Live Oak Acquisition Corp. V Q2 Earnings Call Highlights

MarketBeat

Fri, August 14, 2026 at 6:04 PM GMT+3 7 min read

TMSWW +18.40%

Key Points

Interested in Live Oak Acquisition Corp. V? Here are five stocks we like better.
Teamshares reaffirmed its 2026 outlook, including $40 million in acquired EBITDA and $60 million in pro forma adjusted EBITDA. Second-quarter revenue rose 20% year over year to support the growth strategy, while SME segment EBITDA increased 47% to $20 million.
The acquisition pipeline is substantial: 10 signed letters of intent represent approximately $30 million of expected SME segment EBITDA, with closings typically taking 90 to 120 days and likely concentrated in the second half of the year.
Financing capacity remains the main constraint on acquisition growth. Teamshares has signed a term sheet for a warehouse facility and is evaluating debt-refinancing options to fund acquisitions and support longer-term expansion following its Nasdaq listing.

Live Oak Acquisition Corp. V (NASDAQ:TMS), which operates as Teamshares, said it reaffirmed its 2026 outlook and expects acquisitions to be the primary contributor to growth after completing its Nasdaq listing in June.

During its first earnings call as a public company, Teamshares reported that second-quarter revenue increased 20% year over year, primarily driven by acquisitions. The company's last-12-month pro forma revenue reached $560 million, while SME segment EBITDA rose 47% from the prior-year period to $20 million.

→ Lumentum Just Delivered the AI Growth Investors Wanted

Co-founder and CEO Michael Brown said Teamshares, founded in 2019, is focused on acquiring small- and mid-sized businesses from retiring owners and holding them permanently. The company had grown to 93 companies and approximately $500 million in consolidated revenue as of the call.

Acquisition Pipeline Supports Guidance

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.

→ Joby's Defense Pivot Accelerates With $500M Resonant Sciences Deal

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.

→ AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be

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 attractive terms, preserving and growing acquired earnings, scaling corporate infrastructure more slowly than segment earnings, and improving financing access and cost of capital as the company grows.

Organic revenue grew 3.4% in the second quarter and 4.2% year to date. Organic SME segment EBITDA grew 0.4% in the quarter and 4.6% year to date. Eu said management views year-to-date performance as more informative than quarterly results because of seasonality across its businesses.

The company continues to use an annual organic growth framework of roughly 3% after the initial year of acquisition, according to management. Eu said Teamshares does not require synergies or aggressive growth for acquisitions to be attractive, as its underwriting generally assumes flat performance in the first year and modest growth afterward.

Corporate costs declined by approximately $500,000 in the second quarter while SME segment EBITDA increased by $6.4 million, or 47%, according to Eu. He said the results demonstrate operating leverage from the company's transaction, reporting, operating oversight and data infrastructure.

Teamshares expects corporate overhead to increase by about $2 million in the second half of 2026, or roughly 10% compared with the second half of 2025, primarily due to public-company compliance costs, Gaebe said.

Financing Efforts Following Nasdaq Listing

Management emphasized that financing capacity remains the principal constraint on the company's acquisition pace. Brown said Teamshares has sufficient sourcing activity and processing capacity, but that financing and cash flow are the main drivers and limiters of growth.

Gaebe said Teamshares signed a term sheet in early August for a warehouse facility intended to provide committed capital for acquisition closings, including a material amount for companies already under LOI. The company is also evaluating alternatives to refinance existing debt and add capacity for longer-term growth.

According to Gaebe, Teamshares has received multiple non-binding term sheets from potential lenders. Management did not disclose pricing or detailed terms for the financing proposals, citing their non-binding status.

Brown said the company has seen increased interest from larger businesses within its target range, particularly those generating $2 million to $5 million in EBITDA. Teamshares historically focused on businesses with EBITDA between $500,000 and $5 million.

On purchase valuations, Brown said current acquisition multiples remain generally consistent with last year. He noted that businesses in the $2 million to $5 million EBITDA range may trade closer to five to six times EBITDA, compared with a four-to-five-times range in other cases. The company reported an average acquisition multiple of 5.3 times in 2025.

Seasonality and Portfolio Changes

Eu said the company's first quarter has historically been its weakest because of consumer spending patterns and winter weather affecting outdoor activities. First-quarter segment EBITDA has historically represented about 10% to 15% of annual EBITDA, while the second and third quarters have been the strongest. The fourth quarter has historically been below the second and third quarters but substantially above the first quarter.

During the second quarter, Teamshares shut down one subsidiary that Eu described as subscale and not meaningful to results, with a purchase price below $1 million. He said the company has moved through a backlog of businesses that no longer met its evolving acquisition criteria and expects such exits to be more limited going forward.

Brown said Teamshares' priorities through year-end include completing capital transactions and debt refinancing, closing its targeted $40 million of acquired EBITDA while maintaining underwriting standards, advancing organic EBITDA growth, and continuing to build systems designed to create operating leverage.

About Live Oak Acquisition Corp. V (NASDAQ:TMS)

Live Oak Acquisition Corp. V is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As a special purpose acquisition company, it does not operate a traditional commercial business of its own and instead focuses on identifying and completing an acquisition transaction.

The company was organized to pursue opportunities across a broad range of industries and geographic markets, subject to the terms of its governing documents and applicable regulations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

The article "Live Oak Acquisition Corp. V Q2 Earnings Call Highlights" was originally published by MarketBeat.

View MarketBeat's top stocks for August 2026.