---
schema_version: "secwatch.filing_event.v1"
accession: "0000318833-23-000016"
form_type: "8-K"
ticker: "TISI"
cik: "0000318833"
company_name: "TEAM INC"
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T05:04:53.863591+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Team Inc. Q1 2023 revenue $202.3M (+7% YoY); net loss narrows to $24.7M

## Summary
- Revenue $202.3M, up 7% YoY ($13.2M increase); up nearly 9% excluding FX headwinds.
- Gross margin improved 150 bps to 23.2% from 21.7% in Q1 2022.
- Net loss improved to $24.7M from $38.3M in Q1 2022, a $13.6M improvement.
- Adjusted EBITDA turned positive at $4.2M, up $10.6M from negative prior year.
- Reduced ongoing cash SG&A by $5.1M, approximately $20M on an annualized basis.

## SEC filing metadata
- accession: 0000318833-23-000016
- form_type: 8-K
- ticker: TISI
- cik: 0000318833
- company_name: TEAM INC
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/318833/000031883323000016/0000318833-23-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/318833/000031883323000016/tisi-20230511.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000318833-23-000016
- JSON: https://secwatch.observer/filing/0000318833-23-000016.json
- Plain text: https://secwatch.observer/filing/0000318833-23-000016.txt

## Key facts
- Earnings Releases
  TEAM INC reported first quarter ended March 31, 2023 results: revenue $202.3 million, net income net loss of $24.7 million.
  - Period: first quarter ended March 31, 2023
  - Revenue: $202.3 million
  - Net income: net loss of $24.7 million
  - Result: reported results
  source text: First Quarter 2023 Highlights 1 : • Increased first quarter 2023 revenues to $202.3 million, up $13.2 million or 7% over the 2022 first quarter, and up nearly 9% after adjusting for unfavorable foreign currency exchange movement. • Improved first quarter 2023 gross margin by 14% to 23.2% of revenue, up 150 basis points from the first quarter of 2022. • Reported first quarter 2023 net loss of $24.7 million, an improvement of $13.6 million over the $38.3 million net loss in the first quarter of 2022. • Grew consolidated Adjusted EBITDA to $4.2 million, up $10.6 million from the first quarter of 2022 2 . • Reduced ongoing cash selling, general and administrative expense by $5.1 million over the 2022 period, or roughly $20 million on an annualized basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000031883323000016/0000318833-23-000016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.