Core Insights - Citius Oncology has launched an innovative AI platform to enhance its commercial strategies and support the upcoming launch of LYMPHIR™, a novel therapy for cutaneous T-cell lymphoma (CTCL) [1][2][5] - The AI platform utilizes machine learning to identify treatment patterns and target prescribers effectively, thereby improving patient care and clinical decision-making [2][4][5] - LYMPHIR is a targeted immune therapy approved by the FDA in August 2024 for relapsed or refractory CTCL, with a market potential exceeding $400 million [6][7][32] Group 1: AI Platform and Commercial Strategy - The proprietary AI platform is designed to refine targeting and enhance the efficiency of the salesforce by providing data-informed engagement with healthcare providers [1][3] - It continuously learns from real-world data and marketing performance analytics, delivering predictive insights for tailored customer journeys [4] - The platform aims to optimize the commercial infrastructure and accelerate healthcare provider education [5] Group 2: Product Overview and Market Potential - LYMPHIR is indicated for adult patients with relapsed or refractory Stage I-III CTCL after at least one prior systemic therapy [10] - The therapy is a recombinant fusion protein that targets IL-2 receptors on tumor cells, leading to cell death and enhanced antitumor activity [6] - Citius Oncology estimates the initial market for LYMPHIR to exceed $400 million, indicating significant growth potential in an underserved market [32]

Core Insights - Aligos Therapeutics, Inc. has appointed Ramón Polo as Senior Vice President, Head of Global Regulatory Affairs, effective immediately, to enhance its leadership team during the development of ALG-000184 [1][2] - Dr. Polo brings extensive regulatory expertise from his previous roles at Shionogi Inc. and Johnson & Johnson, where he managed global regulatory strategies and played a key role in the COVID-19 vaccine rollout [2][3] - Aligos is focused on developing therapies for liver and viral diseases, with a pipeline targeting unmet medical needs such as chronic hepatitis B virus infection and metabolic dysfunction-associated steatohepatitis [3] Company Overview - Aligos Therapeutics, Inc. is a clinical stage biotechnology company dedicated to improving patient outcomes through innovative therapies for liver and viral diseases [3] - The company employs a science-driven approach and has a robust R&D pipeline aimed at addressing significant medical needs [3]

Core Viewpoint - Team, Inc. has demonstrated solid performance in Q2 2025, with significant revenue growth and improvements in adjusted EBITDA, despite a net loss widening, indicating progress in its transformation initiatives [12]. Financial Performance - Revenues for Q2 2025 reached $248 million, an 8.5% increase from $228.6 million in the same quarter last year [2]. - Gross margin expanded to $68.1 million, reflecting a 7.1% year-over-year increase [2]. - The company reported a net loss of $4.3 million, compared to a loss of $2.8 million in the prior-year quarter, while adjusted EBITDA improved by 12.4% to $24.5 million from $21.8 million [2]. Segment Performance - Inspection and Heat Treating (IHT) revenues grew 15.2% year over year to $130.4 million, with U.S. operations up 13.4% and Canadian operations up 31.4% [3]. - Mechanical Services (MS) revenues increased by 1.9% to $117.6 million, with U.S. operations gaining 6.6%, but international markets showed weakness [4]. Balance Sheet and Liquidity - Liquidity at the end of the quarter totaled $49.3 million, including $16.6 million in cash and $32.7 million in undrawn credit availability [5]. - Total debt increased to $370.2 million from $325.1 million at the end of 2024, reflecting refinancing and seasonal working capital demands [5]. Management Insights - CEO Keith D. Tucker highlighted progress in the transformation program, with double-digit growth in the IHT segment and ongoing cost optimization efforts expected to yield approximately $10 million in annualized savings [6]. - CFO Nelson M. Haight noted the benefits of refinancing, which lowered the blended interest rate by over 100 basis points and extended loan maturities to 2030 [7]. Revenue Drivers and Challenges - Revenue growth was primarily driven by strong U.S. and Canadian operations in the IHT segment, while the MS segment faced challenges in international markets, particularly the U.K. and Trinidad [8]. - Gross margin expansion was attributed to higher volumes and improved cost management, with SG&A expenses representing 18.9% of revenues, down from 19.8% last year [9]. Future Guidance - Management anticipates continued revenue and margin improvements in the second half of 2025, reaffirming a target of at least 15% growth in adjusted EBITDA for the year [10]. - The company is committed to driving margin expansion, cost discipline, and operational resilience to enhance shareholder value [10]. Organizational Developments - Team appointed Dan Dolson as executive vice president, chief strategy and transformation officer, to accelerate transformation initiatives focused on revenue growth and margin improvement [11].

New leaders will be responsible for driving portfolio growth, operational improvements, and market expansion BOULDER, Colo., Aug. 18, 2025 /PRNewswire/ -- Canopy USA, LLC ("Canopy USA"), a brand-driven organization strategically positioned across the fastest growing states and highest potential segments of the U.S. cannabis market, today announced the appointment of a new executive team responsible for driving the Company's next phase of expansion. Drawing on extensive industry experience, these leaders wil ...

Core Viewpoint - Talos Energy Inc. has announced significant additions to its executive leadership team to enhance its offshore leadership position, including the appointment of a new CFO and other key executives [1][6]. Executive Appointments - Zachary B. Dailey has been appointed as Executive Vice President and Chief Financial Officer, effective August 18, 2025, bringing over 17 years of oil and gas experience, previously serving at Marathon Oil [1][2]. - William R. Langin has been appointed as Executive Vice President – Exploration and Development, effective September 29, 2025, with over 20 years of experience in the oil and gas sector, most recently at Hess Corporation [1][4]. - Megan Dick has been promoted to Executive Vice President and Chief Human Resources Officer, having 23 years of experience in human resources, including over 17 years in the oil and gas industry [1][5]. Leadership Transition - Gregory M. Babcock will step down as interim CFO but will continue in his role as Vice President and Chief Accounting Officer, highlighting a smooth transition in leadership [3]. Company Overview - Talos Energy is an independent energy company focused on maximizing long-term value through its Exploration & Production business in the U.S. Gulf of Mexico and offshore Mexico, emphasizing technical expertise and operational efficiency [7].

Company Overview - Callinex Mines Inc. has appointed Dr. Stephen Piercey, an experienced geologist with over 25 years in volcanogenic massive sulphide (VMS) deposits, to its technical team [2][3] - The company is advancing the Point Leamington Project, which is noted as one of the higher tonnage VMS deposits in the Newfoundland Appalachians [3][9] Key Appointments and Contributions - Dr. Piercey has already provided oversight on regional exploration opportunities and facilitated mineralogical testing to enhance the understanding of the Point Leamington deposit [3] - His expertise is expected to significantly bolster the company's focus in Newfoundland and contribute to the next stages of exploration and evaluation [3][7] Awards and Recognition - Dr. Piercey received the Duncan R. Derry Medal in 2023, the highest award from the Mineral Deposits Division of the Geological Association of Canada, recognizing his contributions to economic geology [4][5] - He has also been honored with multiple awards, including the W.W. Hutchinson Medal and the Geoscientist of the Year by the Canadian Institute of Mining, Metallurgy and Petroleum [5][6] Mineral Resource Estimates - The Point Leamington Deposit has a prepared pit constrained Indicated Mineral Resource of 5.0 million tonnes grading 2.5 g/t AuEq, totaling 402,000 ounces AuEq [9] - An Inferred Mineral Resource of 13.7 million tonnes grading 2.24 g/t AuEq is also reported, amounting to 986,500 ounces AuEq [9] - The Rainbow deposit at the Pine Bay Project has an indicated mineral resource of 3.44 million tonnes grading 3.59% CuEq, totaling 272.4 million pounds CuEq [9] Strategic Focus - Callinex Mines is focused on utilizing modern integrated exploration approaches to drive resource growth at the Point Leamington project [7] - The company is also permitting the Rainbow deposit, which is located near existing infrastructure in the Flin Flon Mining District [9]

Core Insights - Team, Inc. reported strong operational and financial results for the second quarter of 2025, highlighting significant growth in revenue, gross margin, and adjusted EBITDA [4]. Financial Performance - Revenue increased by 8.5%, amounting to nearly $20 million year-over-year [4]. - Gross margin saw a rise of 7.1% [4]. - Adjusted EBITDA also experienced substantial growth, although specific figures were not disclosed in the provided text [4].

Financial Data and Key Metrics Changes - Revenue grew by 8.5% year over year, amounting to an increase of nearly $20 million [4][12] - Gross margin increased by 7.1%, reaching 27.5% for the quarter [4][12] - Adjusted EBITDA rose by 12.4% year over year, totaling $24.5 million [6][13] - Adjusted net loss improved to $900,000, a reduction of $1.1 million compared to the previous year [12] Business Segment Data and Key Metrics Changes - Inspection and Heat Treating segment saw a 15% overall revenue growth, with U.S. operations increasing by over 13% and Canada operations growing by 31% [5] - Mechanical Services segment revenue grew by 2%, driven by a 7% increase in U.S. operations, offsetting short-term weakness in international business [6] Market Data and Key Metrics Changes - Canadian operations demonstrated significant traction with a 31% year-over-year revenue growth [5] - The company is monitoring U.S. tariff policies and is identifying opportunities to improve supply chain and material sourcing [9] Company Strategy and Development Direction - The company is focused on driving revenue growth, maintaining strict cost discipline, and improving operational execution [6][10] - A new Executive Vice President, Chief Strategy and Transformation Officer has been appointed to lead transformation efforts [7] - The company aims for at least 15% year-over-year growth in adjusted EBITDA for the full year 2025 [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve further improvements in financial and operating performance, leading to growth and shareholder value [14][17] - The company expects continued strong operational and financial results in 2025, with year-over-year growth in the top line and improved performance from Canadian and international operations [15][16] Other Important Information - The company completed a refinancing transaction that lowered the blended interest rate by over 100 basis points and extended term loan maturities to 2030 [11] - Total liquidity increased to $49 million, consisting of $16.6 million in cash and $32.7 million in undrawn credit facilities [11] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

[Q2 2025 Earnings Release](index=1&type=section&id=TEAM%2C%20INC.%20REPORTS%20SECOND%20QUARTER%202025%20RESULTS) [Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Team, Inc. reported strong Q2 2025 growth with **8.5% revenue increase to $248.0 million** and **12.4% Adjusted EBITDA rise to $24.5 million**, despite a net loss Q2 2025 Key Financial Metrics (in millions) | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $248.0 | $228.6 | +$19.4 | +8.5% | | Gross Margin | $68.1 | $63.6 | +$4.5 | +7.1% | | Net Loss | ($4.3) | ($2.8) | -$1.5 | -53.6% | | Adjusted EBITDA | $24.5 | $21.8 | +$2.7 | +12.4% | | Adjusted EBITDA Margin | 9.9% | 9.5% | +40 bps | N/A | - Adjusted Selling, General and Administrative (SG&A) expenses improved as a percentage of revenue, decreasing to **18.9% in Q2 2025** from **19.8% in Q2 2024**[5](index=5&type=chunk)[8](index=8&type=chunk) [Management Commentary and Business Outlook](index=1&type=section&id=Management%20Commentary%20and%20Business%20Outlook) Management is pleased with the transformation, noting strong IHT segment performance and a **$10 million annualized cost optimization program**, projecting continued top-line growth and **15% YoY Adjusted EBITDA growth** - A cost optimization program is expected to generate approximately **$10 million in annualized SG&A and other cost savings**, with about **$6 million** to be realized in the second half of 2025[4](index=4&type=chunk) - Dan Dolson has been appointed to lead the transformation program to accelerate revenue growth and margin improvement[6](index=6&type=chunk) - The company projects second-half top-line growth over the prior year for both segments and maintains its full-year guidance for at least **15% YoY growth in Adjusted EBITDA**[7](index=7&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Q2 2025 consolidated revenues grew **8.5% to $248.0 million**, driven by IHT and U.S. MS, with gross margin rate at **27.5%** and a net loss of **$4.3 million** - Q2 revenue growth was primarily driven by a **$17.2 million (15.2%) increase** in the Inspection and Heat Treating (IHT) segment[7](index=7&type=chunk) - Consolidated gross margin was **$68.1 million (27.5% of revenue)**, compared to **$63.6 million (27.8% of revenue)** in the prior year period[7](index=7&type=chunk) - SG&A expenses were **$56.0 million**, up from **$52.4 million** in Q2 2024 Adjusted SG&A was **$46.8 million**, up slightly from the prior year[8](index=8&type=chunk) - Net loss for Q2 2025 was **$4.3 million ($0.95 per share)**, compared to a net loss of **$2.8 million ($0.63 per share)** in Q2 2024[9](index=9&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Results) IHT segment showed strong Q2 and H1 2025 revenue and operating income growth, while MS segment saw modest Q2 revenue increase but H1 decline due to international weakness [Three Months Ended June 30, 2025](index=3&type=section&id=Segment%20Results%20Three%20Months%20Ended) Q2 2025 IHT revenue grew **15.2% to $130.4 million** with **26.7% operating income surge**, while MS revenue rose **1.9% to $117.6 million** but operating income declined **4.7%** Q2 2025 Segment Performance (in thousands) | Segment | Revenue | % Change YoY | Operating Income | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | IHT | $130,396 | 15.2% | $15,780 | 26.7% | | MS | $117,630 | 1.9% | $10,137 | (4.7)% | - IHT revenue growth was driven by a **$13.3 million (13.4%) increase** in the U.S. and a **$3.6 million increase** in Canada[12](index=12&type=chunk) - MS revenue performance was mixed, with a **$4.5 million (6.6%) increase** in U.S. turnaround activities offset by a **$2.3 million decrease** in Canada and other international locations[12](index=12&type=chunk) [Six Months Ended June 30, 2025](index=4&type=section&id=Segment%20Results%20Six%20Months%20Ended) H1 2025 IHT revenue grew **11.3% to $236.6 million** with **38.7% operating income growth**, while MS revenue declined **2.5% to $210.1 million** and operating income fell **38.7%** Six Months 2025 Segment Performance (in thousands) | Segment | Revenue | % Change YoY | Operating Income | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | IHT | $236,611 | 11.3% | $24,473 | 38.7% | | MS | $210,070 | (2.5)% | $9,026 | (38.7)% | - IHT's six-month revenue growth was led by a **$21.1 million (11.3%) increase** in the U.S. from turnaround, nested, callout, and laboratory services[15](index=15&type=chunk) - MS's six-month revenue decrease was due to short-term weakness in its international business, which offset a modest **$1.1 million revenue increase** in the U.S[15](index=15&type=chunk) [Balance Sheet and Liquidity](index=4&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, total liquidity was **$49.3 million**, with total debt increasing to **$370.2 million** due to refinancing and working capital needs, resulting in **$349.5 million** net debt - Total liquidity was **$49.3 million**, consisting of **$16.6 million in cash** (excluding restricted cash) and **$32.7 million available under credit facilities**[17](index=17&type=chunk) - Total debt was **$370.2 million** as of June 30, 2025, an increase from **$325.1 million** at the end of fiscal 2024[19](index=19&type=chunk) - The increase in debt is attributed to a refinancing in March 2025 and higher borrowings to fund seasonal working capital demands[19](index=19&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) Unaudited financial statements for Q2 and H1 2025 show increased revenues but wider net loss, higher total assets and long-term debt, and negative operating/investing cash flow [Consolidated Operating Results](index=7&type=section&id=SUMMARY%20OF%20CONSOLIDATED%20OPERATING%20RESULTS) H1 2025 revenues grew to **$446.7 million**, but a **$11.9 million loss on debt extinguishment** led to a net loss of **$34.0 million**, up from **$20.0 million** in H1 2024 Consolidated Operating Results (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | $446,681 | $428,218 | | Gross Margin | $115,355 | $112,285 | | Operating Income | $6,100 | $4,773 | | Loss on debt extinguishment | ($11,853) | $0 | | Net Loss | ($33,984) | ($19,958) | | Loss Per Share (Basic & Diluted) | ($7.56) | ($4.52) | [Consolidated Balance Sheet](index=8&type=section&id=SUMMARY%20CONSOLIDATED%20BALANCE%20SHEET%20INFORMATION) As of June 30, 2025, total assets were **$548.4 million**, long-term debt increased to **$366.4 million**, and shareholders' equity became a deficit of **$22.9 million** Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $20,709 | $35,545 | | Total assets | $548,361 | $528,365 | | Long-term debt and finance lease obligations | $366,381 | $318,626 | | Shareholders' equity (deficit) | ($22,924) | $1,738 | [Consolidated Cash Flow](index=9&type=section&id=SUMMARY%20CONSOLIDATED%20CASH%20FLOW%20INFORMATION) H1 2025 saw **$32.0 million** net cash used in operations, **$4.3 million** in investing, and **$21.2 million** net cash provided by financing activities Consolidated Cash Flow (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($32,005) | ($4,466) | | Net cash used in investing activities | ($4,316) | ($5,620) | | Net cash provided by (used in) financing activities | $21,161 | ($2,500) | | Net change in cash and cash equivalents | ($14,836) | ($12,966) | [Non-GAAP Financial Measures and Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures, including Adjusted Net Loss and Adjusted EBITDA, provide insight into core operations, with Q2 2025 Consolidated Adjusted EBITDA at **$24.5 million** and Adjusted Net Loss at **$0.9 million** - Management uses non-GAAP measures like Adjusted EBITDA to evaluate performance, benchmark between periods, and analyze operating results excluding items not indicative of core operations[33](index=33&type=chunk)[35](index=35&type=chunk) Reconciliation of Net Loss to Consolidated Adjusted EBITDA (Q2, in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net loss | ($4,266) | ($2,763) | | Adjustments (Taxes, Interest, D&A, etc.) | $28,737 | $24,576 | | **Consolidated Adjusted EBITDA** | **$24,471** | **$21,813** | Reconciliation of Net Loss to Adjusted Net Loss (Q2, in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net loss | ($4,266) | ($2,763) | | Adjustments (Professional fees, legal, severance, etc.) | $3,385 | $756 | | **Adjusted Net Loss** | **($881)** | **($2,007)** |

PART I—FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for TEAM, Inc. as of June 30, 2025, and for the three and six months ended June 30, 2025 and 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets reached **$548.4 million**, liabilities **$571.3 million**, leading to a **$22.9 million** shareholders' deficit by June 30, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$548,361** | **$528,365** | | Total current assets | $326,496 | $305,103 | | **Total Liabilities** | **$571,285** | **$526,627** | | Long-term debt and finance lease obligations | $366,381 | $318,626 | | **Total shareholders' equity (deficit)** | **($22,924)** | **$1,738** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenues grew to **$248.0 million**, net loss widened to **$4.3 million**; six-month net loss reached **$34.0 million** due to debt extinguishment Q2 2025 vs Q2 2024 Performance (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenues | $248,026 | $228,618 | | Gross Margin | $68,089 | $63,554 | | Operating Income | $12,103 | $11,159 | | Net Loss | ($4,266) | ($2,763) | | Loss per Share (Basic & Diluted) | ($0.95) | ($0.63) | Six Months Ended June 30 Performance (in thousands, except per share data) | Metric | 6M 2025 | 6M 2024 | | :--- | :--- | :--- | | Revenues | $446,681 | $428,218 | | Operating Income | $6,100 | $4,773 | | Loss on debt extinguishment | ($11,853) | $0 | | Net Loss | ($33,984) | ($19,958) | | Loss per Share (Basic & Diluted) | ($7.56) | ($4.52) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to **$32.0 million** for six months, resulting in a **$14.8 million** overall cash decrease Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($32,005) | ($4,466) | | Net cash used in investing activities | ($4,316) | ($5,620) | | Net cash provided by (used) in financing activities | $21,161 | ($2,500) | | **Net decrease in cash and cash equivalents** | **($14,836)** | **($12,966)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Detailed explanations of financial statements, covering business segments, debt refinancing, and significant legal contingencies - The company operates in two segments: **Inspection and Heat Treating (IHT)** and **Mechanical Services (MS)**, providing specialized industrial services to heavy industries[24](index=24&type=chunk) - In March 2025, the company undertook significant debt refinancing, entering into a new **First Lien Term Loan Agreement** and a **Second Amended and Restated Second Lien Term Loan Credit Agreement**, using the proceeds to repay several existing loans[55](index=55&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) - The **Kelli Most litigation case** was re-filed in U.S. District Court in March 2025. The company has accrued a liability of **$39.0 million**, which it expects to be fully covered by insurance[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and six-month financial performance, including segment results, liquidity, and non-GAAP reconciliations [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Q2 2025 revenues grew **8.5%** to **$248.0 million** driven by IHT; six-month revenues increased **4.3%** to **$446.7 million**, but net loss widened to **$34.0 million** Q2 2025 vs Q2 2024 Revenue by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | IHT | $130,396 | $113,234 | $17,162 | 15.2% | | MS | $117,630 | $115,384 | $2,246 | 1.9% | | **Total** | **$248,026** | **$228,618** | **$19,408** | **8.5%** | Six Months 2025 vs 2024 Revenue by Segment (in thousands) | Segment | 6M 2025 | 6M 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | IHT | $236,611 | $212,682 | $23,929 | 11.3% | | MS | $210,070 | $215,536 | ($5,466) | (2.5)% | | **Total** | **$446,681** | **$428,218** | **$18,463** | **4.3%** | - A loss on debt extinguishment of **$11.9 million** was recognized in the first six months of 2025 due to debt refinancing transactions[121](index=121&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=29&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Consolidated Adjusted EBITDA for Q2 2025 was **$24.5 million**, and **$29.8 million** for the six-month period, after various adjustments Reconciliation of Net Loss to Consolidated Adjusted EBITDA (in thousands) | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss | ($4,266) | ($2,763) | ($33,984) | ($19,958) | | Adjustments (Taxes, Interest, D&A, Non-core items, etc.) | $28,737 | $24,576 | $63,765 | $48,278 | | **Consolidated Adjusted EBITDA** | **$24,471** | **$21,813** | **$29,781** | **$28,320** | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, **$32.7 million** available borrowing capacity and debt covenant compliance were maintained, with cash used in operations increasing - As of June 30, 2025, the company had **$32.7 million** of available borrowing capacity, consisting of **$22.7 million** under Revolving Credit Loans and **$10.0 million** under the Second Lien Delayed Draw Term Loans[140](index=140&type=chunk) - The company was in compliance with its debt covenants as of June 30, 2025[141](index=141&type=chunk) - Net cash used in operating activities increased by **$27.5 million** to **$32.0 million** for the first six months of 2025 compared to the same period in 2024, primarily due to higher negative working capital impacts[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, TEAM, Inc. is not required to provide market risk disclosures - As a smaller reporting company, TEAM, Inc. is not required to provide quantitative and qualitative disclosures about market risk[156](index=156&type=chunk) [Controls and Procedures](index=34&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[157](index=157&type=chunk) - No material changes were made to the company's internal control over financial reporting during the quarter ended June 30, 2025[158](index=158&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=ITEM%201.%20Legal%20Proceedings) This section refers to Note 13 of the financial statements for details on ongoing legal proceedings - For details on legal proceedings, the report directs readers to Note 13 - Commitments and Contingencies in the financial statements[160](index=160&type=chunk) [Risk Factors](index=35&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since its Annual Report on Form 10-K - No material changes in risk factors were reported since the company's Annual Report on Form 10-K[161](index=161&type=chunk) [Other Information](index=35&type=section&id=ITEM%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the second quarter of 2025[162](index=162&type=chunk) [Exhibits](index=36&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certificates and Sarbanes-Oxley Act certifications