Recruiter.com Maps Out 2021 Plan to Achieve $40M and Profitability

Rhea-AI Summary

Recruiter.com (OTCQB:RCRT) released its January 2021 Shareholder Letter, detailing significant accomplishments in 2020 and ambitious plans to reach a $40M revenue run-rate. Highlights include a 50.9% year-over-year revenue growth through Q3'20 and a gross profit increase of 43%. The company launched new initiatives like Recruiter.com On Demand and a video-hiring platform, emphasizing its commitment to innovation and job placement. CEO Evan Sohn stated their goal of achieving cash flow profitability and potentially up-listing to a national exchange in 2021.

Positive

• Year-over-year revenue growth of 50.9% through Q3'20.
• Gross profit increased by 43% to over $1.6M.
• Launched new initiatives, including a gig platform and video-hiring SaaS.
• Serviced 20 Fortune 500 companies, expanding clientele.

Negative

• None.

HOUSTON, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Recruiter.com (OTCQB:RCRT) released its January 2021 Shareholder Letter highlighting its 2020 accomplishments and outlining its plans to achieve $40M in run-rate revenue along with profitability.

“Our corporate mission aligns with our nation's mission at this historic moment. As the country seeks to rebuild in the aftermath of the pandemic, we will drive the effort to re-hire millions of people and provide new economic opportunities for the next generation,” said Evan Sohn, CEO of Recruiter.com. “As a destination website for all things recruiting (last month, we generated $4M in organic [free] traffic according to SpyFu.com), we believe Recruiter.com is uniquely positioned to generate significant revenue by helping employers, candidates, and recruiters make meaningful employment connections. In 2020, we helped top companies find call center operators, nurses, mortgage professionals, IT engineers, and even a rocket scientist. We also helped our network of small and independent recruiters earn thousands of dollars in fees during a year when the recruiting industry was hit hard.”

A few of Recruiter.com’s 2020 accomplishments:

• Year-over-year revenue growth (through Q3'20) of 50.9%
• Grew gross profit by 43% (through Q3'20) to over $1.6M
• Grew website recruiter platform users to >27,500 recruiters
• Grew social media recruiter community to >835,000 members
• Signed new clients and serviced 20 Fortune 500 companies
• Launched Video SaaS offering with 40+ trials underway
• Added artificial intelligence to search over 500M candidates
  

In Q4, Recruiter.com announced three new initiatives:

• Recruiter.com On Demand is a gig platform where recruiters deliver all forms of recruiting services, from sourcing to full talent acquisition. Recruiter.com On Demand enables employers to engage recruiters of their choice on a per-project or time-based basis, with Recruiter.com managing the entire process and paying the recruiter a percentage of revenue. All Recruiter.com On Demand gig recruiters have access to the Recruiter.com AI and Video platforms to improve their success rates. The On-Demand recruiting industry is a $5B sector.
  
  
• Recruiter.com Video is a video-hiring SaaS platform allowing employers and recruiters to screen candidates using a simple video. Enterprises pay a monthly subscription ranging from $1.25 to $2.00 per candidate video. With millions of people to be hired in the next 24 months, over 40 million people hired annually (2019 voluntary turnover was 27 percent), and an average of 30 candidates per open job, the no-setup platform (currently being resold by SAP in the SAP AppCenter) and growing database of video resumes provides a key advantage for Recruiter.com. Given the shift to remote work and recruiting teams' desire for efficient hiring technologies, Recruiter.com believes that recruiting with video will become part of the standard interview process.
  
  
• No Resume Required (noresume.co) is an initiative launched earlier this year to assist the millions of unemployed people in finding meaningful employment by capturing video resumes to the Recruiter.com platform. In turn, employers can access this growing list of curated videos to find talent. Serving one of the most underrepresented segments of the workforce (those without resumes), Recruiter.com believes No Resume Required is a real disruption to antiquated hiring methodologies.
  

Sohn concluded, “We intend to achieve significant organic and inorganic growth in 2021 by building on our success in 2020, leveraging our stock to acquire complementary businesses, and capitalizing on our recruiting-industry position and strong technical capabilities. We set off in 2020 to build out our platform, have scalable revenue, and end the year with a $10M revenue run rate and a path for liquidity. With our S-1 filed and our 2020 objectives attained, our 2021 objectives are clear: continue to scale our platform revenue to a $40M revenue run rate, achieve cash flow profitability, up-list on a national exchange, and continue to unlock the longer-term value of Recruiter.com as a billion-dollar brand.”

For the complete shareholder letter, visit - https://blog.recruiter.com/letter-12721.

Recruiter.com Group, Inc.
Recruiter.com is a hiring platform for the world's largest network of small and independent recruiters. Recruiter.com empowers businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology. Visit https://www.recruiter.com.

For investor information, visit https://www.recruiter.com/investors.html.

Please follow social media channels for additional updates:

• LinkedIn Recruiter Network Group: https://www.linkedin.com/groups/42370/
• LinkedIn Company Page: https://www.linkedin.com/company/1240434
• Twitter Company Page: https://twitter.com/recruiterdotcom
• Facebook Company Page: https://www.facebook.com/RecruiterDotCom

Company Contact:
Recruiter.com Group, Inc.
Phone: (855) 931-1500

Investor Relations:
Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
dave@redchip.com

Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations, plans and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and commercial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index® survey, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

FAQ

What revenue growth did Recruiter.com achieve in 2020?

Recruiter.com reported a 50.9% year-over-year revenue growth through Q3 2020.

What are the future revenue targets for Recruiter.com?

Recruiter.com aims to achieve a $40M revenue run-rate in 2021.

What new initiatives did Recruiter.com launch in Q4 2020?

In Q4 2020, Recruiter.com launched Recruiter.com On Demand, a video-hiring platform, and the No Resume Required initiative.

How did Recruiter.com adapt during the pandemic?

Recruiter.com positioned itself to drive rehiring efforts and provide economic opportunities during the pandemic recovery.