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Staffing 360 Solutions | 10-Q: Q3 2024 Earnings Report

Staffing 360 Solutions | 10-Q: Q3 2024 Earnings Report

Staffing 360 Solutions | 10-Q：2024财年三季报
美股SEC公告 ·  2024/11/16 05:35

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Staffing 360 Solutions reported Q3 2024 revenue of $46.1 million, down 6.9% from $49.5 million in Q3 2023, with a net loss of $2.8 million compared to $4.3 million loss last year. The decline was primarily driven by a 19.1% drop in Commercial Staffing revenue, while Professional Staffing revenue increased by 4.3%. Gross profit margin decreased to 13.4% from 15.5% YoY due to a higher proportion of lower-margin Employer of Record business.Operating expenses decreased 18.4% to $7.5 million, reflecting cost reduction initiatives including workforce reductions implemented in May 2023 and February 2024. The company's working capital deficiency stood at $48.8 million as of September 28, 2024, with total debt of $19.8 million against cash and equivalents of $1.5 million, raising substantial going concern doubts.On November 1, 2024, Staffing 360 entered into a merger agreement with Atlantic International Corp., where Staffing 360 will become a wholly-owned subsidiary of Atlantic. The company also secured extensions on its credit facilities with MidCap and Jackson Investment Group until December and January 2025 respectively, though it remains in breach of certain debt covenants.
Staffing 360 Solutions reported Q3 2024 revenue of $46.1 million, down 6.9% from $49.5 million in Q3 2023, with a net loss of $2.8 million compared to $4.3 million loss last year. The decline was primarily driven by a 19.1% drop in Commercial Staffing revenue, while Professional Staffing revenue increased by 4.3%. Gross profit margin decreased to 13.4% from 15.5% YoY due to a higher proportion of lower-margin Employer of Record business.Operating expenses decreased 18.4% to $7.5 million, reflecting cost reduction initiatives including workforce reductions implemented in May 2023 and February 2024. The company's working capital deficiency stood at $48.8 million as of September 28, 2024, with total debt of $19.8 million against cash and equivalents of $1.5 million, raising substantial going concern doubts.On November 1, 2024, Staffing 360 entered into a merger agreement with Atlantic International Corp., where Staffing 360 will become a wholly-owned subsidiary of Atlantic. The company also secured extensions on its credit facilities with MidCap and Jackson Investment Group until December and January 2025 respectively, though it remains in breach of certain debt covenants.
Staffing 360 Solutions报告了2024年第三季度营业收入为4610万美金，比2023年第三季度的4950万美金下降了6.9%，净亏损为280万美金，而去年亏损为430万美金。下降主要是由于商业人力资源收入下降19.1%，而专业人力资源收入增加了4.3%。毛利润率从15.5%下降至13.4%，这主要是由于低毛利的雇主记录业务所占比例较高。营业费用下降了18.4%，达到750万美金，反映了包括在2023年5月和2024年2月实施的减少员工数的成本控制措施。截止到2024年9月28日，公司流动资金缺口为4880万美金，总债务为1980万美金，而现金及等值资产为150万美金，这引发...展开全部
Staffing 360 Solutions报告了2024年第三季度营业收入为4610万美金，比2023年第三季度的4950万美金下降了6.9%，净亏损为280万美金，而去年亏损为430万美金。下降主要是由于商业人力资源收入下降19.1%，而专业人力资源收入增加了4.3%。毛利润率从15.5%下降至13.4%，这主要是由于低毛利的雇主记录业务所占比例较高。营业费用下降了18.4%，达到750万美金，反映了包括在2023年5月和2024年2月实施的减少员工数的成本控制措施。截止到2024年9月28日，公司流动资金缺口为4880万美金，总债务为1980万美金，而现金及等值资产为150万美金，这引发了实质性的持续经营疑虑。在2024年11月1日，Staffing 360与Atlantic International Corp.签署了一项合并协议，Staffing 360将成为Atlantic的全资子公司。公司还获得了与MidCap和Jackson投资集团的信贷设施延期，分别延长至2025年12月和1月，尽管它仍然违反了某些债务契约。

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