hson-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-38704

HUDSON GLOBAL, INC.

(Exact name of registrant as specified in its charter)


Delaware						59-3547281
(State or other jurisdiction of incorporation or organization)						(IRS Employer Identification No.)

53 Forest Avenue, Suite 102, Old Greenwich, CT 06870

(Address of principal executive offices) (Zip Code)

(475) 988-2068

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.001 par value

HSON

The NASDAQ Stock Market LLC

Preferred Share Purchase Rights

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding on April 26, 2025
Common Stock - $0.001 par value						2,750,735

HUDSON GLOBAL, INC.

INDEX


		Page
	PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statements of Operations - Three Months Ended March 31, 2025 and 2024	1
	Condensed Consolidated Statements of Other Comprehensive Loss - Three Months Ended March 31, 2025 and 2024	2
	Condensed Consolidated Balance Sheets – March 31, 2025 and December 31, 2024	3
	Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2025 and 2024	4
	Condensed Consolidated Statements of Stockholders’ Equity – Three Months Ended March 31, 2025 and 2024	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	36
Item 4.	Controls and Procedures	36
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 6.	Exhibits	37
	Exhibit Index	37
	Signatures	39

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

for

HUDSON GLOBAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended March 31,
		2025		2024
Revenue		$	31,866	$	33,891

Operating expenses:
Direct contracting costs and reimbursed expenses		15,468		17,561
Salaries and related		14,345		15,166
Office and general		2,564		2,929
Marketing and promotion		930		878
Depreciation and amortization		283		397
Total operating expenses		33,590		36,931
Operating loss		(1,724)		(3,040)
Non-operating income (expense):
Interest income, net		71		93
Other expense, net		(71)		(39)
Loss before income taxes		(1,724)		(2,986)
Provision for (benefit from) income taxes		32		(88)


Net loss		$	(1,756)	$	(2,898)
Loss per share:



Basic		$	(0.59)	$	(0.95)



Diluted		$	(0.59)	$	(0.95)
Weighted-average shares outstanding:
Basic		2,985		3,041
Diluted		2,985		3,041

See accompanying notes to Condensed Consolidated Financial Statements.

- 1 -

HUDSON GLOBAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended March 31,
		2025		2024
Comprehensive loss:
Net loss		$	(1,756)	$	(2,898)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income taxes		424		(636)



Total other comprehensive income (loss), net of income taxes		424		(636)
Comprehensive loss		$	(1,332)	$	(3,534)

See accompanying notes to Condensed Consolidated Financial Statements.

- 2 -

HUDSON GLOBAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)


	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	16,553	$	17,011
Accounts receivable, less allowance for expected credit losses of $227 and $391, respectively	21,281		20,093
Restricted cash, current	487		476
Prepaid and other	2,885		2,560

Total current assets