SPAR Group reports Q1 net income $0.5M; merger with Highwire Capital terminated

SPAR Group, Inc.

2025-Q2 EPS reported $0.02 revenue$72,671,000

Net revenue $34.0M; net income from continuing ops $0.5M ($0.02 diluted EPS) vs $6.6M ($0.26) in Q1 2024 which included $7.2M non-cash gain.
Adjusted EBITDA $1.5M (4.4% of sales) vs $2.5M (5.0%) in prior year quarter.
US/Canada business achieved 6% topline growth; gross margin improved to 21.4% from 19.7%.
Merger agreement with Highwire Capital terminated due to Highwire's inability to produce funds; Board pursuing termination fee.
Company notes largest pipeline opportunity of >$200M; delayed filings attributable to expected going-private transaction.

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