Revenue Grew 41.6% Year Over Year, With Fourth Quarter Growth of Over 22.3% to $10 Million Annual Run Rate Due to Growth in On-Demand Recruiting Technology and Services
HOUSTON, March 09, 2021 (GLOBE NEWSWIRE) -- Recruiter.com Group, Inc. (OTCQB: RCRT) (the "Company"), an on-demand hiring platform powered by over 28,000 recruiters, artificial intelligence ("AI"), and video hiring technology, announced its results of operations for the year ending December 31, 2020.
"We are thrilled to report more than 41% revenue growth in 2020 and Q4 quarter-over-quarter growth of 22.3%," stated Evan Sohn, Chairman and CEO. "We built a strong foundation for continued growth last year and are beginning to see the results of our team's tireless work. We are in the right place, at the right time, with the right solutions to address the needs of the Great Rehire. Our dynamic business model, matched with our technological prowess, has made recruiting faster and easier than ever. We are on track to realize our vision of becoming one of the leading on-demand professional recruiting solutions, well positioned to provide an essential service to both Fortune 500 companies and small and medium-sized businesses, as well as to independent recruiting agencies, as the Great Rehire continues."
2020 and Early 2021 Key Highlights:
- Surpassed 27,750 recruiters on our Job Market platform as of December 31, 2020.
- Launched new SaaS video solution to enable recruiters, hiring managers, and employers to rapidly screen, vet, and connect with qualified candidates using video.
- Launched updated AI-powered candidate-sourcing technology to create what we believe is the first platform in the world to offer recruiters access to both jobs and AI-matched candidates.
- Signed key agreements with a Fortune 50 company and new clients in the healthcare, call center, and mortgage and digital lending industries.
- Launched new on-demand virtual training program in January 2021 to help career changers break into the world of virtual recruiting.
- Received multiple major media appearances for the Recruiter Index®, Recruiter.com's survey of recruiter sentiment on the job market, hiring, and recruiting demand.
"Our corporate mission aligns with our nation's mission at this historic moment," continued Sohn. "As the country seeks to rebuild in the aftermath of the pandemic, we will drive the effort to rehire millions of people and provide new economic opportunities for the next generation. We intend to achieve significant organic and inorganic growth in 2021 by building on our success in 2020, leveraging our stock to acquire complementary businesses, and capitalizing on our recruiting-industry position and strong technical capabilities. We set off in 2020 to build out our platform, have scalable revenue, and end the year with a $10 million revenue run rate and a path for liquidity. With our 2020 objectives attained, our 2021 objectives are clear: continue to scale our platform revenue to a $40 million revenue run rate, achieve cash flow profitability, up-list on a national exchange, and continue to unlock the longer-term value of Recruiter.com as a billion-dollar brand."
2020 Financial Results
The Company's year-end revenue was up 41.6% year over year to close at $8.5 million with an annual run rate of over $10 million.
Adjusted EBITDA was $(2.84) million, compared to $(2.38) million in 2019.
Please refer to our March 9, 2021, filing at www.sec.gov for complete financial statements and footnotes, including management's discussion and analysis of financial conditions and operations results.
"We believe we have built a strong foundation for long-term growth," said Judy Krandel, Chief Financial Officer of Recruiter.com. "Our strategic investments in people and technology have the potential to generate significant returns in the quarters ahead as businesses continue to move forward with reopening plans. With a dominant market position and increasing demand, we are well positioned to capitalize on a wealth of opportunities."
Recruiter.com Group, Inc.
Recruiter.com is an online hiring platform delivering on-demand recruiting technology and services to both large and small businesses. With AI and video technology, and the world's largest network of recruiters, Recruiter.com delivers on-tap recruiting that flexes with hiring needs. To learn more, visit https://www.recruiter.com.
For investor information, visit https://www.recruiter.com/investors.html.
Please follow social media channels for additional updates:
- LinkedIn Recruiter Network Group: https://www.linkedin.com/groups/42370/
- LinkedIn Company Page: https://www.linkedin.com/company/1240434
- Twitter Company Page: https://twitter.com/recruiterdotcom
- Facebook Company Page: https://www.facebook.com/RecruiterDotCom
Company Contact:
Sarah Schultz
Director of Communications
Recruiter.com Group, Inc.
Phone: (855) 931-1500
sschultz@recruiter.com
Investor Relations:
Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
dave@redchip.com
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the anticipated improvements of the job market over the short and long term, expected improvement of the job requirement loads in the next 30 days, expected robust recoveries in the healthcare, construction and education segments, and the anticipated increase in demand in the aviation/aerospace segment and the arts/music/journalism segment. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index® survey, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law.