TMS

NEW YORK, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Teamshares (NASDAQ:TMS, the “Company”), a tech-enabled acquiror of high-quality SMEs, announced financial results for the second quarter ended June 30, 2026 and other business updates. Second Quarter and Other Business Highlights Revenue of $148.7 million, a $25.1 million (20%) increase year-over-year. Net Income of $9.5 million, a $22.4 million increase year-over-year, inclusive of non-cash changes in fair value of financial instruments and contributions from acquisitions. Adjusted EBITDA of $9.6 million, a $6.0 million (166%) increase year-over-year. Pro Forma Adjusted EBITDA of $9.8 million, a $6.2 million (171%) increase year-over-year. LTM Pro Forma Adjusted EBITDA as of quarter end was $21.2 million. Teamshares began trading on Nasdaq on June 23, 2026, concurrent with close of a significant equity raise, strengthening the Company’s ability to accelerate its programmatic acquisition strategy with improved access to capital as a public company. Teamshares is reaffirming its 2026 Outlook, and as of today has approximately $30 million of annual SME EBITDA under LOI, in addition to acquisitions closed to date, against the $40 million acquired EBITDA target for 2026. Teamshares CEO Michael Brown said, “We are building on the momentum of our recent Nasdaq listing and equity raise with a strong pipeline of acquisition opportunities and complementary financing to execute our growth strategy. Since inception, we planned to be a public company given acquisition financing is the raw material of programmatically acquiring durable, cash flowing companies at attractive terms. The early expansion in financing opportunities received since listing have been encouraging. We continue to think it's the first inning in becoming a permanent home for thousands of great companies as owners retire.” Teamshares President Alex Eu added, “We believe our current acquisition funnel provides a comfortable pathway to our 2026 acquisition outlook. We buy businesses that we want to be permanent owners of and that we believe have long term potential for growth. The continued year-over-year growth we delivered across our key financial metrics provides evidence that our programmatic acquirer model is working. It becomes even more powerful as we scale, providing us with attractive organic reinvestment opportunities across the businesses. As we continue to purchase more businesses, we look forward to combining their historic success with the proven Teamshares operating model.” Business Updates Acquisitions Teamshares has closed two acquisitions YTD, which generated approximately $2.5 million of net income and $2.6 million of Adjusted EBITDA in the aggregate during the LTM period preceding the respective closings. As of August 14, 2026, Teamshares has executed non-binding letters of intent (LOIs) to acquire 10 businesses, which are collectively expected to generate approximately $30 million in annual EBITDA, based on initial due diligence of information provided by the sellers and remain subject to further due diligence prior to closing. The LOIs are mutually non-binding, subject to completion of diligence and other customary closing conditions, the negotiation and execution of definitive agreements, the availability of financing and the satisfaction of applicable closing conditions. Operations Teamshares continued to deliver significant increases in revenues and EBITDA of its Operating Subsidiaries, driven by acquisitions and organic growth. For the three months ended June 30, 2026, compared to the same period in prior year: Growing Operating Leverage Teamshares corporate expenses (not allocated to reportable segments), excluding transaction expenses related to the Business Combination, decreased by $0.5 million from the same period in prior year. The decline in corporate overhead relative to a 47% increase in SME Segment EBITDA demonstrates the scalability of Teamshares’ business model through creation of operating leverage from our tech-enabled infrastructure. Financing Together with the concurrent common equity PIPE investment, the business combination with Live Oak Acquisition Corp. V (“Business Combination”) provided $132.4 million in gross proceeds to Teamshares (excluding the net impact from a forward purchase agreement). The proceeds were utilized to pay transaction costs, reduce indebtedness and provide cash to fund the Company’s growth strategy. During the second quarter, in conjunction with the Business Combination, Teamshares repaid $33.9 million in outstanding debt obligations. Subsequent to the close of the second quarter, Teamshares repaid an additional $20.6 million in outstanding debt obligations, further deleveraging the Company. On August 4, 2026, Teamshares entered into a non-binding term sheet for a proposed senior secured warehouse facility designed to provide committed capital to fund acquisition closings, including a material amount related to businesses under LOI. The proposed facility remains subject to definitive documentation and customary closing conditions. Teamshares is evaluating multiple non-binding term sheets from lenders to refinance a significant portion of its existing indebtedness. This process remains subject to definitive documentation and customary closing conditions. 2026 OutlookTeamshares is reaffirming its 2026 full year guidance for Pro Forma Adjusted EBITDA of $60 million, inclusive of $40 million in annual Adjusted EBITDA from business acquisitions. This guidance assumes the successful and timely completion of transactions providing the Company with additional sources of capital to finance its expected level of acquisitions. Conference CallThe Company will host a conference call to discuss its results on Friday, August 14, 2026, beginning at 8:30 a.m. ET. Interested parties may access the conference call through a live webcast, which can be accessed via this link or by visiting the Company’s Investor Relations website at https://investors.teamshares.com/. For those interested in dialing into the conference call, please register using this link. After registering, confirmation will be sent via email, including dial-in details and unique conference call codes for entry. Please join the live webcast or dial in at least 10 minutes before the start of the call. A replay of the event webcast will be available on the Company’s Investor Relations website for one year following the call. About TeamsharesTeamshares is a tech-enabled acquiror of high-quality businesses, intending to be a permanent home for businesses. Part holdco, part fintech, Teamshares programmatically acquires companies with $0.5 to $5 million of EBITDA from retiring owners, integrates them with the Teamshares platform, and helps employees earn company stock. Founded in 2019, Teamshares operates subsidiaries with consolidated revenue of over $500 million for the trailing twelve month period as of June 30, 2026 across over 40 industries and 30 states. For more information, visit https://investors.teamshares.com/. Forward Looking StatementsThis press release contains forward-looking statements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "seeks," "future," "outlook," "prospects," "will," "would," "should," "could," "may," "can have" or similar words. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict and that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include, but are not limited to, the following: our ability to realize the expected benefits from the Business Combination; our ability to maintain the listing of our common stock on Nasdaq; our ability to consummate any current potential financing transactions and our ability to raise financing in the future and to comply with restrictive covenants related to long-term indebtedness; our limited operating history; our ability to manage growth effectively; our ability to successfully acquire, integrate and grow SMEs and implement our tech-enabled employee ownership platform; our ability to continue as a going concern; our ability to refinance or extend certain of our existing credit facilities; costs and resources of operating as a public company; unfavorable or no analyst research or reports; and those risks and factors described under the caption "Risk Factors" in the Company's registration statement on Form S-4, Quarterly Report on Form 10-Q and other subsequent filings made with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise. Non-GAAP Financial MeasuresCertain financial information contained in this communication, such as Adjusted EBITDA, Pro Forma Adjusted EBITDA and Free Cash Flow, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP financial measures are not intended to replace financial measures calculated in accordance with GAAP and are intended to supplement our GAAP results. We believe that using these measures affords a more consistent basis for comparing our results of operations from period to period. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded and included in determining these non-GAAP financial measures. The information required by Item 10(e) of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and Regulation G under the Securities Exchange Act of 1934, including a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP, is included in the table at the end of this press release. ContactsInvestor Relations Contact: [email protected] Press Contact: [email protected] Limitations of Non-GAAP Measures and Reconciliations to GAAP Our non-GAAP financial measures have important limitations and are not intended to be considered in isolation or as a substitute for the most directly comparable GAAP measures. These measures exclude significant expenses and income that are required by GAAP to be reflected in our financial statements and, as a result, may not fully capture the costs of operating our business or the timing of related cash flows. The adjustments we make to arrive at these measures may vary from period to period and involve judgment, which reduces comparability over time and to similarly titled measures presented by other companies. Because of these and other limitations, you should consider our non-GAAP financial measures only in conjunction with, and not as superior to, our GAAP results and the reconciliations presented below. For all periods presented, the most directly comparable GAAP measure to LTM Pro Forma Revenue is Revenue. The most directly comparable GAAP measure to Adjusted EBITDA, Pro Forma Adjusted EBITDA, and LTM Pro Forma Adjusted EBITDA is Net Income. The most directly comparable GAAP measure to Free Cash Flow is net cash provided by (used in) operating activities. Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure are presented in the tables immediately following this discussion. Adjusted EBITDA Adjusted EBITDA represents our consolidated results for the post-acquisition period and is calculated as net income (loss) adjusted to exclude (i) interest expense, net, (ii) income tax expense (benefit), (iii) depreciation and amortization and (iv) certain non-cash items and other amounts that we do not consider indicative of our core operating performance, including share-based compensation, gains or losses on disposition of assets, impairment expense and changes in fair value of financial instruments. We believe Adjusted EBITDA is useful in evaluating our ability to generate earnings from our operating base and to compare our performance across periods, particularly where non-cash expenses and other items may vary in timing and amount. This measure has historically been utilized both internally and externally to assess liquidity, reinvestment capacity, and shareholder returns. Pro Forma Adjusted EBITDA Pro Forma Adjusted EBITDA represents Adjusted EBITDA plus the pre-acquisition results for businesses acquired during the relevant period, as if such businesses had been owned for the entirety of the period presented. The pre-acquisition results reflect pro forma financial information prepared in accordance with ASC 805 and presented in the notes to our consolidated financial statements, adjusted to conform to the requirements of Article 11 of Regulation S-X, including the application of appropriate transaction accounting adjustments. The pre-acquisition results included in Pro Forma Adjusted EBITDA are sourced from the historical financial statements of the acquired businesses, adjusted to conform to GAAP. For each acquired business, we identify the applicable pre-acquisition period(s) within the fiscal year presented and extract the relevant EBITDA (or net income with reconciling adjustments) for those pre-acquisition periods. For each acquisition closed during the period, we include the portion of the fiscal year prior to the acquisition date such that, when combined with the post-acquisition period included in our consolidated results, the acquired business is reflected as if owned for the full fiscal year. For example, for a business acquired on September 1, we include pre-acquisition results for January 1 through August 31 of the applicable year. The target’s historical financial results are subject to our pre-acquisition financial due diligence procedures, which includes an assessment of their accounting policies and practices. Additionally, thorough financial and legal diligence is performed over the historical financial results, including a quality of earnings assessment and substantive testing of transactions within the general ledger. To ensure consistency and comparability, we apply only factually supportable, policy-conforming adjustments to pre-acquisition results in order to comply with GAAP, including: Conforming classification adjustments to align with our presentation (for example, recalculating and reclassifying depreciation and amortization to match our financial statement line items and EBITDA definition). Removal of owner-specific, non-recurring compensation and related-party expenses that do not continue post-acquisition and for which we assume or implement arm’s-length market terms. The cost structure is then burdened with expected costs related to the placement of a president to replace the retiring owner. Elimination of non-recurring transaction costs directly related to the acquisition. Standardization of accounting policies where objectively determinable and factually supportable (for example, capitalization thresholds for property and equipment, classification of repairs and maintenance). We do not adjust pre-acquisition results for expected synergies, integration initiatives, or other hypothetical or forward-looking benefits. Our primary debt agreements define EBITDA-based covenant measures using similar adjustments as the non-GAAP measures presented herein. As a result, the Pro Forma Adjusted EBITDA we present is defined consistently with the EBITDA measure used for covenant compliance under our credit agreements. We are also including this disclosure to enable public investors to understand and assess our compliance with those covenants. We may, from time to time, disclose covenant calculations as required by our agreements; such disclosures are provided for compliance assessment and transparency. In addition, including pre-acquisition results improves the alignment between income statement activity and the balance sheet, as the balance sheet fully reflects the impact of acquisition accounting while the income statement would otherwise present only a partial period of post-acquisition results. Therefore, key financial metrics such as leverage ratios would be distorted without this adjustment. Furthermore, we believe Pro Forma Adjusted EBITDA enhances consistency and comparability across periods and provides a more representative view of the consolidated entity’s future earnings potential. The Company is unable to provide a quantitative reconciliation of its forward-looking Pro Forma Adjusted EBITDA guidance to net income, the most directly comparable GAAP measure, without unreasonable effort because certain items that impact net income (loss), including changes in fair value of financial instruments, acquisition-related costs, and the timing and magnitude of future acquisitions, cannot be reasonably predicted. LTM Pro Forma Revenue LTM Pro Forma Revenue represents consolidated revenue for the trailing-twelve month period plus the pre-acquisition revenue for businesses acquired during the relevant period, as if such businesses had been owned for the entirety of the period presented. The pre-acquisition revenue of newly acquired companies is calculated in the same method described in Pro Forma Adjusted EBITDA. Including pre-acquisition results improves the alignment between income statement activity and the balance sheet, as the balance sheet fully reflects the impact of acquisition accounting while the income statement would otherwise present only a partial period of post-acquisition results. We believe LTM Pro Forma Revenue enhances consistency and comparability across periods and provides a more representative view of the consolidated entity’s future revenue potential. LTM Pro Forma Adjusted EBITDA LTM Pro Forma Revenue represents Adjusted EBITDA for the trailing-twelve month period plus the pre-acquisition EBITDA for businesses acquired during the relevant period, as if such businesses had been owned for the entirety of the period presented. The pre-acquisition EBITDA of newly acquired companies is calculated in the same method described in Pro Forma Adjusted EBITDA. LTM Pro Forma Adjusted EBITDA improves the comparability across periods of Pro Forma Adjusted EBITDA. Additionally, our primary debt agreements mentioned in the Pro Forma Adjusted EBITDA definition generally utilize EBITDA based covenants on a trailing-twelve month basis. We are also including this disclosure to enable public investors to understand and assess our compliance with those covenants. Reconciliation of Adjusted EBITDA and Pro Forma Adjusted EBITDA Includes $0.6 million and $0.9 million of depreciation expense recognized in cost of revenue during the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.2 million during the three and six months ended June 30, 2025, respectively. Non-Cash Gains and Losses includes Loss (Gain) on Disposition of Assets, Change in Fair Value of Earnout Shares and Deferred Founder Shares, Change in Fair Value of Forward Purchase Agreement Liability, Loss on the Conversion of SAFE Notes, Change in Fair Value of Warrant Liability, Change in Fair Value of Contingent Consideration, and Change in Fair Value of Derivatives, which is included in Other non-operating income on the Consolidated Statements of Operations. Includes costs incurred during the three and six months ended June 30, 2026 related to the Business Combination, which primarily related to legal and accounting fees related to the merger agreement and regulatory matters. These costs did not meet the criteria for capitalization in accordance with Staff Accounting Bulletin Topic 5.A and ASC 340-10-S99-1; however, these costs significantly impact the comparability of periods and are therefore included as an adjustment to calculate Adjusted EBITDA. Includes transaction fees directly attributable to the consummation of certain acquisitions of $0.5 million during the three months ended June 30, 2026, and $0.5 million and $1.2 million during the six months ended June 30, 2026 and 2025, respectively. These are direct incremental costs associated with certain acquisitions and exclude any internal costs related to originations, diligence or legal activities, and recurring costs with third-parties associated with evaluating acquisitions. These costs are included in Selling, General, and Administrative Expenses within the Consolidated Statements of Operations. Additionally, this includes a $0.5 million loss on the change in fair value of a financing instrument included in Other Non-Operating Expenses/(Income), Net during three and six months ended June 30, 2026. There were no similar costs during three and six months ended June 30, 2025. Also, this includes an adjustment of immaterial and $2.1 million during three and six months ended June 30, 2025, respectively, for the settlement of performance and payment bonds that were issued by an operating subsidiary that ceased operations. There were no similar costs during the three and six months ended June 30, 2026. The type of business was unique relative to other operating subsidiaries and the Company has never incurred any other similar types of costs. These costs are included in Other Non-Operating Expense (Income), Net within the Consolidated Statements of Operations. These costs were included as an adjustment to calculate Adjusted EBITDA since they are not representative of ongoing operations. Pro Forma EBITDA for Acquisitions represents the pre-acquisition results of operating subsidiaries acquired prior to the end of the respective periods. The amounts were derived from the pro forma financial results prepared in accordance with ASC 805 and presented within the “Business Combinations” footnote to the Company’s interim consolidated financial statements. The adjustments and presentation conform to the requirements of Article 11 of Regulation S-X, including the application of appropriate transaction accounting adjustments. The following table includes further financial information related to the pre-acquisition results of operating subsidiaries acquired prior to the end of the respective periods, which includes two companies acquired during the six months ended June 30, 2026 and five companies acquired during the year ended December 31, 2025 (there were 4 additional companies acquired during January 2025; however, they are not included in this adjustment as they had a full three months of post-acquisition results during the three and six months ended June 30, 2025): During the three and six months ended June 30, 2026 the post-acquisition results of operating subsidiaries acquired during the period contributed $0.6 million and $0.6 million, respectively, to Adjusted EBITDA. During the three and six months ended June 30, 2025 the post-acquisition results of operating subsidiaries acquired during the period contributed $2.1 million and $3.4 million, respectively, to Adjusted EBITDA. Reconciliation of LTM Pro Forma Revenue Please refer to the consolidated statements of operations for the year ended December 31, 2025 in in our definitive proxy statement and final prospectus included in the Registration Statement on Form S-4 (File No. 333-294869), dated May 27, 2026, filed with the Securities and Exchange Commission (the “SEC”) on May 27, 2026 and declared effective by the SEC on May 27, 2026 (as supplemented on June 3, 2026, the “Proxy Statement/Prospectus”). The operating subsidiaries acquired during 2025 and the six months ended June 30, 2026 had pre-acquisition revenue of $44.8 million for the twelve months ended June 30, 2026, which was intended to provide additional perspective on the full-period revenue contribution of recently acquired businesses. Reconciliation of LTM Pro Forma Adjusted EBITDA Please refer to the Limitations of Non-GAAP Measures and Reconciliations to GAAP section within Management’s Discussion and Analysis of Financial Condition and Results of Operations of Teamshares in the Proxy Statement/Prospectus for the full calculation of Adjusted EBITDA for the year ended December 31, 2025. The operating subsidiaries acquired during 2025 and the six months ended June 30, 2026 had pre-acquisition EBITDA of $9.2 million for the twelve months ended June 30, 2026, which was calculated in a manner consistent with the adjustments reflected in Pro Forma EBITDA for Acquisitions and are intended to provide additional perspective on the full-period earnings contribution of recently acquired businesses. Reconciliation of Free Cash Flow Free Cash Flow represents net cash used in operating activities less capital expenditures and additions to internally developed software. We believe Free Cash Flow is useful in assessing our ability to reinvest in the business, pursue strategic transactions and return capital to investors.

Interested in Live Oak Acquisition Corp. V? Here are five stocks we like better. Teamshares reaffirmed its 2026 outlook, including $40 million in acquired EBITDA and $60 million in pro forma adjusted EBITDA. Second-quarter revenue rose 20% year over year to support the growth strategy, while SME segment EBITDA increased 47% to $20 million. The acquisition pipeline is substantial: 10 signed letters of intent represent approximately $30 million of expected SME segment EBITDA, with closings typically taking 90 to 120 days and likely concentrated in the second half of the year. Financing capacity remains the main constraint on acquisition growth. Teamshares has signed a term sheet for a warehouse facility and is evaluating debt-refinancing options to fund acquisitions and support longer-term expansion following its Nasdaq listing. Live Oak Acquisition Corp. V (NASDAQ:TMS), which operates as Teamshares, said it reaffirmed its 2026 outlook and expects acquisitions to be the primary contributor to growth after completing its Nasdaq listing in June. During its first earnings call as a public company, Teamshares reported that second-quarter revenue increased 20% year over year, primarily driven by acquisitions. The company’s last-12-month pro forma revenue reached $560 million, while SME segment EBITDA rose 47% from the prior-year period to $20 million. → Lumentum Just Delivered the AI Growth Investors Wanted Co-founder and CEO Michael Brown said Teamshares, founded in 2019, is focused on acquiring small- and mid-sized businesses from retiring owners and holding them permanently. The company had grown to 93 companies and approximately $500 million in consolidated revenue as of the call. Teamshares reaffirmed its 2026 target of $40 million in acquired EBITDA and its $60 million pro forma adjusted EBITDA target. Brown described pro forma adjusted EBITDA as a run-rate measure assuming the company had owned all acquired businesses for the trailing 12-month period. → Ryman Checks Into a $1.38B Hospitality Upgrade As of Aug. 14, the company had 10 signed, mutually non-binding letters of intent representing approximately $30 million of new SME segment EBITDA. Alex Eu, co-founder and president, said the company’s typical closing process takes 90 to 120 days, and the businesses in the backlog average roughly $3 million of SME segment EBITDA. Teamshares acquired two businesses during the first half of 2026, representing about $2.6 million in SME segment EBITDA. Eu said acquisition activity was relatively light during the first half because the company was focused on completing its public listing and had constrained access to reasonably priced acquisition capital. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal CFO Brian Gaebe said the company expects about $30 million of the path to its $60 million pro forma adjusted EBITDA target to come from businesses currently under letters of intent. It is targeting at least another $9 million from businesses under evaluation but not yet under LOI, alongside modest organic growth and controlled corporate overhead. Management said acquisition closings in the small-business market tend to be weighted toward the second half of the year, particularly the fourth quarter. Brown said businesses often come to market after corporate taxes are filed in the spring, creating a natural timeline that pushes transaction closings later in the year. Revenue increased 20% year over year in the second quarter. SME segment EBITDA reached $20 million, up 47% from the prior-year period. Last-12-month pro forma revenue reached $560 million. Ten signed LOIs represented about $30 million of estimated annual SME segment EBITDA. The company reaffirmed its $40 million acquired EBITDA target for 2026. Eu said Teamshares evaluates its model through four core factors: deploying capital into durable businesses at attractive terms, preserving and growing acquired earnings, scaling corporate infrastructure more slowly than segment earnings, and improving financing access and cost of capital as the company grows. Organic revenue grew 3.4% in the second quarter and 4.2% year to date. Organic SME segment EBITDA grew 0.4% in the quarter and 4.6% year to date. Eu said management views year-to-date performance as more informative than quarterly results because of seasonality across its businesses. The company continues to use an annual organic growth framework of roughly 3% after the initial year of acquisition, according to management. Eu said Teamshares does not require synergies or aggressive growth for acquisitions to be attractive, as its underwriting generally assumes flat performance in the first year and modest growth afterward. Corporate costs declined by approximately $500,000 in the second quarter while SME segment EBITDA increased by $6.4 million, or 47%, according to Eu. He said the results demonstrate operating leverage from the company’s transaction, reporting, operating oversight and data infrastructure. Teamshares expects corporate overhead to increase by about $2 million in the second half of 2026, or roughly 10% compared with the second half of 2025, primarily due to public-company compliance costs, Gaebe said. Management emphasized that financing capacity remains the principal constraint on the company’s acquisition pace. Brown said Teamshares has sufficient sourcing activity and processing capacity, but that financing and cash flow are the main drivers and limiters of growth. Gaebe said Teamshares signed a term sheet in early August for a warehouse facility intended to provide committed capital for acquisition closings, including a material amount for companies already under LOI. The company is also evaluating alternatives to refinance existing debt and add capacity for longer-term growth. According to Gaebe, Teamshares has received multiple non-binding term sheets from potential lenders. Management did not disclose pricing or detailed terms for the financing proposals, citing their non-binding status. Brown said the company has seen increased interest from larger businesses within its target range, particularly those generating $2 million to $5 million in EBITDA. Teamshares historically focused on businesses with EBITDA between $500,000 and $5 million. On purchase valuations, Brown said current acquisition multiples remain generally consistent with last year. He noted that businesses in the $2 million to $5 million EBITDA range may trade closer to five to six times EBITDA, compared with a four-to-five-times range in other cases. The company reported an average acquisition multiple of 5.3 times in 2025. Eu said the company’s first quarter has historically been its weakest because of consumer spending patterns and winter weather affecting outdoor activities. First-quarter segment EBITDA has historically represented about 10% to 15% of annual EBITDA, while the second and third quarters have been the strongest. The fourth quarter has historically been below the second and third quarters but substantially above the first quarter. During the second quarter, Teamshares shut down one subsidiary that Eu described as subscale and not meaningful to results, with a purchase price below $1 million. He said the company has moved through a backlog of businesses that no longer met its evolving acquisition criteria and expects such exits to be more limited going forward. Brown said Teamshares’ priorities through year-end include completing capital transactions and debt refinancing, closing its targeted $40 million of acquired EBITDA while maintaining underwriting standards, advancing organic EBITDA growth, and continuing to build systems designed to create operating leverage. Live Oak Acquisition Corp. V is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As a special purpose acquisition company, it does not operate a traditional commercial business of its own and instead focuses on identifying and completing an acquisition transaction. The company was organized to pursue opportunities across a broad range of industries and geographic markets, subject to the terms of its governing documents and applicable regulations. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Live Oak Acquisition Corp. V Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.