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

- December 16th, 2019

The gig economy-focused company witnessed a corresponding rise in gross billings, reaching US$353 million for the year.

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.

 

Your opinion matters!

   
Share your feedback for a chance to win a $100 Amazon.com gift card. Giveaway ends Sunday July 5, 2020.
 

Leave a Reply