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View All NewsShiftPixy revenue, gross profit jump in fiscal Q1; net loss narrows
Human cloud, hospitality staffing provider ShiftPixy Inc. (NASD: PIXY) reported revenue and gross profit jumped in its fiscal first quarter ended Nov. 30. But the Irvine, Calif.-based firm still posted a net loss, though the loss narrowed compared to the year-ago quarter.
| Q1 2019 | Q1 2018 | % change | |
| Net revenue | $10,519,990 | $6,511,919 | 61.5% |
| Gross profit | $3,385,822 | $1,245,516 | 171.8% |
| Gross margin | 32.2% | 19.1% | |
| Net (loss) | ($2,000,186) | ($3,341,217) | nm |
Revenue rose as the number of worksite employees increased to an average of 8,990 from 5,470 in the year-ago quarter, according to a filing with the US Securities and Exchange Commission.
Gross profit jumped thanks mainly to reversal of California’s FUTA credit reduction, according to the filing. In addition, administrative fees charged clients increased.
Share price and market cap
ShiftPixy shares were down 5.85% to $1.61 at 1:05 p.m. Eastern time today; the company had a market cap of $50.22 million, according to FT.com.