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View All NewsShiftPixy’s revenue jumps in FY 2018, but net loss increases
Human cloud firm ShiftPixy Inc. (NASD: PIXY) reported revenue rose 72.7% in its fiscal year ended Aug. 31. However, net loss increased year over year.
The Irvine, Calif.-based firm reported operating expenses rose to $20.6 million from $11.2 million in the previous year.
| FY 2018 | FY 2017 | % change | |
| Net revenue | $34,958,748 | $20,244,419 | 72.7% |
| Gross profit | $5,500,353 | $3,692,222 | 49.0% |
| Gross margin | 15.7% | 18.2% | |
| Net (loss) | ($16,576,479) | ($7,491,990) | nm |
ShiftPixy, which raised $12 million last year in an IPO, provides PEO services and has developed an online staffing app. ShiftPixy aims to harness the gig economy concept; however, the workforce it provides are ShiftPixy employees instead of independent contractors.
Quote
“Our business continues to grow rapidly, with the number of worksite employees and our client roster each expanding significantly, and with our financial performance reflecting strong sequential and year-over-year growth,” said CEO Scott Absher.
Share price and market cap
ShiftPixy shares were down 28.96% to $3.14 at 12:30 p.m. Eastern time today; the company had a market cap of $127.5 million, according to FT.com.