Tue, Jul 2, 8:03 PM (67 days ago)
ShiftPixy, Inc. reported a net loss of $4.4 million for Q3 2024, an improvement from a $7.5 million loss in Q3 2023. Revenues increased slightly by 3.7% year-over-year to $4.1 million, while gross profit improved to 5.9% from 5.0%. Operating expenses decreased significantly by 36.1% due to workforce reductions and lower general and administrative costs. Cash flow from operations was negative $6.0 million for the nine months ended May 31, 2024. The company faces liquidity challenges with a working capital deficit of $60.3 million and substantial unpaid payroll taxes. ShiftPixy is pursuing acquisitions and additional financing to improve its financial position. The company's stock is at risk of Nasdaq delisting due to non-compliance with listing standards.