, net of tax	—		—		—		—			273		273
Defined benefit pension plans, net of tax	—		—		—		—			118		118
Non-cash compensation	—		—		(293)		—			—		(293)
Balance at September 30, 2026	4,583		$1,375		$467,484		$(494,090)			$(38,695)		$(63,926)
Balance at December 31, 2024	4,493		$1,348		$460,186		$(415,667)			$(44,129)		$1,738
Net loss	—		—		—		(29,718)			—		(29,718)
Foreign currency translation adjustment, net of tax	—		—		—		—			1,971		1,971
Defined benefit pension plans, net of tax	—		—		—		—			95		95
Non-cash compensation	—		—		(53)		—			—		(53)
Balance at March 31, 2025	4,493		$1,348		$460,133		$(445,385)			$(42,063)		$(25,967)
Net loss	—		—		—		(4,266)			—		(4,266)
Net settlement of vested stock awards	6		2		(65)		—			—		(63)
Foreign currency translation adjustment, net of tax	—		—		—		—			6,904		6,904
Defined benefit pension plans, net of tax	—		—		—		—			102		102
Non-cash compensation	—		—		366		—			—		366
Balance at June 30, 2025	4,499		$1,350		$460,434		$(449,651)			$(35,057)		$(22,924)
Net loss					(11,447)				(11,447)
Net settlement of vested stock awards	—		—		(1)		—			—		(1)
Dividend and accretion to redemption value on redeemable preferred stock	—		—		(610)		—			—		(610)
Issuance of warrants in connection with Series B Transactions	—		—		18,943		—			—		18,943
Foreign currency translation adjustment, net of tax	—		—		—		—			(2,069)		(2,069)
Defined benefit pension plans, net of tax	—		—		—		—			102		102
Non-cash compensation				353					353
Balance at September 30, 2025	4,499		$1,350		$479,119		$(461,098)			$(37,024)		$(17,653)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.