---
schema_version: "secwatch.filing_event.v1"
accession: "0000318833-24-000003"
form_type: "8-K"
ticker: "TISI"
cik: "0000318833"
company_name: "TEAM INC"
filed_at: "2024-03-07T23:59:59+00:00"
generated_at: "2026-06-05T02:02:00.827765+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Team Q4 2023 revenue $214.1M, net loss narrows; Adjusted EBITDA up 45%

## Summary
- Q4 revenue $214.1M (+1.3% YoY); net loss $23.1M vs $56.9M loss in Q4 2022.
- Q4 Adjusted EBITDA $9.7M (4.5% of revenue), up 45.1% from $6.7M.
- FY 2023 revenue $862.6M (+2.7%); net loss $75.7M vs $150.1M loss in 2022.
- FY 2023 Adjusted EBITDA $42.5M, up 155.1% from $16.7M in 2022.
- Expects annualized cost savings at least $16M; additional $4M in Q1 2024.

## SEC filing metadata
- accession: 0000318833-24-000003
- form_type: 8-K
- ticker: TISI
- cik: 0000318833
- company_name: TEAM INC
- filed_at: 2024-03-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/318833/000031883324000003/0000318833-24-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/318833/000031883324000003/tisi-20240307.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000318833-24-000003
- JSON: https://secwatch.observer/filing/0000318833-24-000003.json
- Plain text: https://secwatch.observer/filing/0000318833-24-000003.txt

## Key facts
- Earnings Releases
  TEAM INC reported the full year ended December 31, 2023 results: revenue $862.6 million, net income $75.7 million.
  - Period: the full year ended December 31, 2023
  - Revenue: $862.6 million
  - Net income: $75.7 million
  - Result: reported results
  source text: • Increased 2023 revenue to $862.6 million, up 2.7% or $22.4 million from 2022. • Improved gross margin to $211.2 million, or 24.5% of revenue, as compared to $201.6 million, or 24.0% of revenue, in 2022. • Reported 2023 net loss of $75.7 million, a $74.4 million improvement over net loss of $150.1 million in 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000031883324000003/0000318833-24-000003-index.htm
- Earnings Releases
  TEAM INC reported the fourth quarter ended December 31, 2023 results: revenue $214.1 million, net income $23.1 million, EPS a loss of $5.25 per share.
  - Period: the fourth quarter ended December 31, 2023
  - Revenue: $214.1 million
  - Net income: $23.1 million
  - EPS: a loss of $5.25 per share
  - Result: reported results
  source text: Fourth quarter revenues were up $2.8 million to $214.1 million as compared to $211.3 million in the prior-year period. The increase was driven by higher Inspection and Heat Treating (“IHT”) revenue of $4.6 million, partially offset by lower Mechanical Services (“MS”) revenue of $1.8 million. In the fourth quarter of 2023, consolidated gross margin was $50.4 million, or 23.6% of revenue, down 120 basis points from 24.8%, or $52.4 million, in the same quarter a year ago. Gross margin for the quarter was impacted by a less favorable project mix, and higher direct costs. Selling, general and administrative expenses for the fourth quarter were $59.3 million, up by $2.1 million, or 3.7%, from the fourth quarter of 2022, primarily due to higher legal reserves. Adjusted Selling, General and Administrative Expense, which excludes expenses not representative of TEAM’s ongoing operations as well as non-cash expenses such as depreciation and amortization and share-based compensation expense, decli
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000031883324000003/0000318833-24-000003-index.htm

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