TEAM INC

For the period ended Mar 31, 2025. Filed May 12, 2025.

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.

Mar 31, 2025 · Filed May 12, 2025

TISI$21.41+0.1%Stored close · as of Nov 9, 2026

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Contents

Financial Statements

PART I—FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	March 31, 2025	December 31, 2024
ASSETS · (unaudited)
Current assets:
Cash and cash equivalents	$16,803	$35,545
Accounts receivable, net of allowance of $3,039 and $3,271 respectively	179,357	172,645
Inventory	39,615	37,874
Income tax receivable	488	396
Prepaid expenses and other current assets	56,100	58,643
Total current assets	292,363	305,103
Property, plant and equipment, net	110,945	112,835
Intangible assets, net	47,147	50,243
Operating lease right-of-use assets	42,016	40,407
Defined benefit pension asset	5,071	4,768
Other assets, net	15,559	13,427
Deferred tax asset	2,113	1,582
Total assets	$515,214	$528,365
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Current portion of long-term debt and finance lease obligations	$3,811	$6,485
Current portion of operating lease obligations	14,826	14,790
Accounts payable	34,358	42,091
Other accrued liabilities	97,246	105,228
Income tax payable	2,887	2,654
Total current liabilities	153,128	171,248
Long-term debt and finance lease obligations	349,813	318,626
Operating lease obligations	30,096	28,631
Deferred tax liabilities	4,981	4,965
Other long-term liabilities	3,163	3,157
Total liabilities	541,181	526,627
Commitments and contingencies
Shareholders’ equity (deficit):
Preferred stock, 500,000 shares authorized, none issued	—	—
Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,493,391 and 4,493,338 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	1,348	1,348
Additional paid-in capital	460,133	460,186
Accumulated deficit	(445,385)	(415,667)
Accumulated other comprehensive loss	(42,063)	(44,129)
Total shareholders’ equity (deficit)	(25,967)	1,738
Total liabilities and shareholders’ equity (deficit)	$515,214	$528,365

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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.