Atlantic International’s Circle8 Group Secures $380 Million Four-Year Technology Services Contract with Dutch Ministry of Education, Culture, and Science

Atlantic International (Nasdaq: ATLN) subsidiary Circle8 Group won a four-year technology services framework with DUO Groningen, Dutch Ministry of Education, Culture and Science, valued at about $96 million per year and ~$380 million total under Dutch GAAP.

Rhea-AI Summary

Atlantic International (Nasdaq: ATLN) subsidiary Circle8 Group won a four-year technology services framework with DUO Groningen, Dutch Ministry of Education, Culture and Science, valued at about $96 million per year and ~$380 million total under Dutch GAAP.

The contract covers application and system development, test and security management, and is expected to boost recurring revenue, long-term revenue visibility, and operational scale across Europe.

Positive

• $380 million four-year contract value (Dutch GAAP)
• Adds approximately $96 million of annual revenue under Dutch GAAP
• Expands recurring revenue and long-term revenue visibility in Europe
• Strengthens Circle8's position in Dutch public-sector technology market

Negative

• Contract value reported under Dutch GAAP, potential translation/recognition differences versus U.S. GAAP
• Concentration risk: large public-sector framework may expose timing and renewal uncertainty

Argus May 6 session

+18.11% close to close Open Argus

Details

News Market Reaction – ATLN

In the May 6 session, ATLN gained 18.11%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +18.1% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +18.1% in the session following this news. A strong positive reaction aligns with the size and duration of this new $380 million, four-year Dutch government contract, which supports recurring revenue and European scale on top of Circle8’s roughly $1.4 billion gross revenue base. However, investors would also need to weigh existing capital-raising capacity under the $250,000,000 shelf and prior volatility around positive Circle8 news when assessing the durability of any sharp move.

Key Figures

Annual contract value: $96 million per year Total contract value: $380 million Contract term: 4 years +4 more

Annual contract value

$96 million per year

Technology services contract under Dutch GAAP with DUO Groningen

Total contract value

$380 million

Four-year technology services framework under Dutch GAAP

Contract term

4 years

Technology services contract with Dutch Ministry agency DUO Groningen

Circle8 gross revenue

$1.4 billion

Unaudited annual gross revenue under Dutch GAAP

Framework contract value 2025

$3.3 billion

Gross revenue of framework agreement contract value secured/renewed in 2025

Circle8 net revenue

$780 million

Annual net revenue under U.S. GAAP from Circle8 business

Staffing ranking

#5

Circle8 ranked #5 largest staffing and technology solutions company in Netherlands

Historical Context

5 past events · Latest: Apr 30

5 events

1. Apr 30

   Growth recognition

   24h Move

   -15.3%

   Circle8 ranked #5 in Dutch staffing with strong growth and large backlog.

2. Apr 28

   AI expansion

   24h Move

   +30.0%

   Expansion of $1.2B platform into AI, cybersecurity, and data infrastructure via Circle8.

3. Apr 16

   Earnings and acquisition

   24h Move

   -6.6%

   Q4 and FY2025 results with adjusted EBITDA loss and Circle8 acquisition completion.

4. Mar 16

   Conference participation

   24h Move

   +7.2%

   ROTH Conference attendance to discuss Circle8 integration and global expansion strategy.

5. Feb 17

   IR strategy

   24h Move

   +0.0%

   Appointment of Gateway Group to lead investor relations and support growth messaging.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

dutch gaap, u.s. gaap, framework agreement

3 terms

dutch gaap financial

"Under Dutch GAAP, the contract is valued at approximately $96 million1 per year"

Dutch GAAP is the set of accounting rules used in the Netherlands to record and report a company’s financial results, similar to a household’s agreed method for tracking income and expenses. Investors care because it determines how profit, assets, and liabilities are measured and presented, affecting comparisons between companies and assessments of financial health and risk. Knowing which rules are used helps interpret reported numbers correctly.

u.s. gaap financial

"Delivered approximately $780 million1 under U.S. GAAP in annual net revenue"

U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.

framework agreement financial

"Secured and renewed approximately $3.3 billion1 in gross revenue of framework agreement contract value in 2025"

A framework agreement is a standing contract that lays out general rules, pricing ranges, and how the parties will work together when they later sign specific orders or projects — like an umbrella that covers future deals without fixing every detail up front. Investors watch these because they make future revenue more predictable, can speed up repeat business, and may signal the scale or stability of upcoming sales, reducing uncertainty about a company’s growth.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Framework covers application development, system development, test management, and security management

ENGLEWOOD CLIFFS, N.J., May 06, 2026 (GLOBE NEWSWIRE) -- Atlantic International Corp (Nasdaq: ATLN), a global provider of outsourced services and workforce solutions, today announced that its wholly owned subsidiary, Circle8 Group, has secured a new four-year technology services contract with DUO Groningen, the executive agency of the Dutch Ministry of Education, Culture and Science. Under Dutch GAAP, the contract is valued at approximately $96 million¹ per year, totaling roughly $380 million¹ over four years.

Under the new framework, Circle8 Group will provide senior specialists in application development, system development, test management, and security management. These services will support critical national education infrastructure as demand for technology, data, and cybersecurity skills increases. The contract award further strengthens Circle8’s position as one of Europe’s top providers of IT staffing, technology execution, cybersecurity, AI advisory, and data infrastructure solutions, and reinforces their leadership in the Dutch public-sector technology market.

The new award is expected to contribute significantly to Atlantic’s recurring revenue base and further improve long-term revenue visibility and operational scale across Europe.

Guus Franke stated, “This award is another important validation of Circle8’s strong market position and our ability to consistently win and execute large-scale strategic contracts. We continue to see strong momentum across Europe, particularly in the public and enterprise technology sectors. Our focus remains on disciplined growth, margin expansion, profitability, and long-term shareholder value creation.”

This contract follows Circle8’s continued momentum, including:

• Recognition as the #5 largest staffing and technology solutions company in the FlexNieuws Top 100 ranking in the Netherlands;
• unaudited annual gross revenue of approximately $1.4 billion¹ under Dutch GAAP;
• Secured and renewed approximately $3.3 billion¹ in gross revenue of framework agreement contract value in 2025; and
• Delivered approximately $780 million¹ under U.S. GAAP in annual net revenue as reflected in Atlantic’s previously disclosed acquisition-related filings.

Atlantic International continues to execute its strategy of building a global technology-focused talent and execution platform through organic growth, strategic acquisitions, and operational excellence.

About Atlantic International Corp
Atlantic International Corp (Nasdaq: ATLN) is a leading provider of outsourced services and workforce solutions. Through its subsidiary Lyneer Staffing Solutions, the Company delivers staffing services across food production, manufacturing and logistics sectors in North America. Through Circle8 Group, Atlantic has expanded into specialized IT and technology solutions, managed services, project delivery and broader technology services across Europe. For more information, visit www.atlantic-international.com and www.circle8group.com.

About DUO Groningen
Dienst Uitvoering Onderwijs (DUO) is the executive agency of the Dutch Ministry of Education, Culture and Science. From its base in Groningen, DUO finances and manages education in the Netherlands and is one of the largest public-sector employers of IT specialists in the country.

Forward Looking Statements

With the exception of the historical information contained in this press release, the matters described herein, may contain “forward-looking statements” relating to the business of Atlantic, and its subsidiaries. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations Contact:
Matt Glover and Clay Liolios
Gateway Group, Inc.
949-574-3860
ATLN@gateway-grp.com

1. Converted from EUR to USD at the exchange rate as of May 5, 2026.

FAQ

What is the value and term of the Circle8 contract with DUO announced May 6, 2026 (ATLN)?

The contract is a four-year framework worth about $96 million per year, totaling roughly $380 million under Dutch GAAP. According to the company, the work spans application development, system development, test management, and security management for DUO Groningen.

How will the $380 million Circle8 contract affect Atlantic International's recurring revenue (ATLN)?

The company says the award is expected to contribute significantly to Atlantic's recurring revenue base. According to the company, the framework improves long-term revenue visibility and operational scale across Europe by adding multi-year services revenue.

Which services will Circle8 provide under the DUO Groningen framework (ATLN)?

Circle8 will provide senior specialists in application development, system development, test management, and security management. According to the company, these services will support critical national education infrastructure and rising demand for technology and cybersecurity skills.

Does the $380 million value use Dutch GAAP or U.S. GAAP for ATLN reporting?

The $380 million and ~$96 million per year figures are reported under Dutch GAAP. According to the company, prior disclosures show different U.S. GAAP annual net revenue figures, so recognition bases may differ between reporting standards.

How does the Circle8 award affect Circle8's market position in the Netherlands (ATLN)?

The company states the award reinforces Circle8's leadership in the Dutch public-sector technology market. According to the company, it follows ranking as #5 in the FlexNieuws Top 100 and supports momentum in public and enterprise technology sectors.