Revenue has contracted significantly over the last nine quarters, culminating in a 10.3% year-over-year decline in 2026Q1 alongside volatile gross margins that reached a negative 10.6% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 132.58M | 136.1M | 163.63M | 45.92M | 261.27M | 255.72M | 230.52M | 252.88M | 229.19M | 181.38M | 134.32M | 119.28M | 122.02M | 111.96M | 102.77M | 73.52M | 63.15M | 57.55M | 69.61M | 60.72M | 57.32M | 51.59M | 51.37M | 64.86M | 69.61M | 70.89M | 109.53M | 116.53M | 121.8M | 128.2M | 119.9M |
| Revenue Growth % | -10.58% | -16.82% | 256.33% | -82.42% | 2.17% | 10.93% | -8.84% | 10.33% | 26.36% | 35.03% | 12.61% | -2.25% | 8.99% | 8.95% | 39.77% | 16.42% | 9.74% | -17.33% | 14.65% | 5.93% | 11.11% | 0.42% | -20.8% | -6.83% | -1.8% | -35.28% | -6% | -4.33% | -4.99% | 6.92% | 14.41% |
| Cost of Goods Sold | 111.76M | 114.41M | 130.03M | 35.72M | 210.26M | 208.2M | 185.33M | 203.63M | 184.9M | 144.6M | 104.78M | 90.02M | 91.67M | 84.36M | 75.53M | 51.03M | 42.16M | 40.02M | 48.69M | 41.47M | 37.46M | 31.94M | 33.64M | 42.34M | 40.33M | 40.88M | 72.97M | 81.29M | 105.4M | 119.8M | 94.9M |
| COGS % of Revenue | - | 84.06% | 79.47% | 77.78% | 80.48% | 81.42% | 80.4% | 80.52% | 80.68% | 79.72% | 78.01% | 75.47% | 75.13% | 75.35% | 73.5% | 69.4% | 66.77% | 69.54% | 69.94% | 68.3% | 65.36% | 61.91% | 65.49% | 65.28% | 57.94% | 57.67% | 66.62% | 69.76% | 86.54% | 93.45% | 79.15% |
| Gross Profit | 20.82M | 21.69M | 33.6M | 10.2M | 51.01M | 47.52M | 45.19M | 49.25M | 44.29M | 36.78M | 29.54M | 29.26M | 30.35M | 27.6M | 27.23M | 22.5M | 20.99M | 17.53M | 20.92M | 19.25M | 19.85M | 19.65M | 17.73M | 22.52M | 29.28M | 30.01M | 36.56M | 35.24M | 16.4M | 8.4M | 25M |
| Gross Margin % | 15.7% | 15.94% | 20.53% | 22.22% | 19.52% | 18.58% | 19.6% | 19.48% | 19.32% | 20.28% | 21.99% | 24.53% | 24.87% | 24.65% | 26.5% | 30.6% | 33.23% | 30.46% | 30.06% | 31.7% | 34.64% | 38.09% | 34.51% | 34.72% | 42.06% | 42.33% | 33.38% | 30.24% | 13.46% | 6.55% | 20.85% |
| Gross Profit Growth % | - | -35.43% | 229.25% | -80% | 7.34% | 5.17% | -8.25% | 11.21% | 20.41% | 24.5% | 0.95% | -3.58% | 9.97% | 1.33% | 21.07% | 7.18% | 19.73% | -16.22% | 8.7% | -3.05% | 1.05% | 10.84% | -21.29% | -23.09% | -2.42% | -17.92% | 3.75% | 114.86% | 95.24% | -66.4% | 5.93% |
| Operating Expenses | 33.79M | 33.83M | 35.43M | 9.25M | 45.63M | 43.34M | 35.47M | 39.06M | 40.56M | 32.69M | 27.34M | 26M | 27.06M | 24.69M | 23.23M | 19.61M | 18.16M | 17.21M | 19.45M | 21.23M | 20.58M | 18.59M | 29.76M | 22.5M | 20.65M | 22.06M | 33.98M | 31.01M | 21.1M | 21.7M | 19.7M |
| OpEx % of Revenue | - | 24.86% | 21.65% | 20.14% | 17.46% | 16.95% | 15.39% | 15.45% | 17.7% | 18.02% | 20.35% | 21.8% | 22.18% | 22.06% | 22.6% | 26.67% | 28.75% | 29.9% | 27.95% | 34.97% | 35.9% | 36.04% | 57.94% | 34.68% | 29.66% | 31.12% | 31.02% | 26.61% | 17.32% | 16.93% | 16.43% |
| Selling, General & Admin | 32.52M | 32.2M | 33.88M | 8.79M | 41.13M | 36.78M | 33.34M | 36.87M | 38.45M | 30.56M | 25.24M | 24.09M | 25.31M | 23.2M | 22.06M | 18.54M | 17.14M | 16.13M | 18.51M | 20.47M | 19.83M | 17.56M | 20.22M | 20.97M | 18.8M | 19.38M | 30.41M | 28.83M | 20M | 20.7M | 19.2M |
| SG&A % of Revenue | - | 23.66% | 20.71% | 19.15% | 15.74% | 14.38% | 14.46% | 14.58% | 16.78% | 16.85% | 18.79% | 20.2% | 20.74% | 20.72% | 21.47% | 25.22% | 27.14% | 28.02% | 26.6% | 33.71% | 34.6% | 34.04% | 39.37% | 32.33% | 27.01% | 27.34% | 27.77% | 24.74% | 16.42% | 16.15% | 16.01% |
| Research & Development | 0 | 0 | 0 | 0 | 1.2M | 1.2M | 1.2M | 0 | 1.2M | 1.2M | 1.2M | 1M | 895K | 681K | 638K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 0.46% | 0.47% | 0.52% | - | 0.52% | 0.66% | 0.89% | 0.84% | 0.73% | 0.61% | 0.62% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.27M | 1.63M | 1.55M | 451K | 3.29M | 5.36M | 930K | 2.19M | 406K | 401K | 128K | 243K | 292K | 299K | 123K | 1.07M | 1.02M | 1.08M | 939K | 768K | 746K | 1.03M | 9.54M | 1.53M | 1.84M | 2.68M | 3.56M | 2.18M | 1.1M | 1M | 500K |
| Operating Income | -12.97M | -12.14M | -1.84M | 958K | 5.39M | 4.18M | 9.72M | 10.19M | 3.73M | 4.09M | 2.2M | 3.27M | 3.29M | 2.9M | 4.01M | 2.88M | 2.83M | 322K | 1.47M | -1.99M | -724K | 1.05M | -12.04M | 25K | 8.63M | 7.95M | 2.58M | 4.22M | -4.7M | -13.3M | 5.3M |
| Operating Margin % | -9.78% | -8.92% | -1.12% | 2.09% | 2.06% | 1.64% | 4.22% | 4.03% | 1.63% | 2.25% | 1.64% | 2.74% | 2.7% | 2.59% | 3.9% | 3.92% | 4.48% | 0.56% | 2.11% | -3.27% | -1.26% | 2.05% | -23.43% | 0.04% | 12.4% | 11.21% | 2.36% | 3.63% | -3.86% | -10.37% | 4.42% |
| Operating Income Growth % | - | -561.11% | -291.65% | -82.21% | 28.76% | -56.97% | -4.6% | 173.29% | -8.83% | 85.74% | -32.56% | -0.73% | 13.26% | -27.53% | 38.89% | 1.91% | 779.19% | -78.1% | 174.02% | -174.31% | -168.63% | 108.77% | -48244% | -99.71% | 8.65% | 207.98% | -38.93% | 189.89% | 64.66% | -350.94% | -10.17% |
| EBITDA | -10.81M | -10.03M | 262K | 3.66M | 8.06M | 7.39M | 13.9M | 13.27M | 5.84M | 6.22M | 4.3M | 5.17M | 5.04M | 4.4M | 5.17M | 3.95M | 3.85M | 1.4M | 2.41M | -1.22M | 22K | 2.09M | -10.64M | 1.55M | 10.48M | 11.79M | 6.14M | 6.41M | -3.6M | -12.3M | 5.8M |
| EBITDA Margin % | -8.15% | -7.37% | 0.16% | 7.97% | 3.09% | 2.89% | 6.03% | 5.25% | 2.55% | 3.43% | 3.2% | 4.33% | 4.13% | 3.93% | 5.03% | 5.38% | 6.09% | 2.44% | 3.46% | -2.01% | 0.04% | 4.04% | -20.71% | 2.4% | 15.05% | 16.64% | 5.61% | 5.5% | -2.96% | -9.59% | 4.84% |
| EBITDA Growth % | 13.47% | -3927.48% | -92.84% | -54.62% | 9.19% | -46.86% | 4.72% | 127.37% | -6.08% | 44.49% | -16.79% | 2.54% | 14.59% | -14.96% | 30.85% | 2.73% | 174.34% | -41.76% | 297.78% | -5636.36% | -98.95% | 119.61% | -784.49% | -85.17% | -11.16% | 91.94% | -4.1% | 277.97% | 70.73% | -312.07% | -10.77% |
| D&A (Non-Cash Add-back) | 2.16M | 2.11M | 2.1M | 2.7M | 2.68M | 3.2M | 4.18M | 3.08M | 2.11M | 2.13M | 2.1M | 1.91M | 1.75M | 1.5M | 1.17M | 1.07M | 1.02M | 1.08M | 939K | 768K | 746K | 1.03M | 1.4M | 1.53M | 1.84M | 3.85M | 3.56M | 2.18M | 1.1M | 1M | 500K |
| EBIT | -18.98M | -18.14M | 529K | 1.08M | 5.87M | 4.69M | 9.96M | 10.46M | 3.73M | 4.09M | 2.2M | 3.27M | 3.29M | 2.9M | 4.04M | 2.9M | 2.85M | 904K | 799K | -1.99M | -724K | 1.05M | -12.04M | 25K | 8.63M | 7.95M | 4.04M | 4.22M | 6.26M | -13.3M | 5.3M |
| Net Interest Income | -2.44M | -2.42M | -2.22M | -1.92M | -965K | -585K | -690K | -1.05M | -1.09M | -337K | -133K | -214K | -158K | -171K | -127K | -197K | -310K | -178K | -328K | 0 | -237K | -191K | 0 | -269K | 0 | 0 | -2.13M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.44M | 2.42M | 2.22M | 1.92M | 965K | 585K | 690K | 1.05M | 1.09M | 337K | 133K | 214K | 158K | 171K | 129K | 197K | 310K | 178K | 328K | 315K | 237K | 191K | 0 | 269K | 0 | 0 | 2.13M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.68M | -8.41M | 174K | -377K | -483K | -75K | -448K | -780K | -689K | 64K | -5K | 29K | 134K | 128K | -6K | -186K | -289K | 404K | -999K | -354K | 101K | 233K | 534K | -506K | -337K | -668K | 921K | -1.57M | -10.46M | -4.6M | 900K |
| Pretax Income | -21.65M | -20.55M | -1.66M | 581K | 4.9M | 4.11M | 9.27M | 9.41M | 3.04M | 4.15M | 2.2M | 3.29M | 3.42M | 3.03M | 4M | 2.7M | 2.54M | 726K | 471K | -2.34M | -623K | 1.29M | -11.5M | -481K | 8.3M | 7.28M | 1.24M | 2.65M | -4.2M | -17.9M | 6.2M |
| Pretax Margin % | -16.33% | -15.1% | -1.02% | 1.27% | 1.88% | 1.61% | 4.02% | 3.72% | 1.33% | 2.29% | 1.64% | 2.76% | 2.81% | 2.71% | 3.89% | 3.67% | 4.03% | 1.26% | 0.68% | -3.85% | -1.09% | 2.5% | -22.39% | -0.74% | 11.92% | 10.27% | 1.14% | 2.28% | -3.45% | -13.96% | 5.17% |
| Income Tax | 3.99M | 4.07M | 144K | 229K | 2.78M | 2.11M | 312K | 3.58M | 1.4M | 2.98M | 441K | 819K | -948K | -1.12M | 550K | 362K | 263K | 169K | 532K | 157K | 99K | 242K | 853K | 58K | 3M | 3.12M | -78K | 3.15M | 100K | -2.8M | 2.4M |
| Effective Tax Rate % | -18.41% | -19.82% | -8.66% | 39.41% | 56.64% | 51.31% | 3.36% | 38.02% | 46.12% | 71.67% | 20.07% | 24.86% | -27.7% | -36.87% | 13.75% | 13.41% | 10.35% | 23.28% | 112.95% | -6.71% | -15.89% | 18.79% | -7.42% | -12.06% | 36.14% | 42.91% | -6.27% | 118.66% | -2.38% | 15.64% | 38.71% |
| Net Income | -25.64M | -24.63M | -3.15M | 639K | -732K | -1.78M | 3.37M | 2.42M | -1.55M | -923K | 173K | 892K | 3.27M | 3.35M | 2.93M | 2.21M | 2.17M | 502K | 102K | -2.54M | -621K | 878K | -12.27M | -539K | 5.3M | -1.71M | 1.32M | -495K | -4.3M | -15.1M | 3.8M |
| Net Margin % | -19.34% | -18.09% | -1.93% | 1.39% | -0.28% | -0.7% | 1.46% | 0.96% | -0.68% | -0.51% | 0.13% | 0.75% | 2.68% | 2.99% | 2.85% | 3.01% | 3.43% | 0.87% | 0.15% | -4.19% | -1.08% | 1.7% | -23.88% | -0.83% | 7.61% | -2.42% | 1.21% | -0.42% | -3.53% | -11.78% | 3.17% |
| Net Income Growth % | -52.33% | -681.78% | -592.96% | 187.3% | 58.85% | -152.84% | 39.19% | 255.96% | -68.04% | -633.53% | -80.61% | -72.7% | -2.45% | 14.33% | 32.34% | 2.17% | 331.67% | 392.16% | 104.01% | -309.66% | -170.73% | 107.16% | -2176.07% | -110.17% | 409.1% | -229.65% | 367.07% | 88.49% | 71.52% | -497.37% | 8.57% |
| Net Income (Continuing) | -25.64M | -24.63M | -1.81M | 352K | 2.13M | 2M | 8.96M | 5.83M | 1.64M | 1.18M | 1.76M | 2.48M | 4.37M | 4.15M | 3.45M | 2.34M | 2.28M | 557K | -61K | -2.54M | -621K | 878K | -12.27M | -539K | 5.3M | 4.16M | 2.72M | -495K | 6.11M | -15.1M | 3.8M |
| Discontinued Operations | 0 | 0 | -881K | 754K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 12.02M | 15.63M | 17.6M | 16.46M | 12.41M | 8.48M | 5.91M | 6.99M | 5.7M | 4.45M | 2.74M | 1.9M | 1.07M | 450K | 431K | 593K | 975K | 504K | 405K | 206K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.06 | -1.04 | -0.13 | 0.03 | -0.03 | -0.08 | 0.16 | 0.28 | -0.08 | -0.04 | 0.01 | 0.04 | 0.15 | 0.15 | 0.14 | 0.10 | 0.11 | 0.03 | 0.01 | -0.13 | -0.03 | 0.05 | -0.65 | -0.03 | 0.28 | -0.09 | 0.07 | -0.03 | -0.79 | -2.72 | 0.63 |
| EPS Growth % | -65.51% | -700% | -533.33% | 190.63% | 60.45% | -152.31% | -42.86% | 473.33% | -67.41% | -548% | -75% | -73.33% | 0% | 7.14% | 40% | -9.09% | 266.67% | - | 104.08% | -296.34% | -172.25% | 106.98% | -2172.73% | -110.21% | 401.72% | -232.57% | 317.39% | 95.92% | 70.96% | -531.75% | -29.21% |
| EPS (Basic) | - | -1.04 | -0.13 | 0.03 | -0.03 | -0.08 | 0.16 | 0.28 | -0.08 | -0.04 | 0.01 | 0.04 | 0.16 | 0.16 | 0.14 | 0.11 | 0.11 | 0.03 | 0.01 | -0.13 | -0.03 | 0.05 | -0.65 | -0.03 | 0.28 | -0.09 | 0.07 | -0.03 | -0.79 | -2.72 | 0.70 |
| Diluted Shares Outstanding | 24.13M | 23.62M | 23.73M | 24.45M | 22.11M | 21.27M | 21.16M | 21.16M | 20.68M | 20.62M | 21.31M | 21.57M | 21.83M | 21.73M | 21.61M | 21.33M | 20.6M | 19.43M | 19.32M | 19.01M | 18.93M | 19.36M | 18.86M | 18.86M | 19.15M | 18.47M | 18.3M | 15.37M | 5.42M | 5.55M | 5.99M |
| Basic Shares Outstanding | 24.13M | 23.62M | 23.55M | 23.33M | 22.11M | 21.27M | 21.11M | 20.92M | 20.68M | 20.62M | 20.59M | 20.56M | 20.58M | 20.49M | 20.24M | 19.96M | 19.21M | 19.14M | 19.13M | 19.01M | 18.93M | 18.9M | 18.86M | 18.86M | 18.76M | 18.39M | 18.18M | 15.36M | 5.42M | 5.55M | 5.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational insolvency
As indicated by the most recent quarterly financial data, SGRP has experienced a sustained period of top-line erosion, with revenue falling from $65.1M in 2023Q4 to $30.5M in 2026Q1, representing a significant and concerning multi-quarter decline in the company's core merchandising service volumes.
The consistent downward trajectory in revenue suggests that the company is struggling to retain its client base or is facing a structural reduction in demand for its project-based retail services. This trend implies that the firm's reliance on cyclical retail resets is becoming increasingly untenable in the current market environment.
Based on reported income statements, SGRP's gross margin has exhibited extreme volatility, collapsing to a negative 10.6% in 2025Q4, which highlights the company's inability to effectively pass through rising labor costs to its retail partners during periods of declining service demand.
The inability to maintain positive gross margins suggests that the company's variable cost structure is poorly calibrated to its current revenue scale. Investors should monitor whether this margin compression is a temporary byproduct of project timing or a permanent shift in the firm's pricing power.
According to the provided financial filings, the company's operating margin has frequently dipped into negative territory, reaching a low of -54.4% in 2025Q4, which demonstrates a complete lack of operating leverage as fixed SG&A costs continue to overwhelm the shrinking gross profit base.
The failure to scale SG&A expenses in proportion to revenue declines indicates that the company's overhead is currently misaligned with its operational reality. This suggests that without a significant restructuring of fixed costs, the firm may continue to struggle to achieve sustainable profitability.
As reported in recent financial statements, the significant disparity between operating income and net income, particularly in periods like 2025Q4, suggests that non-operating items or heavy interest expenses are further exacerbating the company's bottom-line losses beyond its core operational challenges.
The frequent swings in net income, often decoupled from operating performance, warrant further investigation into the company's debt obligations and the potential impact of unconsolidated subsidiary earnings. This volatility makes it difficult to ascertain the true underlying earnings power of the business.
Based on the provided data, the company's low cash position of $3.2M combined with persistent net losses suggests that SGRP faces a heightened risk of liquidity constraints, which could force management to seek dilutive financing or pursue asset liquidations to maintain basic operations.
Short-sellers would likely focus on the company's inability to generate positive cash flow and the potential for retailer-led automation to permanently displace the firm's manual merchandising services. The current financial profile appears to reflect a distressed entity rather than a business with a clear path to recovery.
Quick answers to the most common questions about buying SGRP stock.
For fiscal year 2025, SPAR Group, Inc. (SGRP) reported total revenue of $136.1M. This represents a 13.5% increase compared to $119.9M in 1996.
SPAR Group, Inc. (SGRP) reported a net loss of $24.6M for the fiscal year ending 2025.
SPAR Group, Inc. (SGRP) reported an operating income of $-12.1M, resulting in an operating profit margin of -8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
SPAR Group, Inc. (SGRP) generated $21.7M in gross profit for the year, representing a gross profit margin of 15.9%. This demonstrates the company's core pricing power and production efficiency.