A provider of testing, inspection, engineering, and geospatial services, TIC Solutions checks the integrity of industrial equipment and infrastructure across North America using nondestructive testing, rope-access technicians, and drone-based LiDAR mapping. Founded in 1974, it grew as Acuren and became TIC Solutions in 2025 after combining with engineering firm NV5. The Acuren name blends "accuracy" and "engineering," while its earlier "Longview" brand traced to a Texas town named for an engineer's "What a long view!"
Legacy gross profit fell 8% in H1 as a mix shift toward lower-margin work offset NV5's contribution, pushing the company to a $54.9M net loss.
The legacy business is shrinking faster than the NV5 acquisition can cover. rose 86% to $584.3 million and widened 11.3 points to 34.9%, but the legacy Inspection & Mitigation 's fell 8% in the first half as high-margin outage and capital project work dried up. The company remains unprofitable, with a $13.3 million net loss for the quarter and $1.6 billion in floating-rate debt costing $57.4 million in interest so far this year.
Key takeaways
rose 86.1% to $584.3 million, driven almost entirely by the NV5 acquisition, which contributed $540.9 million in incremental revenue across the first half of the year.
widened 11.3 points to 34.9%, as the acquired NV5 consulting engineering and geospatial businesses delivered a 48% gross margin, lifting the overall mix.
The legacy Inspection & Mitigation saw first-half decline 3% to $531.5 million and fall 8%, as a mix shift toward lower-margin callout and run-and-maintain activity replaced higher-margin outage and capital project work.
Section summaries
Management's Discussion and Analysis
Revenue nearly doubled to $1.07B in H1 2026 driven by the NV5 Acquisition, but higher interest and amortization pushed net loss to $54.9M.
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Total rose 96% to $1.07B for H1 2026, almost entirely from $540.9M in incremental revenue from the NV5 Acquisition.
improved from 21% to 34% in H1 2026, as the acquired NV5 businesses contributed a 48% gross margin, lifting the overall mix.
SG&A expenses rose 252% to $383.7 million in the first half, including $190.0 million from NV5 and $46.0 million in higher , pushing the company to a $54.9 million net loss for the period.
rose 82% to $57.4 million in the first half, reflecting the $875 million in term loans added to fund the NV5 acquisition, with $1.6 billion in total variable-rate debt outstanding at quarter-end.
fell to an outflow of $9.8 million for the quarter, as a $36.7 million increase in and a $32.5 million rise in consumed cash that a year ago produced a $26.3 million inflow.
What changed
The legacy Inspection & Mitigation 's decline, flagged as a watch item after Q1's 6.7% drop, deepened to an 8% decline for the first half, confirming the mix shift away from higher-margin capital projects is persisting rather than reversing.
The NV5 's 48% , questioned in prior filings for sustainability given lump-sum contract exposure, held through the first half of 2026, though the filing does not disclose whether cost-overrun pressure has materialized on those contracts.
, which was flagged after Q1's $37.7 million build, deteriorated further to an outflow of $9.8 million in Q2, bringing the first-half total to just $0.2 million compared with $26.3 million a year ago.
The material weaknesses in internal controls, outstanding since FY2024 and flagged in every subsequent filing, remain unaddressed in this filing, with no disclosure of remediation progress.
The $200 million program authorized in March 2026, noted as a potential diversion of cash from debt service, had not yet been used as of June 30, 2026.
What to watch
Whether the legacy Inspection & Mitigation 's decline stabilizes in the second half as seasonal outage and turnaround activity typically weighted toward spring and fall resumes, or whether the mix shift toward lower-margin callout work is structural.
The trajectory of now that and have built by a combined $69.2 million in the first half, and whether those balances convert to cash in the second half or signal collection risk.
Whether the $200 million authorization is activated in the second half, and if so, whether it diverts cash from servicing the $1.6 billion in floating-rate debt that is already costing $57.4 million in interest per half.
Any disclosure on remediation of the material weaknesses in internal controls, which have now persisted across multiple filings without an update and exclude the NV5 operations from the auditor's assessment scope.
The legacy Inspection & Mitigation saw H1 decline 3% to $531.5M and fall 8% due to lower high-margin outage and capital project activity.
surged 252% to $383.7M in H1 2026, driven by $190.0M in incremental NV5 costs, $46.0M in higher , and increased .
rose 82% to $57.4M in H1 2026 due to higher debt from the NV5 Acquisition, contributing to a net loss of $54.9M.
fell to $0.2M in H1 2026 from $26.3M a year ago, pressured by a $36.7M increase in and a $32.5M rise in .
Quantitative and Qualitative Disclosures About Market Risk
We manage our exposure to interest rate risk through the proportion of fixed-rate and variable-rate debt in our debt portfolio. To reduce our exposure to changes in interest rates on our variable-rate borrowings, we may enter into interest rate swap agreements that synthetically…
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We manage our exposure to interest rate risk through the proportion of fixed-rate and variable-rate debt in our debt portfolio. To reduce our exposure to changes in interest rates on our variable-rate borrowings, we may enter into interest rate swap agreements that synthetically convert a portion of our variable-rate debt to fixed-rate debt. As of June 30, 2026, we had one interest rate swap agreement with a notional amount of $800.0 million. Under the agreement, which matures on July 30, 2031, we pay a fixed rate of 3.91% and receive one-month Term SOFR, subject to a zero-percent floor.
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As of June 30, 2026, we had $1.6 billion of outstanding variable-rate term-loan borrowings under our Credit Agreement. After giving effect to the interest rate swap agreement, $800.0 million of these borrowings was effectively subject to a fixed benchmark interest rate and $831.8 million remained subject to variable interest rates. Based on our outstanding borrowings as of June 30, 2026, a hypothetical, instantaneous and unfavorable increase of 100 basis points in applicable interest rates would have resulted in an approximate $8.3 million annualized negative impact on our earnings before income taxes as well as cash flows.
Our operations and financial results are subject to various risks and uncertainties. There have been no material changes in our risk factors from those previously disclosed in Part 1, Item 1A, “Risk Factors” in our 2025 Annual Report on Form 10-K.
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Our operations and financial results are subject to various risks and uncertainties. There have been no material changes in our risk factors from those previously disclosed in Part 1, Item 1A, “Risk Factors” in our 2025 Annual Report on Form 10-K.