Atlantic International Corp. Reports Strong 2024 Results with Over $442 Million in Revenue; Over 10% Revenue Growth
Company Completes First Quarter Publicly-Traded on Nasdaq Global Market under "ATLN"
Announces Strategic Developments and Outlook; Targets $1 to $1.5 Billion Revenue from Both Organic Growth and M&A Initiatives in the Next 12 to 18 Months
ENGLEWOOD CLIFFS, N.J., March 28, 2025 (GLOBE NEWSWIRE) -- Atlantic International Corp. ("Atlantic" or the "Company") (NASDAQ:ATLN), a leading provider of strategic staffing, outsourced services and workforce solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2024.
Key Financial Highlights:
Q4 2024 Revenue: Revenue for the fourth quarter was $129.5 million, representing an 11.5% increase from $116.2 million in Q4 2023.
Q4 2024 Gross Profit: Gross profit for the quarter was $13.3 million, or 10.3% of revenue, compared to $12.6 million, or 10.84% of revenue, in Q4 2023.
Q4 2024 Adjusted EBITDA: Adjusted EBITDA for Q4 was $1.9 million, reflecting ongoing cost efficiencies and revenue growth.
Full-Year Revenue: Atlantic reported full-year revenue of $442.6 million, reflecting an increase of 10.3% compared to $401.4 million in 2023. Growth was driven by expansion in key industry verticals, new customer acquisitions, and increased demand for workforce solutions.
Full-Year Gross Profit: Gross profit for the year was $47.2 million, or 10.7% of revenue, compared to $46.9 million, or 11.7% of revenue, in the prior year.
Full-Year Adjusted EBITDA: Excluding one-time charges, Adjusted EBITDA was $4.7 million, reflecting operational improvements and cost efficiencies.
Operational and Strategic Highlights:
Expansion of Workforce Solutions: The Company continued to expand its on-premise managed services, with new locations opening across Texas and the Southeast, serving major logistics and manufacturing clients.
Technology Investments: Launched the Site Selection Dashboard, enabling customers to optimize hiring decisions through data-driven insights, which is expected to contribute to higher-margin revenue streams in 2025.
Termination of Staffing 360 Acquisition: Atlantic formally terminated the planned merger with Staffing 360 Solutions Inc. due primarily to unresolved financial contingencies related to IRS settlement agreements. The Company remains focused on other strategic M&A opportunities aligned with its long-term growth strategy.
Debt Refinancing Efforts: The Company is actively working ...
