Revenue Performance - Revenue for Q3 2024 was $36.9 million, a decrease of 6.5% from Q3 2023, and an 8.1% decrease in constant currency[2] - Adjusted net revenue for Q3 2024 was $18.6 million, down 4.0% from Q3 2023, with a 5.2% decrease in constant currency[2] - Total revenue for the three months ended September 30, 2024, was $36.853 million, with adjusted net revenue of $18.603 million[23] - Total revenue for Q3 2024 was $36,853,000, a decrease from $39,398,000 in Q3 2023, reflecting a constant currency revenue of $40,084,000[27] - Adjusted net revenue for Q3 2024 was $18,603,000, down from $19,370,000 in Q3 2023, with a constant currency adjusted net revenue of $19,624,000[27] Profitability and Loss - The net loss for Q3 2024 was $0.8 million, or $0.28 per diluted share, compared to a net income of $0.5 million, or $0.17 per diluted share, in Q3 2023[3] - Adjusted EBITDA for Q3 2024 was $0.8 million, a decrease from $2.0 million in Q3 2023[3] - The net loss for the three months ended September 30, 2024, was $846,000, while the net loss for the nine months was $4.185 million[23][24] - Adjusted EBITDA for the three months ended September 30, 2024, was a loss of $839,000, compared to a profit of $2.004 million for the same period in 2023[23] - Adjusted EBITDA for the nine months ended September 30, 2024, was $42,000, significantly lower than the $5.801 million reported for the same period in 2023[24] - Operating loss for Q3 2024 was $(457,000), a significant decline from an operating income of $1,277,000 in Q3 2023[27] - EBITDA loss for Q3 2024 was $(283,000), compared to an EBITDA of $1,247,000 in Q3 2023, showing a downward trend[27] - Net loss for Q3 2024 was $(846,000), resulting in a diluted loss per share of $(0.28)[28] - Adjusted net loss for Q3 2024 was $(389,000), leading to an adjusted diluted loss per share of $(0.13)[28] - In Q3 2023, the company reported a net income of $533,000, with an adjusted net income of $755,000, resulting in a diluted earnings per share of $0.24[29] Regional Revenue Breakdown - Americas revenue increased by 6% to $7.6 million in Q3 2024, while adjusted net revenue decreased by 3% to $6.6 million[7] - Asia Pacific revenue decreased by 15% to $22.6 million, with adjusted net revenue down 11% to $7.8 million in Q3 2024[8] - EMEA revenue increased by 7% to $6.7 million, and adjusted net revenue rose by 5% to $4.1 million in Q3 2024[9] Cash and Assets - The company ended Q3 2024 with total cash of $16.5 million, including $0.7 million in restricted cash[12] - Cash and cash equivalents decreased from $22.611 million on December 31, 2023, to $15.835 million by September 30, 2024[21] - Total assets decreased from $60.958 million at the end of 2023 to $57.154 million by September 30, 2024[21] - Total liabilities increased from $12.404 million at the end of 2023 to $14.214 million by September 30, 2024[21] - Stockholders' equity decreased from $48.554 million at the end of 2023 to $42.940 million by September 30, 2024[21] Share Repurchase and Tax Provision - The company repurchased $0.4 million of stock in Q3 2024, totaling $2.5 million year-to-date under the $5 million share repurchase program[4] - The company reported a provision for income taxes of $298,000 for the three months ended September 30, 2024[23] Foreign Currency Impact - The company experienced a significant foreign currency impact, with constant currency measures providing a clearer view of operational performance[26] - Management emphasizes the importance of constant currency measures to better represent underlying business trends and operational changes[26] Usable Net Operating Losses - As of December 31, 2023, Hudson Global had $302 million of usable net operating losses (NOL) in the U.S.[14]
Hudson Global(HSON) - 2024 Q3 - Quarterly Results