ShiftPixy, a Human Capital Management (HCM) and Engagement platform provider, reported a slight increase in quarterly revenue from $3.988 million to $4.134 million for the three months ended May 31, 2024, compared to the same period in 2023. The company's gross profit also rose from $200,000 to $243,000 year-over-year. However, ShiftPixy experienced a significant operating loss of $4.002 million, an improvement from the previous year's loss of $6.445 million. The net loss for the quarter was $4.425 million, down from $7.455 million in the prior year. Over nine months, revenue fell by 15.3% to $11.721 million, with a net loss of $14.677 million, an improvement from the previous year's $18.647 million loss. ShiftPixy's business development included the expansion into light industrial and healthcare staffing industries and the launch of...Show More

ShiftPixy, a Human Capital Management (HCM) and Engagement platform provider, reported a slight increase in quarterly revenue from $3.988 million to $4.134 million for the three months ended May 31, 2024, compared to the same period in 2023. The company's gross profit also rose from $200,000 to $243,000 year-over-year. However, ShiftPixy experienced a significant operating loss of $4.002 million, an improvement from the previous year's loss of $6.445 million. The net loss for the quarter was $4.425 million, down from $7.455 million in the prior year. Over nine months, revenue fell by 15.3% to $11.721 million, with a net loss of $14.677 million, an improvement from the previous year's $18.647 million loss. ShiftPixy's business development included the expansion into light industrial and healthcare staffing industries and the launch of AI-powered technologies for rapid organic growth. The company also announced the acquisition of Human Bees and Nexeo, regional leaders in staffing solutions, for a combined total of $41.5 million. These acquisitions are part of ShiftPixy's strategy to create a national footprint and leverage its technology platform. The company's future plans involve raising additional capital, focusing on staffing services, and pursuing further acquisitions to strengthen its market position. However, ShiftPixy faces significant liquidity challenges, with a working capital deficit of $60.3 million and an accumulated deficit of $241 million. The company is also delinquent on payroll tax payments totaling $35.5 million, which raises substantial doubt about its ability to continue as a going concern.