Atlantic International Corp. Reports $10.7M Net Loss in Q2 2025, Focuses on Staffing Solutions

Atlantic International Corp., formerly known as SeqLL, Inc., reported its financial results for the second quarter of 2025, revealing a net loss of $10.7 million, a significant reduction from a net loss of $54.9 million in the same period last year. The company’s service revenue for the quarter was $102.9 million, down 1.7% from $104.6 million in the prior year. Despite the decline in revenue, gross profit remained relatively stable at $11.4 million, compared to $11.5 million in the previous year, indicating a slight decrease in profitability.

The company experienced notable changes in its financial structure following a merger completed on June 18, 2024, with Lyneer Investments LLC. This merger has been accounted for as a reverse capitalization, with Lyneer being treated as the accounting acquirer. As a result, Atlantic International Corp. has shifted its primary business focus to staffing solutions, moving away from its previous life sciences operations. The merger also led to a change in the company’s name and trading symbol, now listed as ATLN.

In terms of operational metrics, Atlantic reported a total of 54.6 million shares outstanding as of June 30, 2025, reflecting an increase from 28.1 million shares a year earlier, primarily due to the merger and subsequent equity issuances. The company’s total assets decreased to $106.8 million from $119.8 million at the end of 2024, largely driven by a reduction in accounts receivable and cash reserves. The company’s liabilities also saw a decline, totaling $125.2 million, down from $131.8 million, as it restructured its debt obligations following the merger.

The company’s strategic focus on staffing solutions has resulted in a more streamlined operational model, with over 100 locations across the United States. Atlantic has emphasized its commitment to enhancing its service offerings in temporary and permanent staffing, which accounted for the majority of its revenue. The company is also actively working to improve its internal controls and financial reporting processes, following the identification of material weaknesses in its internal control over financial reporting.

Looking ahead, Atlantic International Corp. anticipates continued challenges in the staffing industry due to economic conditions affecting client demand. However, management remains optimistic about leveraging its expanded operational capabilities and market presence to drive growth. The company has secured a new revolving credit facility with a maturity date of April 29, 2028, which it believes will provide sufficient liquidity to support its operations and strategic initiatives in the coming year.