ShiftPixy Reports 53 Percent Rise In Revenues Footing US$53M

ShiftPixy (NASDAQ:PIXY), a staffing technology company focused on the gig economy announced 53 percent increases in fiscal revenues compared to 2018, reaching US$53 million for the year. Driving growth was a 59 percent jump in gross billings, rising to US$353 million for the year, with over US$100 million in gross billings in its fourth quarter of 2019 alone.

As quoted in the press release:

2019 Financial Highlights

• Earnings per share improved to $0.57 in 2019 compared to $0.58 for 2018.

• Gross billings grew 59% to $353 million, compared to $222 million for 2018.  Q4 billings exceeded $100 million for the first quarter in our history at $105 million for an exit annualized billings rate of over $420 million.

• Revenues increased 53% to $53 million, compared to $35 million for 2018.

• Gross profit was $12.4 million, increasing 125% over 2018 gross profit of $5.5 million due to improving margins and workers compensation cost savings.  Gross profit per worksite employee improved to $1,200 for 2019 from $800 for 2018.

• Loss from Operations improved to $9.7 million from $11.6 million in 2018.

• EBITDAS Loss (Operating Loss excluding depreciation and share-based compensation) improved to $8.3 million for 2019 from $11.0 million for 2018 due to improved margins and reduced spending on our mobile application, offset by increased operations costs.

Click here to read the full press release.