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Get filing alertsRed Flags Detected
- Material Weakness (worsened) — Material weaknesses in control environment, financial reporting, and IT general controls persist; auditor now issues adverse opinion under full SOX 404(b) attestation (transition period expired).
TIC Solutions completes $1.7B NV5 acquisition, adds engineering/geospatial segments
Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 27, 2025 · ~1 min read
Key Changes
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Closed $1.7B acquisition of NV5 Global in August 2025, paying $871M cash plus 73.2M shares; added Consulting Engineering and Geospatial segments with 48-50% gross margins vs. legacy 22-26%.
Business: NV5 acquisition verify on EDGAR → -
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Debt surged to $1.6B from $875M in new term loans to finance NV5; interest expense jumped 24% to $87.6M annually despite 75bp rate cut on legacy facility.
MD&A: Credit facility expansion verify on EDGAR → -
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Auditor issued adverse opinion on internal controls citing insufficient accounting staff, weak financial reporting processes, and deficient IT general controls; remediation underway with new CAO/Controller hires.
Controls & Notes: Material weaknesses verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify