HireQuest, Inc. reported a total revenue of $34.6 million for the fiscal year ending December 31, 2024, a decrease of 8.7% from $37.9 million in 2023. The decline in revenue was primarily attributed to a 6.9% drop in system-wide sales, which fell from $605.1 million in 2023 to $563.6 million in 2024. The company’s income from operations also decreased significantly, from $10.6 million in 2023 to $4.4 million in 2024, largely due to a $6 million impairment charge related to goodwill and intangible assets from the MRI acquisition.
In terms of operational metrics, HireQuest employed approximately 65,000 temporary employees and contracted with 173 independent contractors during 2024. The company operated 425 franchisee-owned offices and one company-owned office across 44 states and 13 countries. The net closure of two offices in 2024 was a result of opening or acquiring 30 offices while closing 32. The company also licensed its trade names to six locations in California, further expanding its geographic footprint.
Strategically, HireQuest continued its acquisition strategy, completing the acquisition of Ready Temporary Staffing for $1.4 million in December 2024, which is expected to enhance its presence in Colorado. Additionally, the company acquired customer relationships and certain assets from TEC for $9.8 million in December 2023. These acquisitions are part of HireQuest's broader strategy to diversify its service offerings and expand its franchise base, which has been a key driver of its growth.
The company’s financial outlook remains cautious, as it faces challenges from a softening staffing and recruiting industry. The management noted that while the staffing industry has historically outpaced overall economic growth, current market conditions may impact future performance. HireQuest is focused on improving its operational efficiencies and enhancing its service offerings to better position itself for recovery as market conditions stabilize. The company also emphasized its commitment to maintaining a strong balance sheet, with total assets exceeding liabilities by over $64.8 million as of December 31, 2024.
About HireQuest, Inc.
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