CIRCLE8 GROUP INC CIRC
On June 18, 2024, Atlantic International Corp ("Atlantic" or the "Company") completed the acquisition (the "Merger") of Lyneer Investments LLC and its operating subsidiaries, including Lyneer Staffing Solutions, LLC (collectively, "Lyneer") and its business operations, which became the principal business operations of our Company. Pursuant to the terms of the Merger, the Company changed its name from SeqLL Inc., to Atlantic International Corp, and its trading symbol to ATLN. Atlantic is a leading provider of strategic staffing and workforce solutions. Through its subsidiary, Lyneer delivers comprehensive staffing services across food production, manufacturing, and logistics sectors nationwide. With the addition of Circle8 Group ("Circle8") on January 23, 2026, Atlantic extended its capabilities into specialized high-growth IT and technology staffing capabilities across Europe, complementing Atlantic's North American industrial staffing operations. Circle8 is a European IT-technology talent and consulting enablement platform that provides specialized workforce solutions to enterprises, technology companies, financial institutions, and public-sector organizations. Circle8 focuses on sourcing, deploying, and managing highly skilled professionals in information technology and related digital disciplines. Circle8 is one of the fastest-growing IT and technology staffing companies, operating across Europe through a portfolio of specialized brands. Circle8 manages over 16,000 technology professionals and specializes in software development, data analytics cybersecurity, project management, and emerging technologies. Circle8 is founder-led and will continue to be led by Mr. Guus Franke who joined Atlantic's Board of Directors as Executive Chairman.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $435.9M | $442.6M | $401.4M | $78.7K | $162.0K | $278.9K | — |
| Cost of revenue | $389.9M | $395.4M | $354.5M | $1.2K | $57.7K | $170.8K | — |
| Gross profit | $46.0M | $47.2M | $46.9M | $78.0K | $152.3K | $158.7K | — |
| R&D | — | — | $2.3M | $1.6M | $530.1K | $331.0K | — |
| SG&A | $91.3M | $64.0M | $45.4M | $2.5M | $2.2M | $777.4K | — |
| Total operating expenses | — | — | $5.7M | $4.1M | $2.7M | $1.1M | — |
| Operating income | -$50.2M | -$21.8M | -$3.5M | -$4.0M | -$2.5M | -$949.7K | — |
| Interest expense | $9.2M | $12.0M | $17.5M | $90.7K | $208.3K | — | — |
| Pre-tax income | -$59.4M | -$130.1M | -$21.2M | — | — | — | — |
| Income tax | $34.0K | $5.4M | $5.9M | — | — | — | — |
| Net income | -$59.4M | -$135.5M | -$15.3M | -$4.1M | -$3.7M | -$1.0M | — |
| EPS, basic | -1.08 | -3.68 | -0.60 | -12.38 | -0.51 | — | — |
| EPS, diluted | -1.08 | -3.68 | -0.60 | -12.38 | -0.51 | -0.21 | — |
| Shares, diluted (wtd. avg.) | 54.8M | 36.8M | 25.4M | 330,648 | 7.2M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $81.1K | $678.7K | $1.4M | $1.7M | $4.0M | — | $5.9K |
| Short-term investments | — | — | — | $4.0M | $5.9M | — | — |
| Receivables | $65.8M | $64.1M | $58.8M | $21.2K | — | — | — |
| Inventory | — | — | — | $165.9K | $224.2K | $203.0K | — |
| Total current assets | $81.2M | $85.0M | $78.8M | $6.6M | $10.4M | $342.5K | — |
| Property, plant and equipment | $239.2K | $307.6K | $432.7K | $530.1K | $265.3K | $337.2K | — |
| Other intangibles | $26.6M | $31.4M | $36.2M | — | — | — | — |
| Total assets | $113.2M | $119.8M | $126.7M | $8.4M | $10.7M | $694.0K | — |
| Accounts payable | $5.1M | $2.0M | $799.6K | $622.4K | $871.4K | $861.8K | — |
| Short-term debt | $55.8M | $43.9M | $138.9M | — | — | — | — |
| Total current liabilities | $115.0M | $94.2M | $161.6M | $1.2M | $2.6M | $1.0M | — |
| Long-term debt | $28.8M | $36.7M | $0 | — | — | — | — |
| Total liabilities | $145.3M | $131.8M | $166.0M | $4.0M | $2.6M | $4.5M | — |
| Retained earnings | -$194.9M | -$135.5M | -$61.8M | -$18.5M | -$14.4M | -$10.7M | — |
| Total equity | -$32.1M | -$12.0M | -$39.4M | -$27.3M | $8.2M | -$3.9M | -$2.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.4M | -$6.0M | -$9.1M | -$3.7M | -$2.0M | -$757.9K | — |
| Depreciation and amortisation | $4.9M | $5.0M | $5.0M | $87.9K | $86.4K | $108.8K | — |
| Stock-based compensation | $36.1M | $45.2M | $0 | $256.9K | $334.0K | $20.2K | — |
| Capital expenditure | $66.8K | $73.5K | $73.7K | $40.0K | $14.5K | — | — |
| Investing cash flow | -$66.8K | -$73.5K | -$73.7K | $1.8M | -$6.0M | — | — |
| Financing cash flow | $3.9M | $5.4M | $8.8M | — | $12.0M | $752.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001605888-26-000017.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $278.9K | $162.0K | $78.7K | $401.4M | $442.6M | $435.9M |
| Gross profit | — | $158.7K | $152.3K | $78.0K | $46.9M | $47.2M | $46.0M |
| Net income | — | -$1.0M | -$3.7M | -$4.1M | -$15.3M | -$135.5M | -$59.4M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Delisting notice Item 3.01
- Other event Item 8.01
- Material agreement signed Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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