--- schema_version: "secwatch.filing_event.v1" accession: "0001437749-23-032024" form_type: "8-K" ticker: "SGRP" cik: "0001004989" company_name: "SPAR Group, Inc." filed_at: "2023-11-14T23:59:59+00:00" generated_at: "2026-06-08T03:07:16.333437+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # SPAR Group Q3 rev $67.3M (-3.6%), net income $259k; Nasdaq warns on bid price <$1 ## Summary - Q3 net revenue $67.3M (-3.6% YoY); gross profit $13.4M (19.9% margin vs 18.4% prior year). - Net income attributable to SPAR Group $259k ($0.01 EPS) vs loss of $32k in prior year; non-GAAP net income $570k. - Core merchandising business grew: US +27%, Canada +23%, Mexico +28%, Brazil +10%; APAC and EMEA declined. - Received Nasdaq deficiency letter on Nov 10; bid price below $1 for 30 consecutive days; compliance deadline May 8, 2024. - Robert G. Brown departed board; Peter W. Brown reappointed; annual meeting results ratified all proposals. ## SEC filing metadata - accession: 0001437749-23-032024 - form_type: 8-K - ticker: SGRP - cik: 0001004989 - company_name: SPAR Group, Inc. - filed_at: 2023-11-14T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 2.02, 3.01, 5.02, 5.07, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/sgrp20231113c_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001437749-23-032024 - JSON: https://secwatch.observer/filing/0001437749-23-032024.json - Plain text: https://secwatch.observer/filing/0001437749-23-032024.txt ## Key facts - Earnings Releases SPAR Group, Inc. reported third quarter ended September 30, 2023 results: revenue $67.3 million, net income $259 thousand, EPS $0.01 per share. - Period: third quarter ended September 30, 2023 - Revenue: $67.3 million - Net income: $259 thousand - EPS: $0.01 per share - Result: reported results source text: remain committed to this work and unlocking the potential of this great company for years to come,” concluded Matacunas. Third Quarter 2023 Financial Results Net revenues were $67.3 million, comprised of $53.8 million from Americas (79.9%), $7.9 million from EMEA (11.7%), and $5.7 million from APAC (8.4%). Total net revenue decreased by 3.6%, down 4.5% on a constant evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - Listing & Compliance Notices SPAR Group, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)). - Exchange: nasdaq - Notice: deficiency notice - Deficiency: minimum bid price - Rules: 5550(a)(2) source text: November 10, 2023 (the " Nasdaq Bid Price Deficiency Letter "), stating that SGRP has failed to maintain a minimum closing bid price of $1.00 per share for its shares of its Common Stock for the prior 30 consecutive business days preceding its notice (i.e., September 29, 2023, to November 9, 2023) as required by Nasdaq Listing Rule 5550(a)(2) (the " Bid Price Rule "). The Nasdaq Bid Price Deficiency Letter provides that SGRP has until May 8, 2024, as a grace period to regain compliance with the Bid Price Rule by maintaining a closing bid price of $1.00 per share for a minimum of ten consecutiv evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - Executive change Peter W. Brown was appointed as Director at SPAR Group, Inc.. - Action: reappointed - Role: Director source text: the Board of Directors of SGRP (the "Board") reappointed Mr. Peter W. Brown to the Board evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - Executive change Robert G. Brown resigned as Director at SPAR Group, Inc.. - Action: resigned - Role: Director source text: Mr. Robert G. Brown was not reelected and ceased being a director on the Board pursuant to his non-candidacy, his resignation and retirement letter, and applicable law. evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - Shareholder Votes SPAR Group, Inc. shareholders approved Approve compensation of Named Executive Officers at the 2023-11-09 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2023-11-09 source text: For A g ainst Abstain 8,092,425 33,458 15,548 evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - Shareholder Votes SPAR Group, Inc. shareholders approved Reelect two directors at the 2023-11-09 meeting. - Proposal: director election - Outcome: passed - Meeting: 2023-11-09 source text: For A g ainst Abstain William H. Bartels 7,970,591 161,660 9,180 evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - Shareholder Votes SPAR Group, Inc. shareholders approved Ratify appointment of BDO USA, LLP as independent registered accounting firm at the 2023-11-09 meeting. - Proposal: auditor ratification - Outcome: passed - Meeting: 2023-11-09 source text: For A g ainst Abstain 14,320,123 13,787 5,080 evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - Shareholder Votes SPAR Group, Inc. shareholders approved Reelect three directors at the 2023-11-09 meeting. - Proposal: director election - Outcome: passed - Meeting: 2023-11-09 source text: For A g ainst Abstain John Bode 7,832,324 295,635 13,472 evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm - Shareholder Votes SPAR Group, Inc. shareholders approved Select frequency of advisory vote on executive compensation at the 2023-11-09 meeting. - Proposal: say on pay frequency - Outcome: passed - Meeting: 2023-11-09 source text: " One (1) Year " " Two (2) Years " " Three (3) Years " Abstain 8,087,667 2,073 50,160 1,531 evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774923032024/0001437749-23-032024-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.