TrueBlue announced its financial results for the first quarter of 2025, reporting revenue of $370 million, an 8 percent decrease compared to $403 million in Q1 2024, with an 11 percent organic decline. The net loss per diluted share was $0.48, compared to a net loss of $0.05 in the prior year period.
Adjusted net loss per diluted share was $0.40, compared to adjusted net income of $0.03 in Q1 2024. Gross margin declined by 1 percentage point to 23.3%, while selling, general and administrative (SG&A) expense improved by 12%. Adjusted EBITDA was -$3.9 million, compared to -$3.5 million in Q1 2024.
For the second quarter of 2025, TrueBlue projects revenue between $392 million and $417 million, representing a range of -1% to +5% year-over-year, including 5 percentage points of inorganic growth from the HSP acquisition. The company reported cash of $23 million, debt of $58 million, and $71 million of borrowing availability, totaling $94 million in liquidity.
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