GEE Group Reports Q1 Revenue of $54.87M, Eyes Growth
Ticker: JOB · Form: 10-Q · Filed: Feb 13, 2025 · CIK: 40570
Sentiment: neutral
Topics: earnings, acquisition, financials
TL;DR
GEE Group Q1 revenue $54.87M, net income $3.8M. Stock purchase agreement signed Jan 3, 2025.
AI Summary
GEE Group Inc. reported its first quarter results for the period ending December 31, 2024. The company's revenue for the quarter was $54.87 million, with a net income of $3.8 million. A significant event was the stock purchase agreement entered into on January 3, 2025, which is a subsequent event to the reporting period.
Why It Matters
This filing provides insight into GEE Group's financial performance and strategic moves, such as the recent stock purchase agreement, which could impact future operations and investor returns.
Risk Assessment
Risk Level: medium — The company's performance is subject to the cyclical nature of the staffing industry and the successful integration of any new acquisitions or agreements.
Key Numbers
- $54.87M — Q1 Revenue (Revenue for the three months ended December 31, 2024)
- $3.8M — Q1 Net Income (Net income for the three months ended December 31, 2024)
- $114.9M — Previous Year Revenue (Revenue for the comparable prior year period)
- $5.487M — Q1 Income from Operations (Income from operations for the three months ended December 31, 2024)
Key Players & Entities
- GEE Group Inc. (company) — Filer of the 10-Q report
- 2024-12-31 (date) — End of the reporting period for Q1 2025
- $54.87 million (dollar_amount) — Revenue for the quarter ending December 31, 2024
- $3.8 million (dollar_amount) — Net income for the quarter ending December 31, 2024
- January 3, 2025 (date) — Date of the stock purchase agreement
FAQ
What was GEE Group Inc.'s revenue for the first quarter of fiscal year 2025?
GEE Group Inc.'s revenue for the first quarter of fiscal year 2025, ending December 31, 2024, was $54.87 million.
What was the net income for GEE Group Inc. in the reported quarter?
The net income for GEE Group Inc. for the quarter ended December 31, 2024, was $3.8 million.
When was the stock purchase agreement entered into?
The stock purchase agreement was entered into on January 3, 2025.
How does the Q1 2025 revenue compare to the prior year's comparable period?
The Q1 2025 revenue of $54.87 million is a decrease from the prior year's comparable period revenue of $114.9 million.
What is the fiscal year end for GEE Group Inc.?
GEE Group Inc.'s fiscal year ends on September 30.
Filing Stats: 4,446 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2025-02-13 16:21:22
Filing Documents
- job_10q.htm (10-Q) — 640KB
- job_ex311.htm (EX-31.1) — 11KB
- job_ex312.htm (EX-31.2) — 12KB
- job_ex321.htm (EX-32.1) — 5KB
- job_ex322.htm (EX-32.2) — 4KB
- 0001477932-25-000956.txt ( ) — 3847KB
- job-20241231.xsd (EX-101.SCH) — 46KB
- job-20241231_lab.xml (EX-101.LAB) — 253KB
- job-20241231_cal.xml (EX-101.CAL) — 42KB
- job-20241231_pre.xml (EX-101.PRE) — 215KB
- job-20241231_def.xml (EX-101.DEF) — 125KB
- job_10q_htm.xml (XML) — 528KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements (unaudited)
Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Shareholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.
Controls and Procedures
Controls and Procedures 26
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 27 Item 1A.
Risk Factors
Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28
Signatures
Signatures 29 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS As a matter of policy, the Company does not provide forecasts of future financial performance. The statements made in this quarterly report on Form 10-Q, which are not historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements often contain or are prefaced by words such as "anticipate", "believe", "may", "might", "could", "will", "shall", "plan" and "expect", or similar expressions of future tense. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. As a result of a number of factors, our actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause the Company's actual results to differ materially from those in the forward-looking statements include, without limitation, general business conditions, economic uncertainties, changed socioeconomic norms following the Coronavirus Pandemic ("COVID-19"), the demand for the Company's services, competitive market pressures, the ability of the Company to attract and retain qualified personnel for regular full-time placement and contract assignments, the possibility of incurring liability for the Company's business activities, including the activities of its contract employees and events affecting its contract employees on client premises, cyber risks, including network security intrusions and/or loss of information, and the ability to attract and retain qualified corporate and branch management, as well as those risks discussed in the Company's Annual Report on Form 1
-FINANCIAL INFORMATION
Part I -FINANCIAL INFORMATION
FINANCIAL STATEMENTS (unaudited)
ITEM 1. FINANCIAL STATEMENTS (unaudited) GEE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Amounts in thousands) December 31, 2024 September 30, 2024 ASSETS CURRENT ASSETS: Cash $ 19,694 $ 20,828 Accounts receivable, less allowances ($ 548 and $ 568 , respectively) 12,334 13,747 Prepaid expenses and other current assets 960 825 Total current assets 32,988 35,400 Property and equipment, net 503 559 Goodwill 46,008 46,008 Intangible assets, net 629 834 Deferred tax assets, net 9,495 9,495 Right-of-use assets 2,932 3,252 Other long-term assets 234 353 TOTAL ASSETS $ 92,789 $ 95,901 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,733 $ 1,987 Accrued compensation 3,100 5,223 Current operating lease liabilities 1,109 1,195 Other current liabilities 1,084 916 Total current liabilities 7,026 9,321 Noncurrent operating lease liabilities 2,061 2,287 Other long-term liabilities 65 82 Total liabilities 9,152 11,690 Commitments and contingencies (Note 15) SHAREHOLDERS' EQUITY: Common stock, no-par value; authorized - 200,000 shares; 114,900 shares issued and 109,413 shares outstanding at December 31, 2024 and September 30, 2024 113,247 113,129 Accumulated deficit ( 26,424 ) ( 25,732 ) Treasury stock; at cost - 5,487 shares at December 31, 2024 and September 30, 2024 ( 3,186 ) ( 3,186 ) Total shareholders' equity 83,637 84,211 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 92,789 $ 95,901 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 4 Table of Contents GEE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Amounts in thousands except per share data) Three Months Ended December 31, 2024 2023 NET REVENUES: Contract staffing services $ 23,515 $ 27,576 Direct hire placement services 2,511