Shiftpixy Revenue Up 51% In Fiscal Q1, But Net Loss Edges Higher

By Author: Spotlight Data
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ShiftPixy Inc. (NASDAQ: PIXY) — which earlier this month announced the sales of its PEO business — reported revenue rose 50.8% in its fiscal first quarter ended Nov. 30, according to a filing on Tuesday with the US Securities and Exchange Commission.

The Irvine, California-based firm reported gross margin narrowed and net loss edged higher.

(US$ thousands) Q1 2020 Q1 2019 % change
Net revenue $15,866 $10,520 50.8%
Gross profit $3,314 $3,386 -2.1%
Gross margin 20.9% 32.2%
Net loss ($2,556) ($2,246) nm
ShiftPixy’s PEO operations represented 60% of its business, and the sale was announced Jan. 9 after the close of the first quarter. The company said it plans to focus on its staffing/technology model serving the quick-service restaurant and staffing industries. The company had also, in December, conducted a one-for-40 reverse stock split.

In Tuesday’s SEC filing, ShiftPixy reported that first-quarter revenue rose because of an increased number of worksite employees. Average billed employees increased 44% over fiscal 2019 and the average revenue per worksite employee rose ...
... approximately 6%.

Share price and market cap
Shares in ShiftPixy were down 2.14% to $15.17 as of 11:44 a.m. Eastern time; the company had a market cap of $14.18 million, according to FT.com.

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Source: https://www.spotlightdata.co/2020/02/shiftpixy-revenue-up-51-in-fiscal-q1-but-net-loss-edges-higher-52535/

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