ShiftPixy Inc. (NASDAQ: PIXY) reported revenue fell 56.1% in its fiscal second quarter ended Feb. 28, according to a filing with the US Securities and Exchange Commission. The Miami-based company operates both as an employment administrative services provider and staffing provider that focuses on the restaurant and hospitality industry as well as the healthcare industry. It also provides a human resources information system.

The company in a regulatory filing noted the year-over-year decrease in revenue was due, in part, to management’s attention to the company’s special purpose acquisitions company transactions work in the prior year. In addition, the company reported its legacy “quick service restaurant” sales work was also affected by Covid market contraction. “These unique market conditions led to the decline of future net revenues as the average number of [worksite employees] decreased by approximately 700 employees for the three months ending February 28, 2023, as compared to February 28, 2022,” according to the regulatory filing.

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Share price and market cap

Shares in ShiftPixy were down 1.95% to $4.03 as of 12:10 p.m. Eastern time; they were 7.46% above their 52-week low, according to FT.com. The company had a market cap of $39.8 million.