SPAR Group, Inc.

Listed Company

SGRPCIK 0001004989NasdaqNon-AcceleratedSmaller ReportingServices-Business Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-24.63M

Total Assets

$44.06M

Equity

$622.0K

Shares Out

24.13M

Op. Cash Flow

$-18.44M

Business

SPAR Group, Inc. is a merchandising and brand marketing services company that delivers in-store execution to drive sales, margins and operating efficiency for retailers and consumer goods manufacturers. It offers services including merchandising and marketing, category management and setup, remodel and retail transformation, assembly and installation, business analytics and insights, and fulfillment and distribution. The company operates through business divisions historically organized by geography (Americas, APAC, EMEA) and by service lines. SPAR serves retail and manufacturer clients across channels, including brick-and-mortar stores and online fulfillment networks in the United States and Canada.

Summary from filing dated 2025-05-16

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
Net revenues	136	164	263	261	256
Cost of revenue	114	130	202	201	201
Gross profit	22	34	55	51	48
Selling, general and administrative expense	32	34	44	41	37
Restructuring costs and severance	5	0	—	—	—
Gain on disposal of business	0	−3	408,000	0	—
Depreciation and amortization	2	2	2	2	2
Operating (loss) income	−17	700,000	9	5	4
Interest expense	2	2	2	965,000	585,000
Other expenses, net	1	171,000	346,000	−482,000	−510,000
Loss before income tax expense	−21	−2	—	—	—
Income tax expense	4	144,000	2	3	2
Loss from continuing operations	−25	−2	—	—	—
Income from discontinued operations	0	1	—	—	—
Loss on disposal of business	0	−1	—	—	—
Income tax expense	0	−1	—	—	—
Net loss from discontinued operations	0	−881,000	—	—	—
Net loss	−25	−3	5	2	2
Net income attributable to non-controlling interest	0	−463,000	−874,000	−3	−4
Net loss attributable to SPAR Group, Inc.	−25	−3	4	−732,000	−2
Basic loss per common share attributable to SPAR Group, Inc. from continuing operations (in dollars per share)	−1,040	−90	—	—	—
Diluted loss per common share attributable to SPAR Group, Inc. from continuing operations (in dollars per share)	−1.04	−0.09	—	—	—
Basic loss per common share attributable to SPAR Group, Inc. from discontinued operations (in dollars per share)	0	−0.04	—	—	—
Diluted loss per common share attributable to SPAR Group, Inc. from discontinued operations (in dollars per share)	0	−0.04	—	—	—
Basic loss per common share attributable to SPAR Group, Inc. (in dollars per share)	−1.04	−0.13	0.17	−0.03	−0.08
Diluted loss per common share attributable to SPAR Group, Inc. (in dollars per share)	−1.04	−0.13	0.16	−0.03	−0.08
Weighted average common shares basic (in shares)	24	24	23	—	—
Weighted average common shares diluted (in shares)	24	24	24	22	21
Foreign currency translation adjustments	44,000	−2	1	−391,000	−4
Comprehensive loss	−25	−4	6	2	−2
Comprehensive income attributable to non-controlling interest	0	−172,000	−317,000	−2	−1
Comprehensive loss attributable to SPAR Group, Inc.	−25	−4	6	−645,000	−3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2023 2023-12-31
Cash and cash equivalents	3	18	20	22	11
Accounts receivable, net	27	25	38	38	60
Prepaid expenses and other current assets	1	3	3	2	6
Total current assets	31	46	61	62	76
Property and equipment, net	4	2	2	2	3
Operating lease right-of-use assets	5	630,000	838,000	1	2
Goodwill	856,000	856,000	1	1	1
Intangible assets, net	709,000	841,000	693,000	718,000	1
Deferred income taxes	18,000	4	0	1	5
Other assets	3	2	2	2	2
Total Assets	44	56	67	70	90
Accrued expenses and other current liabilities	6	4	4	6	15
Customer incentives and deposits	1	892,000	2	5	2
Lines of credit and short-term loans	20	16	19	18	18
Current portion of long-term debt	500,000	500,000	—	—	18
Current operating lease liabilities	643,000	276,000	508,000	482,000	1
Total current liabilities	38	30	34	37	49
Operating lease liabilities, less current portion	4	353,000	330,000	672,000	1
Deferred income taxes	34,000	0	—	—	—
Long-term debt	1	2	2	2	310,000
Total Liabilities	43	32	38	39	50
Commitments and contingencies See Note 6	—	—	—	—	—
Common stock, $.01 par value: Authorized shares 47,000,000 Issued and outstanding shares 23,449,701 at December 31, 2024 and 23,241,000 at December 31, 2023	241,000	234,000	234,000	234,000	232,000
Treasury stock, at cost 632,485 shares at December 31, 2025 and 1,205,485 Shares at December 31, 2024	−1	−2	—	—	−285,000
Additional paid-in capital	20	20	21	21	21
(Accumulated deficit)/Retained earnings	−17	7	12	13	11
Total equity	622,000	24	30	31	40
Total liabilities and equity	44	56	67	70	90

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
Depreciation and amortization	2	2	2	2	2
Loss on property, plant and equipment disposal	47,000	0	—	—	—
Amortization of operating lease assets	476,000	545,000	875,000	646,000	1
Amortization of debt issuance cost	62,000	0	—	—	—
Provision for expected credit losses	0	128,000	88,000	1	128,000
Deferred income tax expense (benefit)	4	−2	921,000	994,000	−267,000
Share based compensation	140,000	137,000	297,000	346,000	711,000
Accounts receivable	−4	−2	3	−11	−7
Prepaid expenses and other assets	1	416,000	2	−3	−510,000
Accounts payable	414,000	7	−3	2	1
Operating lease liabilities	−408,000	−541,000	−875,000	−744,000	−1
Accrued expenses, other current liabilities and customer incentives and deposits	3	−1	−4	−1	216,000
Net cash used in continuing operations	−18	−239,000	—	—	—
Net cash used in discontinued operations	0	−426,000	—	—	—
Net cash used in operating activities	−18	−665,000	7	−5	3
Proceeds from sale of international operations, net of cash transferred	2	7	−1	—	—
Purchases of property and equipment and internal use software	−3	−1	−1	−2	−2
Net cash (used in) provided by investing activities of continuing operations	−1	6	—	—	—
Net cash provided by investing activities of discontinued operations	0	4	—	—	—
Net cash (used in) provided by investing activities	−1	10	−2	−2	−2
Borrowings under lines of credit	135	132	104	30	77
Repayments under lines of credit	−131	−128	−105	−26	−75
Payment of notes to seller	−500,000	−2	0	—	—
Proceeds from the sale of treasury shares	756,000	0	—	—	—
Repurchase of common stock	0	−2	0	−181,000	0
Payments to acquire noncontrolling interests	0	−500,000	−473,000	−3	0
Proceeds from long-term debt	0	15,000	930,000	4	0
Net cash provided by (used in) financing activities of continuing operations	5	−341,000	—	—	—
Net cash used in financing activities of discontinued operations	0	−1	—	—	—
Net cash provided by (used in) financing activities	5	−2	−3	3	1
Effect of foreign exchange rate changes on cash	18,000	−58,000	−158,000	−776,000	−5
Net (decrease)/increase in cash and cash equivalents	−15	8	1	−4	−2
Interest paid	2	2	2	1	701,000
Noncash investment in internal use software, included in accounts payable	154,000	0	—	—	—
Income taxes paid	149,000	277,000	2	2	2
Promissory notes issued to Resource Plus non-controlling interest	0	3	0	—	—

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