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Recruiter.com Group positioned to help lead the 'Great Rehire' as it reports 41% revenue growth in 2020

Published: 10:04 09 Mar 2021 EST

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Recruiter.com’s 2020 revenue closed at $8.5 million with an annual run rate of more than $10 million

Recruiter.com Group Inc (OTCQB:RCRT), the on-demand hiring platform powered by more than 28,000 recruiters, artificial intelligence (AI) and video hiring technology, announced 2020 fourth quarter and full-year results Tuesday, including revenue growth of 41% for the year. 

"We are thrilled to report more than 41% revenue growth in 2020 and Q4 quarter-over-quarter growth of 22.3%," CEO Evan Sohn said in a statement. "We built a strong foundation for continued growth last year and are beginning to see the results of our team's tireless work. We are in the right place, at the right time, with the right solutions to address the needs of the ‘Great Rehire.’”

During the quarter, Recruiter.com said it surpassed 27,750 recruiters on its Job Market platform. It also launched a new software as a service (SaaS) video solution to enable recruiters, hiring managers and employers to rapidly screen, vet and connect with qualified candidates over video. 

READ: Recruiter.com debuts Recruit Me campaign to spearhead a shift toward video resumes

“Our dynamic business model, matched with our technological prowess, has made recruiting faster and easier than ever,” Sohn said. “We are on track to realize our vision of becoming one of the leading on-demand professional recruiting solutions, well-positioned to provide an essential service to both Fortune 500 companies and small and medium-sized businesses, as well as to independent recruiting agencies, as the ‘Great Rehire’ continues."

Also in the quarter, Recruiter.com updated its AI-powered candidate-sourcing technology to create what it believes is the world’s first platform to offer recruiters access to both jobs and AI-matched candidates.

"Our corporate mission aligns with our nation's mission at this historic moment," Sohn added. "As the country seeks to rebuild in the aftermath of the pandemic, we will drive the effort to rehire millions of people and provide new economic opportunities for the next generation. We intend to achieve significant organic and inorganic growth in 2021 by building on our success in 2020, leveraging our stock to acquire complementary businesses, and capitalizing on our recruiting-industry position and strong technical capabilities. 

The company’s 2020 revenue closed at $8.5 million with an annual run rate of more than $10 million. Adjusted EBITDA was a loss of $2.84 million, compared to a loss of $2.38 million in 2019.

"We set off in 2020 to build out our platform, have scalable revenue, and end the year with a $10 million revenue run rate and a path for liquidity,” Sohn said. “With our 2020 objectives attained, our 2021 objectives are clear: continue to scale our platform revenue to a $40 million revenue run rate, achieve cash flow profitability, up-list on a national exchange, and continue to unlock the longer-term value of Recruiter.com as a billion-dollar brand."

CFO Judy Krandel shares Sohn’s optimism for future progress.

"We believe we have built a strong foundation for long-term growth," Krandel said. "Our strategic investments in people and technology have the potential to generate significant returns in the quarters ahead as businesses continue to move forward with reopening plans. With a dominant market position and increasing demand, we are well-positioned to capitalize on a wealth of opportunities."

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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on 09/16/2022