GlobeNewswire·Nov 11, 2026, 7:52 PM ET

Team, Inc. Reports Third Quarter 2026 Results

TISI

Team, Inc. reported third-quarter 2026 revenue of $220.4 million, a 2.0% decrease from $225.0 million in the prior-year period.
The company generated a net loss of $11.1 million, an improvement of $0.3 million compared to a $11.4 million loss in Q3 2025.
Adjusted EBITDA increased by 8.2% to $15.7 million (7.1% of revenue) from $14.5 million in the same period last year.
Adjusted Selling, General and Administrative expenses decreased by 7.4% to $43.3 million due to cost reduction initiatives.
Revenue growth was driven by a 3.9% increase in Inspection, Heat Treating, and Thermal (IHT) services, offset by a 9.1% decline in Mechanical Services (MS).
Lower oil and gas turnaround and maintenance activity in the U.S. and Canada significantly impacted MS segment revenues and operating income.
Full-year 2026 revenue guidance was updated to $870 million–$890 million, representing a 2% decrease at the midpoint compared to 2025.
Full-year 2026 Adjusted EBITDA guidance was revised to $56 million–$59 million, a 5% decrease at the midpoint from 2025.
Middle East conflict disruptions and deferred turnaround activities have shifted expected recovery in core markets to early 2027.
The company maintained total liquidity of $43.5 million at September 30, 2026, consisting of cash and $35.4 million in available ABL credit facility capacity.
Total debt increased to $319.1 million from $297.2 million at year-end 2025, primarily due to higher net borrowings under the ABL credit facility.
A one-time $2.0 million legal settlement charge was recorded in corporate and shared support services costs during the quarter.
Emission Control Services were reclassified from the MS segment to the IHT segment effective January 1, 2026, aligning with management performance evaluation.
Team, Inc. will host a conference call on November 12, 2026, to discuss these financial and operating results.

Company: Team, Inc.
Keywords: NYSE:TISI, Team, Inc.