Recruiter.com Announces First Quarter 2023 Financial Results
Recruiter.com Announces First Quarter 2023 Financial Results
NEW YORK, NY / May 15, 2023 / Recruiter.com Group, Inc. (NASDAQ:RCRT)(NASDAQ:RCRTW) ("Recruiter.com"), an on-demand recruiting platform, today announced financial results for its first quarter ended March 31, 2023.
紐約州紐約/2023年5月15日/ 按需招聘平臺Recruiter.com集團公司（納斯達克股票代碼：RCRT）（納斯達克股票代碼：RCRTW）（“Recruiter.com”）今天公佈了截至2023年3月31日的第一季度財務業績。
Evan Sohn, CEO of Recruiter.com, commented on the quarter. "We are pleased to share that we have made significant progress in reducing net loss and improving cash management in our operating activities. Through strategic partnerships, we are actively reducing our operating burn and expect this to be demonstrated in our Q2 operating results. We have encountered some challenges in the past two quarters, including sequential declines in revenue due to a deteriorated economic environment. However, we remain resilient and committed to overcoming these obstacles."
Recruiter.com首席執行官埃文·索恩對本季度發表了評論。“我們很高興與大家分享，我們在減少運營活動的淨虧損和改善現金管理方面取得了重大進展。通過戰略伙伴關係，我們正在積極減少運營消耗，並預計這一點將在我們的第二季度經營業績中得到體現。在過去的兩個季度中，我們遇到了一些挑戰，包括經濟環境惡化導致收入連續下降。但是，我們仍然堅韌不拔，致力於克服這些障礙。”
Mr. Sohn continued: "Our focus continues to be on improving our profitability. In line with our cost reduction initiatives, we launched new high-margin offerings, including our AI-enabled Candidate Pitch software, digital upskilling through Recruiting Classes, and a self-service platform, Recruiter Marketplace. By emphasizing these growth initiatives and remaining dedicated to our strategic goals, we are confident in our ability to navigate the current landscape and drive long-term success for our stakeholders."
索恩繼續說：“我們的重點仍然是提高盈利能力。根據我們的成本削減計劃，我們推出了新的高利潤產品，包括支持人工智能的候選人推銷軟件、通過招聘課程提高數字技能以及自助服務平臺， 招聘人員市場。通過強調這些增長舉措並繼續致力於實現我們的戰略目標，我們對自己有能力駕馭當前格局併爲利益相關者推動長期成功充滿信心。”
First Quarter 2023 Financial Highlights (Full Results in Tables Below)
2023 年第一季度財務摘要（完整業績見下表）
- Revenue for the first quarter totaled $3.3 million, a 52% decrease compared to revenue of $6.9 million in the first quarter of 2022, due primarily to a decrease in the Recruiters on Demand business.
- Gross profit for the first quarter was $737 thousand, a 73% decrease compared to gross profit of $2.7 million in the first quarter of 2022, due to lower total revenue and a shift away from permanent placement.
- Total operating expenses for the first quarter were $3.5 million, a 48% decrease compared to operating expenses of $6.8 million in the first quarter of 2022, due primarily to reductions in staff and the ongoing efficiencies gained from the integration of asset acquisitions.
- Net loss for the first quarter was $3.3 million, a 21% improvement compared to a net loss of $4.2 million in the first quarter of 2022. The net loss in the first quarter of 2023 included interest expense and finance cost of $512 thousand, non-cash depreciation and amortization expense of $314 thousand, bad debt expense of $200 thousand, and equity-based compensation expense of $543 thousand.
- 第一季度的總收入爲330萬美元，與2022年第一季度的690萬美元相比下降了52％，這主要是由於按需招聘業務的減少。
- 第一季度的毛利爲73.7萬美元，與2022年第一季度的270萬美元毛利相比下降了73％，這是由於總收入減少和遠離永久配售。
- 第一季度的總運營支出爲350萬美元，與2022年第一季度的680萬美元運營支出相比下降了48％，這主要是由於裁員以及資產收購整合帶來的持續效率提高。
- 第一季度的淨虧損爲330萬美元，與2022年第一季度的420萬美元淨虧損相比增長了21％。2023年第一季度的淨虧損包括51.2萬美元的利息支出和財務成本、31.4萬美元的非現金折舊和攤銷費用、20萬美元的壞賬支出和54.3萬美元的股權薪酬支出。
About Recruiter.com Group, Inc.
關於 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 and recruitment marketing automation, Recruiter.com helps businesses solve today's complex hiring challenges.
Recruiter.com是一個按需招聘平臺，提供靈活的人才招聘解決方案，可從初創公司擴展到財富100強企業。Recruiter.com擁有由數千名招聘專業人員組成的即時網絡和招聘營銷自動化，可幫助企業解決當今複雜的招聘挑戰。
For investor information, visit
有關投資者信息，請訪問
Please follow social media channels for additional updates:
請關注社交媒體渠道以獲取更多更新：
- LinkedIn Recruiter Network Group:
- LinkedIn Company Page:
- Twitter Company Page:
- Facebook Company Page:
- LinkedIn 招聘人員網絡小組：
- 領英公司頁面：
- Twitter 公司頁面：
- Facebook 公司頁面：
Cautionary Note Regarding Forward-Looking Statements:
關於前瞻性陳述的警示說明：
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 economic environment, 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, 2022. 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.
本新聞稿包含1995年《私人證券訴訟改革法》所指的前瞻性陳述。“預測”、“預測”、“相信”、“可能”、“估計”、“繼續”、“預期”、“打算”、“應該”、“計劃”、“可能”、“目標”、“潛在”、“很可能”、“將”、“期望” 等詞語用於識別前瞻性陳述。我們的這些前瞻性陳述主要基於我們當前對未來事件和財務趨勢的預期和預測，我們認爲這些事件和財務趨勢可能會影響我們的財務狀況、經營業績、業務戰略和財務需求。可能導致實際業績與前瞻性陳述不同的重要因素包括對專業招聘的持續需求、招聘者指數調查的準確性、經濟環境、隨着許多州病毒水平再次上升，COVID-19 疫情對就業市場和經濟的影響，以及我們向美國證券交易委員會提交的文件（包括我們截至2022年12月31日的10-K表年度報告）中包含的風險因素。我們在此發表的任何前瞻性陳述僅代表其發表之日。可能導致我們的實際結果出現差異的因素或事件可能會不時出現，我們不可能全部預測。除非法律要求，否則我們沒有義務公開更新任何前瞻性陳述，無論是由於新信息、未來發展還是其他原因。
Company Contact:
Corporate Communications
investors@recruiter.com
公司聯繫人：
企業傳播
investors@recruiter.com
-Tables Follow-
-表格關注-
Recruiter.com
Condensed Consolidated Balance Sheets
cruiter.com
簡明合併資產負債表
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash |
$ | 238,235 | $ | 946,804 | ||||
Accounts receivable, net of allowance for doubtful accounts of $1,566,828 and $1,446,613, respectively |
1,987,912 | 3,189,816 | ||||||
Prepaid expenses and other current assets |
348,152 | 255,548 | ||||||
Total current assets |
2,574,299 | 4,392,168 | ||||||
Property and equipment, net of accumulated depreciation of $23,463 and $17,210, respectively |
55,082 | 61,340 | ||||||
Intangible assets, net |
2,270,966 | 2,578,692 | ||||||
Goodwill |
7,101,084 | 7,101,084 | ||||||
Total assets |
$ | 12,001,431 | $ | 14,133,284 | ||||
Liabilities and Stockholders' (Deficit) |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 1,760,855 | $ | 1,569,814 | ||||
Accrued expenses |
869,969 | 911,386 | ||||||
Accrued compensation |
454,011 | 410,957 | ||||||
Accrued interest |
114,040 | 81,576 | ||||||
Deferred payroll taxes |
2,484 | 2,484 | ||||||
Other liabilities |
50,677 | 17,333 | ||||||
Loans payable - current portion |
3,946,815 | 3,700,855 | ||||||
Refundable deposit on preferred stock purchase |
285,000 | 285,000 | ||||||
Warrant liability |
600,000 | 600,000 | ||||||
Deferred revenue |
271,291 | 215,219 | ||||||
Total current liabilities |
8,355,142 | 7,794,624 | ||||||
Loans payable - long term portion |
1,025,614 | 1,260,343 | ||||||
Total liabilities |
9,380,756 | 9,054,967 | ||||||
Commitments and contingencies |
||||||||
Stockholders' Equity (Deficit): |
||||||||
Preferred stock, 10,000,000 shares authorized, $0.0001 par value: undesignated: 7,013,600 shares authorized; no shares issued and outstanding as of December 31, 2021 and 2020, respectively |
- | - | ||||||
Preferred stock, Series D, $0.0001 par value; 2,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively |
- | - | ||||||
Preferred stock, Series E, $0.0001 par value; 775,000 shares authorized; 86,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively |
9 | 9 | ||||||
Preferred stock, Series F, $0.0001 par value; 200,000 shares authorized; 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively |
- | - | ||||||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 14,851,146 and 16,277,764 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively |
1,722 | 1,629 | ||||||
Shares to be issued, 587,945 shares as of March 31, 2023 and December 31, 2022 |
59 | 59 | ||||||
Additional paid-in capital |
75,693,838 | 74,332,161 | ||||||
Accumulated deficit |
(73,074,953 | ) | (69,255,541 | ) | ||||
Total stockholders' equity |
2,620,675 | 5,078,317 | ||||||
Total liabilities and stockholders' equity |
$ | 12,001,431 | $ | 14,133,284 | ||||
| 3月31日 | 十二月三十一日 | |||||||
| 2023 | 2022 | |||||||
資產 |
||||||||
流動資產： |
||||||||
現金 |
$ | 238,235 | $ | 946,804 | ||||
應收賬款，扣除可疑賬款備抵分別爲1,566,828美元和1,446,613美元 |
1,987,912 | 3,189,816 | ||||||
預付費用和其他流動資產 |
348,152 | 255,548 | ||||||
流動資產總額 |
2,574,299 | 4,392,168 | ||||||
不動產和設備，扣除分別爲23,463美元和17,210美元的累計折舊 |
55,082 | 61,340 | ||||||
無形資產，淨額 |
2,270,966 | 2,578,692 | ||||||
善意 |
7,101,084 | 7,101,084 | ||||||
總資產 |
$ | 12,001,431 | $ | 14,133,284 | ||||
負債和股東（赤字） |
||||||||
流動負債： |
||||||||
應付賬款 |
$ | 1,760,855 | $ | 1,569,814 | ||||
應計費用 |
869,969 | 911,386 | ||||||
應計補償 |
454,011 | 410,957 | ||||||
應計利息 |
114,040 | 81,576 | ||||||
遞延工資稅 |
2,484 | 2,484 | ||||||
其他負債 |
50,677 | 17,333 | ||||||
應付貸款-流動部分 |
3,946,815 | 3,700,855 | ||||||
購買優先股時可退還的押金 |
285,000 | 285,000 | ||||||
認股權證責任 |
60萬 | 60萬 | ||||||
遞延收入 |
271,291 | 215,219 | ||||||
流動負債總額 |
8,355,142 | 7,794,624 | ||||||
應付貸款-長期部分 |
1,025,614 | 1,260,343 | ||||||
負債總額 |
9,380756 | 9,054,967 | ||||||
承諾和意外情況 |
||||||||
股東權益（赤字）： |
||||||||
優先股，已授權1,000,000股，面值0.0001美元：未指定：已授權7,013,600股；截至2021年12月31日和2020年12月31日分別未發行和流通股票 |
- | - | ||||||
D系列優先股，面值0.0001美元；已授權2,000,000股；截至2022年6月30日和2021年12月31日，已發行和流通的股票分別爲0股 |
- | - | ||||||
E系列優先股，面值0.0001美元；已授權77.5萬股；截至2023年3月31日和2022年12月31日，已發行和流通的股票分別爲8.6萬股 |
9 | 9 | ||||||
F系列優先股，面值0.0001美元；已授權20萬股；截至2023年3月31日和2022年12月31日，已發行和流通的股票分別爲0股 |
- | - | ||||||
普通股，面值0.0001美元；已授權1億股；截至2023年3月31日和2022年12月31日，已發行和流通的分別爲14,851,146和16,277,764股 |
1,722 | 1,629 | ||||||
截至2023年3月31日和2022年12月31日，將發行的股票爲587,945股 |
59 | 59 | ||||||
額外的實收資本 |
75,693,838 | 74,332,161 | ||||||
累計赤字 |
(73,074,953 | ) | (69,255,541) | ) | ||||
股東權益總額 |
2,620,675 | 5,078,317 | ||||||
負債和股東權益總額 |
$ | 12,001,431 | $ | 14,133,284 | ||||
Recruiter.com
Condensed Consolidated Statements of Operations
Unaudited
cruiter.com
簡明合併運營報表
未經審計
| Three months | Three Months | |||||||
| Ended | Ended | |||||||
| March 31, 2023 | March 31, 2022 | |||||||
Revenue |
$ | 3,292,739 | $ | 6,868,653 | ||||
Cost of revenue |
2,555,425 | 4,178,071 | ||||||
Gross Profit |
737,314 | 2,690,582 | ||||||
Operating expenses: |
||||||||
Sales and marketing |
156,583 | 118,756 | ||||||
Product development (including related party expense of $9,186 and $16,771, respectively) |
242,280 | 593,386 | ||||||
Amortization of intangibles |
307,726 | 1,008,473 | ||||||
Impairment expense |
- | - | ||||||
| General and administrative (including share-based compensation expense of $542,949 and $1,735,017, respectively, and related party expenses of $0 and $19,825, respectively) | 2,834,125 | 5,095,704 | ||||||
Total operating expenses |
3,540,714 | 6,816,319 | ||||||
Loss from Operations |
(2,803,400 | ) | (4,125,737 | ) | ||||
Other income (expenses): |
||||||||
Interest expense |
(514,156 | ) | (67,415 | ) | ||||
Other expense |
1,787 | 10,814 | ||||||
Total other income (expenses) |
(512,369 | ) | (56,601 | ) | ||||
Loss before income taxes |
(3,315,769 | ) | (4,182,338 | ) | ||||
Provision for income taxes |
- | - | ||||||
Net Loss |
$ | (3,315,769 | ) | $ | (4,182,338 | ) | ||
Deemed dividends |
(503,643 | ) | - | |||||
Net loss attributable to common shareholders |
$ | (3,819,412 | ) | $ | (4,182,338 | ) | ||
Net loss per common share - basic |
$ | (0.23 | ) | $ | (0.28 | ) | ||
Net loss per common share - diluted |
(0.23 | ) | (0.28 | ) | ||||
Weighted average common shares - basic and diluted |
16,795,738 | 14,760,254 | ||||||
| 三個月 | 三個月 | |||||||
| 已結束 | 已結束 | |||||||
| 2023年3月31日 | 2022年3月31日 | |||||||
收入 |
$ | 3,292,739 | $ | 6,868,653 | ||||
收入成本 |
2,555,425 | 4,178,071 | ||||||
毛利 |
737,314 | 2,690,582 | ||||||
運營費用： |
||||||||
銷售和營銷 |
156,583 | 118756 | ||||||
產品開發（包括分別爲9,186美元和16,771美元的關聯方費用） |
242,280 | 593,386 | ||||||
無形資產的攤銷 |
307,726 | 1,008,473 | ||||||
減值費用 |
- | - | ||||||
| 一般和行政費用（包括分別爲542,949美元和1,735,017美元的股份薪酬支出，以及分別爲0美元和19,825美元的關聯方支出） | 2,834,125 | 5,095,704 | ||||||
運營費用總額 |
3,540,714 | 6,816,319 | ||||||
運營損失 |
(2,803,400) | ) | (4,125,737) | ) | ||||
其他收入（支出）： |
||||||||
利息支出 |
(514,156 | ) | (67,415) | ) | ||||
其他費用 |
1,787 | 10,814 | ||||||
其他收入（支出）總額 |
(512,369 | ) | (56,601 | ) | ||||
所得稅前虧損 |
(3,315,769 | ) | (4,182,338 | ) | ||||
所得稅準備金 |
- | - | ||||||
淨虧損 |
$ | (3,315,769 | ) | $ | (4,182,338 | ) | ||
視同分紅 |
(503,643) | ) | - | |||||
歸屬於普通股股東的淨虧損 |
$ | (3,819,412) | ) | $ | (4,182,338 | ) | ||
普通股每股淨虧損——基本 |
$ | (0.23 | ) | $ | (0.28 | ) | ||
普通股每股淨虧損——攤薄 |
(0.23 | ) | (0.28 | ) | ||||
加權平均普通股——基本股和攤薄後普通股 |
16,795,738 | 14,760,254 | ||||||
Recruiter.com
Condensed Consolidated Statements Of Cash Flows
cruiter.com
簡明合併現金流量表
| Three months | Three months | |||||||
| March 31 | March 31 | |||||||
| 2023 | 2022 | |||||||
Cash Flows From Operating Activities |
||||||||
Net loss |
$ | (3,315,769 | ) | $ | (4,182,338 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation and amortization expense |
313,984 | 1,008,763 | ||||||
Bad debt expense |
200,000 | 18,500 | ||||||
Equity based compensation expense |
542,949 | 1,735,017 | ||||||
Warrant modification expense |
- | 152,244 | ||||||
Amortization of debt discount and debt costs |
363,871 | - | ||||||
Factoring discount fee and interest |
18,750 | - | ||||||
Change in fair value of earn-out liability |
- | 26,604 | ||||||
Changes in assets and liabilities: |
||||||||
Increase in accounts receivable |
126,195 | 824,441 | ||||||
Decrease in accounts receivable - related parties |
- | 49,033 | ||||||
Increase in prepaid expenses and other current assets |
(92,604 | ) | 26,358 | |||||
Increase in accounts payable and accrued liabilities |
225,143 | (724,810 | ) | |||||
Decrease in accounts payable and accrued liabilities - related parties |
- | (124,337 | ) | |||||
Customer advances |
33,344 | - | ||||||
(Decrease) increase in deferred revenue |
56,071 | (5,538 | ) | |||||
Net cash used in operating activities |
(1,528,066 | ) | (1,196,063 | ) | ||||
Cash Flows From Investing Activities: |
||||||||
Capitalized software development costs |
- | - | ||||||
Proceeds from sale of internal-use software |
- | - | ||||||
Purchase of property and equipment |
- | - | ||||||
Net cash used in investing activities |
- | - | ||||||
Cash Flows From Financing Activities: |
||||||||
Payments of loans |
(91,571 | ) | (479,505 | ) | ||||
Proceeds from factoring agreement |
771,017 | - | ||||||
Repayments of factoring agreement |
(175,127 | ) | - | |||||
Proceeds from exercise of warrants |
315,178 | - | ||||||
Net cash provided by financing activities |
819,497 | (479,505 | ) | |||||
Net increase (decrease) in cash |
(708,569 | ) | (1,675,568 | ) | ||||
Cash, beginning of period |
946,804 | 2,584,062 | ||||||
Cash, end of period |
$ | 238,235 | $ | 908,494 | ||||
Supplemental disclosures of cash flow information: |
||||||||
Cash paid during the period for interest |
$ | 98,867 | $ | 60,018 | ||||
Cash paid during the period for income taxes |
$ | - | $ | - | ||||
Supplemental schedule of non-cash investing and financing activities: |
||||||||
Accounts receivable owed under factoring agreement collected directly by factor |
$ | 875,709 | $ | - | ||||
Purchase price measurement period adjustment to goodwill and accounts receivable |
$ | - | $ | 35,644 | ||||
Deemed dividends |
$ | 503,643 | $ | - | ||||
Offering costs as a result of modification of warrants to induce exercise |
$ | 10,400 | $ | - | ||||
| 三個月 | 三個月 | |||||||
| 3 月 31 日 | 3 月 31 日 | |||||||
| 2023 | 2022 | |||||||
經營活動產生的現金流 |
||||||||
淨虧損 |
$ | (3,315,769 | ) | $ | (4,182,338 | ) | ||
爲使淨虧損與經營活動中使用的淨現金相一致而進行的調整： |
||||||||
折舊和攤銷費用 |
313,984 | 1,008,763 | ||||||
壞賬支出 |
200 | 18,500 | ||||||
基於權益的薪酬支出 |
542,949 | 1,735,017 | ||||||
認股證修改費用 |
- | 152,244 | ||||||
債務折扣和債務成本的攤銷 |
363,871 | - | ||||||
保理折扣費和利息 |
18,750 | - | ||||||
盈餘負債公允價值的變化 |
- | 26,604 | ||||||
資產和負債的變化： |
||||||||
應收賬款增加 |
126,195 | 824441 | ||||||
應收賬款減少——關聯方 |
- | 49,033 | ||||||
預付費用和其他流動資產的增加 |
(92,604 | ) | 26358 | |||||
應付賬款和應計負債增加 |
225,143 | (724,810) | ) | |||||
應付賬款和應計負債的減少——關聯方 |
- | (124,337) | ) | |||||
客戶進步 |
33,344 | - | ||||||
遞延收入（減少）增加 |
56,071 | (5,538 | ) | |||||
用於經營活動的淨現金 |
(1,528,066 | ) | (1,196,063) | ) | ||||
投資活動產生的現金流： |
||||||||
資本化軟件開發成本 |
- | - | ||||||
出售內部使用軟件的收益 |
- | - | ||||||
購買財產和設備 |
- | - | ||||||
用於投資活動的淨現金 |
- | - | ||||||
來自融資活動的現金流： |
||||||||
貸款的支付 |
(91,571) | ) | (479,505 | ) | ||||
保理協議的收益 |
771,017 | - | ||||||
保理協議的還款 |
(175,127) | ) | - | |||||
行使認股權證的收益 |
315,178 | - | ||||||
融資活動提供的淨現金 |
819,497 | (479,505 | ) | |||||
現金淨增加（減少） |
(708,569) | ) | (1,675,568) | ) | ||||
現金，期初 |
946,804 | 2,584,062 | ||||||
現金，期末 |
$ | 238,235 | $ | 908,494 | ||||
現金流信息的補充披露： |
||||||||
在此期間支付的利息現金 |
$ | 98,867 | $ | 60,018 | ||||
在所得稅期間支付的現金 |
$ | - | $ | - | ||||
非現金投資和融資活動的補充時間表： |
||||||||
保理商直接收取的保理協議下的應收賬款 |
$ | 875,709 | $ | - | ||||
收購價格衡量期對商譽和應收賬款的調整 |
$ | - | $ | 35,644 | ||||
視同分紅 |
$ | 503,643 | $ | - | ||||
因修改認股權證以誘發行使權證而產生的發行成本 |
$ | 10,400 | $ | - | ||||
SOURCE: Recruiter.com Group, Inc.
來源： Recruiter.com 集團有限公司