Team(US:TISI)2025-11-12 21:48Revenue Performance - Revenue for Q3 2025 reached $225.0 million, an increase of $14.2 million or 6.7% year-over-year[4] - Revenues for the three months ended September 30, 2025, were $224,976,000, an increase of 6.0% compared to $210,758,000 for the same period in 2024[28] - Mechanical Services segment revenue grew by 7.8% or $8.0 million, driven by increased turnaround demand in the U.S.[4] - Inspection and Heat-Treating segment revenue rose by 5.7%, with U.S. revenue up 5.3% and international operations, including Canada, growing by 8.9%[4] - Canadian operations saw a revenue increase of 25% across both segments during Q3 2025[6] - The Industrial and High Technology (IHT) segment generated revenues of $113,778,000 for the three months ended September 30, 2025, up from $107,604,000 in 2024, reflecting a growth of 2.1%[34] - The Maintenance Services (MS) segment reported revenues of $111,198,000 for the three months ended September 30, 2025, an increase of 7.0% from $103,154,000 in the same period last year[34] Profitability and Loss - Adjusted EBITDA increased by 28.6% to $14.5 million, representing 6.5% of consolidated revenue, compared to $11.3 million or 5.4% in Q3 2024[5] - Net loss for Q3 2025 was $11.4 million, compared to a net loss of $11.1 million in Q3 2024[10] - Operating income for the three months ended September 30, 2025, was $1,342,000, a decrease of 57.5% from $3,158,000 in the prior year[28] - Net loss attributable to common shareholders for the three months ended September 30, 2025, was $12,057,000, compared to a net loss of $11,126,000 for the same period in 2024[28] - Adjusted Net Loss for Q3 2025 was $6,062,000 compared to $12,538,000 in Q3 2024, showing a 51.6% improvement year-over-year[41] - The net loss for the nine months ended September 30, 2025, was $45,431,000, compared to $31,084,000 for the same period in 2024, indicating a deterioration of 46.3%[41] Cash Flow and Liquidity - Cash and cash equivalents decreased to $14,812,000 as of September 30, 2025, down from $35,545,000 at the end of 2024[30] - The company reported a net cash used in operating activities of $28,122,000 for the nine months ended September 30, 2025, compared to a net cash provided of $1,143,000 for the same period in 2024[32] - The company had total liquidity of $57.1 million, consisting of $10.6 million in cash and $46.5 million in undrawn credit facilities[19] Debt and Financial Position - Total debt decreased to $302.8 million from $325.1 million as of fiscal year-end 2024, primarily due to preferred stock sale proceeds[21] - The company reported a net debt position that includes both current and long-term debt, less cash and cash equivalents, although specific figures were not disclosed in the provided content[41] Expenses and Cost Management - Adjusted Selling, General and Administrative Expense improved to 20.8% of consolidated revenue, down from 21.7% in the prior year[5] - Selling, general, and administrative expenses for Q3 2025 were $56.7 million, up from $50.4 million in Q3 2024, representing a 4.7% increase[46] - Total non-cash/non-recurring items for the nine months ended September 30, 2025, amounted to $27.2 million, compared to $21.1 million for the same period in 2024, reflecting a 28.9% increase[46] - Professional fees and other costs for the nine months ended September 30, 2025, totaled $6,285,000, compared to $2,915,000 in 2024, an increase of 115.5%[41] - The adjusted SG&A expense for the nine months ended September 30, 2025, was $138.7 million, up from $136.7 million in the same period of 2024[46] Depreciation and Amortization - The total depreciation and amortization for the nine months ended September 30, 2025, was $25,676,000, down from $27,934,000 in the same period of 2024, a decrease of 8.1%[41] - Depreciation and amortization in SG&A expenses for Q3 2025 was $5.5 million, slightly down from $5.6 million in Q3 2024[46] Shareholder Information - The weighted-average number of shares outstanding for basic and diluted earnings per share was 4,499,000 for the three months ended September 30, 2025, compared to 4,422,000 in the prior year[28] - Adjusted Net Loss per common share for Q3 2025 was $(1.48), an improvement from $(2.84) in Q3 2024, reflecting a 47.7% reduction in losses per share[41]