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0001210708falsetrue00012107082025-05-132025-05-130001210708exch:XNASus-gaap:CommonStockMember2025-05-132025-05-130001210708exch:XNAShson:PreferredSharePurchaseRightsMember2025-05-132025-05-13


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 13, 2025
 

HUDSON GLOBAL, INC.
(Exact name of registrant as specified in charter)
 
Delaware 001-38704 59-3547281
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

53 Forest Avenue, Suite 102
Old Greenwich, CT 06870
(Address of Principal Executive Offices)
 
Registrant's telephone number, including area code (475) 988-2068
N/A
(Former name or former address, if changed since last report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐




ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 13, 2025, Hudson Global, Inc. (the "Company") issued a press release announcing its financial results for the three months ended March 31, 2025. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In addition, on May 13, 2025, the Company issued a presentation supplementary to its press release, which presentation is furnished herewith as Exhibit 99.2.

The information in this Current Report on Form 8-K furnished pursuant to Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
 
(d) Exhibits

The exhibit listed in the following Exhibit Index is provided as part of the information furnished under Item 2.02 of this Current Report on Form 8-K:

EXHIBIT INDEX

99.1    Press Release of Hudson Global, Inc. issued on May 13, 2025

99.2    Earnings Presentation issued on May 13, 2025

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

1



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
HUDSON GLOBAL, INC.
 (Registrant)
   
By: /s/ JEFFREY E. EBERWEIN
  Jeffrey E. Eberwein
  Chief Executive Officer
   
  Dated: May 13, 2025

2
EX-99.1 2 hson202503318kex991.htm EX-99.1 Document


Exhibit 99.1
hsonred.jpg
For Immediate Release            

Hudson Global Reports 2025 First Quarter Results

OLD GREENWICH, CT - May 13, 2025 - Hudson Global, Inc. (Nasdaq: HSON) ("Hudson Global" or "the Company"), a leading global total talent solutions company, announced today financial results for the first quarter ended March 31, 2025.

2025 First Quarter Summary

•Revenue of $31.9 million decreased 6.0% from the first quarter of 2024 and 3.3% in constant currency.
•Adjusted net revenue of $16.4 million increased 0.4% from the first quarter of 2024 and 2.2% in constant currency.
•Net loss was $1.8 million, or $0.59 per diluted share, compared to net loss of $2.9 million, or $0.95 per diluted share, for the first quarter of 2024. Adjusted net loss per diluted share (non-GAAP measure)* was $0.46 compared to adjusted net loss per diluted share of $0.72 in the first quarter of 2024.
•Adjusted EBITDA loss (non-GAAP measure)* was $0.7 million, a decrease versus adjusted EBITDA loss of $1.5 million in the first quarter of 2024.
•Total cash including restricted cash was $17.2 million at March 31, 2025.

“Although overall results for the first quarter of 2025 were stronger than last year's first quarter, the overall talent environment remains uncertain due to macro conditions," said Jeff Eberwein, CEO of Hudson Global. "We are confident in our ability to position the business for strong future growth while managing through the current environment. We believe Hudson RPO will outperform its peers going forward."

Jake Zabkowicz, Global CEO of Hudson RPO, added, “In the first quarter of 2025, we continued to make progress on our objectives and made multiple strategic hires, launched our Digital Division, and drove our 'Land and Expand' strategy, with a focus on further enhancing our geographic reach and service offerings. Our talented team is strategically positioned to deliver exceptional results in the future."


* The Company provides non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). Constant currency, adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share are defined in the segment tables at the end of this release and a reconciliation of such non-GAAP measures to the most directly comparable GAAP measures is included within such segment tables.
1


Regional Highlights

All rate comparisons are in constant currency.

Americas

In the first quarter of 2025, Americas revenue of $6.9 million increased 15% and adjusted net revenue of $6.0 million increased 3% from the first quarter of 2024. EBITDA loss was $0.1 million in the first quarter of 2025, compared to $0.9 million of EBITDA loss in the same period last year. Adjusted EBITDA was $0.1 million in the first quarter of 2025 compared to adjusted EBITDA loss of $0.7 million in the same period last year.

Asia Pacific

Asia Pacific revenue of $19.1 million decreased 7% and adjusted net revenue of $7.2 million increased 14% in the first quarter of 2025 compared to the same period in 2024. EBITDA was $0.3 million in the first quarter of 2025 compared to EBITDA loss of $0.6 million in the same period one year ago, and adjusted EBITDA was $0.6 million compared to adjusted EBITDA loss of $0.2 million in the first quarter of 2024.

Europe, Middle East, and Africa ("EMEA")

EMEA revenue in the first quarter of 2025 decreased 7% to $5.9 million and adjusted net revenue of $3.2 million decreased 19% from the first quarter of 2024. EBITDA loss was $0.6 million in the first quarter of 2025 compared to EBITDA of $0.3 million in the same period one year ago. Adjusted EBITDA loss of $0.5 million in the first quarter of 2025 compared to adjusted EBITDA of $0.3 million in the first quarter of 2024.

2


Corporate Costs

In the first quarter of 2025, the Company's corporate costs were $0.9 million, compared to $1.0 million in the prior year quarter. Corporate costs in the first quarter of 2025 and 2024 excluded non-recurring expenses of $0.3 million and $0.5 million, respectively.

Liquidity and Capital Resources

The Company ended the first quarter of 2025 with $17.2 million in cash, including $0.7 million in restricted cash. The Company used $0.8 million in cash flow from operations during the first quarter of 2025 compared to an outflow of $1.8 million of cash flow from operations in the first quarter of 2024.

Share Repurchase Program

As a reminder, the Company approved a $5 million common stock share repurchase program, effective August 8, 2023. In 2024, the Company purchased 154,084 shares for $2.5 million under this program and has $2.1 million remaining. The Company continues to view share repurchases as an attractive use of capital.

NOL Carryforward

As of December 31, 2024, Hudson Global had $240 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Hudson Global common stock to 4.99%. Stockholders who wish to own more than 4.99% of Hudson Global common stock, or who already own more than 4.99% of Hudson Global common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.

Conference Call/Webcast

The Company will conduct a conference call today, Tuesday, May 13, 2025 at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company's web site at hudsonrpo.com.

If you wish to join the conference call, please use the dial-in information below:
•Toll-Free Dial-In Number: (833) 816-1383
•International Dial-In Number: (412) 317-0476

The archived call will be available on the investor information section of the Company's website at hudsonrpo.com.
3


About Hudson Global
Hudson Global, Inc. is a leading global total talent solutions provider operating under the brand name Hudson RPO. We deliver innovative, customized recruitment outsourcing and total talent solutions to organizations worldwide. Through our consultative approach, we develop tailored talent solutions designed to meet our clients’ strategic growth initiatives. As a trusted advisor, we meet our commitments, deliver quality and value, and strive to exceed expectations.

For more information, please visit us at hudsonrpo.com or contact us at ir@hudsonrpo.com.

Investor Relations:
The Equity Group
Lena Cati
212 836-9611 / lcati@equityny.com

Forward-Looking Statements

This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; the Company’s ability to successfully achieve its strategic initiatives ; risks related to potential acquisitions or dispositions of businesses by the Company; the Company’s ability to operate successfully as a company focused on its RPO business; risks related to fluctuations in the Company’s operating results from quarter to quarter due to various factors such as rising inflationary pressures and interest rates; the loss of or material reduction in our business with any of the Company’s largest customers; the ability of clients to terminate their relationship with the Company at any time; competition in the Company’s markets; the negative cash flows and operating losses that may recur in the future; risks relating to how future credit facilities may affect or restrict our operating flexibility; risks associated with the Company’s investment strategy; risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the Russia-Ukraine war, and potential conflict in the Middle East; the Company’s dependence on key management personnel; the Company’s ability to attract and retain highly skilled professionals, management, and advisors; the Company’s ability to collect accounts receivable; the Company’s ability to maintain costs at an acceptable level; the Company’s heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to providing uninterrupted service to clients; the Company’s exposure to employment-related claims from clients, employers and regulatory authorities, current and former employees in connection with the Company’s business reorganization initiatives, and limits on related insurance coverage; the Company’s ability to utilize net operating loss carryforwards; volatility of the Company’s stock price; the impact of government regulations and deregulation efforts; restrictions imposed by blocking arrangements; risks related to the use of new and evolving technologies; and the adverse impacts of cybersecurity threats and attacks. Additional information concerning these, and other factors is contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Tables Follow
4


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 

5


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 41,206  40,140 
Property and equipment, net of accumulated depreciation of $1,665 and $1,668, respectively 213  242 
Operating lease right-of-use assets 828  1,024 
Goodwill 5,717  5,703 
Intangible assets, net of accumulated amortization of $4,135 and $3,897, respectively 2,256  2,491 
Deferred tax assets, net 2,677  2,648 
Restricted cash, non-current 174  180 
Other assets 114  155 
Total assets $ 53,185  $ 52,583 
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
Accounts payable $ 3,064  $ 1,789 
Accrued salaries, commissions, and benefits 4,570  4,306 
Accrued expenses and other current liabilities 4,679  4,504 
Operating lease obligations, current 471  623 
Total current liabilities 12,784  11,222 
Income tax payable 94  93 
Operating lease obligations 401  441 
Other liabilities 432  399 
Total liabilities 13,711  12,155 
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.001 par value, 10,000 shares authorized; none issued or outstanding
—  — 
Common stock, $0.001 par value, 20,000 shares authorized; 4,035 and
4,033 shares issued; 2,751 and 2,750 shares outstanding, respectively
Additional paid-in capital 494,595  494,209 
Accumulated deficit (431,773) (430,017)
Accumulated other comprehensive loss, net of applicable tax (2,293) (2,717)
Treasury stock, 1,284 and 1,283 shares, respectively, at cost
(21,059) (21,051)
Total stockholders’ equity 39,474  40,428 
Total liabilities and stockholders’ equity $ 53,185  $ 52,583 
6


HUDSON GLOBAL, INC.
SEGMENT ANALYSIS - QUARTER TO DATE
RECONCILIATION OF ADJUSTED EBITDA
(in thousands)
(unaudited)
For The Three Months Ended March 31, 2025 Americas Asia Pacific EMEA Corporate Total
Revenue, from external customers $ 6,852  $ 19,127  $ 5,887  $ —  $ 31,866 
Adjusted net revenue, from external customers (1)
$ 5,980  $ 7,211  $ 3,207  $ —  $ 16,398 
Net loss $ (1,756)
Provision from income taxes 32 
Interest income, net (71)
Depreciation and amortization 283 
EBITDA (loss) (2)
$ (141) $ 283  $ (638) $ (1,016) (1,512)
Non-operating expense (income), including corporate administration charges 175  134  122  (360) 71 
Stock-based compensation expense 63  131  43  149  386 
Non-recurring severance and professional fees —  54  —  333  387 
Adjusted EBITDA (loss) (2)
$ 97  $ 602  $ (473) $ (894) $ (668)
For The Three Months Ended March 31, 2024 Americas Asia Pacific EMEA Corporate Total
Revenue, from external customers $ 5,994  $ 21,509  $ 6,388  $ —  $ 33,891 
Adjusted net revenue, from external customers (1)
$ 5,805  $ 6,546  $ 3,979  $ —  $ 16,330 
Net loss $ (2,898)
Benefit from income taxes (88)
Interest income, net (93)
Depreciation and amortization 397 
EBITDA (loss) (2)
$ (864) $ (601) $ 268  $ (1,485) (2,682)
Non-operating expense (income), including corporate administration charges 62  118  10  (151) 39 
Stock-based compensation expense 94  127  58  99  378 
Non-recurring severance and professional fees —  186  530  723 
Adjusted EBITDA (loss) (2)
$ (708) $ (170) $ 343  $ (1,007) $ (1,542)

(1)    Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Condensed Consolidated Statements of Operations.
(2)    Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income (expense), stock-based compensation expense, and other non-recurring severance and professional fees (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, or other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.








7


HUDSON GLOBAL, INC.
RECONCILIATION OF CONSTANT CURRENCY MEASURES
(in thousands) (unaudited)

The Company operates on a global basis, with the majority of its revenue generated outside of the United States. Accordingly, fluctuations in foreign currency exchange rates can affect its results of operations. Constant currency information compares financial results between periods as if exchange rates had remained constant period-over-period. The Company defines the term “constant currency” to mean that financial data for a previously reported period are translated into U.S. dollars using the same foreign currency exchange rates that were used to translate financial data for the current period. Changes in revenue, adjusted net revenue, selling, general and administrative expenses ("SG&A"), operating income (loss), and EBITDA (loss) include the effect of changes in foreign currency exchange rates. The Company’s management reviews and analyzes business results in constant currency and believes these results better represent the Company’s underlying business trends. The Company believes that these calculations are a useful measure, indicating the actual change in operations. There are no significant gains or losses on foreign currency transactions between subsidiaries. Therefore, changes in foreign currency exchange rates generally impact only reported earnings.

Three Months Ended
 March 31,
  2025 2024
As As Currency Constant
reported reported translation currency
Revenue:
Americas $ 6,852  $ 5,994  $ (18) $ 5,976 
Asia Pacific 19,127  21,509  (862) 20,647 
EMEA 5,887  6,388  (53) 6,335 
Total $ 31,866  $ 33,891  $ (933) $ 32,958 
Adjusted net revenue (1)
Americas $ 5,980  $ 5,805  $ (17) $ 5,788 
Asia Pacific 7,211  6,546  (225) 6,321 
EMEA 3,207  3,979  (39) 3,940 
Total $ 16,398  $ 16,330  $ (281) $ 16,049 
SG&A:(2)
Americas $ 6,035  $ 6,662  $ (49) $ 6,613 
Asia Pacific 6,707  6,982  (232) 6,750 
EMEA 3,720  3,694  (37) 3,657 
Corporate 1,377  1,635  —  1,635 
Total $ 17,839  $ 18,973  $ (318) $ 18,655 
Operating income (loss):
Americas $ (208) $ (1,152) $ $ (1,151)
Asia Pacific 383  (520) 10  (510)
EMEA (519) 270  (1) 269 
Corporate (1,380) (1,638) —  (1,638)
Total $ (1,724) $ (3,040) $ 10  $ (3,030)
EBITDA (loss):
Americas $ (141) $ (864) $ (3) $ (867)
Asia Pacific 283  (601) 18  (583)
EMEA (638) 268  —  268 
Corporate (1,016) (1,485) —  (1,485)
Total $ (1,512) $ (2,682) $ 15  $ (2,667)

(1)Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Condensed Consolidated Statements of Operations.
(2)SG&A is a measure that management uses to evaluate the segments’ expenses and includes salaries and related costs, office and general costs, and marketing and promotion costs.
8


HUDSON GLOBAL INCOME PER DILUTED SHARE
(in thousands, except per share amounts)
(unaudited)

Adjusted Diluted Shares Per Diluted
For The Three Months Ended March 31, 2025 Net Loss Outstanding
Share (1)
Net loss $ (1,756) 2,985  $ (0.59)
Non-recurring severance and professional fees (after tax) 387  2,985  0.13 
Adjusted net loss (2)
$ (1,369) 2,985  $ (0.46)

Adjusted Diluted Shares Per Diluted
For The Three Months Ended March 31, 2024 Net Loss Outstanding
Share (1)
Net loss $ (2,898) 3,041  $ (0.95)
Non-recurring severance and professional fees (after tax) 723  3,041  0.24 
Adjusted net loss (2)
$ (2,175) 3,041  $ (0.72)

(1)    Amounts may not sum due to rounding.

(2)    Adjusted net income or loss per diluted share are Non-GAAP measures defined as reported net income or loss and reported net income or loss per diluted share before items such as acquisition-related costs and non-recurring severance and professional fees after tax that are presented to provide additional information about the Company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as substitutes for net income or loss and net income or loss per diluted share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as measures of the Company's profitability or liquidity. Further, adjusted net income or loss and adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies.



9
EX-99.2 3 earningspresentation-may.htm EX-99.2 earningspresentation-may
Q1 2025 Earnings Call M a y 1 3 , 2 0 2 5 © 2024 Hudson RPO. All rights reserved. 2 This presentation contains statements that the Company believes to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; the Company’s ability to successfully achieve its strategic initiatives ; risks related to potential acquisitions or dispositions of businesses by the Company; the Company’s ability to operate successfully as a company focused on its RPO business; risks related to fluctuations in the Company’s operating results from quarter to quarter due to various factors such as rising inflationary pressures and interest rates; the loss of or material reduction in our business with any of the Company’s largest customers; the ability of clients to terminate their relationship with the Company at any time; competition in the Company’s markets; the negative cash flows and operating losses that may recur in the future; risks relating to how future credit facilities may affect or restrict our operating flexibility; risks associated with the Company’s investment strategy; risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the Russia-Ukraine war, and potential conflict in the Middle East; the Company’s dependence on key management personnel; the Company’s ability to attract and retain highly skilled professionals, management, and advisors; the Company’s ability to maintain costs at an acceptable level; the Company’s heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to providing uninterrupted service to clients; the Company’s exposure to employment- related claims from clients, employers and regulatory authorities, current and former employees in connection with the Company’s business reorganization initiatives, and limits on related insurance coverage; the Company’s ability to utilize net operating loss carryforwards; volatility of the Company’s stock price; the impact of government regulations and deregulation efforts; restrictions imposed by blocking arrangements; risks related to the use of new and evolving technologies; and the adverse impacts of cybersecurity threats and attacks. Additional information concerning these, and other factors is contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-Looking Statements © 2024 Hudson RPO. All rights reserved. 3 US$ in Millions, except EPS Q1 2025: Consolidated Financial Results '+ / - (1) CC (2) Q1 2025 Q1 2024 Revenue - 6.0% $31.9 $33.9 - 3.3% CC Adjusted net revenue + 0.4% $16.4 $16.3 + 2.2% CC SG&A(3)(4) - 4.5% $17.1 $17.9 - 2.8% CC Adjusted EBITDA(5) + 56.7% $(0.7) $(1.5) + 56.8% CC Net Income (Loss) + 39.4% $(1.8) $(2.9) Basic EPS $(0.59) $(0.95) Diluted EPS $(0.59) $(0.95) Adjusted Diluted EPS (5) $(0.46) $(0.72) (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) CC represents constant currency. (3) Excludes stock compensation expense of $0.4 million for both of the three months ended March 31, 2025 and 2024. (4) SG&A excludes non-recurring expenses of $0.4 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively. (5) Adjusted EBITDA and Adjusted Diluted EPS are non-GAAP financial measures. Please reference the slides in the Appendix of this presentation for a reconciliation of these non-GAAP measures. © 2024 Hudson RPO. All rights reserved. 4 US$ in Millions Q1 2025: Americas '+ / - (1) CC (2) Q1 2025 Q1 2024 Revenue + 14.3% $6.9 $6.0 + 14.7% CC Adjusted net revenue + 3.0% $6.0 $5.8 + 3.3% CC SG&A(3) - 9.1% $6.0 $6.6 - 8.4% CC Adjusted EBITDA(4)(5) + 113.7% $0.1 $(0.7) + 113.7% CC Adjusted EBITDA, as a % of Adjusted net revenue 1.6% (12.2)% (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) CC represents constant currency. (3) Excludes stock compensation expense and non-recurring expenses. (4) Adjusted EBITDA and Adjusted Diluted EPS are non-GAAP financial measures. Please reference the slides in the Appendix of this presentation for a reconciliation of these non-GAAP measures. (5) N/M = Not Meaningful.


 
© 2024 Hudson RPO. All rights reserved. 5 US$ in Millions Q1 2025: Asia Pacific '+ / - (1) CC (2) Q1 2025 Q1 2024 Revenue - 11.1% $19.1 $21.5 - 7.4% CC Adjusted net revenue + 10.2% $7.2 $6.5 + 14.1% CC SG&A(3) - 2.2% $6.5 $6.7 + 1.2% CC Adjusted EBITDA(4) + 454.2% $0.6 $(0.2) + 452.2% CC Adjusted EBITDA, as a % of Adjusted net revenue 8.3% (2.6)% (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) CC represents constant currency. (3) Excludes stock compensation expense and non-recurring expenses. (4) Adjusted EBITDA and Adjusted Diluted EPS are non-GAAP financial measures. Please reference the slides in the Appendix of this presentation for a reconciliation of these non-GAAP measures. © 2024 Hudson RPO. All rights reserved. 6 US$ in Millions Q1 2025: Europe, Middle East, and Africa ("EMEA") '+ / - (1) CC (2) Q1 2025 Q1 2024 Revenue - 7.8% $5.9 $6.4 - 7.1% CC Adjusted net revenue - 19.4% $3.2 $4.0 - 18.6% CC SG&A(3) + 1.4% $3.7 $3.6 + 2.5% CC Adjusted EBITDA(4) - 237.9% $(0.5) $0.3 - 238.2% CC Adjusted EBITDA, as a % of Adjusted net revenue (14.7)% 8.6% (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) CC represents constant currency. (3) Excludes stock compensation expense and non-recurring expenses. (4) Adjusted EBITDA and Adjusted Diluted EPS are non-GAAP financial measures. Please reference the slides in the Appendix of this presentation for a reconciliation of these non-GAAP measures. © 2024 Hudson RPO. All rights reserved. 7 Q1 2025 Regional Split Revenue Adjusted Net Revenue Americas 22% Asia Pacific 60% Europe 18% Americas 36% Asia Pacific 44% Europe 20% © 2024 Hudson RPO. All rights reserved. 8 Q1 2025 Services Split Revenue Adjusted Net Revenue Contracting 51% RPO 49% Contracting 6% RPO 94%


 
© 2024 Hudson RPO. All rights reserved. 9 © 2024 Hudson RPO. All rights reserved. 10 US$ in Millions Balance Sheet: Selected Items Q1 2025 Q4 2024 Selected Assets Cash $16.6 $17.0 Restricted Cash $0.7 $0.7 Accounts Receivable $21.3 $20.1 Shareholders’ Equity Stockholders' Equity $39.5 $40.4 Working Capital Current Assets $41.2 $40.1 Current Assets ex-cash $24.7 $23.1 Current Liabilities $12.8 $11.2 Working Capital $28.4 $28.9 Working Capital ex-cash $11.9 $11.9 © 2024 Hudson RPO. All rights reserved. 11 US$ in Millions 2024: Cash Flow Summary QTD March 31, 2025 QTD March 31, 2024 Net income (loss) $(1.8) $(2.9) Depreciation and amortization 0.3 0.4 Provision for (benefit from) deferred income taxes — (0.3) Stock-based compensation 0.4 0.4 Change in accounts receivable (1.2) (1.6) Change in prepaid and other assets (0.3) (0.7) Change in accounts payable and other liabilities 1.8 3.0 Cash flow from operations (0.8) (1.8) Capital expenditures — — Free cash flow (0.8) (1.8) Proceeds from corporate benefit policy — 1.1 Purchase of treasury stock (including payment of tax withholdings) — (0.9) Cash paid for net settlement of employee restricted stock units — (0.2) Effect of exchange rates 0.4 (0.4) Change in cash, cash equivalents, and restricted cash $(0.5) $(2.2) Appendix


 
© 2024 Hudson RPO. All rights reserved. 13 Reconciliation of Non-GAAP Financial Measures Q1 2025 Americas Asia Pacific EMEA RPO Business Corporate Total Revenue $ 6.9 $ 19.1 $ 5.9 $ 31.9 $ — $ 31.9 Adjusted net revenue (1) $ 6.0 $ 7.2 $ 3.2 $ 16.4 $ — $ 16.4 Net loss $ (1.8) Provision for income taxes — Interest income, net (0.1) Depreciation and amortization 0.3 EBITDA (loss) (2) $ (0.1) $ 0.3 $ (0.6) $ (0.5) $ (1.0) $ (1.5) Non-operating expense (income), including corporate administration charges 0.2 0.1 0.1 0.4 (0.4) 0.1 Stock-based compensation expense 0.1 0.1 — 0.2 0.1 0.4 Non-recurring items — 0.1 — 0.1 0.3 0.4 Adjusted EBITDA (loss) (2) $ 0.1 $ 0.6 $ (0.5) $ 0.2 $ (0.9) $ (0.7) Q1 2024 Americas Asia Pacific EMEA RPO Business Corporate Total Revenue $ 6.0 $ 21.5 $ 6.4 $ 33.9 $ — $ 33.9 Adjusted net revenue (1) $ 5.8 $ 6.5 $ 4.0 $ 16.3 $ — $ 16.3 Net loss $ (2.9) Benefit from income taxes (0.1) Interest income, net (0.1) Depreciation and amortization 0.4 EBITDA (loss) (2) $ (0.9) $ (0.6) $ 0.3 $ (1.2) $ (1.5) $ (2.7) Non-operating expense (income), including corporate administration charges 0.1 0.1 — 0.2 (0.2) — Stock-based compensation expense 0.1 0.1 0.1 0.3 0.1 0.4 Non-recurring items — 0.2 — 0.2 0.5 0.7 Adjusted EBITDA (loss) (2) $ (0.7) $ (0.2) $ 0.3 $ (0.5) $ (1.0) $ (1.5) (1) Represents Revenue less direct contracting costs and reimbursed expenses. (2) EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization, non- operating income, stock-based compensation expense, and other items such as non-recurring severance and professional fees. Per Diluted Share Three Months Ended March 31, 2025 March 31, 2024 Net loss $ (0.59) $ (0.95) Non-recurring items (after tax) $ 0.13 $ 0.24 Adjusted net loss (3) $ (0.46) $ (0.72) (3) Adjusted net income or loss per diluted share is a Non-GAAP measure defined as reported net income or loss per diluted share before items such as acquisition-related costs and non-recurring severance and professional fees after tax that is presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as a substitute for net income or loss per diluted share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Further, Adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies. © 2024 Hudson RPO. All rights reserved. 14 Reconciliation of Non-GAAP Financial Measures Q2 2024 QTD Americas Asia Pacific EMEA RPO Business Corporate Total Net loss $ (0.4) Provision for income taxes 0.3 Interest income, net (0.1) Depreciation and amortization 0.3 EBITDA (loss) (1) $ 0.4 $ 0.2 $ 0.1 $ 0.8 $ (0.8) $ — Non-operating expense (income), including corporate administration charges 0.1 0.3 0.1 0.4 (0.4) 0.1 Stock-based compensation expense — 0.1 — 0.2 — 0.2 Non-recurring items 0.1 0.2 — 0.3 0.2 0.5 Adjusted EBITDA (loss) (1) $ 0.6 $ 0.8 $ 0.3 $ 1.7 $ (0.9) $ 0.7 Q3 2024 QTD Americas Asia Pacific EMEA RPO Business Corporate Total Net loss $ (0.8) Provision for income taxes 0.3 Interest income, net (0.1) Depreciation and amortization 0.4 EBITDA (loss) (1) $ 0.4 $ 0.3 $ — $ 0.7 $ (1.0) $ (0.3) Non-operating expense (income), including corporate administration charges 0.2 0.2 0.1 0.5 (0.3) 0.2 Stock-based compensation expense 0.1 0.1 — 0.2 0.3 0.5 Non-recurring items — 0.3 — 0.3 0.1 0.5 Adjusted EBITDA (loss) (1) $ 0.6 $ 0.9 $ 0.2 $ 1.7 $ (0.9) $ 0.8 (1) EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization, non-operating income, stock-based compensation expense, and other items such as non-recurring severance and professional fees. © 2024 Hudson RPO. All rights reserved. 15 Reconciliation of Non-GAAP Financial Measures Q4 2024 QTD Americas Asia Pacific EMEA RPO Business Corporate Total Net loss $ (0.6) Provision for income taxes 0.8 Interest income, net (0.1) Depreciation and amortization 0.3 EBITDA (loss) (1) $ 0.5 $ 0.5 $ (0.2) $ 0.8 $ (0.3) $ 0.5 Non-operating expense (income), including corporate administration charges (0.1) 0.1 0.1 0.1 (0.4) (0.3) Stock-based compensation expense 0.1 0.1 — 0.2 0.1 0.2 Non-recurring items — 0.2 0.2 0.4 — 0.4 Adjusted EBITDA (loss) (1) $ 0.4 $ 0.9 $ 0.2 $ 1.5 $ (0.6) $ 0.9 (1) EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization, non-operating income, stock-based compensation expense, and other items such as non-recurring severance and professional fees. Thank you