Mon, August 16, 2021, 5:05 PM
38% quarter-over-quarter growth with year-to-date revenue up over 81%. Expects continued strong demand for its recruiting solutions throughout 2021
NEW YORK, NY / ACCESSWIRE / August 16, 2021 / Recruiter.com Group, Inc. (NASDAQ:RCRT, RCRTW) (“Recruiter.com,” the “Company”), an on-demand recruiting solutions platform, today announced its results of operations for the second quarter ended June 30, 2021. Recruiter.com’s full quarterly results can be found on the filings page of the investor relations website at investors.recruiter.com and as filed with the SEC at http://www.sec.gov. The Company will host a conference call and webcast on Wednesday, August 18th, at 4:30 pm EST to discuss its financial results.
“In our first quarter as a Nasdaq listed company, Recruiter.com continued its rapid growth trajectory, with revenues rising 38% quarter-over-quarter and 81% year-to-date,” said Evan Sohn, CEO of Recruiter.com. “We are excited to report that our on-demand recruiting service grew 88% quarter-over-quarter, showing clear market demand. We expect strong growth throughout the second half of 2021 and beyond, as we advance our mission of revolutionizing recruiting and talent acquisition into a rapid, on-demand service.”
Second Quarter 2021 Financial Results
- Revenue increased 38% from the first quarter of 2021 to $4.4 million. This increase resulted primarily from a rise in Recruiters on Demand business and the introduction of Software Subscriptions.
- Net profit in the second quarter of 2021 was $3.5 million, or $.99 per share, which included $7.5 million in non-cash income. After adjusting for bad debt expense, the gain in fair value of derivatives and stock-based compensation, the adjusted EBITDA loss was $776K for the quarter.
Key Highlights: Q2 2021
- Recruiter.com Group, Inc. common stock (RCRT) and warrants (RCRTW) began trading on Nasdaq on June 30, 2021.
- Acquired OneWire, a leading SaaS-based financial services recruiting and sourcing platform
- Formed a partnership with WeWork, the global flexible workspace provider, to bring on-demand hiring services to the WeWork startup ecosystem
- Discussed the job market and the results of Recruiter Index®, Recruiter.com’s proprietary survey of recruiter sentiment, on CNBC, Yahoo Finance, and leading industry podcasts and publications.
Key Highlights: Since Q2 2021
- Closed an upsized underwritten public offering of 2.4M units, each including one share of common stock and one warrant, at a price to the public of $5.00 per unit, for gross proceeds of $12M before deducting underwriting discounts and other expenses.
- Closed the sale of an additional 360,000 shares of common stock, pursuant to the exercise of the underwriter’s over-allotment option, with gross proceeds of approximately $1.8M, before deducting underwriting discounts and other expenses.
- Acquired the technology division of Uncubed and Finalist, which brings to Recruiter.com proprietary job board creation technology and MediaBistro, a leading professional community for media, content, and creative professionals.
- Appointed Xuan Smith as Chief Technology Officer and Ashley Saddul to the position of Chief Web Officer
“With advanced Artificial Intelligence (“AI”) technology, recruitment marketing software, and a network of now over 30,000 recruiters, Recruiter.com is at the forefront of a revolution in recruiting,” said Miles Jennings, President and COO of Recruiter.com. “By delivering effective results for both high-growth startups and Fortune 100 clients inside a tight job market with high demand for specialized talent, Recruiter.com is positioned for exceptional growth.”
Jennings continued, “One of the biggest challenges facing the re-opening of the economy is the shifting dynamics of the job market; an incredibly tight job market in highly skilled labor, a shift from in-person to remote work opening up the ‘work from anywhere’ theme, the lack of lower hourly workers seeking to re-enter the job market, and the increasing voluntary employment churn resulting in the potential for a ‘great resignation’ of employees. These challenges are being addressed head on through the Recruiter.com On Demand recruiting service, which we believe re-invents the recruiting industry, empowering companies large and small to extend their in-house hiring team with experienced freelance recruiters along with AI-driven candidate search and engagement tools. As our Recruiter On Demand solution saw a 88% quarter over quarter increase and with our new software subscriptions delivering over $175,000 in recurring revenue, we are confident in our ability to rapidly scale our business and continue to recruit talent faster.”
Conference Call Details:
The Company will host a conference call on Wednesday, August 18, 2021 at 4:30 pm. Eastern Time (ET) to discuss its financial results for the second quarter ended June 30, 2021 and provide a business update.
Conference Call Details:
Date: Wednesday, August 18, 2021
Time: 4:30 PM Eastern Time
Toll-free Dial-in Number: 888-506-0062
International Dial-in Number: 973-528-0011
Conference ID: 402513
Participant Link: https://www.webcaster4.com/Webcast/Page/2765/42551
Recruiter.com Group, Inc.
Recruiter.com is an online hiring platform delivering on-demand recruiting technology and services to both large and small businesses. With AI and video technology, and the world’s largest network of recruiters, Recruiter.com delivers on-tap recruiting that flexes with hiring needs. To learn more, visit https://www.recruiter.com. For investor information, visit https://investors.recruiter.com
Subscribe to get notifications when we publish news posts on this site