Atlantic International Corp.
2.6600-0.04 (-1.48%)
Oct 29, 4:00:01 PM EDT · NasdaqGM · ATLN · USD
Key Stats
Market Cap
144.53MP/E (TTM)
-Basic EPS (TTM)
-1.85Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
Atlantic International Corp held steady on revenue at $102.9M for Q2 FY2025 ended June 30, 2025, down 1.7% y/y from $104.6M yet edging up 0.1% q/q (derived), with gross profit dipping 0.6% y/y to $11.4M at an 11.1% margin—flat from last year but buoyed by higher-margin accounts. Operating loss widened 4.5% y/y to $8.7M, driven by SG&A up 1.7% y/y from stock compensation and merger costs, while net loss narrowed sharply to $10.7M or $0.20/share from $54.9M or $1.96/share, thanks to no repeat of 2024's $43M advisory fees and $15.6M other expenses; EPS reconciles to 54.6M diluted shares with no anti-dilution. Cash from operations turned positive at $5.0M for H1, ending with $0.4M cash and $7.8M revolver availability under the new $70M ABL facility at 8.5% (maturing 2028), alongside $37.4M drawn; the $35M Merger Note to IDC extends to 2027. The terminated Staffing 360 deal underscores acquisition risks. Client concentration remains a key vulnerability.
8-K
COO hire amid CFO retirement
Atlantic International Corp. announced on June 2, 2025, the hiring of Mathew Evelt as Chief Operating Officer, bringing over 20 years of experience in workforce strategy and operations from roles at Airswift and Gattica. Evelt's $400,000 salary and up to $400,000 performance bonus aim to boost global efficiency in staffing solutions. Meanwhile, CFO Christopher Broderick retires August 15, 2025, for personal reasons, forfeiting equity but receiving $371,900 in bonuses and six months of health coverage; the company has launched a search for his replacement. Leadership shifts signal operational focus, yet the CFO transition poses interim risks.
10-Q
Q1 FY2025 results
Atlantic International edged up service revenue 2.2% year-over-year to $102.8M in Q1 FY2025 ended March 31, 2025, with temporary placements climbing 2.2% while gross profit jumped 6.9% to $11.2M, lifting margins to 10.9% from 10.4% on higher-margin accounts. Yet operating losses widened to $9.4M from $1.1M, driven by $19.4M in SG&A—up 87.6% mainly from $6.0M stock-based compensation and merger costs—while net loss hit $10.7M or $0.20 per diluted share on 54.0M shares, versus $4.9M or $0.19 last year; the gap reflects interest expense dropping 74.4% to $1.3M after deconsolidating joint debt. Cash from operations rose to $14.6M, boosting quarter-end cash to $1.5M with $128K revolver availability, though total debt stood at $66.9M including a $35.0M non-interest-bearing merger note due 2027. Free cash flow wasn't disclosed in the 10-Q. Client concentration remains a key risk, with one customer at 13% of revenue.
8-K
Refinances $70M credit facility
Atlantic International Corp. replaced its subsidiary Lyneer's $70 million revolving credit facility with BMO Bank on April 29, 2025, securing a new senior secured deal from North Mill Capital maturing April 29, 2028, at 1% above Prime (minimum 5.75%). This refinances prior obligations, including a $6 million IDC shortfall to BMO, while extending a $35 million convertible note to IDC until March 31, 2027. Prateek Gattani resigned as Chairman effective the restatement closing. New liquidity bolsters operations amid debt restructuring.
10-K
FY2024 results
Atlantic International Corp. posted FY2024 service revenue of $442.6M, up 10.3% y/y, driven by a 10.6% surge in temporary placements from robust sales efforts, though permanent placements dipped 18.3% amid hiring caution; gross profit edged up 0.6% to $47.2M, but margins compressed to 10.7% from rising labor costs. Q4 momentum faltered with over-advance on the $60M revolver and missed debt payments, yet temporary staffing trends accelerated sequentially, underscoring resilience in core operations. Liquidity strained at year-end with $679K cash against $81M debt, but a new $60M facility closes in April 2025 to refinance obligations. No annual guidance issued; client concentration risks persist, with one at 16% of revenue terminable at will.
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