SPAR Group, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the SEC on November 13, 2026, disclosing a return to net income in the third quarter despite a year-over-year decline in revenue.

Key Highlights

  • Q3 net revenue of $33,544 thousand, down from $41,416 thousand in the third quarter of 2025, according to the filing.
  • Q3 net income of $50 thousand, compared to a net loss of $8,764 thousand in the same quarter of 2025.
  • Nine-month net loss of $94 thousand, improved from a net loss of $8,303 thousand for the nine months ended September 30, 2025.
  • Shares outstanding rose to 28,398,560 as of November 4, 2026, up from 24,129,991 at December 31, 2025, following issuance of shares for restricted stock units.
  • Total equity grew to $3,262 thousand at September 30, 2026, from $622 thousand at December 31, 2025.
  • Lines of credit increased to $27,500 thousand at September 30, 2026, compared to $20,442 thousand at December 31, 2025.
  • Restructuring costs and severance fell to $67 thousand in Q3 2026, compared to $4,018 thousand in Q3 2025.

SPAR Group Reports Q3 2026 Results: Revenue Decline Accompanied by Return to Profitability

According to the filing, SPAR Group, Inc. (OTCQB:SGRP) reported net revenue of $33,544 thousand for the three months ended September 30, 2026, a decrease from $41,416 thousand in the corresponding prior-year quarter. Gross profit for the third quarter was $6,329 thousand, compared to $7,690 thousand a year earlier. Despite lower revenue, the company reported net income of $50 thousand in Q3 2026, a significant shift from the net loss of $8,764 thousand recorded in Q3 2025. The filing attributes the sharp improvement in the bottom line in part to substantially lower selling, general and administrative expense of $5,607 thousand in Q3 2026 versus $9,187 thousand in Q3 2025, and a reduction in restructuring costs and severance from $4,018 thousand to $67 thousand over the same period.

For the nine months ended September 30, 2026, the company disclosed net revenue of $100,968 thousand and a net loss of $94 thousand, compared to revenue of $114,087 thousand and a net loss of $8,303 thousand for the nine months ended September 30, 2025. Operating income for the nine-month period was $1,399 thousand in 2026, versus an operating loss of $4,169 thousand in 2025. Basic and diluted loss per share for the nine months ended September 30, 2026 were each reported as $(0.00), based on a weighted-average basic share count of 26,272 thousand.

The condensed consolidated balance sheet as of September 30, 2026 showed total assets of $55,982 thousand and total liabilities of $52,720 thousand, resulting in total equity of $3,262 thousand. Cash and cash equivalents stood at $4,696 thousand, up from $3,262 thousand at December 31, 2025. Accounts receivable, net, increased to $35,766 thousand from $27,006 thousand at year-end 2025. The company also disclosed an embedded derivative liability of $287 thousand at September 30, 2026, which was not present at December 31, 2025. During the second quarter of 2026, the company issued 4,191 thousand shares for restricted stock units, adding $2,855 thousand to stockholders' equity.

What Was Disclosed

SPAR Group filed a 10-Q for the quarter ended September 30, 2026, reporting a return to quarterly net income of $50 thousand, reduced restructuring charges, lower revenue year over year, and growth in total equity from $622 thousand to $3,262 thousand since December 31, 2025.