- Full Year 2021 Revenue Increased over 160% Y/Y -
- Conference Call Today at 4:30 pm ET -
NEW YORK, NY / ACCESSWIRE / March 31, 2022, / Recruiter.com Group, Inc. (NASDAQ: RCRT) (NASDAQ: RCRTW) ("Recruiter.com"), a recruiting solutions platform, today announced its financial results for the fourth quarter and full year ending December 31, 2021.
Evan Sohn, CEO of Recruiter.com, commented, "2021 was an exciting and transformative year for Recruiter.com, which included our initial Nasdaq listing, ten-fold growth in our on-demand recruiting solution through a mix of organic growth and acquisitions, and the introduction of our software subscriptions. We ended the year on a high note, with fourth-quarter revenue of $8.4 million. The Company’s sales mix is shifting toward higher margin products, including software subscriptions and on-demand recruiting solutions.”
“In 2022, we will remain focused on driving organic growth of our technology-led recruiting solutions as we push toward profitability on the strength of the foundation that we built this year. We believe that the shifts in our revenue mix toward on-demand and software subscription services position Recruiter.com well in a competitive market,” continued Mr. Sohn.
Recent Highlights
- Revenue for the fiscal year ended December 31, 2021, totaled $22.2 million compared to $8.5 million for fiscal year 2020, an increase of 160% year-over-year, driven by favorable market conditions for recruiting and talent solution providers, acquisitions that contributed substantially to On Demand and Marketplace revenue categories, and the launch of Recruiter.com's software solution.
- Revenue for the fourth quarter ended December 31, 2021, increased to $8.4 million, compared to $2.3 million in the fourth quarter of 2020. Revenue in the fourth quarter of 2021 increased by $2.1 million from the third quarter, due to a 51% increase in the Company’s Recruiter on Demand business and 64% growth in Software Subscriptions.
- Released recruiting predictions for 2022, which include remote or hybrid work becoming the new normal, work-from-anywhere morphing into hire-from-anywhere, a tight job market, and diversity continuing to be a focus.
- Announced the "Enterprise Plan" for Recruiters on Demand. The "Enterprise Plan" is designed to help employers hire ten or more full-time talent acquisition professionals.
- Mediabistro, a Recruiter.com career community focused on media roles, was featured as one of the best career sites to post jobs online by the NY Post.
Financial Results for the Fourth Quarter Ended December 31, 2021
Revenue for the 2021 fourth quarter totaled $8.4 million compared to $2.3 million during the same period in the year prior. The strongest increases were from growth in software subscriptions, which increased to $762,500, and on-demand recruiting services, which generated revenue of $5.2 million.
Gross profit for the fourth quarter ended December 31, 2021, totaled $2.6 million, compared to $2.3 million for the third quarter of 2021 and compared to $0.7 million for the fourth quarter of 2020.
Operating expenses for the fourth quarter of 2021 totaled $8.6 million compared to $2.3 million for the 2020 fourth quarter and decreased sequentially by 3%, from $8.8 million in the third quarter of 2021. Net loss for the fourth quarter ended December 31, 2021, totaled $5.9 million; this compares to a net loss of $7.7 million for the third quarter of 2021 and a net loss of $8.1 million for the fourth quarter of 2020.
Financial Results for the Full Year Ended December 31, 2021
Revenue for the full year ended December 31, 2021, totaled $22.2 million compared to $8.5 million during the same period the year prior, an increase of 160% year-over-year, driven by favorable market conditions for recruiting and talent solution providers, acquisitions that contributed substantially to revenue, and the launch of Recruiter.com's software solution. During the year, Recruiters On Demand revenue grew to $11.4 million, legacy staffing grew to $7.6 million, permanent placement grew to $1.1 million, marketplace grew to $726 thousand, and software subscriptions, launched within 2021, totaled $1.4 million.
The cost of revenue for the full year ended December 31, 2021, totaled $14.9 million compared to $6.1 million for the year prior, an increase of 142%. The components of the cost of revenue have shifted with our new product direction but are primarily comprised of labor costs for our on-demand recruiting solution.
Gross profit totaled $7.3 million for the full year ended December 31, 2021, an increase of 208% compared to $2.4 million for the same period the year prior. Operating expenses for the full year ended December 31, 2021, totaled $24.2 million, an increase of 166% compared to $9.1 million the year prior. Net loss for the year ended December 31, 2021, totaled $16.3 million, compared to a net loss of $17.0 million for 2020.
Liquidity and Capital Resources
On December 31, 2021, Recruiter.com had $2.6 million in cash, cash equivalents, and marketable securities. Total Current Assets were $8.8 million. As of March 31, 2022, there were 14,784,821 common shares outstanding.
Conference Call Details
Date: Thursday, March 31, 2022
Time: 4:30 pm Eastern Time
Register: https://audience.mysequire.com/webinar-view?webinar_id=75673272-cf8a-42b0-8375-4a6f2ee5c590
To access the conference by phone:
Dial-in: +1 (253) 215-8782
Meeting ID: 93993424428
Passcode: 044981
About Recruiter.com Group, Inc.
Recruiter.com is an on-demand recruiting platform providing flexible talent acquisition solutions that scale from startups to the Fortune 100. With an on-tap network of thousands of recruiting professionals, advanced artificial intelligence sourcing software, and recruitment marketing automation, Recruiter.com helps businesses solve today's complex hiring challenges.
For investor information, visit https://investors.recruiter.com
Please follow social media channels for additional updates:
- LinkedIn Recruiter Network Group: https://www.linkedin.com/groups/42370/
- LinkedIn Company Page: https://www.linkedin.com/company/1240434
- Twitter Company Page: https://twitter.com/recruiterdotcom
- Facebook Company Page: https://www.facebook.com/RecruiterDotCom
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "predict," "forecast," "believe," "may," "estimate," "continue," "anticipates," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index® survey, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law.
Company Contact:
Nicole Gallina
Corporate Communications
SOURCE: Recruiter.com Group, Inc.
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