Team(US:TISI)2026-03-12 20:24Financial Performance - Generated fourth quarter 2025 revenues of $224.8 million, an increase of 5.4% over the 2024 period[6] - Reported a net loss of $3.8 million in Q4 2025, an improvement of 47.4% from the prior year[11] - Increased consolidated Adjusted EBITDA to $16.4 million, representing 7.3% of consolidated revenue, up 12.1% from the 2024 period[6] - Full year 2025 revenues reached $896.5 million, a 5.2% increase compared to 2024[12] - Reported a net loss of $49.2 million for 2025, including a $13.1 million loss on debt extinguishment[14] - Consolidated Adjusted EBITDA for 2025 improved by 11.9% to $60.7 million, or 6.8% of revenue[14] - Revenues for Q4 2025 were $224.826 million, an increase of 5.7% from $213.296 million in Q4 2024[32] - Operating income for Q4 2025 was $6.629 million, compared to $2.205 million in Q4 2024, reflecting a significant improvement[32] - Net loss for Q4 2025 was $3.779 million, a reduction from a net loss of $7.182 million in Q4 2024[32] - Adjusted net loss for Q4 2025 was $2.641 million, compared to $3.654 million in Q4 2024, while the adjusted net loss for the full year 2025 was $24.453 million, down from $32.918 million in 2024[46] - Consolidated Adjusted EBITDA for Q4 2025 was $16.404 million, an increase from $14.631 million in Q4 2024, and for the full year 2025, it reached $60.725 million, compared to $54.262 million in 2024[46] - Consolidated Adjusted EBIT for Q4 2025 was $7.868 million, up from $5.741 million in Q4 2024, and for the full year 2025, it was $25.848 million, compared to $15.694 million in 2024[46] - The company reported a net loss of $3.779 million for Q4 2025, an improvement from a net loss of $7.182 million in Q4 2024, with a full year net loss of $49.210 million compared to $38.266 million in 2024[46] Cash Flow and Assets - Cash flow from operations for Q4 2025 was $16.8 million, with Free Cash Flow of $14.6 million[6] - Cash provided by operating activities for Q4 2025 was $16.774 million, a decrease from $21.624 million in Q4 2024, while the full year 2025 showed a cash outflow of $11.348 million compared to an inflow of $22.767 million in 2024[46] - Total assets decreased to $485.453 million as of December 31, 2025, down from $528.365 million a year earlier[34] - Cash and cash equivalents dropped to $18.145 million from $35.545 million year-over-year[34] Segment Performance - The Industrial Heat Treatment (IHT) segment generated revenues of $108.490 million in Q4 2025, up from $106.436 million in Q4 2024[38] - The Maintenance Services (MS) segment saw revenues increase to $116.336 million in Q4 2025 from $106.860 million in Q4 2024[38] - The company reported segment Adjusted EBITDA for the IHT segment of $11.068 million in Q4 2025, down from $12.567 million in Q4 2024, while the MS segment reported $16.086 million in Q4 2025, up from $12.564 million in Q4 2024[50] Expenses - The company’s total operating expenses for Q4 2025 were $166.517 million, compared to $155.955 million in Q4 2024[32] - Selling, General and Administrative Expenses for Q4 2025 were $51.68 million, a decrease from $55.14 million in Q4 2024, representing a reduction of approximately 8.3%[53] - Adjusted Selling, General and Administrative Expenses for the full year 2025 were $183.72 million, slightly up from $182.70 million in 2024, indicating a marginal increase of about 0.6%[53] - Total non-cash/non-recurring items in SG&A for Q4 2025 amounted to $6.69 million, down from $9.18 million in Q4 2024, reflecting a decrease of approximately 27.2%[53] - The company incurred $1.7 million related to debt financing in the full year 2025, compared to $3.8 million in 2024, showing a reduction of about 55.3%[53] - Legal costs and litigation reserves for the full year 2025 were $2.12 million, significantly higher than $0.12 million in 2024, marking an increase of over 1,600%[53] - Severance charges included in SG&A expenses for Q4 2025 were $0.40 million, slightly up from $0.33 million in Q4 2024, representing an increase of approximately 21.0%[53] - Depreciation and amortization in SG&A expenses for the full year 2025 was $21.59 million, down from $22.57 million in 2024, indicating a decrease of about 4.3%[53] - Non-cash share-based compensation costs for Q4 2025 were $0.13 million, significantly lower than $0.53 million in Q4 2024, reflecting a decrease of approximately 75.5%[53] - Professional fees and other expenses for the full year 2025 were $8.19 million, up from $4.11 million in 2024, indicating an increase of approximately 99.5%[53] Future Outlook - The Company plans to accelerate expansion into aerospace and power markets in 2026[8] - The Company is not providing full-year guidance for 2026 at this time due to a change in leadership[25]