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Atlantic International Corp. (ATLN-6.44%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's recent merger with Lyneer Investments LLC, which became effective on June 18, 2024. This merger led to a change in the company's corporate name and stock symbol.
The report highlights Atlantic's business model as a staffing solutions provider, focusing on temporary and permanent placements across various industries in the United States.
Financial results for 2024 show a net loss of $135,479,890, compared to a net loss of $15,252,020 in 2023. The increase in net loss is attributed to higher transaction costs related to the merger and stock-based compensation expenses.
Service revenue for the year was $442,609,814, an increase from $401,374,701 in 2023. This growth was primarily driven by higher revenues from temporary placement services.
The company reported total operating expenses of $69,012,915, up from $50,329,784 in the previous year, reflecting increased selling, general, and administrative costs.
Atlantic's liquidity position shows cash and cash equivalents of $678,676 as of December 31, 2024, with a decrease in cash used in operating activities compared to the prior year.
The filing also discusses the company's debt obligations, including a revolving credit facility and various notes payable, with plans to refinance or restructure these obligations.
Atlantic's management has identified material weaknesses in internal controls over financial reporting, primarily due to the complexity of financial transactions and limited accounting resources.
The company has outlined its acquisition strategy, focusing on expanding its staffing services through mergers and acquisitions, with an emphasis on high-demand fields such as medical, legal, and financial services.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atlantic International Corp. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.