SPAR Group, Inc. (SGRP): auditor change — SPAR Group restates FY2023-FY2024 financials; Brazilian JV sale misclassified as continuing ops

SPAR Group, Inc.

Audited financial statements for FY2023 and FY2024, and interim 2024 periods, should no longer be relied upon.
Brazilian JV 51% stake sale (June 3, 2024) determined to be a strategic shift; will be restated as discontinued operations.
Presentation errors in Note 13 Segment Information also cited; material weaknesses in internal controls expanded.
Company plans to file amendment to 2024 Annual Report (10-K/A) and restate prior periods.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

SPAR Group, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BDO USA P.C.

Exact text from the filing

On July 16, 2025, the management of the Company and the audit committee of the board of directors of the Company (the “ Audit Committee ”), in consultation with BDO USA P.C. (“ BDO ”), the Company’s independent registered public accounting firm, determined that the Company’s audited consolidated financial statements (collectively, the “ Financial Statements ”) for the fiscal years ended December 31, 2024 and December 31, 2023, as well as unaudited restated condensed consolidated financial information as of June 30, 2024 and September 30, 2024 and for the three and six months ended June 30, 2024 and 2023 and the three and nine months ended September 30, 2024 and 2023 (collectively, the “ Non-Reliance Periods ”) should not be relied upon.

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Source: SEC EDGAR

accession 0001437749-25-022831

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