Monitor subsequent quarters for revenue recovery as guided, and track gross margin expansion toward the 25% target. Cash burn in the quarter was significant; watch for working capital management and debt levels ahead of the next quarterly report.
Price Chart
Executive Summary
SPAR Group reported Q1 2026 revenue of $30.5M, down 10.3% YoY, with a GAAP net loss of ($553K) vs $462K profit last year. Gross margins improved 90bps to 22.3%, and the company reiterated full-year 2026 guidance of $143M-$151M revenue and 20.5%-22.5% gross margins.
Key Financial Metrics
Key Facts
- Revenue declined 10.3% YoY to $30.5M from $34.0M, driven by an intentional reduction in the lower-margin US Remodel business
- Consolidated gross margin improved to 22.3%, up 90 bps from 21.4% in Q1 2025
- GAAP net loss of ($553K) or ($0.02) per diluted share vs net income of $462K ($0.02) in Q1 2025
- Adjusted EBITDA fell to $737K from $1.5M YoY
- Full-year 2026 guidance reiterated: net sales $143M-$151M, gross margins 20.5%-22.5%, SG&A $25.5M-$26.5M
- Returned to positive Consolidated EBITDA of $384K vs $1.4M in Q1 2025
Financial Impact
Revenue decline of $3.5M, net loss swing of $1.0M vs prior-year profit; operating cash flow negative $3.9M
Risk Factors
- Ability to grow top-line after strategic Remodel reduction
- Negative operating cash flow and rising accounts receivable
- Thin equity cushion ($59K stockholders' equity) magnifies downside risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-016244 |
| Document: sgrp20260430_8k.htm | 0001437749-26-016244 |
| Document: 0001437749-26-016244-index-headers.html | 0001437749-26-016244 |
| Document: 0001437749-26-016244-index.html | 0001437749-26-016244 |
| Document: 0001437749-26-016244.txt | 0001437749-26-016244 |
| 8-K Data (Synthetic) | 0001437749-26-016244 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | SC 13G | $0.2875 $0.2875 | · 0.00% | ▲ +1.18% | $0.6600 (+129.57%) |
Oct 7, 2026 19d ago | SC 13D/A | $0.2875 $0.2875 | · 0.00% | ▲ +0.42% | $0.6600 (+129.57%) |
Aug 13, 2026 10w ago | 8-K | $0.2875 $0.2875 | · 0.00% | ▼ −0.20% | $0.6600 (−129.57%) |
Aug 13, 2026 10w ago | Press Release | $0.2875 $0.2875 | · 0.00% | ▲ +0.20% | $0.6600 (+129.57%) |
Jul 23, 2026 13w ago | 3 | $0.3900 $0.3800 | ▼ −2.56% | ▼ −2.67% | $0.6600 (+69.23%) |
Jul 22, 2026 13w ago | Press Release | $0.3900 $0.3800 | ▲ +2.56% | ▲ +2.67% | $0.6600 (−69.23%) |
Jun 3, 2026 20w ago | 8-K | $0.7400 $0.7400 | · 0.00% | ▼ −2.60% | $0.6600 (+10.81%) |
May 12, 2026 24w ago | 8-K | $0.6800 $0.6700 | ▼ −1.47% | ▼ −2.05% | $0.6600 (−2.94%) |
May 12, 2026 24w ago | Press Release | $0.6800 $0.6700 | ▼ −1.47% | ▼ −2.05% | $0.6600 (−2.94%) |
Apr 13, 2026 28w ago | 8-K | $0.5900 $0.6000 | ▼ −1.69% | ▼ −0.92% | $0.6600 (−11.86%) |
US Market Status
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