Teamshares’ trailing-12-month pro forma revenue reached approximately $560 million at the end of the second quarter of 2026 as the newly public company continues building a diversified portfolio of small and midsized businesses through its programmatic acquisition strategy.
The approximately $560 million figure reflects consolidated trailing-12-month revenue plus pre-acquisition revenue from businesses acquired during the period, effectively presenting those companies as though Teamshares had owned them throughout the entire measurement period.
Reported Q2 revenue increased 20% year-over-year to $148.7 million, representing a $25.1 million increase. Net income reached $9.5 million, improving by $22.4 million from the prior-year period, although the result included non-cash changes in the fair value of financial instruments and contributions from acquisitions.
Adjusted EBITDA increased 166% to $9.6 million from approximately $3.6 million, while pro forma adjusted EBITDA increased 171% to $9.8 million. Trailing-12-month pro forma adjusted EBITDA reached $21.2 million at quarter-end.
Growth came from a combination of acquisitions and expansion across existing businesses. SME Segment revenue increased $25.1 million, or 20%, in Q2, including 3.4% organic growth from operating subsidiaries owned throughout both comparable periods.
For the first half, SME Segment revenue increased $43.6 million, or 19%, with existing operating subsidiaries generating 4.2% organic growth.
SME Segment EBITDA increased $6.4 million, or 47%, during Q2, primarily because of acquisitions. First-half SME Segment EBITDA increased $10.2 million, or 54%, with 4.6% organic growth from existing subsidiaries.
Teamshares also saw increased operating leverage at the corporate level. Corporate expenses excluding business-combination transaction costs declined by $500,000 from the prior-year period even as SME Segment EBITDA increased 47%. Management views that divergence as evidence that its technology-enabled infrastructure can support a larger operating portfolio without proportional growth in corporate overhead.
The company began trading on Nasdaq on June 23 following its business combination with Live Oak Acquisition Corp. V and a concurrent equity financing. The transactions generated approximately $132.4 million of gross proceeds before the net impact of a forward purchase agreement.
Teamshares used part of the capital to reduce leverage and fund future acquisitions. It repaid $33.9 million of debt during Q2 and another $20.6 million after quarter-end, representing $54.5 million of debt repayments.
The acquisition pipeline remains substantial. As of August 14, Teamshares had signed non-binding letters of intent to acquire 10 businesses collectively expected to generate approximately $30 million of annual EBITDA based on initial seller information.
That pipeline compares with the company’s full-year target of acquiring approximately $40 million of annual EBITDA. Teamshares has already closed two acquisitions year-to-date that generated approximately $2.6 million of adjusted EBITDA during the trailing-12-month periods preceding their respective closings.
To support additional acquisitions, Teamshares entered into a non-binding term sheet for a senior secured warehouse facility intended to provide committed capital for closings, including a material amount related to companies already under LOI. The company is also evaluating lender proposals to refinance a significant portion of existing indebtedness.
Teamshares reaffirmed its 2026 outlook for $60 million of pro forma adjusted EBITDA, including $40 million of annual adjusted EBITDA expected from business acquisitions. The guidance assumes successful and timely completion of transactions providing sufficient acquisition financing.
KEY QUOTES:
“We are building on the momentum of our recent Nasdaq listing and equity raise with a strong pipeline of acquisition opportunities and complementary financing to execute our growth strategy. Since inception, we planned to be a public company given acquisition financing is the raw material of programmatically acquiring durable, cash flowing companies at attractive terms. The early expansion in financing opportunities received since listing have been encouraging. We continue to think it’s the first inning in becoming a permanent home for thousands of great companies as owners retire.”
Michael Brown, CEO of Teamshares
“We believe our current acquisition funnel provides a comfortable pathway to our 2026 acquisition outlook. We buy businesses that we want to be permanent owners of and that we believe have long term potential for growth. The continued year-over-year growth we delivered across our key financial metrics provides evidence that our programmatic acquirer model is working. It becomes even more powerful as we scale, providing us with attractive organic reinvestment opportunities across the businesses. As we continue to purchase more businesses, we look forward to combining their historic success with the proven Teamshares operating model.”
Alex Eu, President of Teamshares
