---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-010503"
form_type: "8-K"
ticker: "SGRP"
cik: "0001004989"
company_name: "SPAR Group, Inc."
filed_at: "2026-03-31T23:59:59+00:00"
generated_at: "2026-05-15T08:04:51.283035+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# SPAR Group reports FY2025 net loss of $24.6M; adjusted EBITDA loss of $8.6M

## Summary
- GAAP net loss $24.6M ($1.04/diluted share) vs $3.2M loss in 2024.
- Full-year net revenue $136.1M, up 3.3% comparable in US/Canada; gross margin 15.9% vs 20.5%.
- Adjusted EBITDA loss $8.6M vs positive $5.6M in 2024; restructuring costs $4.8M.
- Subsequent event: $4M unsecured loan at 8% due 2029, plus 1M shares at $0.80 applied to principal.
- Management targets SG&A below $6.5M/quarter; medium-term goal of 15% or less of sales.

## SEC filing metadata
- accession: 0001437749-26-010503
- form_type: 8-K
- ticker: SGRP
- cik: 0001004989
- company_name: SPAR Group, Inc.
- filed_at: 2026-03-31T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1004989/000143774926010503/0001437749-26-010503-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1004989/000143774926010503/sgrp20260327_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-010503
- JSON: https://secwatch.observer/filing/0001437749-26-010503.json
- Plain text: https://secwatch.observer/filing/0001437749-26-010503.txt

## Key facts
- Earnings Releases
  SPAR Group, Inc. reported the periods ended December 31, 2025 results: revenue $136.1 million, net income Net loss attributable to SPAR Group, Inc. was $24.6 million, EPS $1.04 per diluted share.
  - Period: the periods ended December 31, 2025
  - Revenue: $136.1 million
  - Net income: Net loss attributable to SPAR Group, Inc. was $24.6 million
  - EPS: $1.04 per diluted share
  - Result: reported results
  source text: SPAR Group, Inc. Reports 2025 Full Year and Fourth Quarter Results Full Year Sales of $136 Million, Up 3.3% on Comparable Basis for the U.S. and Canada
  evidence_url: https://www.sec.gov/Archives/edgar/data/1004989/000143774926010503/0001437749-26-010503-index.htm

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