Recruiter.com Group Inc. has reported a 117% jump in its first-quarter revenue driven by significant changes to the company’s revenue mix as it shifts to its higher-margin, technology-oriented business.
For the quarter ending March 31, 2022, the company reported revenue of $6.9 million compared to $3.2 million in the first quarter of 2021.
In a statement, the company attributed its strong revenue growth to a 339% growth in the recruiters on demand business and continued growth in software subscriptions, with these two segments accounting for 61% and 10% of the company’s total revenue during the quarter respectively.
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Recruiter.com CEO Evan Sohn said during 1Q the company had strengthened its platform and solidified gains from strategic acquisitions it completed last year.
“We’re leveraging the proprietary AI that we acquired to remain ahead of emerging trends as ‘work from anywhere’ morphs into ‘hire from anywhere,’ as anticipated,” Sohn said.
“To meet those growing market needs, we are exploring new partnerships and establishing additional career communities, like the new cryptocurrency career community platform that we launched in the first quarter.”
Recruiter.com narrowed its 1Q net loss to $4.2 million from $6.3 million for the same period last year.
“The solid start to the year gives us confidence in projecting that the company should hit earnings before interest, taxes, depreciation, and amortization (EBITDA) breakeven later this year during the fourth quarter as we grow to meet market demand with a stronger software platform and improved delivery operations,” Sohn said.
Recruiter.com is an on-demand recruiting platform providing flexible talent acquisition solutions that scale from start-ups to the Fortune 100.
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