---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-022831"
form_type: "8-K"
ticker: "SGRP"
cik: "0001004989"
company_name: "SPAR Group, Inc."
filed_at: "2025-07-16T23:59:59+00:00"
generated_at: "2026-05-18T06:08:28.801779+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# SPAR Group restates FY2023-FY2024 financials; Brazilian JV sale misclassified as continuing ops

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-25-022831
- form_type: 8-K
- ticker: SGRP
- cik: 0001004989
- company_name: SPAR Group, Inc.
- filed_at: 2025-07-16T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1004989/000143774925022831/0001437749-25-022831-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1004989/000143774925022831/sgrp20250709_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-022831
- JSON: https://secwatch.observer/filing/0001437749-25-022831.json
- Plain text: https://secwatch.observer/filing/0001437749-25-022831.txt

## Source-grounded claims
- claim_id: 001962db0c49541baf75e21dd848accd384a0cdb
  claim: SPAR Group, Inc. reported that prior financial statements should not be relied upon.
  evidence_excerpt: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774925022831/0001437749-25-022831-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.