SPAR Group (SGRP) Company Report

SPAR Group, Inc. reported net revenues of $41.4 million for Q3 2025, with comparable U.S. and Canada net revenues increasing 28.2% over the prior year quarter. For the first nine months of 2025, net revenues were $114.1 million, with comparable U.S. and Canada net revenues up 12.6%.
The company recorded a GAAP net loss attributable to SPAR Group, Inc. of ($8.8) million, or ($0.37) per diluted share, for Q3 2025, and ($8.3) million, or ($0.35) per diluted share, for the first nine months of 2025.
Consolidated Gross Margin for Q3 2025 was 18.6% of sales, a decrease from 22.3% in the prior year quarter, primarily due to a higher mix of retailer remodeling work. The company incurred approximately $4.0 million in restructuring costs and severance in Q3 2025 and aims to reduce SG&A to approximately $6.5 million per quarter or lower.
As of September 30, 2025, total liquidity was $10.4 million, comprising $8.2 million in cash and cash equivalents and $2.2 million of unused availability. Net cash used in operating activities for the nine months ended September 30, 2025, was $16.0 million.

Nov 18, 2025, 9:06 PM

SPAR Group, Inc. Extends and Increases Credit Facility, Waives Defaults

SGRP

Debt Issuance

SPAR Group, Inc. (SGRP) entered into an Eighth Modification Agreement on October 9, 2025, with North Mill Capital LLC, extending its NM Credit Facility term from October 10, 2025, to October 10, 2027.
The agreement increased the US Revolving Credit Facility to US$30 million and the Canada Revolving Credit Facility to US$6 million.
The cap on eligible unbilled accounts in the US Borrower's borrowing base increased to US$15 million, and for the Canadian Borrower's borrowing base to US$2 million.
The lender also waived certain specified defaults related to the delayed delivery of July 31, 2025, and August 31, 2025, financial statements and compliance certificates.

Oct 16, 2025, 8:05 PM

SPAR Group Announces Executive Leadership Changes and Severance Agreements

SGRP

CEO Change

Management Change

Executive Compensation

SPAR Group, Inc. announced that Mike R. Matacunas will resign as President immediately and as Chief Executive Officer on October 3, 2025. He will receive a $2,000,000 retention bonus and accelerated RSU vesting, and his Change in Control Severance Agreement will terminate, relieving the company of a $4 million potential liability.
William Linnane has been appointed President, effective immediately, and will serve as interim CEO from October 3, 2025. His compensation includes a base salary of $415,000 and a $250,000 special one-time bonus upon becoming interim CEO.
The company eliminated the Global Chief Commercial Officer and Global Chief Operating Officer positions, leading to the departure of Ron Lutz and Kori Belzer on August 29, 2025. They will receive severance payments of $588,258 and $871,405, respectively. Ron Lutz will also provide consulting services for $15,000 per month starting September 8, 2025.

Aug 29, 2025, 8:05 PM

SPAR Group Provides Business Update

SGRP

New Projects/Investments

M&A

Revenue Acceleration/Inflection

SPAR Group (SGRP) has undergone a significant transformation over the last 18 months, divesting international businesses to focus on its 100% owned U.S. and Canada operations, which returned $10 million+ to the balance sheet.
The company reported $73 million in revenue and a $14 million cash position as of June. Its U.S. and Canada business doubled in size over the last four years and saw 5% year-on-year growth in Q2, with a future pipeline of $200 million.
A previously accepted takeover offer from Highwire Capital for $2.50 per share was terminated in May, leading to a negotiated $2 million termination penalty; the company is pursuing the balance of this agreement.
SPAR Group is leveraging technology and AI to enhance its services, such as real-time capture of shelf data, and to optimize internal operations, aiming to expand EBITDA margins and increase net income.