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View All NewsRevenue, net loss jump in gig economy firm ShiftPixy’s most recent fiscal year
Revenue jumped at ShiftPixy Inc. (NASD: PIXY), a provider of PEO and online staffing services, by 139.3% in its fiscal year ended Aug. 31 compared to the previous year, but net loss rose to $7.5 million from $1.9 million. The Irvine, Calif.-based company released results Thursday in a filing that had been delayed from its initial release date.
ShiftPixy reported operating expenses rose to $11.2 million from $3.4 million in the previous year as it added 22 new corporate employees, increased expenditures in software development for its mobile app and made other investments.
| FY 2017 | FY 2016 | % change | |
| Net revenue | $20,244,419 | $8,460,653 | 139.3% |
| Gross profit | $3,692,222 | $1,516,429 | 143.5% |
| Gross margin | 18.2% | 17.9% | |
| Net loss | ($7,491,990) | ($1,854,556) | nm |
The company aims to provide a mobile online platform that enables workers to find jobs similar to other gig economy companies, but its workers will be treated as employees rather than independent contractors. The company currently targets the restaurant and hospitality industries, and its initial focus is on Southern California. Its Shift Human Capital management Inc. subsidiary functions as a PEO.
ShiftPixy had raised $12 million in an IPO in June. Later, CFO Stephen DeSantis stepped down effective Oct. 20.
The company reported it had approximately 141 clients and 5,074 employees as of Aug. 31.