Recruiter.com Revenue Increases 117% for Q1 2022
Recruiter.com Group, Inc. (NASDAQ:RCRT, RCRTW) reported a 117% revenue increase for Q1 2022, totaling $6.9 million. This growth was driven by a 339% surge in Recruiters-on-Demand services, now representing 61% of total revenue. Gross profit rose 200% to $2.7 million, enhancing gross margins to 39.2%. The company anticipates reaching EBITDA breakeven by Q4 2022, bolstered by a new $3 million factoring agreement for non-dilutive funding. Operating expenses surged to $6.8 million, resulting in a net loss of $4.2 million.
- 117% revenue growth to $6.9 million in Q1 2022.
- 339% increase in Recruiters-on-Demand revenue, now 61% of total revenue.
- Gross profit increased 200% to $2.7 million, with gross margin at 39.2%.
- New $3 million non-dilutive factoring agreement to support growth.
- Operating expenses rose to $6.8 million, a 139% increase from Q1 2021.
- Net loss of $4.2 million in Q1 2022, despite improved revenue.
- Revenue Driven by Recruiters-on-Demand Growth of
339% and Introduction of New Software Product in 2021
NEW YORK, NY / ACCESSWIRE / May 16, 2022 / Recruiter.com Group, Inc. (NASDAQ:RCRT) (NASDAQ:RCRTW) ("Recruiter.com"), a recruiting solutions platform, today announced the Company's financial results for the first quarter ending March 31, 2022.
Evan Sohn, CEO of Recruiter.com, commented, "Recruiter.com began the year on solid footing. In the first quarter, we strengthened our platform and solidified our gains from the strategic acquisitions that we completed last year. We're leveraging the proprietary AI that we acquired to remain ahead of emerging trends as "work from anywhere" morphs into "hire from anywhere," as anticipated. To meet those growing market needs, we are exploring new partnerships and establishing additional career communities, like the new cryptocurrency career community platform that we launched in the first quarter. We recently signed a new factoring agreement to support our growth that will provide us with non-dilutive capital up to
"In the first quarter, total revenue increased
Recent Highlights
- Revenue for the first quarter ended March 31, 2022, increased
117% to$6.9 million , compared to$3.2 million in the first quarter of 2021. Revenue growth was primarily driven by a339% increase in the Recruiters on Demand business and continued growth in Software Subscriptions, which launched in 2021. - Gross profit increased
200% to$2.7 million , or39.2% of total revenue, compared to gross profit of$0.9 million , or28.7% of total revenue, in the first quarter of 2021. The increase reflects the shift in the sales mix to faster growing and higher margin business and product lines. - Signed a
$3 million Accounts Receivable-backed factoring agreement to support growth from Bay View Funding, a subsidiary of Heritage Bank of Commerce, a premier community business bank in the heart of Silicon Valley. This non-dilutive capital accelerates monetization of the expanding receivables and will provide capital in an amount equal to85% of Recruiter.com's gross eligible receivables.
Financial Results for the First Quarter Ended March 31, 2022
Revenue for the first quarter of 2022 totaled
Gross profit for the first quarter of 2022 was
Total operating expenses were
Recruiter.com had a net loss of
Liquidity and Capital Resources
On March 31, 2022, Recruiter.com had
Conference Call Details
Date: Monday, May 16, 2022
Time: 4:30 pm Eastern Time
Register at: https://audience.mysequire.com/webinar-view?webinar_id=09d52ae8-5903-405b-a0f2-854b88448951
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Meeting ID: 97183963905
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About Recruiter.com Group, Inc.
Recruiter.com is an on-demand recruiting platform providing flexible talent acquisition solutions that scale from startups to the Fortune 100. With an on-tap network of thousands of recruiting professionals, advanced artificial intelligence sourcing software, and recruitment marketing automation, Recruiter.com helps businesses solve today's complex hiring challenges.
For investor information, visit https://investors.recruiter.com
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
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 "predict," "forecast," "believe," "may," "estimate," "continue," "anticipates," "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 and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial 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, 2021. 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 update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law.
Company Contact:
Nicole Gallina
Corporate Communications
investors@recruiter.com
- Tables Follow -
Recruiter.com Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three Months ended March 31, 2022 and 2021
(Unaudited)
SOURCE: Recruiter.com Group, Inc.
View source version on accesswire.com:
https://www.accesswire.com/701597/Recruitercom-Revenue-Increases-117-for-Q1-2022
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