10-Q - Recruiter.com Group, Inc. (0001462223) (Filer)

Wed, May 15, 9:25 PM (252 days ago)

Recruiter.com Group, Inc. reported a significant decline in revenue for Q1 2024, with $222.6K compared to $2.3M in Q1 2023, primarily due to a strategic transition and reduction in business lines. Cost of revenue also decreased substantially, leading to a gross profit of $219.5K with a margin of 98%, up from 29% year-over-year. Operating expenses fell by 64% to $1.3M, driven by reductions in general and administrative costs. The company reported a net loss of $778.4K, an improvement from a $3.4M loss in Q1 2023. Cash flow from operations was negative at $669.8K. The company is focusing on strategic transactions, including a spin-out to Atlantic Energy Solutions and a sale to Job Mobz, with ongoing concerns about liquidity and the ability to continue as a going concern.