secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0000318833-23-000016
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000031883323000016/0000318833-23-000016-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000031883323000016/tisi-20230511.htm
  HTML page:      https://secwatch.observer/filing/0000318833-23-000016

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer