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Nixxy Inc. (NIXX-1.99%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Nixxy's strategic transformation, including the sale of its staffing business in 2023 and the Recruiter.com website in 2024. The company is shifting focus towards telecom and AI technology, highlighted by a license agreement with GoLogiq and the acquisition of Savitr Tech assets.
Nixxy reported a net loss of $22.6 million for the year ended December 31, 2024, compared to a net loss of $6.7 million in the previous year. The increase in net loss is attributed to goodwill impairment charges and loss on debt settlement.
Revenue for the year was $0.6 million, a decrease from $3.2 million in 2023. This decline was primarily due to a significant reduction in the Recruiters on Demand business and the discontinuation of software subscriptions and consulting services.
Operating expenses increased to $15.5 million from $10.9 million in the prior year, driven by higher sales and marketing expenses, goodwill impairment, and general and administrative expenses.
Nixxy's cash and cash equivalents increased to $2.5 million as of December 31, 2024, from $1.0 million at the end of 2023. This was primarily due to proceeds from the sale of assets and issuance of common stock.
The company continues to face challenges related to liquidity and going concern, with management acknowledging the need for additional financing to support operations in 2025.
Nixxy's strategic initiatives include a focus on AI-driven telecommunications and SMS services, with plans for market expansion and increased revenue through acquisitions and technology integration.
The filing also mentions ongoing legal proceedings, including lawsuits related to unpaid invoices and contract disputes, which the company is actively defending.
Nixxy's management and board have undergone changes, with Miles Jennings serving as Interim Chief Executive Officer and recent appointments to the board to support the company's strategic direction.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nixxy Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.