Team Inc 2026年季度报告

FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the quarterly period ended March31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the transition period fromto TEAM, INC. Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company oran emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. The Registrant had 4,571,382 shares of common stock, par value $0.30, outstanding as of May11, 2026. INDEX PART I—FINANCIAL INFORMATION1ITEM 1.Financial Statements2Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 20252Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31,2026 and 20253Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three Months EndedMarch 31, 2026 and 20254Unaudited Condensed Consolidated Statements of Shareholders’ Equity (Deficit) for the Three MonthsEnded March 31, 2026 and 20255Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31,2026 and 20256Notes to Unaudited Condensed Consolidated Financial Statements7ITEM2.Management’s Discussion and Analysis of Financial Condition and Results of Operations21ITEM 3.Quantitative and Qualitative Disclosures About Market Risk30ITEM 4.Controls and Procedures30PART II—OTHER INFORMATION31ITEM 1.Legal Proceedings31ITEM1A.Risk Factors31ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds31ITEM 3.Defaults Upon Senior Securities31ITEM 4.Mine Safety Disclosures31ITEM 5.Other Information31ITEM 6.Exhibits32SIGNATURES33 PART I—FINANCIAL INFORMATION TEAM, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data)(Unaudited) TEAM, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(Unaudited) TEAM, INC. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business.Unless otherwise indicated, the terms “Team,” “the Company,” “we,” “our” and “us” are used in this report torefer to either Team, Inc., to one or more of our consolidated subsidiaries, or to all of them taken as a whole. Our stock is traded on the NewYork Stock Exchange (the “NYSE”) under the symbol “TISI”. We are a global, leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized,and proprietary mechanical, heat-treating, and inspection services. We deploy conventional to highly specialized inspection, conditionassessment, maintenance and repair services that result in greater safety, reliability, and operational efficiency for our customers’ mostcritical assets. We conduct operations intwo segments: Inspection and Heat-Treating (“IHT”) and Mechanical Services (“MS”). Through thecapabilities and resources in these two segments, we believe that we are uniquely qualified to provide integrated solutions involving:inspection to assess condition; engineering assessment to determine fitness for purpose in the context of industry standards and regulatorycodes; and mechanical services to repair, rerate or replace based upon the customer’s election. In addition, we are capable of escalating withthe customer’s needs, as dictated by the severity of the damage found and the related operating conditions, from standard services to some ofthe most advanced services and integrated asset integrity and reliability management solutions available in the industry. We also believe thatwe are unique in our ability to provide these services in three distinct customer demand profiles: (i) turnaround or project services, (ii) call-out services, and (iii) nested or ru