Gig economy firm ShiftPixy Inc. (NASD: PIXY) reported revenue rose 45.8% year over year to $7.9 million in its fiscal second quarter ended Feb. 28. However, the company reported net loss widened to $2.7 million and gross margin narrowed.

The Irvine, Calif.-based firm, which raised $12 million last year in an IPO, targets the restaurant and hospitality industry in Southern California. It provides PEO services and has developed an online staffing app. ShiftPixy aims to harness the gig economy concept but serve as the employer to its workforce rather than provide them as independent contractors.

In January, the company appointed Patrice Launay as CFO to replace Stephen DeSantis, who resigned from the company in October.

Quote

“As we roll out our proprietary and sophisticated technology platform, we are increasingly excited about the crucial role we’ll play in the expanding gig economy workplace,” said CEO Scott Absher. “Our growing client roster across our expanding national footprint demonstrates the appeal of the ShiftPixy Ecosystem, and the rapid progress we’re making on the technology front will only increase platform effectiveness, ultimately helping to create value for our shareholders.”

Share price and market cap

Shares in ShiftPixy fell 13.8% to $3.19 as of 1:13 p.m. Eastern time. The company had a market cap of $91.88 million.