Live Oak Acquisition Corp. V Q2 Earnings Call Highlights

Teamshares reaffirmed its 2026 outlook , including $40 million in acquired EBITDA and $60 million in pro forma adjusted EBITDA. Second-quarter revenue rose 20% year over year to support the growth strategy, while SME segment EBITDA increased 47% to $20 million. The acquisition pipeline is substantial: 10 signed letters of intent represent approximately $30 million of expected SME segment EBITDA , with closings typically taking 90 to 120 days and likely concentrated in the second half of the year. Financing capacity remains the main constraint on acquisition growth. Teamshares has signed a term sheet for a warehouse facility and is evaluating debt-refinancing options to fund acquisitions and support longer-term expansion following its Nasdaq listing. Live Oak Acquisition Corp. V NASDAQ: TMS , which operates as Teamshares, said it reaffirmed its 2026 outlook and expects acquisitions to be the primary contributor to growth after completing its Nasdaq listing in June. During its first earnings call as a public company, Teamshares reported that second-quarter revenue increased 20% year over year, primarily driven by acquisitions. The company’s last-12-month pro forma revenue reached $560 million, while SME segment EBITDA rose 47% from the prior-year period to $20 million. Co-founder and CEO Michael Brown said Teamshares, founded in 2019, is focused on acquiring small- and mid-sized businesses from retiring owners and holding them permanently. The company had grown to 93 companies and approximately $500 million in consolidated revenue as of the call. Teamshares reaffirmed its 2026 target of $40 million in acquired EBITDA and its $60 million pro forma adjusted EBITDA target. Brown described pro forma adjusted EBITDA as a run-rate measure assuming the company had owned all acquired businesses for the trailing 12-month period. As of Aug. 14, the company had 10 signed, mutually non-binding letters of intent representing approximately $30 million of new SME segment EBITDA. Alex Eu, co-founder and president, said the company’s typical closing process takes 90 to 120 days, and the businesses in the backlog average roughly $3 million of SME segment EBITDA. Teamshares acquired two businesses during the first half of 2026, representing about $2.6 million in SME segment EBITDA. Eu said acquisition activity was relatively light during the first half because the company was focused on completing its public listing and had constrained access to reasonably priced acquisition capital. CFO Brian Gaebe said the company expects about $30 million of the path to its $60 million pro forma adjusted EBITDA target to come from businesses currently under letters of intent. It is targeting at least another $9 million from businesses under evaluation but not yet under LOI, alongside modest organic growth and controlled corporate overhead. Management said acquisition closings in the small-business market tend to be weighted toward the second half of the year, particularly the fourth quarter. Brown said businesses often come to market after corporate taxes are filed in the spring, creating a natural timeline that pushes transaction closings later in the year. Revenue increased 20% year over year in the second quarter. SME segment EBITDA reached $20 million, up 47% from the prior-year period. Last-12-month pro forma revenue reached $560 million. Ten signed LOIs represented about $30 million of estimated annual SME segment EBITDA. The company reaffirmed its $40 million acquired EBITDA target for 2026. Organic Growth and Operating Leverage Eu said Teamshares evaluates its model through four core factors: deploying capital into durable businesses at att...