Company: ATLN
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001605888-25-000019
Chunk: 126

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 126
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,341,037 9,058,442 87.6 %Depreciation and amortization1,236,389 1,259,554 (23,165)(1.8)%Loss from operations(9,449,746)(1,135,209)(8,314,537)+Interest expense1,284,822 5,022,230 (3,737,408)(74.4)%Net loss before provision for income taxes(10,734,568)(6,157,439)(4,577,129)74.3 %Income tax (expense)/benefit(9,617)1,290,595 (1,300,212)+Net loss$(10,744,185)$(4,866,844)$(5,877,341)+Net loss per share, basic and diluted$(0.20)$(0.19)$(0.01)5.3 %Weighted average shares outstanding, basic and diluted53,975,57525,423,72928,551,846+

+ -     change greater than ± 100%

Service Revenue, Net

Service revenue, net of discounts, for the three months ended March 31, 2025 and 2024 consisted of the following:

 Three Months EndedMarch 31, 20252024Temporary placement services$101,826,339 $99,672,902 Permanent placement and other services982,468 950,310 Total service revenues, net$102,808,807 $100,623,212 

Service revenue, net was $102,808,807 and $100,623,212 for the three months ended March 31, 2025 and 2024, respectively, an increase of $2,185,595, or 2.2%. This increase was predominately due to the higher revenues from the Company’s temporary placement services business, which increased $2,153,437 or 2.2% in the three months ended March 31, 2025 as compared to the same period in 2024 due primarily to a strong sales initiative by the Company. Permanent placement and other services increased $32,158 or 3.4% due to strong demand from our current clients.

Cost of Revenue and Gross Profit

Gross profit reflects the difference between realized service revenue, net and cost of revenues for providing temporary and permanent placement solutions. Cost of revenue consists primarily of fixed and variable directs