Recruiter.com Group Inc has reported a 265% increase in fourth-quarter 2021 revenue, wrapping up a strong year for the company due to increasing demand for its on-demand recruiting solutions.
Revenue for the three months to December 31, 2021, rose to $8.4 million compared to $2.3 million in the 4Q 2020, resulting in full-year revenue of $22.2 million, a 160% year-over-year increase.
"2021 was an exciting and transformative year for Recruiter.com, which included our initial Nasdaq listing, ten-fold growth in our on-demand recruiting solution through a mix of organic growth and acquisitions, and the introduction of our software subscriptions,” CEO Evan Sohn said in a statement.
“We ended the year on a high note, with fourth-quarter revenue of $8.4 million. The company's sales mix is shifting toward higher-margin products, including software subscriptions and on-demand recruiting solutions," he added.
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Recruiter.com said gross profit for the year totaled $7.3 million, an increase of 208% over 2020’s $2.4 million, while its net loss narrowed to $16.3 million. For Q4, gross profit improved to $2.6 million from $700,000 in the same period a year earlier.
The company ended the year with $2.6 million in cash, cash equivalents and marketable securities and total current assets of $8.8 million.
It said its 2021 performance was driven by favorable market conditions for recruiting and talent solution providers, acquisitions that contributed substantially to its On Demand and Marketplace revenue categories, and the launch of its software solution.
"In 2022, we will remain focused on driving organic growth of our technology-led recruiting solutions as we push toward profitability on the strength of the foundation that we built this year. We believe that the shifts in our revenue mix toward on-demand and software subscription services position Recruiter.com well in a competitive market,” Sohn concluded.
Contact the author at stephen.gunnion@proactiveinvestors.com