TISIMEDIUM SIGNALFINANCIAL10-K

TISI shows mixed financial performance with improved operating results offset by worsening net losses and a substantial decline in cash reserves.

The company demonstrated operational improvements with meaningfully higher operating income, suggesting better cost management or pricing power. However, the widening net loss and significant cash reduction to $18.1M from $35.5M raises questions about financial flexibility and underlying business health despite the operational gains.

Comparing 2026-03-12 vs 2025-03-19View on EDGAR →
FINANCIAL ANALYSIS

TISI's financial position presents a mixed picture with operating income growing notably while net losses deepened by nearly 29%. The company's balance sheet showed meaningful deleveraging with current liabilities declining 30% and total liabilities falling 13%, though this came alongside reduced current assets and a substantial decline in cash reserves. The combination of operational improvements but wider net losses suggests potential one-time charges or increased interest/tax expenses that warrant closer examination.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-49%
$35.5M→$18.1M

Cash declined 49% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Income
P&L
+38.8%
$10.1M→$14.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Liabilities
Balance Sheet
-29.9%
$171.2M→$120.1M

Current liabilities reduced — improved short-term financial position and working capital health.

Net Income
P&L
-28.6%
-$38.3M→-$49.2M

Net income declined 28.6% — review whether driven by operations, interest costs, or non-recurring items.

Total Liabilities
Balance Sheet
-13%
$526.6M→$458.0M

Liabilities reduced 13% — deleveraging improves balance sheet strength and financial flexibility.

Current Assets
Balance Sheet
-12.7%
$305.1M→$266.4M

Current assets declined 12.7% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-19
ADDED
The Registrant had 4,571,382 shares of common stock, par value $0.30, outstanding as of March 10, 2026.
We conduct operations in two segments: Inspection and Heat-Treating ( IHT ) and Mechanical Services ( MS ).
Description of Business Inspection and Heat-Treating Segment: IHT offers standard to specialty inspection services as well as heat-treating services and digital imaging services.
Laboratory Services, including Metallurgical and Tensile Services.
While many contracts 3 Table of Content cover specific plants or locations, we also enter into multiple-site regional or national contracts which cover multiple plants or locations.
Human Capital Due to the seasonal nature of our business, our employee headcount varies during the year.
During 2025, we averaged approximately 5,300 employees, with approximately 4,000 employed in the United States and 1,300 internationally.
We work to prioritize our safety-first culture and equal employment opportunity initiatives, and we seek to retain employees through our employee engagement efforts and our competitive compensation and benefits packages.
4 Table of Content Business ethics and core values Our core values anchor every aspect of our business in a set of commonly held beliefs and commitments.
Equal employment opportunity We believe that an inclusive and engaged workforce is critical to our success, and we work hard to create an environment where our employees feel valued, engaged and inspired to do their best work.
REMOVED
The Registrant had 4,493,391 shares of common stock, par value $0.30, outstanding as of March 17, 2025.
We conduct operations in two segments: Inspection and Heat Treating ( IHT ) and Mechanical Services ( MS ).
2 Table of Content Description of Business Inspection and Heat Treating Segment: IHT offers standard to specialty inspection services as well as heat treating services and digital imaging services.
While many contracts cover specific plants or locations, we also enter into multiple-site regional or national contracts which cover multiple plants or locations.
Human Capital 4 Table of Content Due to the seasonal nature of our business, our employee headcount varies during the year.
During 2024, we averaged approximately 5,400 employees, with approximately 4,100 employed in the United States and 1,300 internationally.
We work to prioritize our safety-first culture and our diversity and inclusion initiatives, and we seek to retain employees through our employee engagement efforts and our competitive compensation and benefits packages.
Business ethics and core values Our core values anchor every aspect of our business in a set of commonly held beliefs and commitments.
Diversity and inclusion We believe that a diverse, inclusive and engaged workforce is critical to our success, and we work hard to create an environment where our employees feel valued, engaged and inspired to do their best work.
We seek to attract and retain a diverse workforce, in particular for our technician population, which comprises more than 77% of our overall global workforce.
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