Here are the 10-K annual reports from SPAR Group Inc (SGRP) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SGRP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SGRP filings page.
SPAR Group, Inc. reports 2025 net revenues of $136.1 million, down 16.8% from $163.6 million in 2024, mainly because it exited international operations other than Canada. The company generated $122.1 million in U.S. revenue, up 3.9%, and $14.0 million in Canada revenue, down 2.1%.
SPAR recorded a loss from continuing operations of $24.6 million, compared with a $1.8 million loss in 2024, driven by higher cost of revenues, $32.2 million of SG&A, and $4.8 million in restructuring and severance tied to moving its headquarters to Charlotte and leadership changes. Adjusted EBITDA attributable to SPAR swung to a loss of $8.6 million from positive $5.6 million.
The company now operates only in the U.S. and Canada and focuses on merchandising, remodel, assembly, fulfillment, and analytics services. Two large clients represented about $22.8 million (16.8%) and $14.7 million (10.8%) of 2025 revenue. SPAR remediated prior internal control material weaknesses but warns of risks around a proposed all-cash acquisition by Highwire Capital and a Nasdaq notice over its sub‑$1.00 share price, which could lead to potential delisting if not resolved.