HireQuest, Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a total revenue of approximately $8.5 million for the three months ended September 30, 2025, a decrease of 9.8% from $9.4 million in the same period of 2024. For the nine months ended September 30, 2025, total revenue was approximately $23.6 million, down 11.0% from $26.5 million year-over-year. The decline in revenue was primarily attributed to a decrease in system-wide sales, which fell by 11.9% to $377.4 million, driven by reduced sales across several franchise brands, particularly MRI, which experienced a significant drop due to economic conditions and franchisee retirements.
The company's net income for the third quarter of 2025 was $2.3 million, compared to a net loss of $2.2 million in the same quarter of the previous year. This turnaround was supported by a reduction in selling, general, and administrative expenses, which decreased to $5.1 million from $5.4 million year-over-year. Additionally, HireQuest recorded a goodwill and intangible asset impairment charge of $230,000 in the third quarter, significantly lower than the $6.0 million charge in the prior year, contributing to improved operational performance.
Strategically, HireQuest has continued to expand its franchise network, reporting 399 franchisee-owned offices and one company-owned office across 43 states and 13 countries as of September 30, 2025. The company completed the acquisition of Ready Temporary Staffing, LLC in December 2024, which has enhanced its presence in Colorado. The firm is also focused on organic growth through client expansion and new franchise opportunities, alongside its acquisition strategy aimed at integrating complementary businesses.
Operationally, HireQuest's workforce remains substantial, employing approximately 65,000 temporary employees annually. The company has seen fluctuations in its customer engagement metrics, with system-wide sales reflecting a decline across various segments, particularly in the healthcare staffing sector. The company’s financial health is further supported by a strong balance sheet, with current assets exceeding current liabilities by approximately $31.3 million as of September 30, 2025. The firm has also maintained a revolving credit facility with Bank of America, providing it with additional liquidity for operational needs.
Looking ahead, HireQuest anticipates continued challenges in the staffing industry due to economic uncertainties and inflationary pressures. The company is evaluating the potential impacts of recent legislative changes and ongoing geopolitical tensions on its operations. Despite these challenges, management remains optimistic about leveraging its franchise model and strategic acquisitions to drive future growth and profitability.
About HireQuest, Inc.
HireQuest, Inc. is a nationwide franchisor specializing in temporary staffing and permanent recruitment services across light industrial, blue-collar, and professional sectors. Its business model relies on franchise offices providing direct-dispatch, staffing solutions, and executive placement, serving diverse industries and markets. Core strengths include local ownership, proprietary tools, and a scalable franchise system, offering flexible workforce solutions and total talent access.
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