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Staffing 360 Solutions
Staffing 360 Solutions (STAF) investor relations material
Staffing 360 Solutions has been acquired
Staffing 360 Solutions Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary15 Nov, 2024
Executive summary
Revenue for the nine months ended September 28, 2024, declined 9.6% year-over-year to $131.7 million, with a net loss of $7.4 million, reflecting ongoing challenges in the U.S. staffing market and a greater mix of lower-margin Employer of Record (EOR) business.
The company completed the sale of its UK operations in February 2024, focusing solely on U.S. operations and continuing its acquisition-driven growth model in professional and commercial staffing.
A one-for-ten reverse stock split was effected in June 2024, and a merger agreement with Atlantic International Corp. was signed in November 2024.
Financial highlights
Revenue for Q3 2024 was $46.1 million, down 6.9% compared to Q3 2023; gross profit for Q3 2024 was $6.2 million, down 19.6% year-over-year.
Gross margin for the nine months ended September 28, 2024, declined to 13.1% from 15.2% in the prior year, mainly due to a higher proportion of EOR revenue.
Operating expenses decreased 15.9% year-over-year to $21.5 million for the nine months, driven by workforce reductions.
Adjusted EBITDA for the nine months was $514,000, compared to $399,000 in the prior year; trailing twelve-month Adjusted EBITDA was $1.2 million.
Net cash used in operating activities for the nine months was $3.6 million, with $1.5 million net cash provided by operating activities including proceeds from accounts receivable financing.
Outlook and guidance
The company is focused on regaining and maintaining Nasdaq compliance, executing the merger with Atlantic International Corp., and managing liquidity through debt restructuring, equity raises, and cost controls.
Management continues to pursue organic growth and further U.S.-based acquisitions, with an emphasis on expanding EOR services and leveraging a centralized sales and recruitment hub.
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Frequently asked questions
Staffing 360 Solutions, Inc., a staffing company, engages in the acquisition of staffing companies in the United States and the United Kingdom. The company provides temporary and permanent placement services, professional staff augmentation services, and other special programs; back office solutions; training, human resources (HR) consulting and support programs that address payroll problems and solutions, timekeeping and billing solutions, social security number verification service, I9 employment eligibility verifications, criminal background checks, worker compensation package services; risk mitigation tools; ad hoc HR functions; certified payroll services; supplemental insurance products.
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