SGRP on OTC

SPAR Group, Inc.

American business services company, incorporated in Delaware. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerSGRP on OTC1
  • IndustryServices-Business Services, NEC1
  • HeadquartersCharlotte, North Carolina1
  • Incorporated inDE2
  • Business address110 East Boulevard, Suite 1600, Charlotte, Nc 282032
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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You should carefully review and consider the Company's forward-looking statements (including all risk factors and other cautions and uncertainties) and other information made, contained or noted in or incorporated by reference into this Annual Report, but you should not place undue reliance on any of them. The results, actions, levels of activity, performance, achievements or condition of the Company (including its subsidiaries, assets, business, clients, capital, cash flow, credit, expenses, financial condition, income, legal costs, liabilities, liquidity, locations, marketing, operations, performance, prospects, sales, strategies, taxation or other achievement, results, risks, trends or condition) and other events and circumstances planned, intended, anticipated, estimated or otherwise expected by the Company (collectively, "Expectations"), and our forward-looking statements (including…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.9%Gross margin4
-12.4%Operating margin4
-18.1%Net margin4
-16.8%Revenue growth, 20254
-3959.2%Return on equity4
2.06×Debt to equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product and Service, Excluding Other brought in 81% of the revenue SPAR Group, Inc. broke down this way in fiscal 2024.

  1. Product and Service, Excluding Other$131.8M481%
  2. Product and Service, Other$31.8M419%
Products and services by year
Products and services2024
Product and Service, Excluding Other$131.8M
Product and Service, Other$31.8M

Regions

United States brought in 90% of the revenue SPAR Group, Inc. broke down this way in fiscal 2025.

  1. United States$122.1M490%up 4% from 2024
  2. CA [member]$14.1M410%down 2% from 2024
Regions by year
Regions20242025
United States$117.5M$122.1M
CA [member]$14.3M$14.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue76¢$114.4M
  • Selling, general and admin21¢$32.2M
  • Income tax3¢$4.1M

Out of $136.1M in revenue.4 The company lost money this year.

Financial statements

Revenue567894$136.1M in 2025−46% since 2019
0$100.0M$200.0M$300.0M2019: $252.9M$252.9M20192020: $230.5M$230.5M2020−9%2021: $255.7M$255.7M2021+11%2022: $261.3M$261.3M2022+2%2023: $187.9M$187.9M2023−28%2024: $163.6M$163.6M2024−13%2025: $136.1M$136.1M2025−17%
Gross profit567894$21.7M in 2025−56% since 2019
0$20.0M$40.0M$60.0M2019: $49.2M$49.2M20192020: $45.2M$45.2M2020−8%2021: $47.5M$47.5M2021+5%2022: $51.0M$51.0M2022+7%2023: $44.4M$44.4M2023−13%2024: $33.6M$33.6M2024−24%2025: $21.7M$21.7M2025−35%
Operating income567894-$16.9M in 2025
-$20.0M-$10.0M0$10.0M$20.0M2019: $10.2M$10.2M20192020: $9.7M$9.7M2020−5%2021: $4.2M$4.2M2021−57%2022: $5.4M$5.4M2022+29%2023: $5.6M$5.6M2023+4%2024: $700.0K$700.0K2024−87%2025: -$16.9M-$16.9M2025
Net income5610894-$24.6M in 2025
-$30.0M-$20.0M-$10.0M0$10.0M2019: $2.4M$2.4M20192020: $3.4M$3.4M2020+39%2021: $2.0M$2.0M2021−41%2022: -$732.0K-$732.0K20222023: $3.9M$3.9M20232024: -$3.1M-$3.1M20242025: -$24.6M-$24.6M2025+682%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Net revenues$136.1M$163.6M
Cost of revenue$114.4M$130.0M
Gross profit$21.7M$33.6M
Selling, general and administrative expense$32.2M$33.9M
Restructuring costs and severance$4.8M$0
Gain on disposal of business$0-$2.5M
Depreciation and amortization$1.6M$1.6M
Operating (loss) income-$16.9M$700.0K
Interest expense$2.4M$2.2M
Other expenses, net$1.2M$171.0K
Loss before income tax expense-$20.6M-$1.7M
Income tax expense$4.1M$144.0K
Loss from continuing operations-$24.6M-$1.8M
Income from discontinued operations$0$1.4M
Loss on disposal of business$0-$1.2M
Income tax expense$0-$1.1M
Net loss from discontinued operations$0-$881.0K
Net loss-$24.6M-$2.7M
Net income attributable to non-controlling interest$0-$463.0K
Net loss attributable to SPAR Group, Inc.-$24.6M-$3.1M
Basic loss per common share attributable to SPAR Group, Inc. from continuing operations (in dollars per share)-$1.0K-$90
Diluted loss per common share attributable to SPAR Group, Inc. from continuing operations (in dollars per share)-$1-$0
Basic loss per common share attributable to SPAR Group, Inc. from discontinued operations (in dollars per share)$0-$0
Diluted loss per common share attributable to SPAR Group, Inc. from discontinued operations (in dollars per share)$0-$0
Basic loss per common share attributable to SPAR Group, Inc. (in dollars per share)-$1.04-$0.13
Diluted loss per common share attributable to SPAR Group, Inc. (in dollars per share)-$1.04-$0.13
Weighted average common shares basic (in shares)23.6M shares23.6M shares
Weighted average common shares diluted (in shares)23.6M shares23.6M shares
Foreign currency translation adjustments$44.0K-$1.6M
Comprehensive loss-$24.6M-$4.2M
Comprehensive income attributable to non-controlling interest$0-$172.0K
Comprehensive loss attributable to SPAR Group, Inc.-$24.6M-$4.4M

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Leadership

Who has led SPAR Group, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gary S. Raymond2007–2011
  2. Jill Blanchard2014–2015
  3. Christiaan Mauritz Olivier2017–2019
  4. Mike R. Matacunas2021–2026
  5. William Linnane2026–now

President

  1. Steven Jay Adolph2021
  2. William Linnane2025–now

Chief financial officer

  1. Charles Cimitile2007
  2. James R. Segreto2007–2021
  3. Fay Devriese2021–2022
  4. Pato Antonio Calisto2023–2024
  5. Steven Michael Hennen2025–now

Chief operating officer

  1. Kori Belzer2021–2024
2010201520202025
Board members and other officers (27)

Former names

  • SPAR GROUP INCAug 10, 1999 to Aug 27, 20202
  • PIA MERCHANDISING SERVICES INCNov 14, 1996 to Jun 17, 19992

Timeline

  1. Sep 22, 2026New chief executive William Linnane becomes CEO13
  2. Jun 3, 2021New chief executive Mike R. Matacunas becomes CEO14
  3. Oct 20, 2017New chief executive Christiaan Mauritz Olivier becomes CEO15
  4. Feb 21, 2014New chief executive Jill Blanchard becomes CEO16
  5. Nov 30, 2007New chief executive Gary S. Raymond becomes CEO17

Filings

257 filings to the SEC since October 2021: 9 annual reports, 15 quarterly reports, 74 major events, 113 insider forms, 7 large holders, 39 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13D/A EDGAR
  2. Oct 1, 20264 EDGAR
  3. Oct 1, 20264 EDGAR
  4. Oct 1, 20264 EDGAR
  5. Oct 1, 202625-NSE EDGAR
  6. Sep 22, 20264 EDGAR
  7. Sep 9, 2026S-8 EDGAR
  8. Aug 13, 202610-Q EDGAR
  9. Aug 13, 20268-K EDGAR
  10. Aug 12, 20268-K EDGAR
  11. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  12. Jul 23, 20268-K EDGAR
  13. Jul 23, 20263 EDGAR
  14. Jul 20, 2026SCHEDULE 13D EDGAR
  15. Jul 16, 2026SCHEDULE 13D/A EDGAR
  16. Jul 16, 20264 EDGAR
  17. Jul 15, 20268-K EDGAR
  18. Jul 6, 20268-K EDGAR
  19. Jun 26, 2026DEF 14A EDGAR
  20. Jun 24, 20264 PRIMARY DOCUMENT EDGAR

The 257 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

78 open-market trades by officers, directors and large owners since October 2021: 6 buys and 72 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 1, 2026BARTELS WILLIAM H10% ownerSale4,709,837Form 4
Jun 11, 2026BROWN ROBERT G/10% ownerSale10,000$0.85$8.5KForm 4
May 1, 2026Hennen Steven MichaelChief Financial OfficerBuy78,000$0.64$49.9KForm 4
Dec 19, 2025Hennen Steven MichaelChief Financial OfficerBuy55,000$0.78$42.9KForm 4
Oct 3, 2025Linnane WilliamChief Executive OfficerBuy173,000$1.02$176.5KForm 4
Sep 25, 2025BROWN ROBERT G/10% ownerSale10,000$1.07$10.7KForm 4
May 12, 2025BROWN ROBERT G/10% ownerSale6,000$1.05$6.3KForm 4
Apr 21, 2025BROWN ROBERT G/10% ownerBuy1,000$1.09$1.1KForm 4
Apr 15, 2025BROWN ROBERT G/10% ownerBuy5,000$1.10$5.5KForm 4
Jan 28, 2025SPAR Business Services IncSale1,000$1.97$2.0KForm 4
Jan 28, 2025BROWN ROBERT G/10% ownerSale2,141$1.98$4.2KForm 4
Jan 24, 2025BROWN ROBERT G/10% ownerSale862$1.98$1.7KForm 4
Jan 23, 2025BROWN ROBERT G/10% ownerSale5,997$1.98$11.9KForm 4
Jan 23, 2025BROWN ROBERT G/10% ownerSale244$1.98$483Form 4
Jan 22, 2025SPAR Business Services IncSale15,698$1.90$29.8KForm 4
Jan 21, 2025SPAR Business Services IncSale16,902$1.85$31.3KForm 4
Jan 16, 2025SPAR Business Services IncSale9,361$1.85$17.3KForm 4
Jan 6, 2025SPAR Business Services IncSale28$1.95$55Form 4
Jan 2, 2025BROWN ROBERT G/10% ownerSale11,000$1.92$21.1KForm 4
Dec 21, 2024BROWN ROBERT G/10% ownerSale9,000$1.92$17.3KForm 4

All 78 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Nantahala Capital Management, LLC1,321,376$1.1M0.0%+660,688
Vanguard Capital Management LLC504,195$416.5K0.0%No change
Geode Capital Management, LLC115,849$95.8K0.0%−9,293
RBF Capital, LLC97,296$80.4K0.0%No change
Renaissance Technologies LLC76,941$63.6K0.0%−48,367
Vanguard Fiduciary Trust Co51,488$42.5K0.0%No change
Citadel Advisors LLC38,154$31.5K0.0%−21,892
Northern Trust Corp31,973$26.4K0.0%+11,793
Css Llc/il24,422$20.2K0.0%No change
State Street Corp20,592$17.0K0.0%No change
XTX Topco Ltd18,109$15.0K0.0%+2,507
Osaic Holdings, Inc.2,335$1.9K0.0%−10
Tower Research Capital LLC (TRC)754$6230.0%−232
Barclays PLC213$1760.0%New
Farther Finance Advisors, LLC100$830.0%New
Fmr LLC81$670.0%New
UBS Group AG2$20.0%−868
Royal Bank Of Canada31$00.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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