HIRE Technologies Inc.
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  • HIRE Technologies (HIRE) announced its financial results for the three and nine months ended September 30, 2022
  • Quarterly revenue of $7.7 million and year-to-date revenue of $26.1 million
  • Year-over-year growth of $6.6 million, representing a 34 per cent increase
  • HIRE is a growing capital allocator that is rapidly establishing itself as a market leader in workforce management and staffing
  • Hire Technologies Inc. (HIRE) is down 20.00 per cent, trading at C$0.02 per share at 1:02 pm ET

HIRE Technologies (HIRE) announced its financial results for the three and nine months ended September 30, 2022.

Financial highlights:

  • Quarterly revenue of $7.7 million and year-to-date revenue of $26.1 million. Year-over-year growth of $6.6 million, representing a 34 per cent increase
  • Gross margin of $3.47 million for the quarter and $13 million YTD
  • Adjusted EBITDA was $1.9 million for the year and a loss of $68 thousand for the quarter
  • Net loss was $10.7 million for the year and $6.1 million for the quarter before normalizing adjustments
  • Adjusted net income was a loss of $0.32 million for the year, with an adjusted net loss of $0.58 million for the quarter

Simon Dealy, CEO of HIRE Technologies, commented on the results.

“With our focus on higher margin staffing solutions and our breadth of sector expertise, we have once again produced strong revenue and gross margin growth. It captures profitable growth in executive search, temporary staffing, and permanent staffing. While the macroeconomic environment is increasingly uncertain, demand continued to be strong for resources during the quarter.”

Q3 financial highlights

  • Quarterly revenue of $7.7 million was essentially flat versus the same quarter in 2021
  • Gross margin was $3.5 million, 2 per cent higher than the $3.4 million for the same quarter in 2021. On a percentage of revenue basis, gross margin was 45 per cent. This is 1 point better than the quarter ended September 30, 2021, at 44 per cent
  • Adjusted EBITDA was a loss of $68 thousand, essentially break-even for the quarter

Year-to-date financial highlights

  • Revenue year-to-date was $26.2 million, 34 per cent higher than 2021. This was driven by organic growth of 22 per cent YoY
  • Year-to-date, gross margin was $12,993,772, $4,810,352 higher than the same period in 2021
  • Adjusted EBITDA of $1.9 million for the nine months ending September 30, 2022. This compares favourably to an Adjusted EBITDA loss of $0.25 million for the same period in 2021

The company also announced that Sean Cleary and Hamed Shahbazi have stepped down from the board of directors of the company, effective November 22, 2022. The board has now appointed Adam Ho and Brad Scharfe as members of the board, effective immediately.

HIRE is a growing capital allocator that is rapidly establishing itself as a market leader in workforce management and staffing.

Hire Technologies Inc. (HIRE) is down 20.00 per cent, trading at C$0.02 per share at 1:02 pm ET.


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