TEAM INC
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout 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, 2025 · Filed Nov 12, 2025
TISI$21.41+0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024
PART I—FINANCIAL INFORMATION
| ITEM 1. | FINANCIAL STATEMENTS |
|---|
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS · (unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $14,812 | $35,545 |
| Accounts receivable, net of allowance of $4,379 and $3,271 respectively | 194,650 | 172,645 |
| Inventory | 41,526 | 37,874 |
| Income tax receivable | 368 | 396 |
| Prepaid expenses and other current assets | 59,523 | 58,643 |
| Total current assets | 310,879 | 305,103 |
| Property, plant and equipment, net | 111,018 | 112,835 |
| Intangible assets, net | 40,952 | 50,243 |
| Operating lease right-of-use assets | 45,742 | 40,407 |
| Defined benefit pension asset | 5,582 | 4,768 |
| Other assets, net | 15,066 | 13,427 |
| Deferred tax asset | 1,808 | 1,582 |
| Total assets | $531,047 | $528,365 |
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT) | ||
| Current liabilities: | ||
| Current portion of long-term debt and finance lease obligations | $4,003 | $6,485 |
| Current portion of operating lease obligations | 16,035 | 14,790 |
| Accounts payable | 38,929 | 42,091 |
| Other accrued liabilities | 97,988 | 105,228 |
| Income tax payable | 2,836 | 2,654 |
| Total current liabilities | 159,791 | 171,248 |
| Long-term debt and finance lease obligations | 298,820 | 318,626 |
| Operating lease obligations | 32,327 | 28,631 |
| Deferred tax liabilities | 4,665 | 4,965 |
| Other long-term liabilities | 3,453 | 3,157 |
| Total liabilities | 499,056 | 526,627 |
| Commitments and contingencies | ||
| Redeemable preferred stock, par value $100.00 per share, 75,000 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 49,644 | — |
| Shareholders’ equity (deficit): | ||
| Preferred stock, 500,000 shares authorized, 75,000 (included in redeemable preferred stock) and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | — | — |
| Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,498,854 and 4,493,338 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 1,350 | 1,348 |
| Additional paid-in capital | 479,119 | 460,186 |
| Accumulated deficit | (461,098) | (415,667) |
| Accumulated other comprehensive loss | (37,024) | (44,129) |
| Total shareholders’ equity (deficit) | (17,653) | 1,738 |
| Total liabilities, redeemable preferred stock and shareholders’ equity (deficit) | $531,047 | $528,365 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.