HireQuest's Q3 net income falls on write-down impact
HQI•HireQuest's Q3 revenue rose 4% year over year to $8.81 million, while adjusted EBITDA was flat at $4.5 million. Net income was reduced by a $1.3 million write-down and higher workers' compensation expense.
1. Quarterly results
Revenue increased 4% year over year to $8.81 million, beating the $8.70 million consensus estimate. Adjusted EBITDA was flat year over year at $4.5 million.
2. Factors and outlook
Net income was reduced by a $1.3 million write-down of notes receivable related to the repossession of a franchised location, and by higher net workers' compensation expense compared with a benefit in the prior-year period. HireQuest said improving demand positions franchisees well for late 2026 and into 2027.
