0002048951-26-000015 | 10-Q | XBRL Viewer

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Segment Reporting and Geographic Information - Schedule of Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	$ 148,660	$ 123,574	$ 269,699	$ 226,118
Long-lived Assets	127,138		127,138		$ 123,628
United States
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	133,660	117,933	241,734	217,484
Long-lived Assets	110,974		110,974		107,239
International
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	15,001	$ 5,641	27,965	$ 8,634
Long-lived Assets	$ 16,163		$ 16,163		$ 16,389

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 1,634	$ 1,439
Work in process	1,106	886
Finished goods	54,583	44,079
Total inventories	$ 57,323	$ 46,405

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Jun. 30, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	NOTE 2 — New Accounting Pronouncements New Accounting Pronouncement Not Adopted as of December 31, 2025: In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2025, and will result in additional disclosures beginning with the Company’s 2026 annual reporting.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 1 — Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Teamshares Inc. and its subsidiaries (“Teamshares” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with Article 10 of Regulation S-X. In the opinion of management, the condensed consolidated financial statements include all of the adjustments necessary for a fair statement in conformity with U.S. GAAP. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. On June 18, 2026, Live Oak consummated a business combination with Legacy Teamshares, as further described under “Merger and Reverse Recapitalization” below. Unless otherwise noted or the context otherwise requires, references to the “Company,” “Teamshares,” “we,” “us,” or “our” refer to the business of Legacy Teamshares and its subsidiaries prior to the consummation of the business combination and, after the consummation of the business combination, to Teamshares Inc. and its subsidiaries. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities for which the Company has a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. Unless otherwise noted, amounts are reported in thousands within this Quarterly Report, and therefore, certain columns and rows within tables in this report may not sum due to rounding. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus. There have been no material changes to the Company’s significant accounting policies, as disclosed in Note 2 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus, except as described in Notes 3, 11, and 13. As of June 30, 2026, Teamshares had 93 active Operating Subsidiaries (as defined in Note 1 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus), 90 of which are located in the United States and 3 of which are located outside of the United States. Going Concern These condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three and six months ended June 30, 2026 and the year ended December 31, 2025, the Company has incurred negative cash flows from operations due to corporate overhead and interest expense exceeding cash flows from Operating Subsidiaries. Based on current conditions that assume no additional acquisitions, refinancing of indebtedness, or other actions to improve liquidity or reduce expenditures, additional losses are expected for the next 12 months after the financial statements are available to be issued. Furthermore, the Company has debt of $187.8 million that will mature within the next 12 months after the financial statements are available to be issued, and the Company’s existing liquidity and forecasted cash flows are not sufficient to repay this debt. As a result, substantial doubt exists about the Company’s ability to continue as a going concern. Management’s plans to alleviate these conditions include, but are not limited to, the refinancing certain of its indebtedness, including the i80 Facility (see Note 10) that matures in December 2026. Teamshares continues to evaluate debt refinancing alternatives and expects to pursue a solution that strengthens its balance sheet and supports its long-term growth strategy. The Company has received several non-binding term sheets from lenders to refinance a significant portion of its existing indebtedness. The non-binding term sheets remain subject to definitive documentation and customary closing conditions, and there can be no assurance that any of these alternatives will be consummated on the contemplated terms or at all. Additionally, the Company may seek to raise additional capital through public or private issuances of equity or equity-linked securities. Any future equity issuances would be subject to market conditions, the availability and cost of capital and other relevant considerations. Although management is pursuing these plans, there can be no assurance they will be successfully implemented or that they will be able to mitigate the substantial doubt regarding its ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty, such as adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Merger and Reverse Recapitalization On November 14, 2025, the Company entered into an agreement and plan of merger (as amended, the “Merger Agreement”) with Live Oak, Live Oak Sponsor V LLC, Catalyst Sub Inc. (“Merger Sub”), and Catalyst Sub 2 LLC (“Merger Sub II”). Live Oak was a publicly traded special purpose acquisition company (“SPAC”). On June 18, 2026 (the “Closing Date”), as contemplated by the Merger Agreement, Live Oak, Merger Sub, Merger Sub II, and Legacy Teamshares consummated the transactions contemplated by the Merger Agreement and its related agreements (the “Closing”), culminating in (i) Live Oak de-registering from the Register of Companies in the Cayman Islands and transferring by way of continuation out of the Cayman Islands and into the State of Delaware so as to become a Delaware corporation (the “Domestication”), (ii) Merger Sub merging with and into Legacy Teamshares, with Legacy Teamshares continuing as the surviving corporation (the “Surviving Corporation”) as a wholly-owned subsidiary of Live Oak, and (iii) immediately thereafter, the Surviving Corporation merging with and into Merger Sub II, with Merger Sub II continuing as the surviving entity and as a wholly-owned subsidiary of Live Oak (collectively the “SPAC Merger”). On the Closing Date, Live Oak filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, pursuant to which Live Oak was domesticated and continues as a Delaware corporation, and effective upon the Closing, changing its name to “Teamshares Inc.” (the “Company”). Pursuant to the Merger Agreement, the aggregate merger consideration paid to the holders of securities of Legacy Teamshares was $525.0 million, paid in newly issued shares of the combined company (“Company Common Stock”) and options to purchase shares of the Company, valued at $10.00 per share. Upon the Closing, all of the issued and outstanding Legacy Teamshares Common Stock and Legacy Teamshares Preferred Stock were automatically cancelled and ceased to exist in exchange for the rights of each holder to receive its pro rata share of merger consideration. Beginning on June 23, 2026, the Company Common Stock and warrants trade on Nasdaq under the ticker symbols “TMS” and “TMSWW”, respectively. See Note 3 for disclosure of the transactions that occurred in anticipation of the SPAC Merger and upon the Closing. Accounting for the SPAC Merger The SPAC Merger was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Live Oak was treated as the “acquired” company and Legacy Teamshares was treated as the accounting acquirer for financial statement reporting purposes. Accordingly, the SPAC Merger is being treated as the equivalent of Legacy Teamshares issuing stock for the net assets of Live Oak, accompanied by a recapitalization. The net assets of Live Oak will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the SPAC Merger will be presented as those of Legacy Teamshares. Emerging Growth Company Status The Company is an emerging growth company, as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). The Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Leases - Schedule of Operating Leases on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Operating Leases:
Operating lease right of use assets, net	$ 96,554	$ 93,586
Current portion of operating lease obligations	8,952	8,524
Long-term operating lease obligations	89,203	88,144
Total lease liability	$ 98,155	$ 96,668

Earnings (Loss) Per Share - Schedule of Common Stock Equivalents were Excluded in the Calculation of Net Loss Per Diluted Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of net loss per diluted (in shares)	23,674,781	6,288,104	30,046,658	6,288,104
Earnout Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of net loss per diluted (in shares)	6,000,000	0	6,000,000	0
Deferred Founder Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of net loss per diluted (in shares)	1,674,781	0	1,674,781	0
Assumed Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of net loss per diluted (in shares)	16,000,000	0	16,000,000	0
Assumed Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of net loss per diluted (in shares)	0	6,288,104	6,371,877	6,288,104

Property, Plant, and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	$ 47,109	$ 44,737
Less: Accumulated depreciation	(16,526)	(14,694)
Total property, plant, and equipment, net	30,583	30,043
Vehicles
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	9,215	9,003
Computers and equipment
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	13,223	11,697
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	4,254	4,228
Third-party software
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	2,478	2,077
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	10,085	10,148
Buildings
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	3,411	3,196
Land
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	3,437	3,484
Other fixed assets
Property, Plant, and Equipment [Line Items]
Total property, plant, and equipment, gross	$ 1,006	$ 905

Inventories

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories

NOTE 7 — Inventories

Inventories consisted of the following (dollars in thousands):


	June 30, 2026		December 31, 2025
Raw materials	$	1,634	$	1,439
Work in process	1,106		886
Finished goods	54,583		44,079
Total inventories	$	57,323	$	46,405

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property, Plant, and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant, and equipment, net consisted of the following (dollars in thousands):


	June 30, 2026		December 31, 2025
Vehicles	$	9,215	$	9,003
Computers and equipment	13,223		11,697
Furniture and fixtures	4,254		4,228
Third-party software	2,478		2,077
Leasehold improvements	10,085		10,148
Buildings	3,411		3,196
Land	3,437		3,484
Other fixed assets	1,006		905
Total property, plant, and equipment, gross	47,109		44,737
Less: Accumulated depreciation	(16,526)		(14,694)
Total property, plant, and equipment, net	$	30,583	$	30,043

Business Combinations - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Business Combinations - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($) subsidary	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) subsidary business	Jun. 30, 2025 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2022
Business Combination [Line Items]
Operating lease right of use assets, net	$ 96,554		$ 96,554			$ 93,586
Goodwill as a result of acquisitions			3,107
Purchase accounting adjustments			722
Business combination, contingent consideration, liability	8,999		8,999		$ 8,417	9,195
Contingent consideration. current liability	2,686		2,686			3,151
Contingent consideration. long-term liability	6,313		6,313			6,044
Change in Fair Value of Contingent Consideration, Net of Payments	889	$ 437	886	$ 260
Contingent consideration, financing activities			$ 794	144
Operating Subsidiaries
Business Combination [Line Items]
Subsidiary, ownership percentage, noncontrolling owner							10.00%
Operating Subsidiaries
Business Combination [Line Items]
Number of businesses acquired \| business			2
Principal balance			$ 9,689
Operating lease right of use assets, net	$ 2,300		$ 2,300
Operating lease, weighted average remaining lease term	15 years		15 years
Business combination, voting equity interest acquired, percentage	100.00%		100.00%				90.00%
Payments to minority shareholders to acquire equity interests			$ 500	700
Goodwill as a result of acquisitions			3,100
Revenue	$ 3,200		3,900
Net income	400		400
Business combination, contingent consideration, liability	9,000		9,000			9,200
Contingent consideration. current liability	2,700		2,700			3,200
Contingent consideration. long-term liability	6,300		6,300			$ 6,000
Change in Fair Value of Contingent Consideration, Net of Payments	$ 900	$ 400	$ 900	300
Business combination contingent consideration arrangement number of arrangements \| subsidary	31		31
Business combination, contingent consideration, range of outcomes, maximum, amount	$ 34,600		$ 34,600
Payments for contingent consideration			1,300	1,000
Payment for contingent consideration liability, operating activities			500	800
Contingent consideration, financing activities			800	$ 200
Operating Subsidiaries \| Seller Notes
Business Combination [Line Items]
Principal balance			$ 11,000
Operating Subsidiaries \| Minimum
Business Combination [Line Items]
Business acquisition contingent consideration arrangement term of arrangement			1 year
Operating Subsidiaries \| Maximum
Business Combination [Line Items]
Business acquisition contingent consideration arrangement term of arrangement			6 years

Stock Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Compensation Expense

During the three and six months ended June 30, 2026 and 2025, the Company recognized stock compensation expense as follows (dollars in thousands):


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Teamshares Inc. awards	$	444	$	573	$	1,071	$	1,184
Earnout Shares	301		—		301		—
Operating Subsidiary Stock Plans	334		391		644		766
Total stock compensation expense	$	1,079	$	964	$	2,016	$	1,950

Reverse Recapitalization - Schedule of Net Proceeds from the Merger (Details) - USD ($) $ in Thousands		6 Months Ended
	Nov. 14, 2025	Jun. 30, 2026	Jun. 30, 2025
Reverse Recapitalization [Abstract]
Cash - Live Oak Trust Account		$ 48,149
Cash - Live Oak operating account		741
Total cash from Live Oak		48,890
Cash - PIPE	$ 126,500	126,500
Live Oak transaction and advisory costs paid from the Live Oak Trust Account		(15,903)
Net cash proceeds from the SPAC Merger		159,487	$ 0
Repayment of the HBC Credit Facility		(33,850)
Payment of the Prepayment Amount to the FPA Investor		(42,240)
Total cash used immediately after the SPAC Merger		(76,090)
Net cash to Teamshares		$ 83,397

Segment Reporting and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

The accounting policies of the SME reportable segment are the same as those

described in Note 2 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus.


(dollars in thousands)	For the Three Months Ended June 30, 2026		For the Six Months Ended June 30, 2026
Revenue from External Customers	$	148,660	$	269,699
Less:
Cost of Revenue, Excluding Depreciation	87,404		160,594
Selling, General, and Administrative Expense	41,508		80,441
Other Non-Operating Income	(316)		(529)
SME Segment EBITDA	$	20,064	$	29,193
Less:
Depreciation	(1,717)		(2,861)
Amortization	(1,719)		(3,423)
Stock Compensation Expense	(1,079)		(2,016)
Loss on Disposition of Assets	(334)		(131)
Interest Expense, Net	(10,167)		(25,531)
Change in Fair Value of Earnout Shares and Deferred Founder Shares	24,884		24,884
Change in Fair Value of Forward Purchase Agreement Liability	(5,003)		(5,003)
Loss on the Conversion of SAFE Notes	(2,175)		(2,175)
Change in Fair Value of Warrant Liability	380		421
Change in Fair Value of Contingent Consideration	(889)		(886)
Other Non-Operating Expense	(213)		(130)
All Other Operating Segments	(457)		(600)
Corporate, Other Expenses, and Eliminations	(11,447)		(24,032)
Income (Loss) Before Income Taxes	$	10,127	$	(12,291)


(dollars in thousands)	For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2025
Revenue from External Customers	$	123,574	$	226,118
Less:
Cost of Revenue, Excluding Depreciation	74,460		137,915
Selling, General, and Administrative Expense	35,543		69,601
Other Non-Operating Income	(98)		(400)
SME Segment EBITDA	$	13,669	$	19,001
Less:
Depreciation	(1,403)		(2,822)
Amortization	(1,469)		(2,882)
Goodwill Impairment	(3,845)		(6,826)
Stock Compensation Expense	(964)		(1,950)
Loss on Disposition of Assets	(415)		(850)
Interest Expense, Net	(7,785)		(15,089)
Change in Fair Value of Warrant Liability	109		434
Change in Fair Value of Contingent Consideration	(437)		(260)
Other Non-Operating Income (Expense)	71		(2,082)
All Other Operating Segments	713		1,314
Corporate, Other Expenses, and Eliminations	(10,988)		(21,941)
Loss Before Income Taxes	$	(12,745)	$	(33,953)

Schedule of Revenue and Long-Lived Assets

A summary of the Company’s Revenue and Long-lived assets as of the three and six months ended June 30, 2026 is as follows:


	Revenue				Long-lived Assets
	For the Three Months Ended June 30, 2026		For the Six Months Ended June 30, 2026		June 30, 2026
United States	$	133,660	$	241,734	$	110,974
International	15,001		27,965		16,163
Total	$	148,660	$	269,699	$	127,138

A summary of the Company’s Revenue for the three and six months ended June 30, 2025 and Long-lived assets as of year ended December 31, 2025 is as follows:


	Revenue				Long-lived Assets
	For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2025		December 31, 2025
United States	$	117,933	$	217,484	$	107,239
International	5,641		8,634		16,389
Total	$	123,574	$	226,118	$	123,628

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the numerator and denominator used in the calculation of basic and diluted Earnings (Loss) per share for the three and six months ended June 30, 2026 and 2025 is as follows (dollars in thousands, except per share data):


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Numerator:
Net Income (Loss) Attributable to Teamshares Inc.	$	9,168	$	(12,838)	$	(13,709)	$	(34,167)
Allocation to Participating Securities	(39)		—		—		—
Rollover Share adjustments	—		—		64		65
Net Income (Loss) Attributable to Common Stockholders	$	9,129	$	(12,838)	$	(13,645)	$	(34,102)
Denominator:
Basic - Weighted Average Shares Outstanding	52,239,212		49,119,816		50,709,492		49,084,044
Effect of Dilutive Securities:
Assumed Options	3,195,772		—		—		—
Diluted - Weighted Average Common Shares Outstanding	55,434,983		49,119,816		50,709,492		49,084,044
Basic Earnings (Loss) Per Share Attributable to Common Stockholders	$	0.17	$	(0.26)	$	(0.27)	$	(0.69)
Diluted Earnings (Loss) Per Share Attributable to Common Stockholders	$	0.16	$	(0.26)	$	(0.27)	$	(0.69)

Schedule of Common Stock Equivalents were Excluded in the Calculation of Net Loss Per Diluted Share

The following potentially dilutive securities were excluded from the calculation of Diluted Earnings (Loss) Per Share Attributable to Common Stockholders for the periods presented because the impact of including them would have been anti-dilutive or because the relevant share price targets had not been achieved as of the reporting date:


	For the Three Months Ended		For the Six Months Ended
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Earnout Shares	6,000,000	—	6,000,000	—
Deferred Founder Shares	1,674,781	—	1,674,781	—
Assumed Warrants	16,000,000	—	16,000,000	—
Assumed Options	—	6,288,104	6,371,877	6,288,104
Total	23,674,781	6,288,104	30,046,658	6,288,104

Reverse Recapitalization

6 Months Ended

Jun. 30, 2026

Reverse Recapitalization [Abstract]

Reverse Recapitalization

NOTE 3 — Reverse Recapitalization

In anticipation of the SPAC Merger, the following transactions occurred prior to the Closing:

1.On November 14, 2025, Live Oak entered into subscription agreements with certain investors (the “Initial PIPE Investors”) pursuant to which the Initial PIPE Investors agreed to purchase 13,749,994 Live Oak common shares for aggregate proceeds of approximately $126.5 million, in a transaction to be consummated concurrently with the Closing;

2.The Sponsor designated 1,150,000 Live Oak Class B Ordinary Shares as incentive founder shares (“Incentive Founder Shares”) that were eligible to be used to incentivize commitments from investors. Based on the terms of the Merger Agreement, 50% of unutilized Incentive Founder Shares were forfeited upon the Closing, and 50% of unutilized Incentive Founder Shares are converted to Deferred Founder Shares (as defined below). Utilized Incentive Founder Shares were converted to Company Common Stock upon the Closing;

3.During the period between December 2025 and May 2026 Legacy Teamshares entered into Simple Agreements for Future Equity (“SAFE Notes”) for aggregate proceeds of approximately $6.3 million. Refer to Note 11.

4.Live Oak entered into non-redemption agreements (the “Non-Redemption Agreements”), dated as of June 5, 2026, with unaffiliated third-party stockholders of Live Oak (the “NRA Investors”). Pursuant to the Non-Redemption Agreements, the NRA Investors agreed not to redeem an aggregate of 276,646 common shares of Live Oak. In exchange for the NRA Investors’ commitment to not redeem these shares, Live Oak agreed to transfer to the NRA Investors, contemporaneously with the Closing, an aggregate of 37,136 Incentive Founder Shares;

5.On June 1, 2026, Live Oak entered into an agreement (the “Forward Purchase Agreement”) with a fund sub-advised by JBA Asset Management LLC (the “FPA Investor”) for an over-the-counter equity prepaid forward transaction. Pursuant to the terms of the Forward Purchase Agreement, the FPA Investor purchased 4,000,000 shares of Live Oak common stock (the “FPA Shares”) on the open market prior to the Closing. The 4,000,000 shares were not redeemed pursuant to the terms of the Forward Purchase Agreement, and were subsequently converted into Company Common Stock upon the Closing. Upon consummation of the SPAC Merger, a portion

of the funds remaining in the trust account established by Live Oak at the time of Live Oak’s initial public offering (the “Live Oak Trust Account”) were used to make a $42.2 million payment (the “Prepayment Amount”) to the FPA Investor. The substance of the Prepayment Amount is akin to a subscription receivable for Company Common Stock, and therefore the payment of the Prepayment Amount has been presented as a reduction of Additional Paid-In Capital. Refer to Note 11.

As a result of the SPAC Merger, and upon the Closing, pursuant to the terms of the Merger Agreement:

1.All of the issued and outstanding Legacy Teamshares Common Stock were automatically cancelled and ceased to exist, in exchange for the rights of each holder to receive shares of Company Common Stock at an exchange ratio of approximately 4.510 (the “Exchange Ratio”);

2.All 3,450,000 shares of Live Oak Class B shares were converted into Live Oak Class B common stock pursuant to the Domestication and subsequently converted into Company Common Stock at a one-to-one ratio;

3.All of the issued and outstanding shares of Legacy Teamshares Series Seed-1 Preferred Stock, Series Seed-2 Preferred Stock, Series Seed-AA Preferred Stock, Series A Preferred Stock, Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series C-2 Preferred Stock, and holders of 1,538,481 shares of Legacy Teamshares Series C-1 Preferred Stock were automatically cancelled and ceased to exist, in exchange for the rights of each holder to receive shares of Legacy Teamshares Common Stock at a one-to-one ratio. The Legacy Teamshares Common Stock was subsequently converted to Company Common Stock at the Exchange Ratio;

4.All of the holders of Legacy Teamshares Series D-1 Preferred Stock, Series D-2 Preferred Stock, Series D-NV Preferred Stock, Series E-1 Preferred Stock, Series E-NV Preferred Stock and holders of 371,357 shares of Legacy Teamshares Series C-1 Preferred Stock made liquidation preference elections to convert their Legacy Teamshares Preferred Stock into a number of shares of Legacy Teamshares Common Stock determined based on the original issue price of the holder’s Legacy Teamshares Preferred Shares. Based on the liquidation preference elections, an aggregate of 5,171,149 additional shares of Legacy Teamshares Common Stock, representing a liquidation preference of $233.2 million, were issued to liquidation preference electing holders (“Liquidation Preference Electing Holders”). The Legacy Teamshares Common Stock was subsequently converted to Company Common Stock at the Exchange Ratio. Liquidation Preference Electing Holders agreed to forfeit participation in any Earnout Shares;

5.All outstanding options to purchase equity securities of Legacy Teamshares, whether vested or unvested, were assumed by the Company and replaced with options to purchase Company Common Stock (“Assumed Options”), subject to equitable adjustments to the exercise prices and number of shares for which such Assumed Options are exercisable. See Note 13;

6.All SAFE Notes issued by Legacy Teamshares were automatically converted into 688,043 shares of Company Common Stock. See Note 11. An additional 63,300 Incentive Founder Shares were delivered to holders of SAFE Notes upon the Closing;

7.Holders of 77,258 Series B Warrants issued by Legacy Teamshares exercised their option to convert their Series B Warrants into 48,990 shares of Legacy Teamshares Common Stock. See Note 11. The Legacy Teamshares Common Stock was subsequently converted to Company Common Stock at the Exchange Ratio;

8.All Series C, Series D, and Series E Warrants issued by Legacy Teamshares were terminated and did not receive any consideration in connection with the SPAC Merger because these warrants were out-of-the-money at the Closing. See Note 11;

9.Certain former Legacy Teamshares security holders have the contingent right to receive up to 6,000,000 additional shares of Company Common Stock (“Earnout Shares”) during a five-year earnout period (the “Earnout Period”) in three equal tranches vesting upon the volume weighted average price (“VWAP”) of Company Common Stock equaling or exceeding $12.00, $15.00 and $20.00, respectively, for 20 of any 30 consecutive trading days commencing at least 150 days after the Closing Date (or upon a qualifying change of control at an implied price at or above $12.00) (“Earnout Share Triggering Event(s)”). See Note 11.

Employees of the Company that are entitled to receive Earnout Shares must remain continuously employed from the Closing Date through immediately before an Earnout Share Triggering Event. Due to the continuous employment requirements, Earnout Shares reserved for employees of the Company are classified as equity and recognized in accordance with ASC 718 - Compensation-Stock Compensation. See Note 13. Earnout Shares assigned to Legacy Teamshares stockholders that are not employees of the Company are classified as liabilities. See Note 11.

10.The Sponsor was issued 1,674,781 additional shares of Company Common Stock (“Deferred Founder Shares”) that are subject to vesting and forfeiture during a five-year period (the “Founder Share Earnout Period”). The Deferred Founder Shares will vest and cease to be subject to forfeiture upon the VWAP of Company Common Stock equaling or exceeding $12.00 and $15.00, respectively, for 20 of any 30 consecutive trading days commencing at least 150 days after the Closing Date (or upon a qualifying change of control at an implied price at or above $12.00). Despite the Deferred Founder Shares being issued upon the Closing, the Deferred Founder Shares are economically similar to an earnout arrangement due to the forfeiture provision, and are therefore classified as liabilities. See Note 11.

11.Live Oak’s 11,500,000 public warrants and 4,500,000 private warrants (collectively, the “Assumed Warrants”) that were outstanding immediately prior to the Closing became warrants of the Company. Each Assumed Warrant entitles the holder to purchase one share of Company Common Stock at an exercise price of $11.50 per share. The terms of the public warrants and the private warrants are identical, except that the private warrants will not be transferable, assignable or saleable until 30 days after the Closing, except, among other limited exceptions, to Live Oak’s officers and directors and other persons or entities affiliated with the Sponsor. After the expiration of the aforementioned post-Closing transfer restrictions, the terms of the public warrants and the private warrants are identical.

The Assumed Warrants are exercisable 30 days after the completion of the SPAC Merger and expire five years thereafter (the “Exercise Period”). The Company may redeem all outstanding Assumed Warrants at $0.01 per warrant if the sales price of Company Common Stock for any 20 trading days within a 30 trading-day measurement period equals or exceeds $18.00 per share during the Exercise Period. The Company can elect to require cashless exercise if the Assumed Warrants are exercised pursuant to a redemption notice whereby the holder will receive a number of Company Common Stock equal to: (i) the number of Company Common Stock underlying the Warrants, multiplied by the excess of fair market value of the Company Common Stock over the exercise price, divided by (ii) fair market value of the Company Common Stock. Fair market value is determined based on the average reported closing price of the Company Common Stock during the 10-trading-day period ending on the three trading days before the receipt of an exercise notice. The Assumed Warrants contain anti-dilution protections that may adjust either the exercise price or the number of shares issuable upon the exercise of each Assumed Warrant if certain events occur. The Company may reduce the exercise price before the expiration date in its sole discretion.

The Assumed Warrants meet all of the requirements for equity classification under ASC 815 and therefore were classified as equity.

The following table summarizes the net proceeds from the merger (dollars in thousands):


Sources	Amount
Cash - Live Oak Trust Account	$	48,149
Cash - Live Oak operating account	741
Total cash from Live Oak	48,890
Cash - PIPE	126,500
Live Oak transaction and advisory costs paid from the Live Oak Trust Account	(15,903)
Net cash proceeds from the SPAC Merger	$	159,487


Uses	Amount
Repayment of the HBC Credit Facility	$	(33,850)
Payment of the Prepayment Amount to the FPA Investor	(42,240)
Total cash used immediately after the SPAC Merger	(76,090)

Net cash to Teamshares	$	83,397

The following table summarizes the impact of the SPAC Merger on the Company Common Stock (dollars in thousands except shares and par values):


	Common Stock			Additional Paid -in Capital
	Number of Shares	Amount
Balance as of March 31, 2026	1,174,429	$	12	$	328,629
Exercise of stock options prior to the SPAC Merger	7,488	—		$	10
Conversion of Legacy Teamshares Preferred Stock into Legacy Teamshares Common Stock, adjusted for liquidation preferences	9,730,177	97		$	(4)
Conversion of Legacy Teamshares Series B Warrants to Legacy Teamshares Common Stock	48,990	—		$	2,501
Balance immediately prior to the SPAC Merger	10,961,084	110
Exchange Ratio	4.510x
Company Common Stock Issued to Legacy Teamshares Stockholders	49,435,651	4,944		$	(1)
Merger and PIPE Financing, net (1) (2)	18,311,605	1,831		112,871
Conversion of Live Oak Class B Common Stock	3,450,000	345		—
Conversion of SAFE Notes and Issuance of Sponsor Incentive Shares to SAFE Investors	751,343	75		8,505
Issuance of Sponsor Incentive Shares to NRA Investors	37,136	4		$	—
Balance immediately after the SPAC Merger (3)	71,985,735	$	7,199	$	452,511

(1)Includes 4,000,000 FPA Shares held by the FPA Investor that were converted to Company Common Stock at the Closing.

(2)The balance recorded in Additional Paid-in Capital is net of $4.7 million of costs incurred by the Company that were directly attributable to the SPAC Merger. Directly attributable transaction costs consisted primarily of legal and accounting costs that were direct and incremental to the SPAC Merger. $1.1 million of directly attributable transaction costs were paid during the three months ended June 30, 2026, and $3.6 million directly attributable transaction costs were included in Accounts Payable as of June 30, 2026.

(3)Refer to the Condensed Consolidated Statements of Stockholders’ Equity for complete list of transactions that impacted Additional Paid-In Capital during the three months ended June 30, 2026

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt of the Company consisted of the following (dollars in thousands):


	June 30, 2026		December 31, 2025
i80 Facility	$	153,377	$	153,377
Single Company Term Loans	56,137		61,510
HBC Credit Facility	—		31,250
TDC Loans	16,184		15,375
Vehicle and equipment notes	6,228		4,838
Seller Notes	40,668		29,840
Other Debt	13,600		10,000
Less: Debt issuance costs	(1,260)		(2,842)
Less: Discounts	(7,000)		(11,802)
Total debt, net	277,934		291,546

Current maturities	208,314		206,982
Less: Debt issuance costs	(987)		(1,585)
Less: Discounts	(134)		(5,250)
Total Short-Term Debt and Current Portion of Long-Term Debt	207,193		200,147
Total Long-Term Debt, Net	$	70,742	$	91,399

Schedule of Maturities of Long-Term Debt

Future maturities of long-term debt as of June 30, 2026 are as follows (dollars in thousands):


Remainder of 2026	$	188,042
2027	22,510
2028	10,959
2029	16,291
2030	41,204
2031 and thereafter	7,187
Total	$	286,194

Reverse Recapitalization - Schedule of Merger Impact of Common Stock (Details)				3 Months Ended				6 Months Ended
	Jun. 18, 2026 USD ($) shares	Jun. 01, 2026 shares	Nov. 14, 2025 shares	Jun. 30, 2026 USD ($) shares	Jun. 17, 2026 USD ($) shares	Jun. 30, 2025 USD ($) shares	Mar. 31, 2025 USD ($) shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($) shares
Reverse Recapitalization [Roll Forward]
Beginning balance (in shares) \| shares								49,180,937
Beginning balance				$ 40,163,000	$ 40,163,000	$ 107,530,000	$ 127,708,000	$ 63,633,000	$ 127,708,000
Exercise of stock options prior to the SPAC Merger				10,000			1,000
Exchange Ratio	0.04510
Merger and PIPE Financing, net				$ 112,873,000
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares) \| shares			13,749,994
Issuance of Sponsor Incentive Shares to NRA Investors						350,000	1,000,000
Ending balance (in shares) \| shares				71,985,735				71,985,735
Ending balance				$ 105,318,000		$ 95,310,000	$ 107,530,000	$ 105,318,000	95,310,000
Reverse recapitalization, transaction costs	$ 4,700,000
Payments of reverse recapitalization transaction costs				1,100,000				$ 1,116,000	$ 0
Reverse recapitalization, accrued transaction costs				$ 3,600,000
Forward Purchase Agreement
Reverse Recapitalization [Roll Forward]
Sale of stock, number of shares issued in transaction (in shares) \| shares		4,000,000
SAFE Notes
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities (in shares) \| shares	688,043
Common Stock
Reverse Recapitalization [Roll Forward]
Beginning balance (in shares) \| shares				49,180,937	49,180,937	49,089,302	48,989,541	49,180,937	48,989,541
Beginning balance				$ 4,919	$ 4,919	$ 4,999	$ 4,899	$ 4,919	$ 4,899
Exercise of stock options prior to the SPAC Merger (in shares) \| shares				33,771		59	81
Exercise of stock options prior to the SPAC Merger				$ 3
Company Common Stock Issued to Legacy Teamshares Stockholders (in shares) \| shares	49,435,651
Company Common Stock Issued to Legacy Teamshares Stockholders	$ 4,944
Merger and PIPE Financing, net (in shares) \| shares	18,311,605			18,311,605
Merger and PIPE Financing, net	$ 1,831			$ 1,831
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares) \| shares	37,136			37,136		35,309	99,680
Issuance of Sponsor Incentive Shares to NRA Investors	$ 4			$ 4		$ 4	$ 100
Ending balance (in shares) \| shares	71,985,735			71,985,735		49,124,670	49,089,302	71,985,735	49,124,670
Ending balance	$ 7,199			$ 7,199		$ 5,002	$ 4,999	$ 7,199	$ 5,002
Common Stock \| Common Class B
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities (in shares) \| shares	3,450,000			3,450,000
Conversion of convertible securities	$ 345			$ 345
Common Stock \| SAFE Notes
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities (in shares) \| shares	751,343
Conversion of convertible securities	$ 75
Additional Paid-in Capital
Reverse Recapitalization [Roll Forward]
Beginning balance				328,629,000	$ 328,629,000	325,806,000	324,194,000	327,839,000	324,194,000
Exercise of stock options prior to the SPAC Merger				10,000			1,000
Company Common Stock Issued to Legacy Teamshares Stockholders	(1,000)
Merger and PIPE Financing, net	112,871,000			112,871,000
Issuance of Sponsor Incentive Shares to NRA Investors	0					350,000	1,000,000
Ending balance	452,511,000			$ 385,873,000		$ 326,729,000	325,806,000	385,873,000	326,729,000
Additional Paid-in Capital \| Common Class B
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities	0
Additional Paid-in Capital \| SAFE Notes
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities	$ 8,505,000
Previously Reported
Reverse Recapitalization [Roll Forward]
Beginning balance							$ 127,708,000	$ 63,633,000	$ 127,708,000
Previously Reported \| Common Stock
Reverse Recapitalization [Roll Forward]
Beginning balance (in shares) \| shares	10,961,084			1,174,429	1,174,429		1,162,180	1,174,429	1,162,180
Beginning balance	$ 110			$ 12	$ 12		$ 12	$ 12	$ 12
Exercise of stock options prior to the SPAC Merger (in shares) \| shares					7,488
Exercise of stock options prior to the SPAC Merger					$ 0
Ending balance (in shares) \| shares					10,961,084
Ending balance					$ 110
Previously Reported \| Common Stock \| Legacy Teamshares Common Stock \| Series B Warrants
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities (in shares) \| shares					48,990
Conversion of convertible securities					$ 0
Previously Reported \| Common Stock \| Legacy Teamshares Common Stock \| Preferred Stock
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities (in shares) \| shares					9,730,177
Conversion of convertible securities					$ 97
Previously Reported \| Additional Paid-in Capital
Reverse Recapitalization [Roll Forward]
Beginning balance				$ 328,629,000	328,629,000		$ 324,199,000	$ 327,843,000	$ 324,199,000
Exercise of stock options prior to the SPAC Merger					10,000
Previously Reported \| Additional Paid-in Capital \| Legacy Teamshares Common Stock \| Series B Warrants
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities					2,501,000
Previously Reported \| Additional Paid-in Capital \| Legacy Teamshares Common Stock \| Preferred Stock
Reverse Recapitalization [Roll Forward]
Conversion of convertible securities					$ (4,000)

Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	$ 10.0	$ 11.7
Restricted cash self insurance programs	2.3	2.1
Collateral Accounts
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	6.8	6.8
Collection Accounts
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	$ 3.1	$ 4.9

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (dollars in thousands):


	June 30, 2026		December 31, 2025
Raw materials	$	1,634	$	1,439
Work in process	1,106		886
Finished goods	54,583		44,079
Total inventories	$	57,323	$	46,405

Fair Value of Financial Instruments - Schedule of Contingent Consideration Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Contingent Consideration Liability [Roll Forward]
Balance of period	$ 8,417		$ 9,195
Contingent consideration for 2026 business combinations	194		372
Change in Fair Value of Contingent Consideration	889	$ 437	886	$ 260
Foreign currency impact on earnout consideration	(76)		(183)
Earnout payments made in period	(424)		(1,271)
Balance at June 30, 2026	$ 8,999		$ 8,999

Stock Compensation - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	$ 1,079	$ 964	$ 2,016	$ 1,950
Teamshares Inc. awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	444	573	1,071	1,184
Earnout Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	301	0	301	0
Operating Subsidiary Stock Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	$ 334	$ 391	$ 644	$ 766

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	NOTE 17 — Subsequent Events Debt Repayments During July and August 2026, the Company repaid $8.0 million of the principal owed under the Former Owner Bridge Loan, fully repaid $7.3 million of the principal owed under a Seller Note (as defined in Note 9 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus) owed to the former owner of an Operating Subsidiary that was acquired during the three months ended June 30, 2026, fully repaid the $3.6 million owed under the Former Owner Loan and made a $1.8 million principal repayment under the i80 Facility. The Proposed Warehouse Facility On August 4, 2026, the Company entered into a non-binding term sheet with a third-party lender providing for a proposed senior secured warehouse facility (the “Proposed Warehouse Facility”). The Proposed Warehouse Facility is subject to the negotiation and execution of definitive agreements and the satisfaction of customary closing conditions. The Proposed Warehouse Facility, if consummated, will provide committed capacity to fund the closing of acquisitions until the Company can find long-term financing through single company term loans or other sources. The Proposed Warehouse Facility, if consummated, will improve the predictability of the Company’s ability to have sufficient capital to close acquisitions and allow additional time to find an optimal long-term debt financing solution for acquired businesses. The non-binding term sheet does not obligate the lender to fund the Proposed Warehouse Facility unless and until definitive documentation is executed and all conditions are satisfied or waived. There can be no assurance that the Proposed Warehouse Facility will be consummated on the terms contemplated or at all.

Reverse Recapitalization - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended			6 Months Ended
	Jun. 18, 2026 USD ($) trading_day $ / shares shares	Jun. 05, 2026 shares	Jun. 01, 2026 USD ($) shares	Nov. 14, 2025 USD ($) shares	Jun. 30, 2026 $ / shares shares	Jun. 30, 2025 shares	Mar. 31, 2025 shares	Jun. 30, 2026 USD ($) trading_day $ / shares shares	May 31, 2026 USD ($)	Jun. 30, 2025 USD ($)
Reverse Recapitalization Table [Line Items]
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)				13,749,994
Cash - PIPE \| $				$ 126,500				$ 126,500
Issuance of SAFE Notes \| $								3,330	$ 6,300	$ 0
Nonredemption agreement shares (in shares)		276,646
Payment of the Prepayment Amount to the FPA Investor \| $								$ 42,240
Exchange Ratio	0.04510
Class of warrant or right, number of securities called by each warrant or right (in shares)	1
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 11.50
Warrant exercise period	30 days
Warrant expiration period	5 years
Class of warrant or right, redemption price (in dollars per share) \| $ / shares	$ 0.01
Warrant redemption, threshold trading days \| trading_day	20
Warrant redemption, threshold consecutive trading days \| trading_day	30
Warrant redemption, threshold stock price (in dollars per share) \| $ / shares	$ 18.00
Class of warrant or right, fair market value, threshold trading days	10 days
Class of warrant or right, fair market value, before notice, threshold trading days	3 days
Earnout Shares
Reverse Recapitalization Table [Line Items]
Earnout shares (in shares)	6,000,000							6,000,000
Earnout period	5 years
Threshold consecutive trading days \| trading_day	30
Commencement period	150 days
Deferred Founder Shares
Reverse Recapitalization Table [Line Items]
Earnout shares (in shares)	1,674,781							1,674,781
Earnout period	5 years
Threshold consecutive trading days \| trading_day	30
Commencement period	150 days
Tier I
Reverse Recapitalization Table [Line Items]
Stock price (in usd per share) \| $ / shares					$ 12.00			$ 12.00
Threshold consecutive trading days \| trading_day								30
Commencement period								150 days
Tier I \| Earnout Shares
Reverse Recapitalization Table [Line Items]
Earnout shares (in shares)								2,000,000
Stock price (in usd per share) \| $ / shares	$ 12.00
Tier I \| Deferred Founder Shares
Reverse Recapitalization Table [Line Items]
Earnout shares (in shares)								837,391
Stock price (in usd per share) \| $ / shares	12.00
Tier II
Reverse Recapitalization Table [Line Items]
Stock price (in usd per share) \| $ / shares					15.00			$ 15.00
Threshold consecutive trading days \| trading_day								30
Commencement period								150 days
Tier II \| Earnout Shares
Reverse Recapitalization Table [Line Items]
Earnout shares (in shares)								2,000,000
Stock price (in usd per share) \| $ / shares	15.00
Tier II \| Deferred Founder Shares
Reverse Recapitalization Table [Line Items]
Earnout shares (in shares)								837,390
Stock price (in usd per share) \| $ / shares	15.00
Tier III
Reverse Recapitalization Table [Line Items]
Stock price (in usd per share) \| $ / shares					$ 20.00			$ 20.00
Threshold consecutive trading days \| trading_day								30
Commencement period								150 days
Tier III \| Earnout Shares
Reverse Recapitalization Table [Line Items]
Earnout shares (in shares)								2,000,000
Stock price (in usd per share) \| $ / shares	$ 20.00
Series B Warrants
Reverse Recapitalization Table [Line Items]
Class of warrant or right number of warrants exercised (in shares)	77,258
Public Warrant
Reverse Recapitalization Table [Line Items]
Class of warrant or right, outstanding (in shares)	11,500,000
Private Warrant
Reverse Recapitalization Table [Line Items]
Class of warrant or right, outstanding (in shares)	4,500,000
Warrants, nontransferable, assignable, or saleable period	30 days
SAFE Notes
Reverse Recapitalization Table [Line Items]
Conversion of convertible securities (in shares)	688,043
Forward Purchase Agreement
Reverse Recapitalization Table [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			4,000,000
Payment of the Prepayment Amount to the FPA Investor \| $			$ 42,200
Common Stock
Reverse Recapitalization Table [Line Items]
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)	37,136				37,136	35,309	99,680
Common Stock \| SAFE Notes
Reverse Recapitalization Table [Line Items]
Conversion of convertible securities (in shares)	751,343
Class B Ordinary Shares
Reverse Recapitalization Table [Line Items]
Founder shares (in shares)				1,150,000
Incentive founder shares, forfeiture percentage	50.00%
Common Class B \| Common Stock
Reverse Recapitalization Table [Line Items]
Conversion of convertible securities (in shares)	3,450,000				3,450,000
Conversion ratio	1
Legacy Teamshares Series C-1 Preferred Stock
Reverse Recapitalization Table [Line Items]
Shares cancelled (in shares)	1,538,481
Shares converted (in shares)	371,357
Legacy Teamshares Common Stock
Reverse Recapitalization Table [Line Items]
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)	5,171,149
Reverse recapitalization, liquidation preference, value \| $	$ 233,200
Legacy Teamshares Common Stock \| Series B Warrants
Reverse Recapitalization Table [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)	48,990
Legacy Teamshares Common Stock \| Common Stock
Reverse Recapitalization Table [Line Items]
Conversion ratio	1
Common Stock \| SAFE Notes
Reverse Recapitalization Table [Line Items]
Conversion of convertible securities (in shares)	688,043
Incentive Founder Shares
Reverse Recapitalization Table [Line Items]
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)	63,300

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease cost	$ 5,711	$ 4,136	$ 11,540	$ 8,348
Short-term lease costs	705	718	1,345	1,222
Variable lease expense	1,300	836	1,970	1,343
Total operating lease expense, net	$ 7,717	$ 5,690	$ 14,855	$ 10,912

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Goodwill [Roll Forward]
Balance at January 1, 2026	$ 244,743
Goodwill as a result of acquisitions	3,107
Purchase accounting adjustments	722
Currency translation	(1,791)
Balance at June 30, 2026	$ 246,781

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

NOTE 10 — Debt

Debt of the Company consisted of the following (dollars in thousands):


	June 30, 2026		December 31, 2025
i80 Facility	$	153,377	$	153,377
Single Company Term Loans	56,137		61,510
HBC Credit Facility	—		31,250
TDC Loans	16,184		15,375
Vehicle and equipment notes	6,228		4,838
Seller Notes	40,668		29,840
Other Debt	13,600		10,000
Less: Debt issuance costs	(1,260)		(2,842)
Less: Discounts	(7,000)		(11,802)
Total debt, net	277,934		291,546

Current maturities	208,314		206,982
Less: Debt issuance costs	(987)		(1,585)
Less: Discounts	(134)		(5,250)
Total Short-Term Debt and Current Portion of Long-Term Debt	207,193		200,147
Total Long-Term Debt, Net	$	70,742	$	91,399

i80 Facility

On May 4, 2021, Teamshares Continuity Holdings LLC, a wholly owned subsidiary of Teamshares, entered into a credit facility with i80 Group LLC, as the lender (the “i80 Facility”) and Westmount Group LLC, a wholly owned subsidiary of i80 Group LLC, as the administrative and collateral agent. The i80 Facility matures on December 5, 2026. As of June 30, 2026 and December 31, 2025, respectively, the weighted average interest rate on borrowings under the i80 Facility was 14.7% and 15.2%.

The i80 Facility requires the Company to maintain a Collateral Account and a Collection Account. As of June 30, 2026 and December 31, 2025, respectively, the Collateral Account held balances of $6.4 million and $6.4 million, and the Collection Account held balances of $3.1 million and $4.8 million.

HBC Credit Facility

Upon the Closing, the Company utilized $33.9 million of the proceeds of the SPAC Merger to extinguish the HBC Credit Facility (as defined in Note 9 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus). The carrying value of the HBC Credit Facility was the same as the principal balance of the facility at the time of extinguishment, and therefore the extinguishment of the HBC Credit Facility did not impact the Condensed Consolidated Statements of Operations.

As additional consideration for entering into the HBC Credit Facility, the Company agreed to pay the lender $1.0 million in cash, or an equivalent value of shares of Company Common Stock, following the closing of the SPAC Merger. The Company has the option to transfer cash or Company Common Stock, and management has not finalized its election to pay in cash or Company Common Stock. The Company is required to finalize its election and settle this obligation during August 2026. The $1.0 million liability is included in Other Current Liabilities on the Condensed Consolidated Balance Sheets.

Other Debt

During 2025, the acquisition of one Operating Subsidiary was financed with a loan to the sellers of the business (the “Former Owner Bridge Loan”). The remaining principal balance of the Former Owner Bridge Loan was $10.0 million as of June 30, 2026. Prior to the issuance of this report, the Company repaid $8.0 million of the principal balance of the Former Owner Bridge Loan, as required by the agreement. See Note 17. The remaining principal balance matures on March 31, 2027. The Former Owner Bridge Loan is included in Short-Term Debt and Current Portion of Long-Term Debt on the Condensed Consolidated Balance Sheets. The loan bears interest at 12.5% per annum, payable monthly in cash.

During the three months ended June 30, 2026, a former owner and current employee of an Operating Subsidiary that was purchased by the Company during 2025 loaned $3.0 million to the Company (the “Former Owner Loan”). The proceeds of the Former Owner Loan were used to purchase an Operating Subsidiary during the three months ended June 30, 2026. The original maturity date of the Former Owner Loan was the earlier of i) 5 days following the completion of the SPAC Merger or ii) November 1, 2026. Following the completion of the SPAC Merger, the maturity date of the Former Owner Loan was extended to July 15, 2026. The minimum interest payable under the Former Owner Loan was $0.6 million. The Former Owner Loan also provided the lender the option to settle the loan in $4.8 million of Company Common Stock. This option was not exercised by the lender.

The Company elected the fair value option to account for the Former Owner Loan. Under the fair value option, changes in the fair value of the Former Owner Loan are recognized in the Condensed Consolidated Statements of Operations. The fair value of the Former Owner Loan is classified as Level 3 in the fair value hierarchy due to the use of pricing inputs that are less observable in the marketplace combined with management judgment required for assumptions underlying the calculation of value. The Company estimated the fair value of the Former Owner Loan taking into account expected cash flow and timing of the repayment.

The fair value of the Former Owner Loan was $3.6 million as of June 30, 2026. See Note 11. The Company recognized a loss of $0.6 million in Other Non-Operating Expense (Income), Net related to the change in fair value of the Former Owner Loan during the three months ended June 30, 2026. Prior to the issuance of this report, the Company repaid the Former Owner Loan in full. See Note 17.

Future maturities of long-term debt as of June 30, 2026 are as follows (dollars in thousands):


Remainder of 2026	$	188,042
2027	22,510
2028	10,959
2029	16,291
2030	41,204
2031 and thereafter	7,187
Total	$	286,194

The Company was in compliance with all debt covenants as of June 30, 2026. If the Company fails to comply with any covenants, payments, or other terms of its debt agreements, and such failure constitutes an event of default, the lender would have the right to declare all borrowings outstanding, together with accrued and unpaid interest and fees, to be immediately due and payable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combinations - Schedule of Estimated Acquisition Date Fair Values of Aggregate Assets Acquired And Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair value of assets acquired and liabilities assumed:
Goodwill	$ 246,781	$ 244,743
Operating Subsidiaries
Consideration:
Cash	6,386
Seller Notes at fair value	9,689
Contingent consideration	372
Total consideration transferred	16,447
Fair value of assets acquired and liabilities assumed:
Cash and cash equivalents	2,319
Accounts receivable	210
Inventory	7,323
Prepaid expenses & other assets	2
Trade names	806
Property, plant, and equipment	1,136
Right of use assets	4,206
Accounts payable & accrued liabilities	(755)
Lease liabilities	(1,906)
Total identifiable assets acquired, net	13,340
Goodwill	$ 3,107

Fair Value of Financial Instruments - Schedule of Fair Value of Earnout Shares and Deferred Founder Shares (Details) - $ / shares		6 Months Ended
	Jun. 18, 2026	Jun. 30, 2026
Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)	6,000,000	6,000,000
Deferred Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)	1,674,781	1,674,781
Tier I
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of earnout shares (in dollars per share)	$ 10.36	$ 6.40
Tier I \| Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)		2,000,000
Tier I \| Deferred Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)		837,391
Tier II
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of earnout shares (in dollars per share)	9.11	$ 5.39
Tier II \| Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)		2,000,000
Tier II \| Deferred Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)		837,390
Tier III
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of earnout shares (in dollars per share)	$ 7.04	$ 4.02
Tier III \| Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)		2,000,000

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Less: Debt issuance costs	$ (1,260)	$ (2,842)
Less: Discounts	(7,000)	(11,802)
Total debt, net	277,934	291,546
Current maturities	208,314	206,982
Less: Debt issuance costs	(987)	(1,585)
Less: Discounts	(134)	(5,250)
Total Short-Term Debt and Current Portion of Long-Term Debt	207,193	200,147
Total Long-Term Debt, Net	70,742	91,399
i80 Facility
Debt Instrument [Line Items]
Debt, long-term and short-term, combined amount, gross	153,377	153,377
Single Company Term Loans
Debt Instrument [Line Items]
Debt, long-term and short-term, combined amount, gross	56,137	61,510
HBC Credit Facility
Debt Instrument [Line Items]
Debt, long-term and short-term, combined amount, gross	0	31,250
TDC Loans
Debt Instrument [Line Items]
Debt, long-term and short-term, combined amount, gross	16,184	15,375
Vehicle and equipment notes
Debt Instrument [Line Items]
Debt, long-term and short-term, combined amount, gross	6,228	4,838
Seller Notes
Debt Instrument [Line Items]
Debt, long-term and short-term, combined amount, gross	40,668	29,840
Other Debt
Debt Instrument [Line Items]
Debt, long-term and short-term, combined amount, gross	$ 13,600	$ 10,000

Fair Value of Financial Instruments - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Jun. 18, 2026 shares	Jun. 01, 2026 USD ($) trading_day business_day $ / shares shares	Nov. 14, 2025 shares	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) shares	May 31, 2026 USD ($)	Jun. 30, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward purchase agreement, term		24 months
Sale of stock, reset price, threshold trading days \| trading_day		10
Issuance of SAFE Notes \| $						$ 3,330	$ 6,300	$ 0
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)			13,749,994
Loss on the Conversion of SAFE Notes \| $				$ 2,175	$ 0	$ 2,175		$ 0
Gain on expiration of warrants \| $				600
Series B Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Class of warrant or right number of warrants exercised (in shares)	77,258
Loss on settlement of warrants \| $				$ 200
Incentive Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)	63,300
Legacy Teamshares Common Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)	5,171,149
Legacy Teamshares Common Stock \| Series B Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)	48,990
SAFE Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Conversion of convertible securities (in shares)	688,043
Forward Purchase Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		4,000,000
Sale of stock, redemption price, threshold business days \| business_day		5
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 10.56
Consideration received on transaction \| $		$ 42,200
Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)	6,000,000					6,000,000
Earnout Shares \| Non Employees
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)	5,170,903
Earnout Shares \| Employees
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)	829,097
Deferred Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earnout shares (in shares)	1,674,781					1,674,781

Goodwill and Intangible Assets - Schedule of Intangible Asset (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Trade Names, Software In-Development, Internally Developed, and Purchased, and Customer-Related Intangible Assets
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	$ 39,907	$ 37,405
Accumulated Amortization	(16,174)	(12,957)
Total	23,734	24,447
Trade names
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	17,153	15,453
Accumulated Amortization	(4,646)	(3,855)
Total	12,506	11,598
Internally developed software
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	16,662	15,872
Accumulated Amortization	(11,198)	(9,102)
Total	5,464	6,769
Customer related intangibles
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	6,093	6,080
Accumulated Amortization	(329)	0
Total	$ 5,764	$ 6,080

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets

NOTE 9 — Goodwill and Intangible Assets

Goodwill

Goodwill arising from acquisitions primarily relates to the reputation the Operating Subsidiaries have established within local communities, strength of their customer bases, and assembled workforces that will remain after the business combination is completed.

The following table presents the changes in the carrying amount of the Company’s Goodwill. All Goodwill is reported within the SME segment (dollars in thousands):


Balance at January 1, 2026	$	244,743
Goodwill as a result of acquisitions	3,107
Purchase accounting adjustments	722
Currency translation	(1,791)
Balance at June 30, 2026	$	246,781

During the three and six months ended June 30, 2026, the Company did not recognize any Goodwill Impairment.

Intangible Assets

Intangible assets primarily consist of trade names, customer related intangible assets, and internally developed software. The internally developed software relates to proprietary software platforms utilized by Operating Subsidiaries and corporate. The Company does not have any definitive plans to sell or license these platforms to third parties in the near future. Internally developed software is amortized on a straight-line basis over 3 years. For the three and six months ended June 30, 2026, respectively, the Company recognized $1.1 million and $2.2 million of amortization expense relating to internally developed software. For the three and six months ended June 30, 2025, respectively, the Company recognized $0.9 million and $1.9 million of amortization expense relating to internally developed software.

Acquired trade names represent a target’s portfolio of marketing intangible assets. The Company values trade name intangible assets using a benchmarking method. Acquired trade names are amortized over a 10-year useful life using the straight-line amortization method. For the three and six months ended June 30, 2026, respectively, the Company recognized $0.4 million and $1.0 million of amortization expense relating to trade names. For the three and six months ended June 30, 2025, respectively, the Company recognized $0.5 million and $1.0 million of amortization expense relating to trade names. There were no definite-lived intangible asset impairment charges recognized during the three and six months ended June 30, 2026. The amortization expense recognized during the three and six months ended June 30, 2025, respectively, includes $0.2 million and $0.3 million of definite-lived intangible asset impairment charges.

Customer related intangible assets consist of contractual and non-contractual customer relationships. The Company estimates the fair values of acquired customer related intangible assets as of their acquisition dates using an income approach. Acquired customer related intangible assets are amortized over their estimated useful lives using the straight-line amortization method. For the three and six months ended June 30, 2026, respectively, the Company recognized $0.2 million and $0.3 million of amortization expense related to customer related intangible assets. All of the customer related intangible assets that were acquired during the year ended December 31, 2025 were acquired near the end of the year. Therefore, the Company did not recognize any amortization expense related to customer-related intangible assets during the year ended December 31, 2025. Customer related intangible assets are included within Other Assets on the Condensed Consolidated Balance Sheets

Intangible assets consisted of the following (dollars in thousands):


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Asset
Trade names	$	17,153	$	(4,646)	$	12,506
Internally developed software	16,662		(11,198)		5,464
Customer related intangibles	6,093		(329)		5,764
Total	$	39,907	$	(16,174)	$	23,734


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Asset
Trade names	$	15,453	$	(3,855)	$	11,598
Internally developed software	15,872		(9,102)		6,769
Customer related intangibles	6,080		—		6,080
Total	$	37,405	$	(12,957)	$	24,447

Estimated amortization expense for intangible assets as of June 30, 2026 is as follows (dollars in thousands):


Remainder of 2026	$	3,068
2027	4,380
2028	3,457
2029	2,663
2030	2,295
2031 and thereafter	7,871
Total	$	23,734

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 11, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-42540
Registrant Name	TEAMSHARES INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-2235506
Entity Address, Address Line One	214 Sullivan Street,
Entity Address, Address Line Two	3B
Entity Address, State or Province	NY
Entity Address, City or Town	NY
Entity Address, Postal Zip Code	10012
City Area Code	917
Local Phone Number	310-2731
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,660,516
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0002048951
Common Stock, Par Value $0.0001 Per Share
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	TMS
Security Exchange Name	NASDAQ
Warrants, Each Whole Warrant Exercisable For One Share Of Common Stock At An Exercise Price Of $11.50 Per Share
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common stock at an exercise price of $11.50 per share
Trading Symbol	TMSWW
Security Exchange Name	NASDAQ

Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Line Items]
Depreciation expense	$ 1,107	$ 822	$ 1,930	$ 1,659
Property, Plant and Equipment
Property, Plant, and Equipment [Line Items]
Depreciation expense	1,600	1,300	2,600	2,600
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Property, Plant, and Equipment [Line Items]
Depreciation expense	$ 500	$ 500	$ 700	$ 900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

NOTE 12 — Leases

Operating leases were included on the Company’s Condensed Consolidated Balance Sheets as follows (dollars in thousands):


	June 30, 2026		December 31, 2025
Operating Leases:
Operating lease right of use assets, net	$	96,554	$	93,586
Current portion of operating lease obligations	$	8,952	$	8,524
Long-term operating lease obligations	89,203		88,144
Total lease liability	$	98,155	$	96,668

The components of operating lease expense were as follows (dollars in thousands):


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Operating lease cost	$	5,711	$	4,136	$	11,540	$	8,348
Short-term lease costs	705		718		1,345		1,222
Variable lease expense	1,300		836		1,970		1,343
Total operating lease expense, net	$	7,717	$	5,690	$	14,855	$	10,912

Supplemental cash flow information related to operating leases for the six months ended June 30, 2026 and 2025 was as follows (dollars in thousands):


	June 30, 2026		June 30, 2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,496	$	7,874
Right of use assets obtained in exchange for operating lease liabilities	$	2,932	$	14,621

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Goodwill [Line Items]
Goodwill Impairment	$ 0	$ 3,845,000	$ 0	$ 6,826,000
Intangible asset impairment charges	$ 0	200,000	$ 0	300,000
Internally developed software
Goodwill [Line Items]
Useful life	3 years		3 years
Amortization expense	$ 1,100,000	900,000	$ 2,200,000	1,900,000
Trade names
Goodwill [Line Items]
Useful life	10 years		10 years
Amortization expense	$ 400,000	$ 500,000	$ 1,000,000.0	$ 1,000,000.0
Customer related intangibles
Goodwill [Line Items]
Amortization expense	$ 200,000		$ 300,000		$ 0

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

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+ References

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+ Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 16 — Related Party Transactions Certain executives of the Company own a direct and indirect minority interest in a customer of the Company. For the three and six months ended June 30, 2026 and 2025, the revenue earned by the Company from this customer was immaterial. As of June 30, 2026, the counterparties to $6.0 million of TDC Loans (as defined in Note 9 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/ Prospectus) include $5.5 million owed to four executives of the Company and $0.5 million owed to a member of the board of directors.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Contract assets	$ 2,300	$ 1,800
Contract liabilities	13,200	$ 10,051
Revenue recognized	$ 7,600

Business Combinations - Schedule of Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable [Line Items]
Depreciation	$ 1,107	$ 822	$ 1,930	$ 1,659
Interest expense, net	10,167	7,785	25,531	15,089
Operating Subsidiaries
BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable [Line Items]
Total Revenue	149,258	148,970	273,133	271,260
Income (Loss) from Operations	3,328	666	(3,754)	(10,118)
Net Income (Loss)	$ 9,810	(8,430)	(12,671)	(29,205)
Operating Subsidiaries \| Business Combination, Pro Forma Information, Nonrecurring Adjustment, Acquisition-Related Cost
BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable [Line Items]
Depreciation		200	100	400
Amortization expense		300		500
Interest expense, net		$ 1,100	$ 100	2,200
Acquisition-related transaction costs				$ 800

Stock Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock Compensation

NOTE 13 — Stock Compensation

During the three and six months ended June 30, 2026 and 2025, the Company recognized stock compensation expense as follows (dollars in thousands):


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Teamshares Inc. awards	$	444	$	573	$	1,071	$	1,184
Earnout Shares	301		—		301		—
Operating Subsidiary Stock Plans	334		391		644		766
Total stock compensation expense	$	1,079	$	964	$	2,016	$	1,950

Teamshares Inc. Awards

Prior to the Closing Date, all of the outstanding awards issued under the Legacy Teamshares 2020 Equity Incentive Plan consisted of options to purchase Legacy Teamshares Common Stock (“Legacy Teamshares Options”). Upon the Closing, all of the Legacy Teamshares Options, whether vested or unvested, were assumed by the Company and converted into

Assumed Options. The Assumed Options were subject to equitable adjustments to the exercise prices and number of shares for which such Assumed Options are exercisable, as follows:

1.the number of shares underlying the Assumed Option equals the Legacy Teamshares Option shares multiplied by an exchange ratio of approximately 4.510, rounded down to the nearest whole share;

2.the exercise price of the Assumed Options equals the Legacy Teamshares Option exercise price divided by an exchange ratio of approximately 4.510, rounded up to the nearest cent.

Immediately prior to the Closing there were 1,412,833 Legacy Teamshares Options outstanding with a weighted average exercise price of $20.16. Immediately following the Closing there were 6,371,877 Assumed Options outstanding with a weighted average exercise price of $4.47.

Other than adjustments to the number of shares underlying the Legacy Teamshares Options and the exercise price of each Legacy Teamshares Option, the SPAC Merger did not impact the vesting conditions or any other terms of the Legacy Teamshares Options. The adjustments to Legacy Teamshares Options did not impact the fair value of the awards, and therefore no incremental stock compensation expense was recognized upon the Closing. The Company will continue to account for the Assumed Options in the same manner as the Legacy Teamshares Options. In connection with the completion of the SPAC Merger and the adoption of the 2026 Incentive Award Plan, no further awards will be granted under the Legacy Teamshares 2020 Equity Incentive Plan.

Earnout Shares

On the Closing Date, 829,097 Earnout Shares with an aggregate fair value of $7.3 million were reserved for employees of the Company that are subject to continuous employment requirements. Employees of the Company that are entitled to receive Earnout Shares must remain continuously employed from the Closing Date through immediately before an Earnout Share Triggering Event. Due to the continuous employment requirements, Earnout Shares reserved for employees of the Company are classified as equity and recognized in accordance with ASC 718 - Compensation-Stock Compensation. The Closing Date is the grant date for Earnout Shares reserved for employees.

Each Earnout Share Triggering Event is considered a market condition, and the grant-date fair value of the Earnout Shares will be recognized as stock-based compensation expense over the period in which each market condition is expected to be satisfied. The requisite service period will not be adjusted for subsequent changes in the Company’s stock price unless the market condition is satisfied prior to the end of the estimated period, in which case any remaining grant-date fair value will be recognized immediately.

Upon termination of employment, the individual’s Earnout Shares are forfeited and reallocated amongst the remaining holders of Earnout Shares, including both employees and non-employees. Upon forfeiture, any previously recognized stock compensation expense will be reversed during the period of forfeiture. The reallocation of Earnout Shares to remaining employees represents a new grant and the fair value of the reallocated Earnout Shares on the reallocation date will establish the grant-date fair value to be recognized as stock compensation expense over an updated estimated service period. Earnouts reallocated to non-employees are outside the scope of ASC 718, and no further stock compensation expense will be recognized. There were no forfeitures of Earnout Shares during the three months ended June 30, 2026.

Operating Subsidiary Stock Plans

The restricted stock awards issued to Employee Owners (as defined in Note 1 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus) under the Operating Subsidiary Stock Plans (as defined in Note 15 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus) were not impacted by the SPAC Merger.

2026 Incentive Award Plan

On June 18, 2026, the Company’s board of directors ratified and approved the Teamshares Inc. 2026 Incentive Award Plan (the “2026 Incentive Plan”) under which the Company and its affiliates may grant cash and equity incentive awards to its eligible service providers in order to attract and retain key personnel. The initial share reserve under the 2026 Incentive Plan is 5,039,004 shares, which generally is equal to 7% of the number of shares of Company Common Stock outstanding immediately following the Closing, with an annual increase on January 1 of each year from 2027 through 2036 equal to (i)

4% of the aggregate number of shares of Company Common Stock outstanding on the final day of the immediately preceding calendar year, or (ii) such smaller number of shares as determined by the Company’s board of directors.

Awards available under the 2026 Incentive Plan include stock options, stock appreciation rights, restricted stock, restricted stock units, and other equity-based awards. As of June 30, 2026, no awards have been granted under the 2026 Incentive Plan.

Employee Stock Purchase Plans

On June 18, 2026, the Company’s board of directors ratified and approved the Teamshares Inc. 2026 Employee Stock Purchase Plan (the “2026 ESPP”). The 2026 ESPP became effective upon the Closing. The initial share reserve under the 2026 ESPP is 1,439,715 shares, with an annual increase on January 1 of each year from 2027 through 2036 equal to (i) 1% of the aggregate number of shares of Company Common Stock outstanding on the final day of the immediately preceding calendar year, or (ii) such smaller number of shares as determined by the Company’s board of directors.

Under the terms of the 2026 ESPP, the plan administrator may, from time to time, grant or provide for the grant of rights to purchase shares under the 2026 ESPP by eligible employees of the Company during one or more periods selected by the administrator. As of June 30, 2026, no such grants have occurred, and no shares have been purchased under the 2026 ESPP.

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Goodwill

The following table presents the changes in the carrying amount of the Company’s Goodwill. All Goodwill is reported within the SME segment (dollars in thousands):


Balance at January 1, 2026	$	244,743
Goodwill as a result of acquisitions	3,107
Purchase accounting adjustments	722
Currency translation	(1,791)
Balance at June 30, 2026	$	246,781

Schedule of Intangible Asset

Intangible assets consisted of the following (dollars in thousands):


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Asset
Trade names	$	17,153	$	(4,646)	$	12,506
Internally developed software	16,662		(11,198)		5,464
Customer related intangibles	6,093		(329)		5,764
Total	$	39,907	$	(16,174)	$	23,734


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Asset
Trade names	$	15,453	$	(3,855)	$	11,598
Internally developed software	15,872		(9,102)		6,769
Customer related intangibles	6,080		—		6,080
Total	$	37,405	$	(12,957)	$	24,447

Schedule of Amortization Expense for Intangible Asset

Estimated amortization expense for intangible assets as of June 30, 2026 is as follows (dollars in thousands):


Remainder of 2026	$	3,068
2027	4,380
2028	3,457
2029	2,663
2030	2,295
2031 and thereafter	7,871
Total	$	23,734

- Definition

Tabular disclosure of goodwill.

+ References

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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Business Combinations

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

NOTE 5 — Business Combinations

During the six months ended June 30, 2026, the Company completed two business combinations. The business combinations were individually insignificant acquisitions of Operating Subsidiaries in the United States.

The Company accounts for business combinations using the acquisition method, and accordingly, the consideration paid for each business combination has been allocated based upon the fair value of the assets acquired and liabilities assumed in the business combination.

The following table summarizes the estimated acquisition date fair values of the aggregate assets acquired and liabilities assumed for the six months ended June 30, 2026:


	June 30, 2026
Consideration:
Cash	$	6,386
Seller Notes at fair value	9,689
Contingent consideration	372
Total consideration transferred	16,447
Fair value of assets acquired and liabilities assumed:
Cash and cash equivalents	2,319
Accounts receivable	210
Inventory	7,323
Prepaid expenses & other assets	2
Trade names	806
Property, plant, and equipment	1,136
Right of use assets	4,206
Accounts payable & accrued liabilities	(755)
Lease liabilities	(1,906)

Total identifiable assets acquired, net	13,340
Goodwill	$	3,107

Seller Notes are a form of noncash consideration paid to the sellers of certain businesses, and are therefore disclosed as non-cash investing activities in the Condensed Consolidated Statements of Cash Flows. See Note 10. The principal balance of the Seller Notes included in the table above was $11.0 million.

The Company determined that the assets acquired in one of the business combinations that was completed during the six months ended June 30, 2026 included two real estate leases with annual rents that were favorable relative to market terms as of the acquisition date. The acquired leases are classified as operating leases, and the Company initially measured the lease liabilities based on the present value of the remaining lease payments, as if the acquired leases were new leases of the Company at the acquisition date. The Company measured the ROU assets as the amount of the lease liabilities adjusted to reflect the favorable terms of the leases when compared with market terms. The Company estimates the fair value of the

favorable lease terms as of the acquisition date using an income approach based on the present value of the difference between market rent and contractual rent over the remaining lease term, discounted at the Company’s incremental borrowing rate as of the acquisition date. The adjustment for off-market terms increased the ROU assets acquired by $2.3 million as of the acquisition date. The amortization of the favorable lease component of the ROU assets will be recognized within Selling, General, and Administrative Expenses in the Condensed Consolidated Statements of Operations on a straight-line basis over the 15 year remaining lease term.

The Company initially acquired 100% of the voting equity interests of the Operating Subsidiaries acquired during the six months ended June 30, 2026. The Company owns preferred stock in each acquired Operating Subsidiary, and the preferred stock owned by the Company has a liquidation preference over common stockholders of each Operating Subsidiary in case of a liquidation event. The liquidation preference is equal to the price per share on the acquisition date adjusted for any additional contributions, stock splits, stock dividends, or similar transactions. The Company also controls the board of directors of each acquired Operating Subsidiary.

Certain historical acquisitions prior to 2023 were acquired for 90% in cash and the issuance of preferred stock to the former owners equal to 10% of all the issued and outstanding stock of the Operating Subsidiaries, calculated on a fully diluted and as-converted basis (the “Rollover Shares”), as of the acquisition date. Rollover Shares are classified as Redeemable Noncontrolling Interests outside of permanent equity in the Company’s Condensed Consolidated Balance Sheets. During the six months ended June 30, 2026, the Company paid $0.5 million to repurchase Rollover Shares held by the former owners of certain Operating Subsidiaries. In comparison, during the six months ended June 30, 2025, the Company paid $0.7 million to repurchase Rollover Shares held by the former owners of certain Operating Subsidiaries. Rollover Share repurchases are included in Acquisitions of Noncontrolling Interests in the Condensed Consolidated Statements of Cash Flows.

The business combinations completed during the six months ended June 30, 2026 were funded by cash on hand and the issuance of debt. See Note 10.

The business combinations completed during the six months ended June 30, 2026 resulted in goodwill totaling $3.1 million. All of the goodwill that was acquired during the six months ended June 30, 2026 was assigned to the SME reportable segment. All of the goodwill generated from the business combination during the six months ended June 30, 2026 is deductible for tax purposes. The determination of the final purchase price allocation to specific assets acquired and liabilities assumed may be subject to change during the measurement period up to one year following the acquisition date.

During the three and six months ended June 30, 2026, the Company recorded measurement period adjustments to Operating Subsidiaries acquired during the year ended December 31, 2025 that increased Goodwill, Net by $0.7 million. See Note 9.

The Company recognized $3.2 million of Revenue and $0.4 million of Net Income Attributable to Teamshares Inc. in the Condensed Consolidated Statements of Operations during the three months ended June 30, 2026, and $3.9 million of Revenue and $0.4 million of Net Income Attributable to Teamshares Inc. during the six months ended June 30, 2026 related to the two Operating Subsidiaries acquired during the six months ended June 30, 2026.

For disclosures of the business combinations completed during the year ended December 31, 2025, refer to Note 4 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus. The following table summarizes the unaudited pro forma condensed financial information of the

Company as if the business combination during the three and six months ended June 30, 2026, and all business combinations during the year ended December 31, 2025, had occurred on January 1, 2025 (dollars in thousands):


	Unaudited
	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Total Revenue	$	149,258	$	148,970	$	273,133	$	271,260
Income (Loss) from Operations (1)	3,328		666		(3,754)		(10,118)
Net Income (Loss) (2)	9,810		(8,430)		(12,671)		(29,205)

(1)Pro forma adjustments increased Depreciation by $0.1 million during the six months ended June 30, 2026 compared to the Condensed Consolidated Statement of Operations. Pro forma adjustments increased Depreciation by $0.2 million and $0.4 million, respectively, and Amortization by $0.3 million and $0.5 million, respectively, during the three and six months ended June 30, 2025 compared to the Condensed Consolidated Statement of Operations.

(2)Pro forma adjustments increased Interest Expense, Net by $0.1 million during the six months ended June 30, 2026 compared to the Condensed Consolidated Statement of Operations. Pro forma adjustments increased Interest Expense, Net by $1.1 million and $2.2 million, respectively, during the three and six months ended June 30, 2025 compared to the Condensed Consolidated Statement of Operations. Pro forma adjustments for the six months ended June 30, 2025 included the addition of approximately $0.8 million of acquisition-related transaction costs reclassified from the periods in which such costs were incurred to the six months ended June 30, 2025, as if the acquisitions had occurred on January 1, 2025. Pro forma adjustments did not impact Income Tax Expense during the three and six months ended June 30, 2026 or 2025.

Contingent Consideration Agreements

The Company has contingent consideration liabilities related to earnout agreements in certain of its business combinations. The terms of the contingent consideration agreements vary but typically consist of a payout equal to a future percentage of a financial metric (typically revenue or a specified profitability metric) for a determined period of time (usually 1-6 years subsequent to the acquisition date). The Company estimates the future consideration payable related to the contingent consideration agreements and includes it as a current or long-term contingent consideration liability in the Condensed Consolidated Balance Sheets. Changes to the fair value of contingent consideration are recognized in Non-Operating Expense (Income) in the Condensed Consolidated Statements of Operations.

As of June 30, 2026 and December 31, 2025, respectively, the fair value of contingent consideration liabilities was $9.0 million and $9.2 million. As of June 30, 2026 and December 31, 2025, respectively, $2.7 million and $3.2 million is considered a current liability expected to be paid out within the next year, and $6.3 million and $6.0 million is considered a long-term liability expected to be paid out more than a year from the reporting date. The Company recognized losses of $0.9 million and $0.9 million related to the changes in fair value of contingent consideration agreements during the three and six months ended June 30, 2026, respectively. The Company recognized losses of $0.4 million and $0.3 million related to the changes in fair value of contingent consideration agreements during the three and six months ended June 30, 2025, respectively.

As of June 30, 2026, the Company had 31 Operating Subsidiaries with contingent consideration liabilities, which all contain a cap on the maximum amount payable. As of June 30, 2026, the maximum amount of contingent consideration payable in the future totaled $34.6 million.

During the six months ended June 30, 2026 and 2025, respectively, the Company made payments related to the contingent consideration agreements of $1.3 million and $1.0 million. Contingent consideration payments were not made soon after the applicable acquisition date and therefore are recognized as financing activities in the Condensed Consolidated Statements of Cash Flows, up to the estimated fair value of the obligation as of the acquisition date. Payments in excess of the original acquisition date fair value are recognized as operating activities in the Condensed Consolidated Statements of Cash Flows. The Company recognized $0.5 million and $0.8 million of payments related to contingent consideration agreements as operating activities, and $0.8 million and $0.2 million of payments related to contingent consideration

agreements as financing activities in the Condensed Consolidated Statements of Cash Flows during the six months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for business combination.

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+ Details

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 10,496	$ 7,874
Right of use assets obtained in exchange for operating lease liabilities	$ 2,932	$ 14,621

Goodwill and Intangible Assets - Schedule of Amortization Expense for Intangible Asset (Details) - Trade Names, Software In-Development, Internally Developed, and Purchased, and Customer-Related Intangible Assets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Remainder of 2026	$ 3,068
2027	4,380
2028	3,457
2029	2,663
2030	2,295
2031 and thereafter	7,871
Total	$ 23,734	$ 24,447

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock Compensation - Narrative (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Jun. 18, 2026 USD ($) $ / shares shares	Jun. 30, 2026 shares	Jun. 17, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized	5,039,004
Percentage of outstanding stock maximum	7.00%
Percentage of outstanding stock, maximum, annual increase	4.00%
Shares granted (in shares)		0
Earnout Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Earnout shares (in shares)	6,000,000	6,000,000
Earnout Shares \| Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Earnout shares (in shares)	829,097
Teamshares Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exchange ratio			4.510
Options outstanding (in shares)	6,371,877		1,412,833
Options, weighted average exercise price (in usd per share) \| $ / shares	$ 4.47		$ 20.16
Earnout Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate fair value were granted \| $	$ 7.3
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	1,439,715
Annual increase to reserve	1.00%

Debt - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 18, 2026	Aug. 14, 2026	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Other current liabilities			$ 13,687	$ 13,687		$ 9,893
Loss on repurchase of debt instrument				$ 600	$ 0
i80 Facility \| Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate			14.70%	14.70%		15.20%
i80 Facility, Collateral Amount \| Line of Credit
Debt Instrument [Line Items]
Collateral account held balances			$ 6,400	$ 6,400		$ 6,400
i80 Facility, Collection Account \| Line of Credit
Debt Instrument [Line Items]
Collateral account held balances						$ 4,800
HBC Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Repayments of lines of credit	$ 33,900
Other current liabilities			1,000	1,000
Former Owner Bridge Loan \| Secured Debt
Debt Instrument [Line Items]
Long-term debt			$ 10,000	$ 10,000
Interest rate			12.50%	12.50%
Proceeds from related party debt			$ 3,000
Debt instrument, maturity, period following merger			5 days
Interest payable			$ 600	$ 600
Debt instrument, settlement option, value of common stock			4,800	4,800
Long-term debt, fair value			3,600	$ 3,600
Loss on repurchase of debt instrument			$ 600
Former Owner Bridge Loan \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt		$ 8,000

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 188,042
2027	22,510
2028	10,959
2029	16,291
2030	41,204
2031 and thereafter	7,187
Total	$ 286,194

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and Cash Equivalents	$ 113,396	$ 40,246
Restricted Cash	11,813	13,426
Accounts Receivable, Net	24,421	21,354
Inventories	57,323	46,405
Prepaid Expenses	3,027	2,870
Other Current Assets	1,038	3,052
Total Current Assets	211,018	127,352
Long-Term Assets
Restricted Cash	422	425
Property, Plant, and Equipment, Net	30,583	30,043
Operating lease right of use assets, net	96,554	93,586
Goodwill	246,781	244,743
Other Assets	12,338	13,676
Total Long-Term Assets	404,648	400,840
Total Assets	615,667	528,193
Current Liabilities
Accounts Payable	30,789	22,586
Accrued Expenses	12,369	10,562
Deferred Revenue	13,200	10,051
Contingent Consideration	2,686	3,151
Short-Term Debt and Current Portion of Long-Term Debt	207,193	200,147
Current portion of operating lease obligations	8,952	8,524
Other Current Liabilities	13,687	9,893
Total Current Liabilities	288,876	264,913
Long-Term Liabilities
Warrant Liability	0	2,922
Contingent Consideration	6,313	6,044
Long-Term Debt, Net	70,742	91,399
Long-term operating lease obligations	89,203	88,144
Other Long-Term Liabilities	5,817	8,687
Total Long-Term Liabilities	219,583	197,196
Total Liabilities	508,459	462,109
Redeemable Noncontrolling Interests	1,890	2,451
Stockholders’ Equity
Common Stock, $0.0001 par value, 450,000,000 shares authorized, 71,985,735 issued and outstanding as of June 30, 2026; 97,899,711 shares authorized, 49,180,937 shares issued and outstanding as of December 31, 2025	7	5
Additional Paid-In Capital	385,873	327,839
Accumulated Deficit	(275,484)	(261,775)
Accumulated Other Comprehensive Loss	(1,875)	(128)
Total Stockholders’ Equity	108,521	65,941
Noncontrolling Interests	(3,204)	(2,308)
Total Equity	105,318	63,633
Total Liabilities and Stockholders’ Equity	615,667	528,193
Earnout Shares and Deferred Founder Shares
Long-Term Liabilities
Derivative liability, noncurrent	37,118	0
Forward Purchase Agreement
Long-Term Liabilities
Derivative liability, noncurrent	10,390	0
Internally developed software
Long-Term Assets
Intangible Asset, Finite-Lived, after Accumulated Amortization	5,464	6,769
Trade names
Long-Term Assets
Intangible Asset, Finite-Lived, after Accumulated Amortization	$ 12,506	$ 11,598

Fair Value of Financial Instruments - Schedule of Earnout Shares and Deferred Founder Shares (Details)		6 Months Ended
	Jun. 18, 2026 trading_day $ / shares shares	Jun. 30, 2026 trading_day $ / shares shares
Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Threshold trading days	20
Threshold consecutive trading days	30
Commencement period	150 days
Earnout shares (in shares) \| shares	6,000,000	6,000,000
Deferred Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Threshold trading days	20
Threshold consecutive trading days	30
Commencement period	150 days
Earnout shares (in shares) \| shares	1,674,781	1,674,781
Tier I
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stock price (in usd per share) \| $ / shares		$ 12.00
Threshold trading days		20
Threshold consecutive trading days		30
Commencement period		150 days
Tier I \| Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stock price (in usd per share) \| $ / shares	$ 12.00
Earnout shares (in shares) \| shares		2,000,000
Tier I \| Deferred Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stock price (in usd per share) \| $ / shares	12.00
Earnout shares (in shares) \| shares		837,391
Tier II
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stock price (in usd per share) \| $ / shares		$ 15.00
Threshold trading days		20
Threshold consecutive trading days		30
Commencement period		150 days
Tier II \| Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stock price (in usd per share) \| $ / shares	15.00
Earnout shares (in shares) \| shares		2,000,000
Tier II \| Deferred Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stock price (in usd per share) \| $ / shares	15.00
Earnout shares (in shares) \| shares		837,390
Tier III
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stock price (in usd per share) \| $ / shares		$ 20.00
Threshold trading days		20
Threshold consecutive trading days		30
Commencement period		150 days
Tier III \| Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stock price (in usd per share) \| $ / shares	$ 20.00
Earnout shares (in shares) \| shares		2,000,000

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net Income (Loss) Attributable to Teamshares Inc.	$ 9,168	$ (12,838)	$ (13,709)	$ (34,167)
Allocation to Participating Securities	(39)	0	0	0
Rollover Share adjustments	0	0	64	65
Net Income (Loss) Attributable to Common Stockholders, Basic	9,129	(12,838)	(13,645)	(34,102)
Net Income (Loss) Attributable to Common Stockholders, Diluted	$ 9,129	$ (12,838)	$ (13,645)	$ (34,102)
Denominator:
Basic - Weighted Average Shares Outstanding	52,239,212	49,119,816	50,709,492	49,084,044
Assumed Options	3,195,772	0	0	0
Diluted - Weighted Average Common Shares Outstanding	55,434,983	49,119,816	50,709,492	49,084,044
Basic Earnings (Loss) Per Share Attributable to Common Stockholders (in dollars per share)	$ 0.17	$ (0.26)	$ (0.27)	$ (0.69)
Diluted Earnings (Loss) Per Share Attributable to Common Stockholders (in dollars per share)	$ 0.16	$ (0.26)	$ (0.27)	$ (0.69)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total Revenue	$ 148,660,000	$ 123,574,000	$ 269,699,000	$ 226,118,000
Cost of Revenue:
Total Cost of Revenue	87,242,000	74,498,000	160,338,000	138,142,000
Gross Profit	61,418,000	49,076,000	109,362,000	87,976,000
Operating Expenses
Depreciation	1,107,000	822,000	1,930,000	1,659,000
Amortization	1,719,000	1,469,000	3,423,000	2,882,000
Selling, General, and Administrative Expense	55,263,000	47,326,000	108,277,000	93,115,000
Goodwill Impairment	0	3,845,000	0	6,826,000
Loss on Disposition of Assets	334,000	415,000	131,000	850,000
Total Operating Expenses	58,422,000	53,877,000	113,761,000	105,332,000
Income (Loss) from Operations	2,996,000	(4,801,000)	(4,399,000)	(17,356,000)
Non-Operating Expenses (Income)
Interest Expense, Net	10,167,000	7,785,000	25,531,000	15,089,000
Loss on the Conversion of SAFE Notes (Note 11)	2,175,000	0	2,175,000	0
Change in Fair Value of Warrant Liability	(380,000)	(109,000)	(421,000)	(434,000)
Change in Fair Value of Contingent Consideration	889,000	437,000	886,000	260,000
Other Non-Operating Expense (Income), Net	(103,000)	(169,000)	(399,000)	1,682,000
Total Non-Operating Expenses (Income), Net	(7,131,000)	7,944,000	7,892,000	16,598,000
Income (Loss) Before Income Taxes	10,127,000	(12,745,000)	(12,291,000)	(33,953,000)
Income Tax Expense	601,000	109,000	960,000	290,000
Net Income (Loss)	9,526,000	(12,854,000)	(13,251,000)	(34,243,000)
Net Income (Loss) Attributable to Noncontrolling Interests	358,000	(16,000)	458,000	(76,000)
Net Loss	9,168,000	(12,838,000)	(13,709,000)	(34,167,000)
Net Income (Loss) Attributable to Common Stockholders, Basic	9,129,000	(12,838,000)	(13,645,000)	(34,102,000)
Net Income (Loss) Attributable to Common Stockholders, Diluted	$ 9,129,000	$ (12,838,000)	$ (13,645,000)	$ (34,102,000)
Basic Earnings (Loss) Per Share Attributable to Common Stockholders (in dollars per share)	$ 0.17	$ (0.26)	$ (0.27)	$ (0.69)
Diluted Earnings (Loss) Per Share Attributable to Common Stockholders (in dollars per share)	$ 0.16	$ (0.26)	$ (0.27)	$ (0.69)
Earnout Shares and Deferred Founder Shares
Non-Operating Expenses (Income)
Changes in Fair Value of derivative liability	$ (24,884,000)	$ 0	$ (24,884,000)	$ 0
Forward Purchase Agreement
Non-Operating Expenses (Income)
Changes in Fair Value of derivative liability	5,003,000	0	5,003,000	0
Products
Revenue:
Total Revenue	112,545,000	85,249,000	202,086,000	156,172,000
Cost of Revenue:
Total Cost of Revenue	67,143,000	52,173,000	122,453,000	96,827,000
Services
Revenue:
Total Revenue	36,116,000	38,325,000	67,613,000	69,946,000
Cost of Revenue:
Total Cost of Revenue	$ 20,099,000	$ 22,326,000	$ 37,885,000	$ 41,314,000

Property, Plant, and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, Plant, and Equipment, Net

NOTE 8 — Property, Plant, and Equipment, Net

Property, plant, and equipment, net consisted of the following (dollars in thousands):


	June 30, 2026		December 31, 2025
Vehicles	$	9,215	$	9,003
Computers and equipment	13,223		11,697
Furniture and fixtures	4,254		4,228
Third-party software	2,478		2,077
Leasehold improvements	10,085		10,148
Buildings	3,411		3,196
Land	3,437		3,484
Other fixed assets	1,006		905
Total property, plant, and equipment, gross	47,109		44,737
Less: Accumulated depreciation	(16,526)		(14,694)
Total property, plant, and equipment, net	$	30,583	$	30,043

Depreciation expense related to property, plant and equipment was $1.6 million and $2.6 million for the three and six months ended June 30, 2026, respectively, and $1.3 million and $2.6 million for the three and six months ended June 30, 2025, respectively. This includes $0.5 million and $0.7 million of depreciation expense recognized in Cost of Revenue during the three and six months ended June 30, 2026, respectively, and $0.5 million and $0.9 million during the three and six months ended June 30, 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Related Party Transactions (Details) $ in Millions	6 Months Ended
Related Party Transactions (Details) $ in Millions	Jun. 30, 2026 USD ($) executive
Related Party Transaction [Line Items]
Related party transaction amount	$ 6.0
Four Executive Officers
Related Party Transaction [Line Items]
Related party transaction amount	$ 5.5
Number of executives \| executive	4
Director
Related Party Transaction [Line Items]
Related party transaction amount	$ 0.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Restricted Cash	6 Months Ended
Restricted Cash	Jun. 30, 2026
Cash and Cash Equivalents [Abstract]
Restricted Cash	NOTE 6 — Restricted Cash As part of the terms of certain of the Company’s debt agreements, the Company is required to maintain certain deposit accounts. These deposits are classified as restricted cash. As of June 30, 2026, the Company had $10.0 million of restricted cash related to debt agreements, including $6.8 million in debt service reserve accounts pledged as collateral (“Collateral Accounts”), and $3.1 million in collection accounts to be used to pay current fees, costs, and interest related to the debt (“Collection Accounts”). Any cash held in Collection Accounts in excess of debt servicing costs is available for distribution to Teamshares. As of December 31, 2025, the Company had $11.7 million of restricted cash related to debt agreements, including $6.8 million in Collateral Accounts, and $4.9 million in Collection Accounts. Restricted cash related to debt agreements is included within Long-Term Assets in the Condensed Consolidated Balance Sheets, unless the associated debt obligation matures within the next twelve months, in which case the restricted cash balance is included within Current Assets in the Consolidated Balance Sheets. As part of the terms of the Company’s self-insurance program, the Company is required to maintain separate deposit accounts. Distributions from these accounts require regulatory approval, and therefore the deposits are classified as restricted cash. As of June 30, 2026 and December 31, 2025, the Company had $2.3 million and $2.1 million, respectively, classified as restricted cash related to self-insurance programs. These deposits are included in Current Assets in the Condensed Consolidated Balance Sheets.

Segment Reporting and Geographic Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting and Geographic Information

NOTE 15 — Segment Reporting and Geographic Information

The Company has one reportable segment: small-to-medium-sized enterprises (“SME”). The SME reportable segment was previously referred to as “Small Business Acquisitions” in the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/ Prospectus. The chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer.

SME includes all of the Operating Subsidiaries owned by the Company. The Company’s CODM regularly reviews Operating Subsidiary performance in the aggregate for the purpose of making operating decisions, allocating resources, and evaluating financial performance.

The CODM also regularly reviews the performance of other products and services that the Company offers to Operating Subsidiaries. These products primarily consist of the Company’s self-funded health insurance and business insurance programs that certain Operating Subsidiaries utilize, and the Company’s portfolio of real estate assets are owned by the Company and leased to Operating Subsidiaries on an intercompany basis. The insurance premiums and rent payments that are paid to the Company by Operating Subsidiaries are eliminated in consolidation. None of the financial products that are regularly reviewed by the CODM meet the quantitative criteria to be disclosed as a reportable segment as of June 30, 2026.

Prior to March 31, 2026, the Real Estate operating segment met the quantitative criteria to be disclosed as a reportable segment. Real Estate includes land and buildings that are owned by the Company and leased to Operating Subsidiaries on an intercompany basis. Rent payments that are paid to the Company by Operating Subsidiaries are eliminated in consolidation. The Company sold substantially all of its Real Estate segment during the year ended December 31, 2025 in connection with the Sale Leaseback. See Note 2 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus. Real Estate no longer meets the quantitative criteria to be disclosed as a reportable segment as of June 30, 2026, and therefore is included within All Other Operating Segments in the disclosures below. All prior periods have been recast accordingly.

The CODM measures and evaluates segment performance and allocates resources based on segment earnings before interest, taxes, depreciation, and amortization (“Segment EBITDA”). Segment EBITDA includes revenues from external customers and revenues and associated expenses from transactions with other operating segments of the Company. Segment expense categories include Cost of Revenue (excluding depreciation), Selling, General, and Administrative Expenses, and other non-operating (income) expense.

The CODM is not regularly provided with segment assets or segment expenditures for long-lived assets, as these metrics are not used to assess segment performance. The accounting policies of the SME reportable segment are the same as those

described in Note 2 of the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2025 in the Proxy Statement/Prospectus.


(dollars in thousands)	For the Three Months Ended June 30, 2026		For the Six Months Ended June 30, 2026
Revenue from External Customers	$	148,660	$	269,699
Less:
Cost of Revenue, Excluding Depreciation	87,404		160,594
Selling, General, and Administrative Expense	41,508		80,441
Other Non-Operating Income	(316)		(529)
SME Segment EBITDA	$	20,064	$	29,193
Less:
Depreciation	(1,717)		(2,861)
Amortization	(1,719)		(3,423)
Stock Compensation Expense	(1,079)		(2,016)
Loss on Disposition of Assets	(334)		(131)
Interest Expense, Net	(10,167)		(25,531)
Change in Fair Value of Earnout Shares and Deferred Founder Shares	24,884		24,884
Change in Fair Value of Forward Purchase Agreement Liability	(5,003)		(5,003)
Loss on the Conversion of SAFE Notes	(2,175)		(2,175)
Change in Fair Value of Warrant Liability	380		421
Change in Fair Value of Contingent Consideration	(889)		(886)
Other Non-Operating Expense	(213)		(130)
All Other Operating Segments	(457)		(600)
Corporate, Other Expenses, and Eliminations	(11,447)		(24,032)
Income (Loss) Before Income Taxes	$	10,127	$	(12,291)


(dollars in thousands)	For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2025
Revenue from External Customers	$	123,574	$	226,118
Less:
Cost of Revenue, Excluding Depreciation	74,460		137,915
Selling, General, and Administrative Expense	35,543		69,601
Other Non-Operating Income	(98)		(400)
SME Segment EBITDA	$	13,669	$	19,001
Less:
Depreciation	(1,403)		(2,822)
Amortization	(1,469)		(2,882)
Goodwill Impairment	(3,845)		(6,826)
Stock Compensation Expense	(964)		(1,950)
Loss on Disposition of Assets	(415)		(850)
Interest Expense, Net	(7,785)		(15,089)
Change in Fair Value of Warrant Liability	109		434
Change in Fair Value of Contingent Consideration	(437)		(260)
Other Non-Operating Income (Expense)	71		(2,082)
All Other Operating Segments	713		1,314
Corporate, Other Expenses, and Eliminations	(10,988)		(21,941)
Loss Before Income Taxes	$	(12,745)	$	(33,953)

Geographic Information

Revenue is attributed to a geographic region based on the location of the customer taking possession of the products or services. Long-lived assets are attributed to the geographic region based on the physical location of the assets.

A summary of the Company’s Revenue and Long-lived assets as of the three and six months ended June 30, 2026 is as follows:


	Revenue				Long-lived Assets
	For the Three Months Ended June 30, 2026		For the Six Months Ended June 30, 2026		June 30, 2026
United States	$	133,660	$	241,734	$	110,974
International	15,001		27,965		16,163
Total	$	148,660	$	269,699	$	127,138

A summary of the Company’s Revenue for the three and six months ended June 30, 2025 and Long-lived assets as of year ended December 31, 2025 is as follows:


	Revenue				Long-lived Assets
	For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2025		December 31, 2025
United States	$	117,933	$	217,484	$	107,239
International	5,641		8,634		16,389
Total	$	123,574	$	226,118	$	123,628

Long-lived assets include Property, Plant, and Equipment, Net and Operating Lease Right of Use Assets, Net.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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+ Details

Fair Value of Financial Instruments - Schedule of Change in Shares Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Earnout Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of the Closing Date	$ 45,694
Change in fair value	(18,443)
Fair value as of June 30, 2026	27,251
Deferred Founder Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of the Closing Date	16,308
Change in fair value	(6,441)
Fair value as of June 30, 2026	9,867
Forward Purchase Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of the Closing Date	5,386
Change in fair value	5,003
Fair value as of June 30, 2026	$ 10,390

Basis of Presentation (Details) $ / shares in Units, $ in Millions	Jun. 30, 2026 USD ($) subsidary	Dec. 31, 2025 subsidary	Nov. 14, 2025 USD ($) $ / shares
Variable Interest Entity [Line Items]
Number of subsidiaries	93
Short-term debt \| $	$ 187.8
Reverse recapitalization, consideration agreed upon \| $			$ 525.0
Reverse recapitalization, conversion price \| $ / shares			$ 10.00
United States
Variable Interest Entity [Line Items]
Number of subsidiaries		90
International
Variable Interest Entity [Line Items]
Number of subsidiaries		3

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References + Details

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Operating Leases on Consolidated Balance Sheets

Operating leases were included on the Company’s Condensed Consolidated Balance Sheets as follows (dollars in thousands):


	June 30, 2026		December 31, 2025
Operating Leases:
Operating lease right of use assets, net	$	96,554	$	93,586
Current portion of operating lease obligations	$	8,952	$	8,524
Long-term operating lease obligations	89,203		88,144
Total lease liability	$	98,155	$	96,668

Schedule of Operating Leases

The components of operating lease expense were as follows (dollars in thousands):


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Operating lease cost	$	5,711	$	4,136	$	11,540	$	8,348
Short-term lease costs	705		718		1,345		1,222
Variable lease expense	1,300		836		1,970		1,343
Total operating lease expense, net	$	7,717	$	5,690	$	14,855	$	10,912

Supplemental cash flow information related to operating leases for the six months ended June 30, 2026 and 2025 was as follows (dollars in thousands):


	June 30, 2026		June 30, 2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,496	$	7,874
Right of use assets obtained in exchange for operating lease liabilities	$	2,932	$	14,621

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Aug. 14, 2026	Jun. 30, 2026
Former Owner Bridge Loan
Subsequent Event [Line Items]
Debt instrument, repaid, principal		$ 3.6
i80 Facility
Subsequent Event [Line Items]
Debt instrument, repaid, principal		$ 1.8
Subsequent Event \| Former Owner Bridge Loan
Subsequent Event [Line Items]
Debt instrument, repaid, principal	$ 8.0
Subsequent Event \| Acquisition Seller Note
Subsequent Event [Line Items]
Debt instrument, repaid, principal	$ 7.3

Fair Value of Financial Instruments - Schedule of Fair Value Measurement Inputs (Details)	Jun. 30, 2026 yr	Jun. 18, 2026 yr
Stock Price \| Forward Purchase Agreement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	8.22	11.32
Stock Price \| Earnout Shares and Deferred Founder Shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	8.22	11.32
Expected Remaining Term (in years) \| Forward Purchase Agreement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	1.97	2
Expected Remaining Term (in years) \| Earnout Shares and Deferred Founder Shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	4.97	5
Expected Volatility \| Forward Purchase Agreement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.350	0.350
Expected Volatility \| Earnout Shares and Deferred Founder Shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.400	0.350
Risk-Free Interest Rate \| Forward Purchase Agreement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.041	0.042
Risk-Free Interest Rate \| Earnout Shares and Deferred Founder Shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.042	0.042

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue	6 Months Ended
Revenue	Jun. 30, 2026
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 4 — Revenue The Operating Subsidiaries operate in a variety of industries and generate revenue from the sale of a diverse mix of product and service offerings. Operating Subsidiaries are not concentrated in a specific industry or geographical region. The Company disaggregates its revenue between sales of products and sales of services in the Condensed Consolidated Statements of Operations. There are no material extended payment terms extended to Operating Subsidiary customers. At times, the Company has a right to payment from previous performance that is conditional on something other than the passage of time, such as billings that are contingent on work completed by others, and certain unbilled receivables, which are recognized as Contract Assets. Contract Assets were $2.3 million and $1.8 million as of June 30, 2026 and December 31, 2025, respectively, and are included in Accounts Receivable, Net on the Condensed Consolidated Balance Sheets. Contract liabilities consist of payments received from customers in advance of the Company providing the product or performing services such that control has not passed to the customer. Contract liabilities were $13.2 million and $10.1 million as of June 30, 2026 and December 31, 2025, respectively, and are included in Deferred Revenue on the Condensed Consolidated Balance Sheets. During the six months ended June 30, 2026, the Company recognized $7.6 million of revenue that was included in deferred revenue as of December 31, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net Loss	$ (13,251,000)	$ (34,243,000)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and Amortization	6,269,000	5,704,000
Non-Cash Stock-Based Compensation Expense	2,016,000	1,950,000
Non-Cash Interest Expense	9,304,000	1,105,000
Goodwill Impairment	0	6,826,000
Loss on Disposition of Assets	131,000	850,000
Loss on the Conversion of SAFE Notes	2,175,000	0
Change in Fair Value of Warrant Liability	(421,000)	(434,000)
Change in Fair Value of Contingent Consideration, Net of Payments	408,000	(501,000)
Change in Fair Value of the Former Owner Loan	600,000	0
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Inventory	(1,457,000)	(3,360,000)
Accounts Receivable	(2,858,000)	(1,649,000)
Other Assets	1,986,000	(780,000)
Accounts Payable	5,589,000	(2,453,000)
Other Liabilities	4,320,000	(579,000)
Net Cash Used in Operating Activities	(5,068,000)	(27,563,000)
Cash Flows From Investing Activities
Capital Expenditures	(2,960,000)	(1,779,000)
Business Acquisitions, Net of Cash Received	(4,488,000)	(10,399,000)
Additions to Internally Developed Software	(709,000)	(1,481,000)
Net Cash Used in Investing Activities	(8,157,000)	(13,659,000)
Cash Flows From Financing Activities
Borrowings Under Credit Facilities	3,000,000	3,188,000
Repayments Under Credit Facilities	(33,850,000)	0
Borrowings Under Other Debt Instruments	5,089,000	16,286,000
Repayments of Other Debt Instruments	(5,371,000)	(3,435,000)
Issuance of SAFE Notes	3,330,000	0
Proceeds from Issuance of Preferred Stock, Net (converted to Company Common Stock at the Closing)	0	1,350,000
Forward Purchase Agreement Prepayment (Note 11)	(42,240,000)	0
Proceeds from SPAC Merger, Net (Note 3)	159,487,000	0
Payment of Transaction Costs Directly Attributable to the SPAC Merger (Note 3)	(1,116,000)	0
Exercise of Common Stock for Cash	10,000	0
Dividends to Noncontrolling Interests	(862,000)	(620,000)
Acquisitions of Noncontrolling Interests	(1,532,000)	(1,540,000)
Payments of Debt Issuance Costs	(214,000)	0
Contingent Consideration Payments	(794,000)	(144,000)
Net Cash Provided by Financing Activities	84,937,000	15,085,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(178,000)	0
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	71,534,000	(26,137,000)
Cash, cash equivalents and restricted cash:
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	54,097,000	75,509,000
Cash, Cash Equivalents and Restricted Cash at End of Period	125,631,000	49,371,000
Supplemental Disclosures of Cash Flow Information:
Interest Paid	17,266,000	14,214,000
Income Taxes Paid	819,000	570,000
Supplemental Non-Cash Activity:
Debt Assumed to Acquire Operating Subsidiaries (Note 5)	11,000,000	25,550,000
Conversion of Legacy Teamshares Series B Warrants into Legacy Teamshares Common Stock (Note 3)	2,501,000	0
Conversion of SAFE Notes into Company Common Stock and Issuance of Incentive Founder Shares to SAFE Investors (Note 3)	8,505,000	0
Earnout Shares and Deferred Founder Shares
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Changes in Fair Value of derivative liability	(24,884,000)	0
Forward Purchase Agreement
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Changes in Fair Value of derivative liability	$ 5,003,000	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($)	Total	SAFE Notes	Legacy Teamshares Common Stock	Previously Reported	Revision of Prior Period, Adjustment	Total Stockholders’ Equity	Total Stockholders’ Equity SAFE Notes	Total Stockholders’ Equity Legacy Teamshares Common Stock	Total Stockholders’ Equity Previously Reported	Preferred Stock	Preferred Stock Previously Reported	Preferred Stock Revision of Prior Period, Adjustment	Common Stock	Common Stock SAFE Notes	Common Stock Legacy Teamshares Common Stock	Common Stock Common Class B	Common Stock Previously Reported	Common Stock Revision of Prior Period, Adjustment	Additional Paid-in Capital	Additional Paid-in Capital SAFE Notes	Additional Paid-in Capital Legacy Teamshares Common Stock	Additional Paid-in Capital Common Class B	Additional Paid-in Capital Previously Reported	Additional Paid-in Capital Revision of Prior Period, Adjustment	Accumulated Deficit	Accumulated Deficit Previously Reported	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Previously Reported	Noncontrolling Interests	Noncontrolling Interests Previously Reported
Beginning Balance at Dec. 31, 2024	$ 4,194,000			$ 4,194,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends to Noncontrolling Interests	(18,000)
Noncontrolling Interest Repurchases and Adjustments	(65,000)
Net Income (Loss)	121,000
Ending Balance at Mar. 31, 2025	4,232,000
Beginning balance, preferred stock (in shares) at Dec. 31, 2024										0	7,740,549	(7,740,549)
Beginning balance (in shares) at Dec. 31, 2024													48,989,541				1,162,180	47,827,361
Beginning balance at Dec. 31, 2024	127,708,000			127,708,000	$ 0	$ 128,183,000			$ 128,183,000	$ 0	$ 77	$ (77)	$ 4,899				$ 12	$ 4,887	$ 324,194,000				$ 324,199,000	$ (5,000)	$ (195,856,000)	$ (195,856,000)	$ (159,000)	$ (159,000)	$ (476,000)	$ (476,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of Common Stock Options for Cash (in shares)													81
Exercise of Common Stock Options for Cash	1,000					1,000													1,000
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)													99,680
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing)	1,000,000					1,000,000							$ 100						1,000,000
Stock-Based Compensation	986,000					611,000													611,000										375,000
Dividends to Noncontrolling Interests	(224,000)																												(224,000)
Noncontrolling Interest Repurchases and Adjustments	(409,000)																												(409,000)
Net Income (Loss)	(21,511,000)					(21,330,000)																			(21,330,000)				(181,000)
Other Comprehensive Loss	(21,000)					(21,000)																					(21,000)
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares)													99,680
Ending balance, preferred stock (in shares) at Mar. 31, 2025										0
Ending balance (in shares) at Mar. 31, 2025													49,089,302
Ending balance at Mar. 31, 2025	107,530,000					108,444,000				$ 0			$ 4,999						325,806,000						(217,186,000)		(180,000)		(914,000)
Beginning Balance at Dec. 31, 2024	4,194,000			4,194,000
Ending Balance at Jun. 30, 2025	3,593,000
Beginning balance, preferred stock (in shares) at Dec. 31, 2024										0	7,740,549	(7,740,549)
Beginning balance (in shares) at Dec. 31, 2024													48,989,541				1,162,180	47,827,361
Beginning balance at Dec. 31, 2024	127,708,000			127,708,000	0	128,183,000			128,183,000	$ 0	$ 77	$ (77)	$ 4,899				$ 12	$ 4,887	324,194,000				324,199,000	(5,000)	(195,856,000)	(195,856,000)	(159,000)	(159,000)	(476,000)	(476,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive Loss	(50,000)
Ending balance, preferred stock (in shares) at Jun. 30, 2025										0
Ending balance (in shares) at Jun. 30, 2025													49,124,670
Ending balance at Jun. 30, 2025	95,310,000					96,501,000				$ 0			$ 5,002						326,729,000						(230,024,000)		(210,000)		(1,191,000)
Beginning Balance at Mar. 31, 2025	4,232,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends to Noncontrolling Interests	(29,000)
Noncontrolling Interest Repurchases and Adjustments	(624,000)
Net Income (Loss)	14,000
Ending Balance at Jun. 30, 2025	3,593,000
Beginning balance, preferred stock (in shares) at Mar. 31, 2025										0
Beginning balance (in shares) at Mar. 31, 2025													49,089,302
Beginning balance at Mar. 31, 2025	107,530,000					108,444,000				$ 0			$ 4,999						325,806,000						(217,186,000)		(180,000)		(914,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of Common Stock Options for Cash (in shares)													59
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)													35,309
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing)	350,000					350,000							$ 4						350,000
Stock-Based Compensation	964,000					573,000													573,000										391,000
Dividends to Noncontrolling Interests	(349,000)																												(349,000)
Noncontrolling Interest Repurchases and Adjustments	(289,000)																												(289,000)
Net Income (Loss)	(12,868,000)					(12,838,000)																			(12,838,000)				(30,000)
Other Comprehensive Loss	(29,000)					(29,000)																					(29,000)
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares)													35,309
Ending balance, preferred stock (in shares) at Jun. 30, 2025										0
Ending balance (in shares) at Jun. 30, 2025													49,124,670
Ending balance at Jun. 30, 2025	95,310,000					96,501,000				$ 0			$ 5,002						326,729,000						(230,024,000)		(210,000)		(1,191,000)
Beginning Balance at Dec. 31, 2025	2,451,000			2,451,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends to Noncontrolling Interests	(11,000)
Noncontrolling Interest Repurchases and Adjustments	(682,000)
Net Income (Loss)	4,000
Ending Balance at Mar. 31, 2026	$ 1,762,000
Beginning balance, preferred stock (in shares) at Dec. 31, 2025										0	7,758,235	(7,758,235)
Beginning balance (in shares) at Dec. 31, 2025	49,180,937												49,180,937				1,174,429	48,006,508
Beginning balance at Dec. 31, 2025	$ 63,633,000			63,633,000	0	65,941,000			65,941,000	$ 0	$ 78	$ (78)	$ 4,919				$ 12	$ 4,907	327,839,000				327,843,000	(5,000)	(261,775,000)	(261,775,000)	(128,000)	(128,000)	(2,308,000)	(2,308,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-Based Compensation	936,000					627,000													627,000										310,000
Dividends to Noncontrolling Interests	(412,000)																												(412,000)
Noncontrolling Interest Repurchases and Adjustments	(43,000)					164,000													164,000										(207,000)
Net Income (Loss)	(22,781,000)					(22,877,000)																			(22,877,000)				96,000
Other Comprehensive Loss	(1,170,000)					(1,170,000)																					(1,170,000)
Ending balance, preferred stock (in shares) at Mar. 31, 2026										0
Ending balance (in shares) at Mar. 31, 2026													49,180,937				1,174,429
Ending balance at Mar. 31, 2026	40,163,000					42,684,000				$ 0			$ 4,919				$ 12		328,629,000				328,629,000		(284,652,000)		(1,298,000)		(2,521,000)
Beginning Balance at Dec. 31, 2025	2,451,000			2,451,000
Ending Balance at Jun. 30, 2026	$ 1,890,000
Beginning balance, preferred stock (in shares) at Dec. 31, 2025										0	7,758,235	(7,758,235)
Beginning balance (in shares) at Dec. 31, 2025	49,180,937												49,180,937				1,174,429	48,006,508
Beginning balance at Dec. 31, 2025	$ 63,633,000			$ 63,633,000	$ 0	65,941,000			$ 65,941,000	$ 0	$ 78	$ (78)	$ 4,919				$ 12	$ 4,907	327,839,000				327,843,000	$ (5,000)	(261,775,000)	$ (261,775,000)	(128,000)	$ (128,000)	(2,308,000)	$ (2,308,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive Loss	$ (1,747,000)
Ending balance, preferred stock (in shares) at Jun. 30, 2026										0
Ending balance (in shares) at Jun. 30, 2026	71,985,735												71,985,735
Ending balance at Jun. 30, 2026	$ 105,318,000					108,521,000				$ 0			$ 7,199						385,873,000						(275,484,000)		(1,875,000)		(3,204,000)
Beginning Balance at Mar. 31, 2026	1,762,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends to Noncontrolling Interests	(15,000)
Net Income (Loss)	143,000
Ending Balance at Jun. 30, 2026	1,890,000
Beginning balance, preferred stock (in shares) at Mar. 31, 2026										0
Beginning balance (in shares) at Mar. 31, 2026													49,180,937				1,174,429
Beginning balance at Mar. 31, 2026	40,163,000					42,684,000				$ 0			$ 4,919				$ 12		328,629,000				328,629,000		(284,652,000)		(1,298,000)		(2,521,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of Common Stock Options for Cash (in shares)													33,771
Exercise of Common Stock Options for Cash	10,000					10,000							$ 3						10,000
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)													37,136
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing)													$ 4
Stock-Based Compensation	1,079,000					745,000													745,000										334,000
Dividends to Noncontrolling Interests	(425,000)																												(425,000)
Noncontrolling Interest Repurchases and Adjustments	(808,000)																												(808,000)
Net Income (Loss)	9,383,000					9,168,000																			9,168,000				215,000
Other Comprehensive Loss	(577,000)					(577,000)																					(577,000)
Merger and PIPE Financing, net (in shares)													18,311,605
Merger and PIPE Financing, net	112,873,000					112,873,000							$ 1,831						112,871,000
Conversion of convertible securities (in shares)														751,343	220,943	3,450,000
Conversion of convertible securities		$ 8,505,000	$ 2,501,000				$ 8,505,000	$ 2,501,000						$ 75	$ 22	$ 345				$ 8,505,000	$ 2,501,000
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares)													37,136
Initial Value of Earnout Shares and Deferred Founder Shares (Note 11)	(62,001,000)					(62,001,000)													(62,001,000)
Initial Value of the Forward Purchase Agreement Liability (Note 11)	$ (5,386,000)					(5,386,000)													(5,386,000)
Ending balance, preferred stock (in shares) at Jun. 30, 2026										0
Ending balance (in shares) at Jun. 30, 2026	71,985,735												71,985,735
Ending balance at Jun. 30, 2026	$ 105,318,000					108,521,000				$ 0			$ 7,199						385,873,000						(275,484,000)		(1,875,000)		(3,204,000)
Beginning Balance at Mar. 31, 2026	1,762,000
Beginning balance, preferred stock (in shares) at Mar. 31, 2026										0
Beginning balance (in shares) at Mar. 31, 2026													49,180,937				1,174,429
Beginning balance at Mar. 31, 2026	$ 40,163,000					$ 42,684,000				$ 0			$ 4,919				$ 12		328,629,000				328,629,000		$ (284,652,000)		$ (1,298,000)		$ (2,521,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of Common Stock Options for Cash (in shares)																	7,488
Exercise of Common Stock Options for Cash																	$ 0						$ 10,000
Ending balance (in shares) at Jun. 17, 2026																	10,961,084
Ending balance at Jun. 17, 2026																	$ 110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)													37,136
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing)													$ 4						0
Merger and PIPE Financing, net (in shares)													18,311,605
Merger and PIPE Financing, net													$ 1,831						112,871,000
Conversion of convertible securities (in shares)																3,450,000
Conversion of convertible securities																$ 345						$ 0
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares)													37,136
Ending balance (in shares) at Jun. 18, 2026													71,985,735
Ending balance at Jun. 18, 2026													$ 7,199						$ 452,511,000

Segment Reporting and Geographic Information - Schedule of Consolidated Financial Statements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue from External Customers	$ 148,660,000	$ 123,574,000	$ 269,699,000	$ 226,118,000
Selling, General, and Administrative Expense	55,263,000	47,326,000	108,277,000	93,115,000
Depreciation	(1,107,000)	(822,000)	(1,930,000)	(1,659,000)
Amortization	(1,719,000)	(1,469,000)	(3,423,000)	(2,882,000)
Goodwill Impairment	0	(3,845,000)	0	(6,826,000)
Stock Compensation Expense	(1,079,000)	(964,000)	(2,016,000)	(1,950,000)
Loss on Disposition of Assets	(334,000)	(415,000)	(131,000)	(850,000)
Interest Expense, Net	(10,167,000)	(7,785,000)	(25,531,000)	(15,089,000)
Loss on the Conversion of SAFE Notes	(2,175,000)	0	(2,175,000)	0
Change in Fair Value of Warrant Liability	380,000	109,000	421,000	434,000
Change in Fair Value of Contingent Consideration	(889,000)	(437,000)	(886,000)	(260,000)
Income (Loss) Before Income Taxes	10,127,000	(12,745,000)	(12,291,000)	(33,953,000)
Earnout Shares and Deferred Founder Shares
Segment Reporting [Line Items]
Changes in Fair Value of derivative liability	24,884,000	0	24,884,000	0
Forward Purchase Agreement
Segment Reporting [Line Items]
Changes in Fair Value of derivative liability	(5,003,000)	0	(5,003,000)	0
SME
Segment Reporting [Line Items]
Income (Loss) Before Income Taxes	10,127,000	(12,745,000)	(12,291,000)	(33,953,000)
SME \| Operating Segments
Segment Reporting [Line Items]
Revenue from External Customers	148,660,000	123,574,000	269,699,000	226,118,000
Cost of Revenue, Excluding Depreciation	87,404,000	74,460,000	160,594,000	137,915,000
Selling, General, and Administrative Expense	41,508,000	35,543,000	80,441,000	69,601,000
Other Non-Operating Income	(316,000)	(98,000)	(529,000)	(400,000)
SME Segment EBITDA	20,064,000	13,669,000	29,193,000	19,001,000
Depreciation	(1,717,000)	(1,403,000)	(2,861,000)	(2,822,000)
Amortization	(1,719,000)	(1,469,000)	(3,423,000)	(2,882,000)
Goodwill Impairment		(3,845,000)		(6,826,000)
Stock Compensation Expense	(1,079,000)	(964,000)	(2,016,000)	(1,950,000)
Loss on Disposition of Assets	(334,000)	(415,000)	(131,000)	(850,000)
Interest Expense, Net	(10,167,000)	(7,785,000)	(25,531,000)	(15,089,000)
Loss on the Conversion of SAFE Notes	(2,175,000)		(2,175,000)
Change in Fair Value of Warrant Liability	380,000	109,000	421,000	434,000
Change in Fair Value of Contingent Consideration	(889,000)	(437,000)	(886,000)	(260,000)
Other Non-Operating Expense	(213,000)	71,000	(130,000)	(2,082,000)
All Other Operating Segments	(457,000)	713,000	(600,000)	1,314,000
SME \| Operating Segments \| Earnout Shares and Deferred Founder Shares
Segment Reporting [Line Items]
Changes in Fair Value of derivative liability	24,884,000		24,884,000
SME \| Operating Segments \| Forward Purchase Agreement
Segment Reporting [Line Items]
Changes in Fair Value of derivative liability	(5,003,000)		(5,003,000)
SME \| Corporate and Eliminations
Segment Reporting [Line Items]
Corporate, Other Expenses, and Eliminations	$ (11,447,000)	$ (10,988,000)	$ (24,032,000)	$ (21,941,000)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Stockholders’ Equity
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	450,000,000	97,899,711
Common stock, issued (in shares)	71,985,735	49,180,937
Common stock, outstanding (in shares)	71,985,735	49,180,937

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Estimated Acquisition Date Fair Values Of Aggregate Assets Acquired And Liabilities

The following table summarizes the estimated acquisition date fair values of the aggregate assets acquired and liabilities assumed for the six months ended June 30, 2026:


	June 30, 2026
Consideration:
Cash	$	6,386
Seller Notes at fair value	9,689
Contingent consideration	372
Total consideration transferred	16,447
Fair value of assets acquired and liabilities assumed:
Cash and cash equivalents	2,319
Accounts receivable	210
Inventory	7,323
Prepaid expenses & other assets	2
Trade names	806
Property, plant, and equipment	1,136
Right of use assets	4,206
Accounts payable & accrued liabilities	(755)
Lease liabilities	(1,906)

Total identifiable assets acquired, net	13,340
Goodwill	$	3,107

Schedule of Pro Forma Information

The following table summarizes the unaudited pro forma condensed financial information of the


	Unaudited
	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Total Revenue	$	149,258	$	148,970	$	273,133	$	271,260
Income (Loss) from Operations (1)	3,328		666		(3,754)		(10,118)
Net Income (Loss) (2)	9,810		(8,430)		(12,671)		(29,205)

New Accounting Pronouncements (Policies)	6 Months Ended
New Accounting Pronouncements (Policies)	Jun. 30, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of Teamshares Inc. and its subsidiaries (“Teamshares” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with Article 10 of Regulation S-X. In the opinion of management, the condensed consolidated financial statements include all of the adjustments necessary for a fair statement in conformity with U.S. GAAP. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. On June 18, 2026, Live Oak consummated a business combination with Legacy Teamshares, as further described under “Merger and Reverse Recapitalization” below. Unless otherwise noted or the context otherwise requires, references to the “Company,” “Teamshares,” “we,” “us,” or “our” refer to the business of Legacy Teamshares and its subsidiaries prior to the consummation of the business combination and, after the consummation of the business combination, to Teamshares Inc. and its subsidiaries. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates.
Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities for which the Company has a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. Unless otherwise noted, amounts are reported in thousands within this Quarterly Report, and therefore, certain columns and rows within tables in this report may not sum due to rounding.
New Accounting Pronouncements	New Accounting Pronouncement Not Adopted as of December 31, 2025: In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2025, and will result in additional disclosures beginning with the Company’s 2026 annual reporting.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE 11 — Fair Value of Financial Instruments

The following table presents assets and liabilities measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation as follows (dollars in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total

Liabilities:
Former Owner Loan (Note 10)	$	—	$	—	$	3,600	$	3,600
Contingent Consideration	—		—		8,999		8,999
Earnout Shares	—		—		27,251		27,251
Deferred Founder Shares	—		—		9,867		9,867
Forward Purchase Agreement Liability	—		—		10,390		10,390
Total liabilities	$	—	$	—	$	60,107	$	60,107


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Liabilities:
Contingent Consideration	$	—	$	—	$	9,195	$	9,195
Warrant Liability	—		—		2,922		2,922
Total liabilities	$	—	$	—	$	12,117	$	12,117

Earnout Shares and Deferred Founder Shares

Certain former Legacy Teamshares security holders have the contingent right to receive up to 6,000,000 Earnout Shares during the Earnout Period and the Sponsor was issued 1,674,781 Deferred Founder Shares that are subject to vesting and forfeiture during the Founder Share Earnout Period as follows:


Earnout Tier	Share Price Target	VWAP Condition	Earnout Shares	Deferred Founder Shares
Tier I	$12.00	VWAP ≥ $12.00 for 20 out of 30 consecutive trading days (commencing at least 150 days after Closing but prior to the end of the Earnout Period)	2,000,000	837,391
Tier II	$15.00	VWAP ≥ $15.00 for 20 out of 30 consecutive trading days (commencing at least 150 days after Closing but prior to the end of the Earnout Period)	2,000,000	837,390
Tier III	$20.00	VWAP ≥ $20.00 for 20 out of 30 consecutive trading days (commencing at least 150 days after Closing but prior to the end of the Earnout Period)	2,000,000	N/A
Total			6,000,000	1,674,781

Upon the Closing, 5,170,903 Earnout Shares were reserved for non-employees of the Company, including holders of Legacy Teamshares Common Stock and Legacy Teamshares Preferred Stock that did not elect a liquidation preference. Earnout Shares reserved for non-employees, and Deferred Founder Shares are classified as liabilities, and the change in the fair value of these awards is recognized in the Condensed Consolidated Statements of Operations. See Note 13 for

disclosure of the 829,097 Earnout Shares that were reserved for employees of the Company that are subject to continuous employment requirements.

The fair value of Earnout Shares and Deferred Founder Shares are classified as Level 3 in the fair value hierarchy due to the use of pricing inputs that are less observable in the marketplace combined with management judgment required for the assumptions underlying the calculation of value. The Company calculated the fair value of these liabilities using a Monte Carlo simulation model.

The tables below summarize the fair value of the Earnout Shares and the Deferred Founder Shares:


Earnout Tier	Earnout Shares	Deferred Founder Shares	Fair Value Per Share as of the Closing Date		Fair Value Per Share as of June 30, 2026
Tier I	2,000,000	837,391	$	10.36	$	6.40
Tier II	2,000,000	837,390	$	9.11	$	5.39
Tier III	2,000,000	N/A	$	7.04	$	4.02
Total	6,000,000	1,674,781

The table below summarizes the inputs used to calculate the fair value of the Earnout Shares and the Deferred Founder Shares as of the Closing Date and as of June 30, 2026:


Input	Value as of the Closing Date			Value as of June 30, 2026
Stock Price	$	11.32		$	8.22
Expected Remaining Term (in years)	5			4.97
Expected Volatility	35.0		%	40.0		%
Risk-Free Interest Rate	4.2		%	4.2		%

The following table presents the change in the Earnout Shares liability for the six months ended June 30, 2026 (dollars in thousands):


Fair value as of the Closing Date	$	45,694
Change in fair value of Earnout Shares	(18,443)
Fair value as of June 30, 2026	$	27,251

The following table presents the change in the Deferred Founder Shares liability for the six months ended June 30, 2026 (dollars in thousands):


Fair value as of the Closing Date	$	16,308
Change in fair value of Deferred Founder Shares	(6,441)
Fair value as of June 30, 2026	$	9,867

Forward Purchase Agreement

On June 1, 2026, in anticipation of the Closing, Live Oak entered into the Forward Purchase Agreement with the FPA Investor. Pursuant to the Forward Purchase Agreement, the Prepayment Amount owed to the FPA Investor upon the Closing was calculated as the product of (i) the 4,000,000 FPA Shares purchased on the open market by the FPA Investor and (ii) the per share redemption price of Live Oak common shares determined as of five business days prior to the closing (the “Initial Price”). The Initial Price was determined to be $10.56, and therefore the Prepayment Amount paid to the FPA Investor was $42.2 million.

The Forward Purchase Agreement matures 24 months from the Closing, however, the FPA Investor may terminate the agreement at any time, in whole or in part, with respect to any number of FPA Shares that are subject to the Forward Purchase Agreement. Upon termination, the FPA Investor will deliver to the Company a portion of the Prepayment Amount equal to the product of (i) the number of terminated shares (“Terminated Shares”) multiplied by the Reset Price (as defined below) in effect at the time of termination. The Reset Price is initially equal to the Initial Price, but is subject to reduction (and not increase) at any point prior to the maturity of the Forward Purchase Agreement, at the Company’s discretion, to the lowest daily VWAP over the preceding 10 trading days. Additionally, the Reset Price will automatically adjust in the event the Company issues securities at effective prices lower than the then-current Reset Price, subject to certain exceptions.

If the Forward Purchase Agreement is not fully terminated by the FPA Investor prior to the maturity date, then on the maturity date the FPA Investor shall deliver to the Company the FPA Shares, reduced by any Terminated Shares. The FPA Investor will retain a portion of the Prepayment Amount equal to the product of (i) the FPA Shares reduced by any Terminated Shares and (ii) the Initial Price.

The substance of the Prepayment Amount is akin to a subscription receivable for Company Common Stock, and therefore the payment of the Prepayment Amount has been presented as a reduction of Additional Paid-In Capital. Additionally, the Company recognized a derivative liability (the “Forward Purchase Agreement Liability”) that represents the estimated fair value of the Company’s settlement obligations under the Forward Purchase Agreement. The change in the fair value of the Forward Purchase Agreement Liability is recognized in the Condensed Consolidated Statements of Operations.

The fair value of the Forward Purchase Agreement Liability is classified as Level 3 in the fair value hierarchy due to the use of pricing inputs that are less observable in the marketplace combined with management judgment required for the assumptions underlying the calculation of value. The Company determined the estimated fair value of the Forward Purchase Agreement Liability using the Black-Scholes option-pricing model.

The table below summarizes the inputs used to calculate the fair value of the Forward Purchase Agreement Liability as of the Closing Date and as of June 30, 2026:


Input	Value as of the Closing Date			Value as of June 30, 2026
Stock Price	$	11.32		$	8.22
Expected Remaining term (in years)	2			1.97
Expected Volatility	35.0		%	35.0		%
Risk-free interest rate	4.2		%	4.1		%

The following table presents the change in the Forward Purchase Agreement liability for the six months ended June 30, 2026 (dollars in thousands):


Fair value as of the Closing Date	$	5,386
Change in fair value of Forward Purchase Agreement Liability	5,003
Fair value as of June 30, 2026	$	10,390

Simple Agreements for Future Equity

During the period between December 2025 and May 2026, Legacy Teamshares entered into SAFE Notes for aggregate proceeds of approximately $6.3 million. All SAFE Notes issued by Legacy Teamshares automatically converted into 688,043 shares of Company Common Stock on the Closing Date. An additional 63,300 Incentive Founder Shares were delivered to holders of SAFE Notes upon the Closing. The Company recognized a loss of $2.2 million in the Condensed

Consolidated Statements of Operations for the three months ended June 30, 2026 related to the conversion of SAFE Notes to Company Common Stock.

Legacy Teamshares Warrants

In connection with the SPAC Merger, holders of 77,258 Series B Warrants issued by Legacy Teamshares exercised their option to convert their Series B Warrants into 48,990 shares of Legacy Teamshares Common Stock. The Legacy Teamshares Common Stock was then converted to Company Common Stock at the Exchange Ratio. The Company recognized a $0.2 million loss in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2026 related to the conversion of Series B Warrants to Legacy Teamshares Common Stock.

All Series C, Series D, and Series E Warrants issued by Legacy Teamshares were terminated and did not receive any consideration in connection with the SPAC Merger because these warrants were out-of-the-money at the Closing. The Company recognized a $0.6 million gain in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2026 related to the expiration of the Series C, Series D, and Series E Warrants.

Contingent Consideration

The Company has contingent consideration clauses embedded within certain purchase agreements for acquired Operating Subsidiaries. The consideration is contingent on certain future financial metrics being achieved for a certain period of time. The contingent consideration liabilities are recorded at fair value as Contingent Consideration in the Condensed Consolidated Balance Sheets with the changes in fair value recognized in earnings each reporting period. For additional detail regarding the contingent consideration agreements, see Note 5.

The fair value of contingent consideration is classified as Level 3 in the fair value hierarchy due to the use of pricing inputs that are less observable in the marketplace combined with management judgment required for the assumptions underlying the calculation of value. The Company determined the estimated fair value of the contingent consideration using a Monte Carlo simulation model.

The following table presents changes in contingent consideration liabilities for the three and six months ended June 30, 2026 (dollars in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Balance of period	$	8,417	$	9,195
Contingent consideration for 2026 business combinations	194		372
Change in fair value of earnout consideration	889		886
Foreign currency impact on earnout consideration	(76)		(183)
Earnout payments made in period	(424)		(1,271)
Balance at June 30, 2026	$	8,999	$	8,999

There were no transfers of financial instruments between the three levels of the fair value hierarchy during the three and six months ended June 30, 2026.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Paragraph 6A
-Subparagraph (f)
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Paragraph 6A
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Reverse Recapitalization (Tables)

6 Months Ended

Jun. 30, 2026

Reverse Recapitalization [Abstract]

Schedule of Reverse Recapitalization

The following table summarizes the net proceeds from the merger (dollars in thousands):


Sources	Amount
Cash - Live Oak Trust Account	$	48,149
Cash - Live Oak operating account	741
Total cash from Live Oak	48,890
Cash - PIPE	126,500
Live Oak transaction and advisory costs paid from the Live Oak Trust Account	(15,903)
Net cash proceeds from the SPAC Merger	$	159,487


Uses	Amount
Repayment of the HBC Credit Facility	$	(33,850)
Payment of the Prepayment Amount to the FPA Investor	(42,240)
Total cash used immediately after the SPAC Merger	(76,090)

Net cash to Teamshares	$	83,397

The following table summarizes the impact of the SPAC Merger on the Company Common Stock (dollars in thousands except shares and par values):


	Common Stock			Additional Paid -in Capital
	Number of Shares	Amount
Balance as of March 31, 2026	1,174,429	$	12	$	328,629
Exercise of stock options prior to the SPAC Merger	7,488	—		$	10
Conversion of Legacy Teamshares Preferred Stock into Legacy Teamshares Common Stock, adjusted for liquidation preferences	9,730,177	97		$	(4)
Conversion of Legacy Teamshares Series B Warrants to Legacy Teamshares Common Stock	48,990	—		$	2,501
Balance immediately prior to the SPAC Merger	10,961,084	110
Exchange Ratio	4.510x
Company Common Stock Issued to Legacy Teamshares Stockholders	49,435,651	4,944		$	(1)
Merger and PIPE Financing, net (1) (2)	18,311,605	1,831		112,871
Conversion of Live Oak Class B Common Stock	3,450,000	345		—
Conversion of SAFE Notes and Issuance of Sponsor Incentive Shares to SAFE Investors	751,343	75		8,505
Issuance of Sponsor Incentive Shares to NRA Investors	37,136	4		$	—
Balance immediately after the SPAC Merger (3)	71,985,735	$	7,199	$	452,511

(1)Includes 4,000,000 FPA Shares held by the FPA Investor that were converted to Company Common Stock at the Closing.

(3)Refer to the Condensed Consolidated Statements of Stockholders’ Equity for complete list of transactions that impacted Additional Paid-In Capital during the three months ended June 30, 2026

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 9,526	$ (12,854)	$ (13,251)	$ (34,243)
Other Comprehensive Income (Loss), net of tax:
Foreign Currency Translation	(577)	(29)	(1,747)	(50)
Other Comprehensive Income (Loss)	(577)	(29)	(1,747)	(50)
Comprehensive Income (Loss) Including Noncontrolling Interests	8,949	(12,883)	(14,998)	(34,294)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	358	(16)	458	(76)
Comprehensive Income (Loss) Attributable to Teamshares Inc.	$ 8,591	$ (12,867)	$ (15,456)	$ (34,218)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation as follows (dollars in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total

Liabilities:
Former Owner Loan (Note 10)	$	—	$	—	$	3,600	$	3,600
Contingent Consideration	—		—		8,999		8,999
Earnout Shares	—		—		27,251		27,251
Deferred Founder Shares	—		—		9,867		9,867
Forward Purchase Agreement Liability	—		—		10,390		10,390
Total liabilities	$	—	$	—	$	60,107	$	60,107


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Liabilities:
Contingent Consideration	$	—	$	—	$	9,195	$	9,195
Warrant Liability	—		—		2,922		2,922
Total liabilities	$	—	$	—	$	12,117	$	12,117

Schedule of Earnout Shares and Deferred Founder Shares


Earnout Tier	Share Price Target	VWAP Condition	Earnout Shares	Deferred Founder Shares
Tier I	$12.00	VWAP ≥ $12.00 for 20 out of 30 consecutive trading days (commencing at least 150 days after Closing but prior to the end of the Earnout Period)	2,000,000	837,391
Tier II	$15.00	VWAP ≥ $15.00 for 20 out of 30 consecutive trading days (commencing at least 150 days after Closing but prior to the end of the Earnout Period)	2,000,000	837,390
Tier III	$20.00	VWAP ≥ $20.00 for 20 out of 30 consecutive trading days (commencing at least 150 days after Closing but prior to the end of the Earnout Period)	2,000,000	N/A
Total			6,000,000	1,674,781

Schedule of Fair Value of Earnout Shares and Deferred Founder Shares

The tables below summarize the fair value of the Earnout Shares and the Deferred Founder Shares:


Earnout Tier	Earnout Shares	Deferred Founder Shares	Fair Value Per Share as of the Closing Date		Fair Value Per Share as of June 30, 2026
Tier I	2,000,000	837,391	$	10.36	$	6.40
Tier II	2,000,000	837,390	$	9.11	$	5.39
Tier III	2,000,000	N/A	$	7.04	$	4.02
Total	6,000,000	1,674,781

Schedule of Fair Value Measurement Inputs

The table below summarizes the inputs used to calculate the fair value of the Earnout Shares and the Deferred Founder Shares as of the Closing Date and as of June 30, 2026:


Input	Value as of the Closing Date			Value as of June 30, 2026
Stock Price	$	11.32		$	8.22
Expected Remaining Term (in years)	5			4.97
Expected Volatility	35.0		%	40.0		%
Risk-Free Interest Rate	4.2		%	4.2		%

The table below summarizes the inputs used to calculate the fair value of the Forward Purchase Agreement Liability as of the Closing Date and as of June 30, 2026:


Input	Value as of the Closing Date			Value as of June 30, 2026
Stock Price	$	11.32		$	8.22
Expected Remaining term (in years)	2			1.97
Expected Volatility	35.0		%	35.0		%
Risk-free interest rate	4.2		%	4.1		%

Schedule of Change in Shares Liability

The following table presents the change in the Earnout Shares liability for the six months ended June 30, 2026 (dollars in thousands):


Fair value as of the Closing Date	$	45,694
Change in fair value of Earnout Shares	(18,443)
Fair value as of June 30, 2026	$	27,251

The following table presents the change in the Deferred Founder Shares liability for the six months ended June 30, 2026 (dollars in thousands):


Fair value as of the Closing Date	$	16,308
Change in fair value of Deferred Founder Shares	(6,441)
Fair value as of June 30, 2026	$	9,867

The following table presents the change in the Forward Purchase Agreement liability for the six months ended June 30, 2026 (dollars in thousands):


Fair value as of the Closing Date	$	5,386
Change in fair value of Forward Purchase Agreement Liability	5,003
Fair value as of June 30, 2026	$	10,390

Schedule of Contingent Consideration Liability

The following table presents changes in contingent consideration liabilities for the three and six months ended June 30, 2026 (dollars in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Balance of period	$	8,417	$	9,195
Contingent consideration for 2026 business combinations	194		372
Change in fair value of earnout consideration	889		886
Foreign currency impact on earnout consideration	(76)		(183)
Earnout payments made in period	(424)		(1,271)
Balance at June 30, 2026	$	8,999	$	8,999

Segment Reporting and Geographic Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Liabilities:
Former Owner Loan (Note 10)	$ 3,600
Contingent Consideration	8,999	$ 8,417	$ 9,195
Warrant Liability	0		2,922
Total liabilities	60,107		12,117
Earnout Shares
Liabilities:
Derivative Liability	27,251
Deferred Founder Shares
Liabilities:
Derivative Liability	9,867
Forward Purchase Agreement
Liabilities:
Derivative Liability	10,390
Level 1
Liabilities:
Former Owner Loan (Note 10)	0
Contingent Consideration	0		0
Warrant Liability			0
Total liabilities	0		0
Level 1 \| Earnout Shares
Liabilities:
Derivative Liability	0
Level 1 \| Deferred Founder Shares
Liabilities:
Derivative Liability	0
Level 1 \| Forward Purchase Agreement
Liabilities:
Derivative Liability	0
Level 2
Liabilities:
Former Owner Loan (Note 10)	0
Contingent Consideration	0		0
Warrant Liability			0
Total liabilities	0		0
Level 2 \| Earnout Shares
Liabilities:
Derivative Liability	0
Level 2 \| Deferred Founder Shares
Liabilities:
Derivative Liability	0
Level 2 \| Forward Purchase Agreement
Liabilities:
Derivative Liability	0
Level 3
Liabilities:
Former Owner Loan (Note 10)	3,600
Contingent Consideration	8,999		9,195
Warrant Liability			2,922
Total liabilities	60,107		$ 12,117
Level 3 \| Earnout Shares
Liabilities:
Derivative Liability	27,251
Level 3 \| Deferred Founder Shares
Liabilities:
Derivative Liability	9,867
Level 3 \| Forward Purchase Agreement
Liabilities:
Derivative Liability	$ 10,390

Earnings (Loss) Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026
Earnings Per Share [Abstract]
Common stock, dividends, declared ratio	100.00%

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

NOTE 14 — Earnings (Loss) Per Share

Basic Earnings (Loss) Per Share is computed by dividing Net Income (Loss) Attributable to Common Stockholders by the weighted average number of common shares outstanding during the period. Deferred Founder Shares are considered to be participating securities because they are contractually entitled to participate in dividends declared by the Company on a one for one basis. Therefore, the Company applies the two-class method in calculating its Earnings (Loss) per share for periods when the Company generates net income. Under the two-class method, earnings of the Company are allocated between common stockholders and participating securities based on the weighted-average number of shares of common stock and participating securities outstanding during the relevant period. Net losses are not allocated to Deferred Founder Shares, as they are not contractually obligated to share in the Company’s losses.

Diluted Earnings (Loss) Per Share is computed by dividing Net Income (Loss) Attributable to Common Stockholders by the weighted average number of common and dilutive common equivalent shares outstanding for the period using the treasury-stock method or the as-converted method, or the two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of Earnout Shares, Deferred Founder Shares, Assumed Warrants, and Assumed Options. For the six months ended June 30, 2026, and the three and six months ended June 30, 2025, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. For the three months ended June 30, 2026 Earnout Shares and Deferred Founder Shares are excluded from the diluted earnings per share denominator because none of the share price targets have been achieved as of June 30, 2026 (see Note 11), and Assumed Warrants have been excluded from the diluted earnings per share denominator because the average price of Company Common Stock during the period in which the Assumed Warrants were outstanding was less than the Assumed Warrant’s exercise price, and therefore including the Assumed Warrants would be anti-dilutive.

During the six months ended June 30, 2026 and 2025, the Company repurchased certain Rollover Shares. The difference between the carrying value and the repurchase value on the repurchase date has been included as an adjustment to Income (Loss) Attributable to Common Stockholders.


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Numerator:
Net Income (Loss) Attributable to Teamshares Inc.	$	9,168	$	(12,838)	$	(13,709)	$	(34,167)
Allocation to Participating Securities	(39)		—		—		—
Rollover Share adjustments	—		—		64		65
Net Income (Loss) Attributable to Common Stockholders	$	9,129	$	(12,838)	$	(13,645)	$	(34,102)
Denominator:
Basic - Weighted Average Shares Outstanding	52,239,212		49,119,816		50,709,492		49,084,044
Effect of Dilutive Securities:
Assumed Options	3,195,772		—		—		—
Diluted - Weighted Average Common Shares Outstanding	55,434,983		49,119,816		50,709,492		49,084,044
Basic Earnings (Loss) Per Share Attributable to Common Stockholders	$	0.17	$	(0.26)	$	(0.27)	$	(0.69)
Diluted Earnings (Loss) Per Share Attributable to Common Stockholders	$	0.16	$	(0.26)	$	(0.27)	$	(0.69)


	For the Three Months Ended		For the Six Months Ended
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Earnout Shares	6,000,000	—	6,000,000	—
Deferred Founder Shares	1,674,781	—	1,674,781	—
Assumed Warrants	16,000,000	—	16,000,000	—
Assumed Options	—	6,288,104	6,371,877	6,288,104
Total	23,674,781	6,288,104	30,046,658	6,288,104

Earnings (Loss) per share calculations and potentially dilutive security amounts for all periods prior to the Closing have been retrospectively adjusted to the equivalent number of shares outstanding immediately after the SPAC Merger to effect the reverse recapitalization. Historically reported weighted average shares outstanding have been multiplied by the Exchange Ratio.