Recruiter.com Group Inc (OTCQB:RCRT) reported that its first-quarter 2021 revenue rose 39% quarter-over-quarter to $3.2 million, primarily from increased use of the company’s Recruiters on Demand business.
Recruiter.com also said 28,570 recruiters joined its virtual AI- and video-enabled hiring platform in the quarter ending March 31.
“We were pleased with our achievement of rapid organic growth, validating our on-demand model of recruiting solutions. While our realized sales growth for the quarter was over 99% organic, we also acquired two innovative recruiting technology companies, which we believe will contribute meaningfully in the quarters ahead,” Recruiter.com Group CEO Evan Sohn said in a statement.
READ: Recruiter.com Group is building one of the world's largest hiring platforms
“With multiple new-to-market software subscription-based products and new enterprise on-demand services clients, Recruiter.com is positioned for great success in a time when hiring is in tremendous focus and demand for the country,” Sohn added.
During the quarter, Recruiter.com acquired Upsider.ai, a SaaS (software-as-a-service) platform for employers that automates recruiting, and Scouted.io, a video-powered talent platform, which helps employers identify and engage high-potential talent from curated candidate pools.
As well, the company noted it expects to play an essential role in the re-hiring movement that is likely to emerge once the coronavirus (COVID-19) pandemic ends.
Recruiter.com also recorded a 1Q net loss of $6.3 million, or $0.96 per share, which included $4.7 million in non-cash expenses due primarily to initial derivative expense, debt discount, and stock-based compensation.
Recruiter.com Group has a diverse network of more than 27,000 recruiters that helps organizations reduce recruiting costs and shorten recruiting cycles with access to on-demand recruiting and AI and video technology.
The company provides small and large businesses with access to on-demand teams of virtual recruiters armed with AI-powered candidate sourcing tools. Clients can engage recruiters on an hourly basis through Recruiter.com On Demand, or they can post jobs to Recruiter.com and pay a success-based fee.
Contact Sean at sean@proactiveinvestors.com