Team, Inc. reported a total revenue of $896.5 million for the fiscal year ending December 31, 2025, reflecting a 5.2% increase from $852.3 million in 2024. The Inspection and Heat-Treating (IHT) segment generated $458.9 million, up 7.5% from the previous year, while the Mechanical Services (MS) segment saw a more modest increase of 2.8%, totaling $437.6 million. Despite the revenue growth, the company recorded a net loss of $49.2 million, compared to a loss of $38.3 million in 2024, primarily due to increased interest expenses and a significant loss on debt extinguishment amounting to $13.1 million.
The company undertook several strategic initiatives during the year, including a significant refinancing of its debt. On March 12, 2025, Team, Inc. entered into a First Lien Term Loan Agreement, securing $225 million to repay existing loans and improve liquidity. Additionally, on September 11, 2025, the company issued 75,000 shares of Series B Preferred Stock and warrants, raising $75 million to further strengthen its financial position. These actions were part of a broader strategy to enhance financial flexibility and support ongoing operations.
Operationally, Team, Inc. averaged approximately 5,300 employees in 2025, with around 4,000 based in the United States and 1,300 internationally. The company reported a notable increase in customer engagement, particularly in the U.S. market, where demand for non-destructive testing services surged. However, international operations faced challenges, particularly in Latin America and the United Kingdom, leading to a decline in project activity. The company also experienced fluctuations in cash flow, with net cash used in operating activities amounting to $11.3 million, a significant decrease from $22.8 million in cash provided in 2024.
Looking ahead, Team, Inc. anticipates continued revenue growth driven by increased demand in the energy and manufacturing sectors. The company is focused on leveraging its recent financial restructuring to enhance operational efficiency and expand its market presence. However, it remains cautious about potential economic uncertainties and inflationary pressures that could impact its performance. The management expressed confidence in its ability to navigate these challenges while pursuing strategic growth initiatives, including potential acquisitions and geographic expansion.
About TEAM INC
Team, Inc. provides specialized industrial services including inspection, non-destructive testing, heat treating, and mechanical maintenance for heavy industries such as energy, manufacturing, pipeline, infrastructure, aerospace, and defense. Operating globally, it offers integrated solutions to ensure asset safety, reliability, and efficiency. The company emphasizes safety, quality, innovation, and ESG practices, serving diverse customers with a focus on operational uptime and regulatory compliance.
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