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SGRP

SPAR Group, Inc.

SGRP

SPAR Group, Inc. • NASDAQ
$0.89 ▲ 1.07% (+0.01)
Market Cap $20.90 M
52w High $2.28
52w Low $0.87
Dividend Yield 0%
P/E -1.41
Volume 61.53K
Outstanding Shares 23.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $41.416M ▲ $13.609M ▲ $-8.764M ▼ -21.161% ▼ $-0.37 ▼ $-5.978M ▼
Q2-2025 $38.629M ▲ $8.347M ▲ $-1K ▼ -0.003% ▼ $0 ▼ $1.219M ▼
Q1-2025 $34.041M ▲ $6.239M ▼ $462K ▲ 1.357% ▲ $0.02 ▲ $1.519M ▲
Q4-2024 $33.043M ▼ $19.537M ▲ $-13.26M ▼ -40.13% ▼ $-0.57 ▼ $-12.734M ▼
Q3-2024 $37.788M $9.934M $-144K -0.381% $-0.006 $-1.342M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.206M ▼ $61.665M ▼ $45.076M ▼ $16.589M ▼
Q2-2025 $13.929M ▼ $71.56M ▲ $46.668M ▲ $24.892M ▲
Q1-2025 $17.942M ▼ $70.164M ▲ $45.458M ▲ $24.706M ▲
Q4-2024 $18.221M ▼ $56.431M ▼ $32.125M ▼ $24.306M ▼
Q3-2024 $19.652M $67.396M $37.855M $29.295M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.764M ▼ $-4.062M ▲ $-575K ▼ $-1.079M ▼ $-5.723M ▼ $-4.637M ▲
Q2-2025 $-1K ▼ $-7.856M ▼ $-434K ▲ $4.257M ▼ $-4.013M ▼ $-8.29M ▼
Q1-2025 $462K ▲ $-4.044M ▼ $-525K ▼ $4.29M ▲ $-279K ▲ $-4.569M ▼
Q4-2024 $-13.711M ▼ $65K ▲ $353K ▲ $-1.867M ▼ $-1.431M ▲ $-166K ▲
Q3-2024 $-144K $-900K $-1.434M $319K $-2.043M $-1.027M

Five-Year Company Overview

Income Statement

Income Statement SPAR Group’s revenue over the past few years has been fairly flat, with only small ups and downs, which suggests a stable but not rapidly growing business. Gross profit has been steady, but margins look thin, so the company does not have a lot of room for error on costs. Operating and EBITDA results hover around breakeven to modest profit, and net income has moved between small profits and small losses. The most recent year shows a move back into a loss after a profitable prior year, and earnings per share have been quite volatile. Overall, the income statement reflects a low-margin, execution-sensitive business that is still working to turn consistent revenue into reliable bottom-line profits.

Balance Sheet

Balance Sheet The balance sheet shows a small company with a modest asset base, limited cash, and a manageable but meaningful level of debt. Equity is positive but not large, which means there is not a big capital cushion if results deteriorate. Cash has recently improved compared with the prior year, which is a positive sign, but the absolute level remains modest. Debt has been relatively stable and does not appear excessive relative to the size of the business, but the thin profitability makes balance sheet strength important. In short, the balance sheet looks adequate but not especially strong, leaving limited margin for prolonged weak performance.

Cash Flow

Cash Flow Cash flow performance mirrors the income statement: generally modest, with swings between slightly positive and slightly negative operating cash flow. In most recent years the business has generated some cash from operations, but there was at least one year of outflow, showing that cash generation is not yet consistently reliable. Capital spending has been very light, so free cash flow tends to track operating cash flow closely. This keeps cash needs down but may also indicate that much of the investment in technology and capabilities is through partnerships or operating spending rather than heavy capital projects. Overall, SPAR Group generates some cash, but the profile is tight and sensitive to small changes in profitability or working capital.

Competitive Edge

Competitive Edge SPAR Group operates in a very competitive, low-margin corner of the retail services industry, but it has carved out some differentiated strengths. Its proprietary SPARview platform, global field force, and long-standing relationships with major retailers and consumer brands give it real credibility and switching costs for clients. The company’s ability to combine on-the-ground merchandising with data and analytics is a clear differentiator versus smaller, more traditional service providers. At the same time, it competes against both local providers and larger, well-funded tech and consulting firms, so pricing pressure and client demands are ongoing challenges. Its niche is execution-heavy, contract-based work, which tends to be sticky but can be repriced or lost if service quality slips. Overall, SPAR Group has a respectable niche and some technology-driven advantages, but operates in a structurally tough, highly competitive market.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic focus. SPAR Group has built SPARview as its core data and execution platform and is layering in advanced tools through partnerships with firms like Spacee, Clear Box Retail, and ParallelDots. These relationships bring computer vision, image recognition, and richer analytics into its offering without requiring SPAR to build everything from scratch. The company is also experimenting with new models, such as its SPAR2U e-commerce-as-a-service solution, and is tying its future closely to AI, automation, and data monetization. The pending Highwire Capital transaction and related technology acquisitions suggest an acceleration of this shift. The key questions are execution and payoff: integrating these tools across its network, convincing clients to adopt and pay more for higher-value services, and turning innovation into stronger margins and more stable profits.

Summary

SPAR Group is a small, specialized services company with steady but slow-growing revenue, thin margins, and a track record of only modest and inconsistent profitability. Its financial position is adequate but not robust, with limited cash and modest equity, making consistent execution important. Cash generation is positive in some years but not reliably strong. What stands out is not the current financial strength, but the strategic direction: the company is actively transforming from a traditional merchandising provider into a more technology-enabled retail execution and analytics partner. Proprietary platforms, AI partnerships, and a focus on data-driven services provide a potential edge and a pathway to better economics, but they also introduce execution risk. Overall, SPAR Group looks like a stable but low-margin operator trying to upgrade its business model; the future story depends on whether its technology and partnerships can meaningfully improve profitability and resilience over time.

NEWS

November 14, 2025 · 8:00 AM UTC

SPAR Group, Inc. Reports Third Quarter 2025 Results

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October 30, 2025 · 8:30 AM UTC

SPAR Group Names James Gillis Executive Chairman Amid Executive Transition, Extends its U.S. and Canadian Revolving Credit Facility and Provides Updates on Move to Charlotte

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October 8, 2025 · 8:30 AM UTC

SPAR Group, Inc. Marks Progress Under New President; Appoints CTO To Drive Retail Innovation

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