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Team Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue increased 6.7% year-over-year to $225.0 million, with both Inspection & Heat-Treating (IHT) and Mechanical Services (MS) segments contributing, and gross margin rose 8.4% to $58.0 million.
Adjusted EBITDA for Q3 2025 was $14.5 million, up 28.6% from Q3 2024, marking the highest Q3 level since at least 2016.
Net loss attributable to common shareholders was $11.4 million ($2.68 per share) for Q3 2025, compared to $11.1 million ($2.52 per share) in Q3 2024, mainly due to higher non-recurring professional and legal costs.
Completed a $75 million preferred stock private placement in September 2025, strengthening the balance sheet and reducing debt.
Continued focus on cost control, margin expansion, and balance sheet improvement, with expenses trending lower as a percentage of revenue.
Financial highlights
Total revenues for the nine months ended September 30, 2025, were $671.7 million, a 5.1% increase year-over-year.
Adjusted EBITDA for the first nine months of 2025 was $44.3 million, up from $39.6 million in the prior year period.
Gross margin for Q3 2025 was $58.0 million (25.8% of revenue), up from $53.5 million (25.4%) in Q3 2024.
Liquidity at September 30, 2025, was $57.1 million, including $10.6–$14.8 million in cash and $46.5 million in undrawn credit.
Total debt and finance obligations were $302.8 million at September 30, 2025, down from $325.1 million at year-end 2024.
Outlook and guidance
Projecting full-year 2025 revenue growth of approximately 5% and Adjusted EBITDA growth of about 13%.
Q4 2025 expected to deliver year-over-year top-line and Adjusted EBITDA growth, with further margin improvement and positive momentum into 2026.
Management expects current working capital, forecasted cash flows, and available credit to be sufficient to fund operations and service debt for at least the next twelve months.
Targeting Adjusted EBITDA margin of at least 10%.
Access to up to $30 million in additional liquidity through September 2027 via Series B Preferred Stock delayed draw rights.
Rationale for $30M preferred stock delayed draw?
Timeline for 10% adjusted EBITDA margin target?
Prioritized high-margin end markets for growth?
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Frequently asked questions
Team, Inc. is an industrial services company that specializes in providing a comprehensive range of services related to the construction, maintenance, and monitoring of pressurized piping and associated systems. The company operates primarily through two segments: Inspection and Heat Treating (IHT), and Mechanical Services (MS). The company is headquartered in Sugar Land, Texas, and its shares are listed on the New York Stock Exchange.
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