GEE Group Announces Fiscal 2024 Results with Revenue Decline Amid Economic Uncertainty

GEE Group Inc., a provider of professional staffing services, released its fiscal 2024 results, revealing a significant decline in revenues. For the year ending September 30, 2024, revenues dropped by 24% to $116.5 million, attributed mainly to decreased demand influenced by economic uncertainties, potential recession fears, and inflation pressures. These factors have restricted job orders and reduced candidate availability across business lines.

Contract staffing services witnessed a 22% revenue fall, while industrial contract services saw a 27% decline. Direct hire placements also suffered a 37% drop. Gross profits decreased from $52.9 million in fiscal 2023 to $37.6 million in fiscal 2024 due to declining job order volumes and competitive conditions impacting bill rates.

SG&A expenses were reduced by 13% but increased as a percentage of revenue due to reduced revenue. Adjusted EBITDA stood at a negative $2.3 million, while net loss expanded to $24.1 million, impacted by impairments and lower revenues.