ShiftPixy Reports Fiscal 2018 Second Quarter Results

ShiftPixy (NASDAQ:PIXY) a developing, proprietary next-gen technology platform for workforce engagement and management announced its second quarter results with their revenues jumping 45.8 per cent.

As quoted in the press release:

• Gross billings grew 58.1% to $48.6 million, compared to $30.8 million for the 2017 second quarter; gross billings increased 20.9% sequentially from $40.2 million in the prior quarter.
• Revenues increased 45.8% to $7.9 million, compared to $5.4 million for the second quarter of 2017.
• Worksite employees increased by 3,405 to 6,798 compared to 3,393 as of February 28, 2017; the number of employees at the end of the quarter also represents a sequential increase of 1,116 over the number of employees at the end of the first fiscal quarter 2018.
• Gross profit was $0.9 million versus $1.1 million in the prior year period, and net loss per share was 9 cents during the quarter, versus a net loss of 4 cents the prior year period.

“I’ve been thoroughly impressed with the contagious energy at ShiftPixy since joining earlier this year, in particular the discovery of brand new applications for our Ecosystem that further expand our horizons,” said Patrice Launay, chief financial officer.  “During this transformational time, we will work to optimize and manage our balance sheet in support of our rapid growth.”

The Company currently expects gross billings for fiscal third quarter 2018 to be in the range of $50 million to $60 million, which at the midpoint would represent a sequential increase of 13% over the fiscal second quarter 2018.

“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 Scott Absher, Chief Executive Officer, Shitpixy. “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.”

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