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Get filing alertsTeam Inc reports Q1 revenue up 8.3% to $215.1M, narrows loss, issues FY2026 guidance
Filed May 13, 2026 · Period ending May 13, 2026 · ~1 min read
Key Changes
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Q1 2026 revenue rose 8.3% year-over-year to $215.1M, driven by growth in both Inspection & Heat-Treating (up 8.6%) and Mechanical Services (up 162.8%) segments, with net loss narrowing to $11.3M from $29.7M in Q1 2025.
Exhibit 99.1 view on EDGAR → -
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Company issued FY2026 guidance for revenue of $920-945M (up ~4% at midpoint), gross margin of $240-260M (up ~8%), and Adjusted EBITDA of $68-73M (up ~16%), expecting stronger second-half performance.
Exhibit 99.1 view on EDGAR → -
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Total debt increased to $306.5M from $297.2M at year-end 2025, primarily due to higher ABL borrowings; total liquidity stood at $49.2M including $8.7M cash and $40.5M undrawn credit availability.
Exhibit 99.1 view on EDGAR → -
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New CEO Gary Hill outlined strategic priorities including sharpening commercial execution, adding targeted talent, and accelerating cost efficiency initiatives, with more details planned for Q2 earnings call.
Exhibit 99.1 view on EDGAR →
Summary
Team Inc reported first quarter 2026 results showing revenue growth of 8.3% to $215.1 million and a significantly narrowed net loss of $11.3 million compared to $29.7 million in the prior year period. Both operating segments contributed to the growth, with Inspection & Heat-Treating up 8.6% and Mechanical Services up 7.8%, driven by increased turnaround activity and capital projects.
Adjusted EBITDA rose 45.2% to $7.7 million, representing 3.6% of revenue. The company issued full-year 2026 guidance projecting mid-single-digit revenue growth and a 16% increase in Adjusted EBITDA at the midpoint, reflecting expectations for continued U.S. strength and improvement in international markets.
New CEO Gary Hill, in his first 100 days, emphasized initiatives to improve gross margin and commercial execution, with further strategic details planned for the Q2 call. Total debt increased modestly to $306.5 million, primarily from higher ABL borrowings, while liquidity remained at $49.2 million. For holders, the quarter demonstrates operational momentum and margin improvement, with the guidance suggesting management confidence in sustaining the trajectory through year-end.
Section-by-Section Diff
Event · Exhibit 99.1
Team Inc reported Q1 2026 revenue of $215.1M (+8.3% YoY), narrowed net loss to $11.3M, and issued FY2026 guidance for revenue of $920-945M and Adjusted EBITDA of $68-73M.
Added in current filing · view on EDGAR → · paraphrased
Grew revenue to $215.1 million, up $16.4 million, or 8.3%, over the first quarter of 2025.
Generated gross margin of $50.2 million, up $2.9 million, or 6.1%, over the first quarter of 2025.
Reported a net loss of $11.3 million, an improvement of $18.4 million over the prior year period.
Increased Adjusted EBITDA1 to $7.7 million (3.6% of consolidated revenue), up 45.2% from $5.3 million (2.7% of consolidated revenue) in the 2025 first quarter.
Team Inc reported first quarter 2026 revenue of $215.1 million, an 8.3% increase over the prior year quarter, driven by growth in both the Inspection & Heat-Treating segment (up 8.6%) and Mechanical Services segment (up 7.8%). The company narrowed its net loss to $11.3 million from $29.7 million in Q1 2025, and Adjusted EBITDA rose 45.2% to $7.7 million. Gross margin improved to $50.2 million, representing 23.3% of revenue.
Added in current filing · view on EDGAR →
IHT revenues increased by $9.8 million, or 8.6%, compared to the prior year quarter, with revenue growth of $6.5 million, or 6.3%, in the U.S. driven by higher activity in turnaround services and capital projects. Revenues from Canada and other international markets also contributed to the segment’s growth, increasing by $2.2 million and $1.1 million, respectively. MS revenues increased by $6.6 million, or 7.8%, versus the prior year period, primarily due to the increased turnaround and callout activity in the U.S. and higher project revenue in Canada and other international markets.
The Inspection & Heat-Treating segment grew revenue by $9.8 million (8.6%) to $123.4 million, with U.S. growth of 6.3% driven by turnaround services and capital projects, plus contributions from Canada and international markets. The Mechanical Services segment increased revenue by $6.6 million (7.8%) to $91.7 million, supported by higher turnaround and callout activity in the U.S. and project revenue gains in Canada and international markets.
Added in current filing · view on EDGAR →
For fiscal year 2026, the Company has provided the following operating and cash flow guidance:
•Total Company Revenue of $920 million to $945 million, an increase of approximately 4% at the midpoint of guidance compared to 2025;
•Gross Margin of between $240 million and $260 million, an increase of approximately 8% at the midpoint of guidance compared to 2025;
•Adjusted EBITDA of between $68 million and $73 million, an increase of approximately 16% at the midpoint of guidance compared to 2025;
•Capital expenditures of between $13 million to $14 million.
Team Inc issued full-year 2026 guidance projecting revenue of $920-945 million (up ~4% at midpoint vs 2025), gross margin of $240-260 million (up ~8%), and Adjusted EBITDA of $68-73 million (up ~16%). The company expects stronger performance in the second half of 2026 driven by continued U.S. strength, improvement in Canada and international markets, and margin expansion across both segments. Capital expenditures are expected to be $13-14 million.
Added in current filing · view on EDGAR →
At March 31, 2026, the Company had $49.2 million of total liquidity, consisting of consolidated cash and cash equivalents of $8.7 million, (excluding $4.1 million of restricted cash) and $40.5 million of undrawn availability consisting of $30.5 million available under the Revolving ... Credit Loans and $10.0 million available under the Second Lien Delayed Draw Term Loans that expired on April 15, 2026.
The Company’s total debt as of March 31, 2026 was $306.5 million as compared to $297.2 million as of fiscal year end 2025. The increase is primarily due to the higher net borrowings under our ABL credit facility.
Team Inc reported total liquidity of $49.2 million at March 31, 2026, comprising $8.7 million in cash (excluding $4.1 million restricted) and $40.5 million in undrawn credit availability. Total debt increased to $306.5 million from $297.2 million at year-end 2025, primarily due to higher borrowings under the ABL credit facility. The $10 million Second Lien Delayed Draw Term Loan availability expired on April 15, 2026.
Added in current filing · view on EDGAR →
In my first 100 days as CEO, I’ve been deeply impressed by the talent, technical expertise, and customer focus across the organization, and I’ve seen firsthand the value we deliver to our customers through best-in-class service, quality and safety. Building on the momentum we established in 2025, I am focused on accelerating that pace of improvement by sharpening our ... commercial execution, strengthening the team with targeted talent additions, and accelerating cost efficiency initiatives, and I will share more details around our go forward plan in the second quarter call. With a focus on gross margin improvement, we have already taken meaningful actions in the first quarter and see further opportunities in the second half of 2026.
CEO Gary Hill, in his first 100 days, outlined strategic priorities including sharpening commercial execution, adding targeted talent, and accelerating cost efficiency initiatives. Hill plans to provide more details on the forward plan during the Q2 earnings call.
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