TIC: revenue $488.0M, net income -$41.5M. TIC Solutions discloses material control weaknesses, restates financials as NV5 deal closes

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~2 min read

Key Changes

• high

  Management concluded disclosure controls are ineffective due to material weaknesses in control environment, financial reporting processes, and IT systems. These weaknesses caused a restatement of predecessor period tax accounting.

  Controls & Procedures verify on EDGAR →
• high

  NV5 acquisition closed in August 2025 for $1.7 billion, adding $253 million in quarterly revenue from infrastructure engineering and geospatial services. Total debt doubled to $1.6 billion, driving interest expense up 81% to $29 million.

  MD&A: NV5 Acquisition verify on EDGAR →
• high

  Operating cash flow fell 70% to $9.9 million as accounts receivable and contract assets increased $37.7 million combined, reflecting longer billing cycles in the acquired engineering business versus legacy inspection work.

  MD&A: Cash Flow verify on EDGAR →