Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 145

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 145
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 | )%      |     |   73.9 | %      |
| Loss from discontinued operations    |     |   |        (9,014 | ) |     |  (4.7 | )%      |     |   |       (12,496 | ) |     |  (6.8 | )%      |     |  (27.9 | )%     |
| Benefit (Provision) for income taxes |     |   |          (304 | ) |     |   0.2 | %       |     |   |           222 |   |     |  (0.1 | )%      |     | (236.9 | )%     |
| Net (loss) income                    |     | $ |       (26,041 | ) |     | (13.6 | )%      |     | $ |       (16,994 | ) |     |  (2.4 | )%      |     |   53.2 | %      |

Revenue For the year ended December 30, 2023 (“Fiscal 2023”), revenue increased by 3.2% to $190,876 as compared to $184,884 for the year ended December 31, 2022 (“Fiscal 2022”). Of that increase, $23,554 was attributable to the Headway Acquisition, organic revenue declined by $17,512 from the prior year. Our Commercial Staffing business consists of our Monroe Staffing Services and Key Resources brands while our Professional Staffing business is made up of Lighthouse Professional Services and Headway. The following graph shows how our business has become more balanced in 2023 versus 2022.

74 99.3% of our revenue in 2023 was for hourly paid workers (either temporary contracts or EOR) and was essentially unchanged against the 99.1% split in 2022. Gross profit and gross margin The main differences between revenue and gross profit are the payroll and related tax/benefits/burden costs of our temporary contracting/payrolling/EOR workforce. As Direct Hire has none of these costs its revenue and gross profit are the same. Our direct hire gross profit dropped from $1,663 in 2022 to $1,281 in 2023 as the increase in post -Covidhiring ended. 75 Gross profit for the year ended December 30, 2023, was $28,529, a decrease of 12