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Here are 1-3 brief analogies for Team, Inc. (TISI):

• Analogy 1: Like Otis Elevator Company, but instead of elevators, they specialize in the inspection, maintenance, and repair of giant industrial assets like chemical plants, power stations, and pipelines.
• Analogy 2: The Kyndryl for physical industrial assets, providing managed inspection, integrity, and maintenance services for critical infrastructure. (Kyndryl is IBM's former managed infrastructure services division).
• Analogy 3: Like Rolls-Royce's advanced maintenance and diagnostics services for jet engines, but applied to a broad range of industrial plants and critical infrastructure.

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• Non-Destructive Testing (NDT) & Evaluation: Provides a variety of inspection techniques like ultrasonic, radiographic, and magnetic particle testing to assess asset condition without causing damage.
• Asset Integrity Management: Offers comprehensive services including pipeline integrity management, engineering assessments, and condition evaluation to ensure the safe and optimal performance of critical infrastructure.
• On-Site Mechanical Repairs & Maintenance: Delivers specialized field services such as leak repair, engineered composite repair, and field machining to address asset degradation and maintain operational efficiency.
• Onstream Isolation & Intervention Services: Performs critical services like hot tapping, valve insertion, and line stopping to modify or isolate piping systems without interrupting operations.
• Heat Treating: Provides controlled heating and cooling processes to alter the physical and mechanical properties of materials for improved performance or integrity.
• Robotics & Advanced Inspection Services: Utilizes robotic platforms and specialized systems for complex and internal inspections, including furnace tubes and hard-to-reach areas.

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Team, Inc. (TISI) primarily sells its services to other companies (business-to-business, or B2B) rather than to individuals. The company serves a broad range of industries and sectors. While specific customer company names are not provided in the background description, its major customers operate within the following industries:

• Refining
• Power (including renewables and nuclear)
• Liquefied Natural Gas (LNG)
• Chemical and Petrochemical
• Pulp and Paper
• Automotive
• Mining
• Valves manufacturing
• Terminals and Storage
• Pipeline
• Offshore Oil and Gas
• Aerospace and Defense
• Infrastructure (including amusement parks, bridges, ports, construction and buildings, roads, dams, and railways)

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Gary Hill, Chief Executive Officer

Gary Hill was appointed Chief Executive Officer of Team, Inc. effective February 1, 2026. He brings over 30 years of experience in industrial services and related industries. His strategic priorities for Team Inc. include accelerating top-line growth, enhancing efficiency, and reducing costs to drive margin and EBITDA growth.

Nelson Haight, Executive Vice President and Chief Financial Officer

Nelson Haight is the Executive Vice President and Chief Financial Officer of Team, Inc. He has played a key role in refinancing the company's capital structure, which lowered the blended interest rate and extended term loan maturities to 2030. He also facilitated a $75 million private placement of preferred stock and warrants, helping to reduce debt by $67 million and improve financial flexibility. He highlighted that Team Inc. generated $60.7 million of adjusted EBITDA in 2025, a 12% improvement over 2024.

James Webster, Executive Vice President, Chief Legal Officer and Secretary

James Webster serves as the Executive Vice President, Chief Legal Officer, and Secretary for Team, Inc.

Matthew Acosta, Vice President & Chief Accounting Officer

Matthew Acosta holds the position of Vice President & Chief Accounting Officer at Team, Inc.

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Here are the key risks to Team, Inc. (TISI):

1. Sensitivity to Cyclical Industrial Spending and Economic Conditions: Team, Inc.'s business is heavily dependent on the capital expenditures and operational spending of clients in cyclical, capital-intensive industries such as refining, power, chemical, and oil and gas. Economic downturns, fluctuations in commodity prices, or reduced demand in these sectors can lead clients to defer or cut back on essential maintenance, inspection, and repair services, directly impacting Team's revenue and profitability.

2. Technological Advancement and Competitive Landscape: The market for asset integrity and non-destructive evaluation (NDE) services is subject to continuous technological innovation, including advancements in robotics, advanced NDE techniques, data analytics, and artificial intelligence for predictive maintenance. If Team, Inc. fails to invest in and adopt new technologies at a pace similar to or faster than its competitors, or if more innovative solutions emerge from rivals, it could lead to a loss of competitive advantage, market share, and pricing power.

3. Regulatory and Environmental Compliance Risk: Team, Inc. provides critical services related to emissions control and ensuring the integrity of industrial assets in highly regulated environments. Changes in environmental regulations, safety standards, or industry-specific compliance requirements could alter the demand for their services, necessitate significant investments to adapt to new mandates, or expose the company to increased liability and compliance costs.

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The clear emerging threat for Team, Inc. (TISI) is the accelerating development and adoption of fully autonomous, AI-driven asset intelligence and predictive maintenance platforms. These platforms, leveraging advanced robotics, ubiquitous Internet of Things (IoT) sensor networks, and sophisticated machine learning algorithms, could continuously monitor, diagnose, and potentially even perform minor repairs on industrial assets with minimal human intervention. Such systems have the potential to significantly reduce the need for Team's traditional scheduled, human-intensive inspection, testing, and mechanical services by offering a more proactive, continuous, and potentially lower-cost alternative for asset performance assurance and optimization.

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Team, Inc. (TISI) anticipates several key drivers for its future revenue growth over the next two to three years, primarily focusing on strategic execution and operational improvements.

The expected drivers of future revenue growth for Team, Inc. include:

1. Deepening Customer Relationships and Expanding Market Share: Team, Inc. aims to accelerate commercial execution by strengthening its relationships with existing customers and capturing a larger share of profitable market opportunities within its core industrial sectors.
2. Expansion into Attractive New End Markets: The company plans to accelerate its expansion into new, promising end markets, specifically identifying aerospace and midstream sectors as areas of focus.
3. Continued Growth in Key Segments and International Operations: The Inspection and Heat Treating (IHT) segment, which demonstrated significant growth in 2025, particularly in the U.S. and internationally, is expected to continue its strong performance. Similarly, the Mechanical Services (MS) segment, which also experienced growth, especially in Canada, is anticipated to contribute to the top-line. Improved performance from Canadian and other international operations is projected to enhance overall revenue.
4. Focus on Higher-Margin Services and Opportunities: While primarily impacting profitability, the company's strategy includes an emphasis on growing higher-margin work, which is expected to contribute to achieving its overall growth objectives by prioritizing more lucrative projects and services.

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Capital Allocation Decisions for Team, Inc. (TISI) (Last 3-5 Years)

Share Issuance

• In September 2025, Team, Inc. raised $75.0 million through the issuance of Series B Preferred Stock and warrants, with the proceeds primarily used to repay portions of its existing debt facilities.
• The Series B Preferred Stock includes provisions for an undrawn delayed-draw option of up to $30.0 million and potential dilution via Tranche A and Tranche B warrants.

Inbound Investments

• An affiliate of Stellex Capital Management LLC made a significant investment in Team, Inc. in September 2025, through a securities purchase agreement for Series B Preferred Stock and warrants.

Capital Expenditures

• Team, Inc. operates under an ABL Credit Agreement that limits unfinanced capital expenditures to not exceed $20.0 million in any calendar year.
• As of March 2026, the company's liquidity and expected availability under debt arrangements and capital expenditure financing are deemed sufficient to fund operations and service indebtedness for the next twelve months.