GEE Group reports Q3 FY2024 net loss $19.3M; revenue down 23% YoY; $20.5M impairment

GEE Group Inc.

2024-Q3 EPS reported -$0.20 vs consensus $0.02 ▼ miss (-1090.1%)

Revenue $29.5M (-23% YoY); net loss $(19.3)M (diluted EPS $(0.18)) vs net income $7.9M a year ago.
Non-cash impairment charge of $20.5M recorded in Q3; adjusted net loss $(3.8)M excluding impairment.
Adjusted EBITDA negative $(0.4)M vs positive $2.1M in prior year; 9M adjusted EBITDA negative $(1.2)M.
SG&A cost reduction plan: targeting $3.0M annual savings; $1.6M implemented, $1.4M more soon.
Cash $19.6M, zero debt, $8.7M undrawn ABL; net tangible book value $0.36 per share.

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