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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財年三季報
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報告了2024年第三季度營業收入爲4610萬美金，比2023年第三季度的4950萬美金下降了6.9%，淨虧損爲280萬美金，而去年虧損爲430萬美金。下降主要是由於商業人力資源收入下降19.1%，而專業人力資源收入增加了4.3%。毛利潤率從15.5%下降至13.4%，這主要是由於低毛利的僱主記錄業務所佔比例較高。營業費用下降了18.4%，達到750萬美金，反映了包括在2023年5月和2024年2月實施的減少員工數的成本控制措施。截止到2024年9月28日，公司流動資金缺口爲4880萬美金，總債務爲1980萬美金，而現金及等值資產爲150萬美金，這引發...展開全部
Staffing 360 Solutions報告了2024年第三季度營業收入爲4610萬美金，比2023年第三季度的4950萬美金下降了6.9%，淨虧損爲280萬美金，而去年虧損爲430萬美金。下降主要是由於商業人力資源收入下降19.1%，而專業人力資源收入增加了4.3%。毛利潤率從15.5%下降至13.4%，這主要是由於低毛利的僱主記錄業務所佔比例較高。營業費用下降了18.4%，達到750萬美金，反映了包括在2023年5月和2024年2月實施的減少員工數的成本控制措施。截止到2024年9月28日，公司流動資金缺口爲4880萬美金，總債務爲1980萬美金，而現金及等值資產爲150萬美金，這引發了實質性的持續經營疑慮。在2024年11月1日，Staffing 360與Atlantic International CORP.簽署了一項合併協議，Staffing 360將成爲Atlantic的全資子公司。公司還獲得了與MidCap和Jackson投資集團的信貸設施延期，分別延長至2025年12月和1月，儘管它仍然違反了某些債務契約。

該公告為獨立文件：

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