)

Staffing 360 Solutions (STAF) investor relations material
Staffing 360 Solutions Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage