$BGSF

BG Staffing, Inc.

CIK:0001474903|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Income Statement [Abstract]
Revenues	$ 22,313,000	$ 23,506,000	$ 43,194,000	$ 44,389,000
Cost of services	14,395,000	15,096,000	27,866,000	28,419,000
Gross profit	7,918,000	8,410,000	15,328,000	15,970,000
Selling, general, and administrative expenses	8,928,000	12,577,000	17,733,000	21,580,000
Gain on contingent consideration	0	(450,000)	0	(450,000)
Depreciation and amortization	180,000	259,000	338,000	588,000
Operating loss	(1,190,000)	(3,976,000)	(2,743,000)	(5,748,000)
Interest income (expense), net	238,000	(1,877,000)	234,000	(3,023,000)
Loss before income taxes from continuing operations	(952,000)	(5,853,000)	(2,509,000)	(8,771,000)
Income tax benefit from continuing operations	118,000	1,364,000	286,000	1,953,000
Loss from continuing operations	(834,000)	(4,489,000)	(2,223,000)	(6,818,000)
Income	0	908,000	0	3,019,000
Gain on sale	0	0	918,000	0
Income tax expense	0	(155,000)	0	(659,000)
Net loss	$ (834,000)	$ (3,736,000)	$ (1,305,000)	$ (4,458,000)
Net (loss) income per share - basic and diluted:
Net loss from continuing operations (in dollars per share)	$ (0.08)	$ (0.41)	$ (0.21)	$ (0.62)
Income (in dollars per share)	0	0.08	0	0.27
Gain on sale (in dollars per share)	0	0	0.09	0
Income tax expense (in dollars per share)	0	(0.01)	0	(0.06)
Net loss per share - basic (in dollars per share)	$ (0.08)	$ (0.34)	$ (0.12)	$ (0.41)
Weighted-average shares outstanding:
Basic (in shares)	10,586	11,019	10,614	10,986
Diluted (shares)	10,586	11,019	10,614	10,986

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Cash flows from operating activities
Net loss	$ (1,305,000)	$ (4,458,000)
Net income from discontinued operations	918,000	2,360,000
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	50,000	58,000
Amortization	288,000	530,000
Loss on disposal of property and equipment	0	6,000
Contingent consideration adjustment	0	(450,000)
Amortization of debt issuance costs	0	598,000
Interest expense on note payable	0	93,000
Provision for credit losses	214,000	1,656,000
Share-based compensation	417,000	305,000
Deferred income taxes	(311,000)	(1,378,000)
Other non-cash items	(29,000)	0
Net changes in operating assets and liabilities:
Accounts receivable	(259,000)	1,851,000
Escrow receivable	3,500,000	0
Prepaid expenses	(142,000)	(87,000)
Other current assets	345,000	(393,000)
Deposits	23,000	8,000
Software as a service	281,000	425,000
Accounts payable	(245,000)	1,288,000
Accrued payroll and expenses	274,000	3,263,000
Accrued interest	0	287,000
Income taxes receivable	(61,000)	(384,000)
Transition services payable	(2,054,000)	0
Severance payable	(205,000)	0
Operating leases	(23,000)	(33,000)
Other long-term liabilities	0	2,137,000
Net cash (used in) provided by continuing operating activities	(160,000)	2,962,000
Net cash provided by discontinued operating activities	0	253,000
Net cash (used in) provided by operating activities	(160,000)	3,215,000
Cash flows from investing activities
Proceeds from business sold	918,000	0
Purchases of short-term investments	(17,377,000)	0
Capital expenditures	(65,000)	(13,000)
Net cash used in continuing investing activities	(7,627,000)	(13,000)
Net cash used in discontinued investing activities	0	(63,000)
Net cash used in investing activities	(7,627,000)	(76,000)
Cash flows from financing activities
Net borrowings under line of credit	0	1,604,000
Principal payments on long-term debt	0	(1,913,000)
Issuance of ESPP shares	0	134,000
Note payable paid	(347,000)	0
Repurchase of common stock	(1,166,000)	0
Payments of debt issuance costs	0	(29,000)
Net cash provided by (used in) continuing financing activities	(1,513,000)	(204,000)
Net change in cash and cash equivalents	(9,300,000)	2,935,000
Less: net change in cash and cash equivalents, discontinued operations	0	190,000
Cash and cash equivalents, beginning of period	19,018,000	32,000
Cash and cash equivalents, end of period, continuing operations	9,718,000	2,777,000
Supplemental cash flow information:
Cash paid for interest	50,000	2,048,000
Cash paid for state taxes, net of refunds	$ 81,000	$ 354,000

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2026	Dec. 28, 2025
Current assets
Cash and cash equivalents	$ 9,718	$ 19,018
Short-term investments	8,509	0
Accounts receivable (net of allowance for credit losses of $1,078 and $1,156, respectively)	11,944	11,898
Escrow receivable	1,450	4,950
Prepaid expenses	1,267	1,126
Other current assets	1,100	1,458
Total current assets	33,988	38,450
Property and equipment, net	259	244
Other assets
Deposits	1,915	1,938
Software as a service, net	2,721	3,002
Deferred income taxes, net	9,807	9,496
Right-of-use asset - operating leases, net	454	630
Intangible assets, net	2,715	3,003
Goodwill	1,074	1,074
Total other assets	18,686	19,143
Total assets	52,933	57,837
Current liabilities
Accounts payable	258	503
Accrued Liabilities	1,010	3,064
Accrued payroll and expenses	4,715	4,441
Severance payable, current portion	288	392
Income taxes payable	3	76
Note payable	102	449
Lease liabilities, current portion	274	409
Total current liabilities	6,650	9,334
Severance payable, less current portion	0	100
Lease liabilities, less current portion	232	298
Total liabilities	6,882	9,732
Commitments and contingencies
Preferred stock, $0.01 par value per share, 500,000 shares authorized, -0- shares issued and outstanding	0	0
Common stock, $0.01 par value per share; 19,500,000 shares authorized 11,262,422 and 11,227,197 shares issued, respectively, and 10,680,174 and 10,872,067 outstanding, respectively	113	112
Additional paid in capital	71,861	71,445
Accumulated deficit	(23,179)	(21,874)
Treasury stock at cost	(2,744)	(1,578)
Total stockholders’ equity	46,051	48,105
Total liabilities and stockholders’ equity	$ 52,933	$ 57,837