BGSF, Inc. Reports Third Quarter 2025 Financial Results and Announced a Stock Buyback Plan
PLANO, TX / ACCESS Newswire / November 7, 2025 / BGSF, Inc. ( NYSE:BGSF), a leading provider of workforce solutions for the specialized Property Management industry, today reported financial results for the third fiscal quarter ended September 28, 2025 and announced a stock buyback plan.
The Board of Directors of BGSF continues to evaluate the best use of excess capital and today the Board approved a stock repurchase program under which BGSF may repurchase up to $5 million of its common stock. The repurchases may take place in the open market, in private transactions, or otherwise, and pursuant to any trading plan that may be adopted in accordance with applicable securities laws and regulations, including Rule 10b5-1 under the Securities Exchange Act of 1934 (the "Exchange Act"). The timing and amount of common stock purchased will depend on a variety of factors, including the availability of common stock, general market conditions, the trading price of the common stock, alternative uses for capital, and BGSF's financial performance. Open market purchases will be conducted in accordance with Rule 10b-18 under the Exchange Act and applicable legal requirements. The repurchase program does not have an expiration date and may be suspended, terminated, or modified at any time for any reason. The repurchase program does not obligate BGSF to purchase any particular number of shares.
Q3 2025 Highlights from Continuing Operations (results include sequential comparisons to Q2 2025):
Revenues were $26.9 million for Q3, compared to $23.5 million for Q2. The 14.4% increase from Q2 is primarily driven by increased billed hours from seasonal demand.
Gross profit was $9.7 million for Q3, up from $8.4 million in Q2, primarily due to higher sales.
Net loss was $3.1 million, or $0.28 per diluted share for Q3, compared to a net loss of $4.9 million in Q2 or $0.44 per diluted share.
Adjusted EBITDA 1 income was $1.0 million (3.6% of revenues) in Q3 compared to $1.1 million loss (4.9% of revenues) in Q2.
Adjusted EPS 1 income was $0.08 for Q3, compared with Adjusted EPS 1 loss of $0.10 for Q2.
SUMMARY OF FINANCIAL RESULTS FROM CONTINUING OPERATIONS
(dollars in thousands, except per share) (unaudited)
For the Thirteen Week Periods Ended
September 28,
2025
September 29,
2024
June 29,
2025
$
26,895
$
29,824
$
23,506
$
9,660
$
10,696
$
8,410
35.9
%
35.9
%
35.8
%
$
(937
)
$
(1,003
)
$
(4,425
)
$
(3,078
)
$
(1,812
)
$
(4,862
)
$
(0.28
)
$
(0.17
)
$
(0.44
)
3.6
%
0.3
%
(4.9
)%
$
0.08
$
0.01
$
(0.10
1 Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures as defined and reconciled below.
Interim Co-Chief Executive Officer and Chief Financial Officer, Keith Schroeder, said, "The sale of BGSF's Professional division to INSPYR closed as planned following the shareholder vote on September 4th. Following the closing, the Board of Directors determined that a return to capital to the shareholders was appropriate and we announced and delivered a $2 per share special dividend which was paid on September 30. As part of the Board's continuing evaluation of the best use of BGSF's excess capital, today we are announcing a stock buyback plan of up to $5M. The Board believes that purchasing stock at current prices is a good investment for the company and reflects our confidence in BGSF's long-term strategy. We are now executing the Transition Service Agreement (TSA), which is progressing smoothly and will continue for up to six months or longer to support INSPYR in integrating the business into their operating environment. These services are compensated, and we remain focused on reducing overhead to align with our streamlined, Property Management-focused structure. As expected, our financial results post-close will be somewhat noisy for the next couple of quarters as we transition."
Interim Co-Chief Executive Officer and Property Management President, Kelly Brown, commented, "The strategic initiatives outlined in the last quarter are continuing as planned. We remain committed to aligning Property Management costs with revenue and are actively investing in tools to enhance performance, which will also provide an opportunity to better align cost with improved financial results. Our AI-powered sales and recruiting technologies are on track to be operational over the next couple of quarters, and we are already seeing early signs of improved efficiency. These efforts, combined with ongoing cost reductions, position us well to drive revenue growth and profitability in the quarters ahead. Following the close of the transaction, we retained an independent consulting firm to complete a thorough assessment of our business and the broader property management workforce solutions market. This external analysis provided valuable insight into market size, competitive positioning, and white space opportunities. As a result, we refined our strategic roadmap and aligned our organization around clear priorities to drive sustainable growth. We anticipate revenue growth in 2026 versus 2025, supported by strong execution of our strategic initiatives."
Conference Call
BGSF will discuss its third quarter 2025 financial results during a conference call and webcast at 9:00 a.m. ET on November 7, 2025. Interested participants may dial 1-888-506-0062 (Toll Free) or 1-973-528-0011 (International) and enter access code 736091. A replay of the call will be available until November 21, 2025. To access the replay, please dial 1-877-481-4010 (Toll Free), or 1-919-882-2331 (International) and enter access code 52955. The live webcast and archived replay are accessible from the investor relations section of the Company's website at https://investor.bgsf.com/events-and-presentations/default.aspx
About BGSF
BGSF provides best-in-class property management resources and solutions to growing apartment and luxury communities, as well as commercial properties, and was awarded Supplier Company of the Year by the National Apartment Association in recent years. Through its exclusive and semi-exclusive agreements with some of the largest property management companies in North America, BGSF offers differentiated advantages to clients, including trained talent and unique technological platforms that seek to maximize efficiencies in the growing residential and commercial leased property industries. For more information on the Company and its services, please visit its website at www.bgsf.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding BGSF's expectations, hopes, beliefs, intentions, plans, prospects, or strategies regarding the future revenue and the business plans of BGSF's management team. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "endeavor," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of BGSF considering their respective experience and perception of historical trends, current conditions, and expected future developments and their potential effects on BGSF as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting BGSF will be those anticipated. These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the mix of services or solutions utilized by BGSF's client partners and such client partners' needs for these services or solutions, market acceptance of new offerings of services or solutions, the ability of BGSF to expand what it does for existing client partners as well as to add new client partners, whether BGSF will have sufficient capital to operate as anticipated, the impact of the use of AI-powered sales and recruiting technologies and the timing of their availability, the impact of our strategic initiatives and cost reductions, the demand for BGSF's services and solutions, economic activity in BGSF's industry and in general, and certain risks, uncertainties, and assumptions described in BGSF's most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q under the heading "Risk Factors." Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. BGSF undertakes no obligation to update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as may be required under applicable securities laws.
CONTACT:
Steven Hooser or Sandy Martin
Three Part Advisors
ir@BGSF.com 214.872.2710 or 214.616.2207
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
September 28,
2025
December 29,
2024
$
41,170
$
32
15,126
17,148
4,950
-
1,121
1,600
1,620
2,213
-
24,354
63,987
45,347
279
608
1,938
2,003
3,143
4,068
9,299
7,849
738
1,083
3,115
4,385
1,074
1,074
-
83,694
19,307
104,156
$
83,573
$
150,111
$
22,400
$
-
1,958
80
5,348
4,868
1,474
-
-
3,801
-
223
332
212
539
-
-
4,368
433
544
-
11,825
32,484
25,921
-
5,625
-
32,527
403
698
-
3,071
32,887
67,842
-
-
55
53
71,345
70,260
(20,714
)
11,956
50,686
82,269
$
83,573
$
150,111
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share and dividend amounts)
For the Thirteen and Thirty-nine Week Periods Ended September 28, 2025 and September 29, 2024
Thirteen Weeks Ended
Thirty-nine Weeks Ended
2025
2024
2025
2024
$
26,895
$
29,824
$
71,284
$
80,096
17,235
19,128
45,654
50,461
9,660
10,696
25,630
29,635
10,223
11,363
31,804
32,365
(450
)
-
(450
)
-
824
336
1,411
1,007
(937
)
(1,003
)
(7,135
)
(3,737
)
(1,570
)
(1,222
)
(4,595
)
(3,518
)
(2,507
)
(2,225
)
(11,730
)
(7,255
)
(571
)
413
1,461
1,402
(3,078
)
(1,812
)
(10,269
)
(5,853
)
226
1,473
3,695
4,703
(2,892
)
-
(2,892
)
-
(68
)
(465
)
(804
)
(1,207
)
$
(5,812
)
$
(804
)
$
(10,270
)
$
(2,357
)
$
(0.28
)
$
(0.17
)
$
(0.93
)
$
(0.54
)
0.02
0.13
0.34
0.43
(0.26
)
-
(0.26
)
-
-
(0.03
)
(0.08
)
(0.11
)
$
(0.52
)
$
(0.07
)
$
(0.93
)
$
(0.22
)
$
(0.28
)
$
(0.17
)
$
(0.93
)
$
(0.54
)
0.02
0.13
0.34
0.43
(0.26
)
-
(0.26
)
-
-
(0.03
)
(0.08
)
(0.11
)
$
(0.52
)
$
(0.07
)
$
(0.93
)
$
(0.22
)
11,079
10,919
11,018
10,882
11,079
10,919
11,018
10,882
$
2.00
$
-
$
2.00
$
0.15
PROPERTY MANAGEMENT SEGMENT
(dollars in thousands) (unaudited)
Thirteen Weeks Ended
Thirty-nine Weeks Ended
September 28,
2025
September 29,
2024
September 28,
2025
September 29,
2024
$
26,341
$
29,380
$
69,619
$
78,711
554
444
1,665
1,385
26,895
29,824
71,284
80,096
17,197
19,088
45,541
50,341
38
40
113
120
9,660
10,696
25,630
29,635
4,349
4,965
12,469
14,286
472
537
1,297
1,445
483
316
1,152
949
368
659
2,577
2,033
3,988
4,219
8,135
10,922
2,073
2,348
6,318
7,027
750
694
2,197
1,920
131
437
1,334
1,369
482
526
2,116
874
1,115
881
2,345
2,462
(450
)
-
(450
)
-
824
336
1,411
1,007
(937
)
(1,003
)
(7,136
)
(3,737
)
(1,570
)
(1,222
)
(4,595
)
(3,518
)
(571
)
413
1,461
1,402
$
(3,078
)
$
(1,812
)
$
(10,270
)
$
(5,853
)
$
117
$
270
$
123
$
1,132
$
41,881
$
50,241
$
41,881
$
50,241
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Thirty-nine Week Periods Ended September 28, 2025 and September 29, 2024
2025
2024
$
(10,270
)
$
(2,357
)
(2,890
)
(3,496
)
86
121
1,325
886
950
417
2,892
-
11
3
(450
)
-
1,022
129
235
-
1,822
1,493
850
725
(1,450
)
1,248
(2,236
)
5,205
(4,950
)
-
302
1,272
(516
)
795
73
593
1,877
126
2,642
(87
)
(223
)
(152
)
323
(566
)
1,474
-
1,939
-
(15
)
(65
)
3,406
10,137
(1,771
)
16,427
227
4,751
(1,544
)
21,178
91,528
-
(122
)
(1,063
)
91,406
(1,063
)
(193
)
(307
)
91,213
(1,370
)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(in thousands)
For the Thirty-nine Week Periods Ended September 28, 2025 and September 29, 2024
2025
2024
(10,220
)
(17,188
)
-
4,250
(32,725
)
(850
)
(4,368
)
-
-
(1,639
)
134
355
-
262
(1,289
)
-
(29
)
(554
)
(48,497
)
(15,364
)
41,138
-
32
-
$
41,170
$
-
$
3,398
$
3,396
$
535
$
111
$
22,400
$
-
NON-GAAP FINANCIAL MEASURES
The financial results of BGSF, Inc. are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the U.S. Securities and Exchange Commission. To help the readers understand our financial performance, we supplements our GAAP financial results with Adjusted EBITDA and Adjusted EPS.
A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA and Adjusted EPS are not measurements of financial performance under GAAP and should not be considered as alternatives to net income, net income per diluted share, operating income, or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities or measures of our liquidity. We believe that Adjusted EBITDA and Adjusted EPS are useful performance measures and are used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone.
We define "Adjusted EBITDA" as earnings before interest expense, income taxes, depreciation and amortization expense, costs associated with the evaluation of potential strategic alternatives ("strategic alternatives review"), software as a service costs, and certain non-cash expenses such as share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance.
We define "Adjusted EPS" as diluted earnings per share eliminating amortization expense of intangible assets from acquisitions, the strategic alternatives review, software as a service costs, and certain non-cash expenses such as share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance, net of the respective income tax effect.
Reconciliation of Net Loss to Adjusted EBITDA
(dollars in thousands)
Thirteen Weeks Ended
Thirty-nine Weeks Ended
Thirteen Weeks Ended
September 28,
2025
September 29,
2024
September 28,
2025
September 29,
2024
June 29,
2025
$
(3,078
)
$
(1,812
)
$
(10,269
)
$
(5,853
)
$
(4,862
)
571
(413
)
(1,461
)
(1,402
)
(1,392
)
1,570
1,222
4,595
3,518
1,829
(937
)
(1,003
)
(7,135
)
(3,737
)
(4,425
)
824
336
1,411
1,007
259
(450
)
-
(450
)
-
-
545
286
850
725
137
482
526
2,116
874
1,613
516
179
950
417
291
-
1
-
42
-
-
(250
)
1,070
758
980
980
75
(1,188
)
86
(1,145
)
3.6
%
0.3
%
(1.7
)%
0.1
%
(4.9
)%
(1,929
)
1,008
(2
)
3,496
1,126
2,073
2,885
4,429
6,144
1,142
144
3,893
4,427
9,640
2,268
$
1,124
$
3,968
$
3,239
$
9,726
$
1,123
2 We capitalizes direct costs incurred in cloud computing implementation from hosting arrangements, which are reported as a Software as a service and are expensed as incurred in selling, general, and administrative expenses.
Reconciliation of Net Loss EPS to Adjusted EPS
Thirteen Weeks Ended
Thirty-nine Weeks Ended
Thirteen Weeks Ended
September 28,
2025
September 29,
2024
September 28,
2025
September 29,
2024
June 29,
2025
$
(0.28
)
$
(0.17
)
$
(0.93
)
$
(0.54
)
$
(0.44
)
0.05
(0.04
)
(0.13
)
(0.13
)
(0.13
)
0.14
0.11
0.42
0.32
0.17
(0.09
)
(0.10
)
(0.64
)
(0.35
)
(0.40
)
0.07
0.03
0.13
0.09
0.02
(0.04
)
-
(0.04
)
-
-
0.05
0.03
0.08
0.07
0.01
0.04
0.05
0.19
0.08
0.15
0.05
0.02
0.09
0.04
0.03
-
(0.02
)
0.10
0.07
0.09
0.08
0.01
(0.09
)
-
(0.10
)
0.01
0.35
0.40
0.87
0.21
$
0.09
$
0.36
$
0.31
$
0.87
$
0.11
2 We capitalizes direct costs incurred in cloud computing implementation from hosting arrangements, which are reported as a Software as a service and are expensed as incurred in selling, general, and administrative expenses.
SOURCE: BGSF, INC.