ATLANTIC INTERNATIONAL CORP.

Listed Company

ATLNCIK 0001605888NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthServices-Help Supply ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$435.88M

Net Income

$-59.43M

Total Assets

$113.23M

Equity

$-32.09M

Shares Out

79.36M

Op. Cash Flow

$-4.40M

Business

ATLANTIC INTERNATIONAL CORP. is an outsourced services and workforce solutions company that acquired Lyneer Investments LLC and conducts national staffing and workforce operations. It offers temporary, direct hire and permanent placement, payroll and vendor management, managed service provider support, recruitment process outsourcing, and related workforce technologies and program management services. Its key business components include Lyneer Staffing Solutions and operating subsidiaries providing staffing, managed services, program and data management, and continuous improvement functions. The company serves clients across the United States through a national network of offices, onsite operations and digital platforms.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Service revenue, net	436	443	401	—	—
Cost of revenue	390	395	354	690	57,690
Gross profit	46	47	47	77,969	152,305
Selling, general and administrative	91	64	45	—	—
Depreciation and amortization	5	5	5	—	—
(Loss) income from operations	−50	−22	−3	−4	−3
Loss on debt extinguishment	0	1	189,951	—	934,257
Advisory fees paid in merger	0	43	0	—	—
Interest expense	9	12	18	—	—
Other expense	0	52	0	—	—
Net loss before provision for income taxes	−59	−130	−21	—	—
Income tax expense	−33,991	−5	6	—	—
Net loss	−59	−135	−15	−4	−4
Net loss per share, basic (in dollars per share)	−1.08	−3.68	−0.6	−12.38	−0.51
Net loss per share, diluted (in dollars per share)	−1.08	−3.68	−0.6	−12.38	−0.51
Weighted-average shares outstanding, basic (in shares)	55	37	25	330,648	7
Weighted-average shares outstanding, diluted (in shares)	55	37	25	330,648	7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	81,134	678,676	1	2	4
Accounts receivable, net of allowance of $3,222,723 and $2,726,107	66	64	59	21,214	—
Unbilled accounts receivable	4	9	6	—	—
Prepaid income taxes	1	1	1	—	—
Prepaid expenses and other current assets	2	2	4	—	—
Deposits, current	8	8	8	—	—
Total current assets	81	85	79	7	10
Property and equipment, net	239,207	307,620	432,695	530,108	265,267
Right-of-use assets	3	2	2	1	—
Intangible assets, net	27	31	36	—	—
Deposits, long-term	279,769	271,318	276,367	—	—
Other assets	2	689,283	2	118,954	50,488
Total non-current assets	32	35	48	—	—
Total assets	113	120	127	8	11
Accounts payable	5	2	799,568	622,436	871,364
Accrued expenses and other current liabilities	20	22	16	—	—
PEO liability and accrued interest	33	23	—	—	—
Current operating lease liabilities	1	1	1	110,114	—
Line of credit, current portion	49	43	85	—	—
Other long term debt	3	0	—	—	—
Total current liabilities	115	94	162	1	3
Non-current operating lease liabilities	2	813,740	980,851	1	—
Total non-current liabilities	30	38	4	3	—
Total liabilities	145	132	166	4	3
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.00001 par value; 20,000,000 shares authorized and none issued at December 31, 2025 and December 31, 2024, respectively	0	0	0	—	—
Common stock, $0.00001 par value; 300,000,000 shares authorized; 55,713,259 and 53,130,946 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	557	531	254	3	119
Additional paid-in capital	163	123	22	—	—
Accumulated deficit	−195	−135	−62	−19	−14
Total stockholders deficit	−32	−12	−39	−27	8
Total liabilities and stockholders deficit	113	120	127	8	11

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Bad debt expense	1	957,031	2	—	—
Amortization, deferred financing cost	210,495	594,275	673,322	—	—
Interest paid in kind	0	1	2	—	—
Deferred income taxes	0	5	−5	—	—
Settlement claim to be paid in shares	0	11	0	—	—
Shares issued for services	836,400	43	0	111,984	—
Depreciation and amortization expense	5	5	5	—	—
Right-of-use amortization expense	2	2	—	—	—
Share based compensation	36	45	0	256,900	333,978
Accounts receivable	−3	−6	659,233	9,500	—
Unbilled accounts receivable	5	−4	646,253	—	—
Prepaid expenses and other current assets	−265,310	−1	−3	—	—
Prepaid income taxes	40,278	79,520	−1	—	—
Deposits	−8,451	5,049	7,637	—	—
Other assets	−1	−230,360	−572,881	−68,466	−36,226
Accounts payable	3	1	631,857	−248,928	9,524
Due to related parties	−2	1	−549,777	—	—
Income taxes payable	0	13,913	−66,317	—	—
Accrued expenses and other current liabilities	10	32	5	—	—
Contingent consideration liability	0	−7	0	—	—
Operating lease liability	−2	−2	−1	—	—
Net cash used in operating activities	−4	−6	−9	−4	−2
Purchase of property and equipment, net	−66,768	−73,456	−73,711	−40,020	−14,470
Net cash used in investing activities	−66,768	−73,456	−73,711	2	−6
Borrowings on revolving line of credit	478	440	406	—	—
Payments on revolving line of credit	−471	−443	−397	—	—
Repayments of Notes Payable	6	0	—	—	−270,000
Borrowings on other debt	4	0	—	—	—
Payments on other debt	−733,555	0	—	—	—
Borrowings on notes payable	0	2	—	—	—
Deemed capital contribution from recapitalization	0	7	0	—	—
Debt issuance costs payment	−290,351	−319,500	−40,000	—	—
Net cash provided by financing activities	4	5	9	—	12
Net decrease in cash and cash equivalents	−597,542	−674,251	−363,234	—	—
Interest	5	7	9	—	—
Settlement shares issued to legacy stockholders	2	0	—	—	3
Derecognition of debt, net related to debt deconsolidation	0	−69	0	—	—
Accretion of redeemable units to redemption value	0	133,162	498,750	—	—
Unpaid debt issuance costs added to Term Note	0	600,000	0	—	—
Notes payable issued for amounts due under contingent consideration arrangements	0	7	0	—	—
Deemed capital contribution	0	1	3	—	—
Change in related parties	0	−6	0	—	—
Deemed capital contribution from Merger	0	9	0	—	—
Liabilities assumed in Merger	0	2	0	—	—
Recapitalization of equity as a result of the Merger	0	74	0	—	—

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