TEAM INC

For the period ended Mar 31, 2026. Filed May 13, 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.

Mar 31, 2026 · Filed May 13, 2026

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 exhibits

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, 2026	December 31, 2025
ASSETS · (unaudited)
Current assets:
Cash and cash equivalents	$12,839	$18,145
Accounts receivable, net of allowance of $4,395 and $4,585 respectively	182,007	177,884
Inventory	41,876	41,384
Income tax receivable	969	1,042
Prepaid expenses and other current assets	28,285	27,950
Total current assets	265,976	266,405
Property, plant and equipment, net	108,512	110,628
Intangible assets, net	34,770	37,849
Operating lease right-of-use assets	48,443	49,849
Defined benefit pension asset	5,163	5,144
Other assets, net	14,378	14,044
Deferred tax asset	2,167	1,534
Total assets	$479,409	$485,453
LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Current portion of long-term debt and finance lease obligations	$3,884	$3,858
Current portion of operating lease obligations	16,749	16,476
Accounts payable	34,703	42,010
Other accrued liabilities	61,953	56,724
Income tax payable	1,301	987
Total current liabilities	118,590	120,055
Long-term debt and finance lease obligations	302,616	293,343
Operating lease obligations	34,166	35,910
Deferred tax liabilities	4,832	4,984
Other long-term liabilities	3,792	3,691
Total liabilities	463,996	457,983
Commitments and contingencies
Redeemable preferred stock, par value $100.00 per share, 75,000 shares issued and outstanding at March 31, 2026 and December 31, 2025	54,832	51,951
Shareholders’ equity (deficit):
Preferred stock, 500,000 shares authorized, 75,000 shares (included in redeemable preferred stock) issued and outstanding at March 31, 2026 and December 31, 2025	—	—
Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,571,382 and 4,532,240 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1,371	1,360
Additional paid-in capital	473,730	475,829
Accumulated deficit	(476,210)	(464,877)
Accumulated other comprehensive loss	(38,310)	(36,793)
Total shareholders’ equity (deficit)	(39,419)	(24,481)
Total liabilities, redeemable preferred stock and shareholders’ equity (deficit)	$479,409	$485,453

ContentsView on SEC.gov

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