HomeEquities ScoreHere is why ShiftPixy, Inc. (PIXY) shares surged in the late-hours Friday

Here is why ShiftPixy, Inc. (PIXY) shares surged in the late-hours Friday

Pixy stock was up 24.07% to 3.35 in the post-market on Friday, January 15, 2021, after the NASDAQ-listed SHIFTPIXY (PIXY) released its earnings and financial results for the quarter ended November 30.

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2021 First Quarter Financial Highlights 


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The balance sheet improved from $4.3 million cash and no long-term debt on August 31, 2020, to $9.1 million cash and no long-term debt by November 30, 2020.

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A public equity offering closed on October 14, 2020, producing a gross sale of $12 million.

A loss of $6.9 million, or $0.22 per share, was reported, excluding non-recurring items.

Compared to an Operating Loss of $4.2 million the prior year, the First Quarter of 2021 results in an Operating Loss of $5.6 million.

1.3 million discontinued operations charges for increased workers’ compensation reserves related to the January 2020 Asset Sale.

Despite impacts during the first quarter of 2021 of new COVID-19 restrictions on Southern California-based restaurant customers, gross billings grew 15% to $19.8 million, up from $17.2 million in the same period of Fiscal 2020.

A 15% increase in revenues occurred in the 2021 First Quarter compared to $2.2 million in Fiscal 2020’s same period.

The 2021 first quarter’s gross profit was $513,000, or 20% of revenues, including charges of $180,000 for additional workers’ compensation reserves, compared to $221,000 in Fiscal 2020. With COVID-19 related workers’ compensation charges excluded, gross profit would have been 27% of revenues instead of 10% of revenues for the first quarter of Fiscal 2020.

The first quarter of Fiscal 2021 had an operating loss of $6.1 million versus the first quarter of Fiscal 2020, which had an operating loss of $4 million. Excluding non-recurring expenses, operating expenses were $4.9 million. Excluding non-recurring charges and non-cash charges, the cash basis using Fiscal 2021 expenditures was $4.3 million compared to $4.2 million in Fiscal 2020’s first quarter.

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Summary

ShiftPixy, Inc. (NASDAQ: PIXY)is a groundbreaking human capital resources provider, revolutionizing jobs in the Gig Economy by offering a next-gen workforce management tool that helps shift-based employee businesses navigate compliance demands, reduce administrative burdens, and connect more with a ready-to-hire workforce. The Company’s upbeat quarterly results seemed to be the driving force behind the sudden surge of the stock in the late hours.

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