ShiftPixy, Inc.(PLXY), a workforce managemen t platform provider, has released its Condensed Consolidated Financial Statements for the nine months ended May 31, 2023. The financial report shows that the company experienced a net loss of $18.6 million during the period. However, despite the challenging financials, the company achieved total revenues of $13.8 million.
Net Loss of $18.6 Million for the Nine Months Ended May 2023
During the nine months ended May 31, 2023, ShiftPixy, Inc. faced a net loss of $18.6 million. This loss primarily resulted from various operating expenses and other expenses. The company's operating loss was $16.4 million, which included salaries, wages, payroll taxes, professional fees, software development costs, and general administrative expenses, among others. Additionally, the company incurred interest expenses and other income, which contributed to the net loss.
Revenue of $13.8 Million Achieved for the Nine Months Ended May 2023
Despite the challenging financial situation, ShiftPixy, Inc. managed to generate $13.8 million in revenue for the nine months ended May 2023. This revenue was mainly attributed to the company's workforce management platform services.
Financial Overview
The company's total assets as of May 31, 2023, amounted to $10.6 million, compared to $128.6 million as of August 31, 2022. This decrease was primarily due to reduced cash and marketable securities held in the Trust Account.
On the liabilities side, ShiftPixy, Inc. had total liabilities of $53.0 million as of May 31, 2023, compared to $160.1 million as of August 31, 2022. The decrease in liabilities was mainly driven by a decrease in accounts payable and other accrued liabilities, payroll-related liabilities, and non-current liabilities.
Furthermore, the company's stockholders' deficit was $42.4 million as of May 31, 2023, compared to $31.5 million as of August 31, 2022. This deficit resulted from the cumulative effect adjustment for ASC 842 lease accounting adoption, impaired asset expenses, and SPAC-related offering costs, among others
ShiftPixy, Inc.'s Condensed Consolidated Financial Statements for the nine months ended May 2023 reveal a challenging financial situation, with a net loss of $18.6 million. However, the company managed to achieve $13.8 million in revenue during the same period. The company continues to address its financial performance, focusing on optimizing its workforce management platform services and managing operating expenses to improve future results.