BGSF(US:BGSF)2025-05-07 20:38Revenue Performance - Revenues for Q1 2025 were $63.2 million, a decrease of 7.4% from $68.8 million in Q1 2024[4] - Revenue for the thirteen weeks ended March 30, 2025, was $63.234 million, a decrease of 8.1% compared to $68.765 million for the same period in 2024[16] - Property Management segment revenues decreased by 14.1% from Q4 2024, primarily due to seasonal demand, while Professional segment revenues increased by 5.6%[4] Profitability Metrics - Gross profit for Q1 2025 was $20.9 million, down from $21.5 million in Q4 2024, resulting in a gross profit margin of 33.1%[4] - Gross profit for the same period was $20.921 million, down from $23.438 million, reflecting a gross margin of 33.1%[16] - Net loss for Q1 2025 was $0.7 million, or $0.07 per diluted share, compared to a net loss of $1.0 million, or $0.10 per diluted share in Q4 2024[4] - Net loss for the thirteen weeks ended March 30, 2025, was $722,000, compared to a net loss of $792,000 for the same period in 2024[18] - Adjusted EBITDA for Q1 2025 was $2.4 million, representing 3.8% of revenues, an increase from $1.4 million (2.2% of revenues) in Q4 2024[4] - Adjusted EBITDA for the period was $2.372 million, with an adjusted EBITDA margin of 3.8%[25] - Adjusted EPS for Q1 2025 was $0.05, compared to an adjusted EPS loss of $0.06 in Q4 2024[4] - Adjusted EPS for the thirteen weeks ended March 30, 2025, was $0.05, down from $0.10 in the same period of 2024[27] Cash Flow and Liquidity - Cash and cash equivalents increased to $2.05 million in Q1 2025 from $0.35 million in Q1 2024[12] - Cash and cash equivalents at the end of the period increased to $2.050 million from $50,000 at the beginning of the period[18] - Net cash provided by operating activities was $1.064 million, compared to net cash used in financing activities of $6.837 million in the prior year[18] Operational Changes - The company is advancing its restructuring plan to streamline operations based on strategic initiatives announced in late 2024[3] - Month-over-month improvements are being observed in the second quarter of 2025[3] Other Financial Metrics - Total assets increased to $152.26 million in Q1 2025 from $150.11 million in Q4 2024[12] - The company reported a decrease in accounts receivable by $2.620 million during the period[18] - Interest expense for the period was $1.146 million, slightly lower than $1.235 million in the previous year[25] - The company incurred $1.671 million in depreciation and amortization expenses during the period[25]