SGRP on OTC
SPAR Group, Inc.
SPAR Group, Inc. is an American business services company based in New York, NY, listed on OTC (SGRP).2
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Last updated Oct 21, 2026.
Overview
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- TickerSGRP on OTC2
- IndustryServices-Business Services, NEC2
- HeadquartersNew York, NY, United States2
- Incorporated inDE3
- Business address110 East Boulevard, Suite 1600, Charlotte, Nc 282033
- Filer categoryNon-accelerated filer, Smaller reporting company3
- Legal formCorporation2
- LEI529900GHU4LESX3IFN942
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 25659832
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You should carefully review and consider the Company's forward-looking statements (including all risk factors and other cautions and uncertainties) and other information made, contained or noted in or incorporated by reference into this Annual Report, but you should not place undue reliance on any of them. The results, actions, levels of activity, performance, achievements or condition of the Company (including its subsidiaries, assets, business, clients, capital, cash flow, credit, expenses, financial condition, income, legal costs, liabilities, liquidity, locations, marketing, operations, performance, prospects, sales, strategies, taxation or other achievement, results, risks, trends or condition) and other events and circumstances planned, intended, anticipated, estimated or otherwise expected by the Company (collectively, "Expectations"), and our forward-looking statements (including…5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Product and Service, Excluding Other brought in 81% of the revenue SPAR Group, Inc. broke down this way in fiscal 2024.
Products and services by year
| Products and services | 2024 |
|---|---|
| Product and Service, Excluding Other | $131.8M |
| Product and Service, Other | $31.8M |
Regions
United States brought in 90% of the revenue SPAR Group, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $117.5M | $122.1M |
| CA [member] | $14.3M | $14.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue76¢$114.4M
- Selling, general and admin21¢$32.2M
- Income tax3¢$4.1M
Out of $136.1M in revenue.6 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net revenues | $136.1M | $163.6M |
| Cost of revenue | $114.4M | $130.0M |
| Gross profit | $21.7M | $33.6M |
| Selling, general and administrative expense | $32.2M | $33.9M |
| Restructuring costs and severance | $4.8M | $0 |
| Gain on disposal of business | $0 | -$2.5M |
| Depreciation and amortization | $1.6M | $1.6M |
| Operating (loss) income | -$16.9M | $700.0K |
| Interest expense | $2.4M | $2.2M |
| Other expenses, net | $1.2M | $171.0K |
| Loss before income tax expense | -$20.6M | -$1.7M |
| Income tax expense | $4.1M | $144.0K |
| Loss from continuing operations | -$24.6M | -$1.8M |
| Income from discontinued operations | $0 | $1.4M |
| Loss on disposal of business | $0 | -$1.2M |
| Income tax expense | $0 | -$1.1M |
| Net loss from discontinued operations | $0 | -$881.0K |
| Net loss | -$24.6M | -$2.7M |
| Net income attributable to non-controlling interest | $0 | -$463.0K |
| Net loss attributable to SPAR Group, Inc. | -$24.6M | -$3.1M |
| Basic loss per common share attributable to SPAR Group, Inc. from continuing operations (in dollars per share) | -$1.0K | -$90 |
| Diluted loss per common share attributable to SPAR Group, Inc. from continuing operations (in dollars per share) | -$1 | -$0 |
| Basic loss per common share attributable to SPAR Group, Inc. from discontinued operations (in dollars per share) | $0 | -$0 |
| Diluted loss per common share attributable to SPAR Group, Inc. from discontinued operations (in dollars per share) | $0 | -$0 |
| Basic loss per common share attributable to SPAR Group, Inc. (in dollars per share) | -$1.04 | -$0.13 |
| Diluted loss per common share attributable to SPAR Group, Inc. (in dollars per share) | -$1.04 | -$0.13 |
| Weighted average common shares basic (in shares) | 23.6M shares | 23.6M shares |
| Weighted average common shares diluted (in shares) | 23.6M shares | 23.6M shares |
| Foreign currency translation adjustments | $44.0K | -$1.6M |
| Comprehensive loss | -$24.6M | -$4.2M |
| Comprehensive income attributable to non-controlling interest | $0 | -$172.0K |
| Comprehensive loss attributable to SPAR Group, Inc. | -$24.6M | -$4.4M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $3.3M | $18.2M | |
| Accounts receivable, net | $27.0M | $24.8M | |
| Prepaid expenses and other current assets | $1.2M | $3.0M | |
| Total current assets | $31.4M | $46.0M | |
| Property and equipment, net | $3.6M | $2.0M | |
| Operating lease right-of-use assets | $4.9M | $630.0K | |
| Goodwill | $856.0K | $856.0K | |
| Intangible assets, net | $709.0K | $841.0K | |
| Deferred income taxes | $18.0K | $4.3M | |
| Other assets | $2.6M | $1.8M | |
| Total Assets | $44.1M | $56.4M | |
| Accrued expenses and other current liabilities | $5.6M | $3.5M | |
| Customer incentives and deposits | $1.2M | $892.0K | |
| Lines of credit and short-term loans | $20.4M | $16.1M | |
| Current portion of long-term debt | $500.0K | $500.0K | |
| Current operating lease liabilities | $643.0K | $276.0K | |
| Total current liabilities | $37.7M | $30.1M | |
| Operating lease liabilities, less current portion | $4.4M | $353.0K | |
| Deferred income taxes | $34.0K | $0 | |
| Long-term debt | $1.3M | $1.7M | |
| Total Liabilities | $43.4M | $32.1M | |
| Common stock, $.01 par value: Authorized shares 47,000,000 Issued and outstanding shares 23,449,701 at December 31, 2024 and 23,241,000 at December 31, 2023 | $241.0K | $234.0K | |
| Treasury stock, at cost 632,485 shares at December 31, 2025 and 1,205,485 Shares at December 31, 2024 | -$1.0M | -$2.1M | |
| Additional paid-in capital | $19.7M | $19.9M | |
| (Accumulated deficit)/Retained earnings | -$17.2M | $7.5M | |
| Total equity | $622.0K | $24.3M | $40.2M |
| Total liabilities and equity | $44.1M | $56.4M | |
| Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.01 | ||
| Preferred Stock, Shares Authorized (in shares) | 3.0M shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 47.0M shares | 47.0M shares | |
| Common stock, shares issued (in shares) | 24.1M shares | 23.4M shares | |
| Common stock, shares outstanding (in shares) | 24.1M shares | 23.4M shares | |
| Treasury Stock, Common and Preferred, Shares (in shares) | 632.5K shares | 1.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $3.3M | $18.2M | |
| Accounts receivable, net | $27.0M | $24.8M | |
| Prepaid expenses and other current assets | $1.2M | $3.0M | |
| Total current assets | $31.4M | $46.0M | |
| Property and equipment, net | $3.6M | $2.0M | |
| Operating lease right-of-use assets | $4.9M | $630.0K | |
| Goodwill | $856.0K | $856.0K | |
| Intangible assets, net | $709.0K | $841.0K | |
| Deferred income taxes | $18.0K | $4.3M | |
| Other assets | $2.6M | $1.8M | |
| Total Assets | $44.1M | $56.4M | |
| Accrued expenses and other current liabilities | $5.6M | $3.5M | |
| Customer incentives and deposits | $1.2M | $892.0K | |
| Lines of credit and short-term loans | $20.4M | $16.1M | |
| Current portion of long-term debt | $500.0K | $500.0K | |
| Current operating lease liabilities | $643.0K | $276.0K | |
| Total current liabilities | $37.7M | $30.1M | |
| Operating lease liabilities, less current portion | $4.4M | $353.0K | |
| Deferred income taxes | $34.0K | $0 | |
| Long-term debt | $1.3M | $1.7M | |
| Total Liabilities | $43.4M | $32.1M | |
| Common stock, $.01 par value: Authorized shares 47,000,000 Issued and outstanding shares 23,449,701 at December 31, 2024 and 23,241,000 at December 31, 2023 | $241.0K | $234.0K | |
| Treasury stock, at cost 632,485 shares at December 31, 2025 and 1,205,485 Shares at December 31, 2024 | -$1.0M | -$2.1M | |
| Additional paid-in capital | $19.7M | $19.9M | |
| (Accumulated deficit)/Retained earnings | -$17.2M | $7.5M | |
| Total equity | $622.0K | $24.3M | $40.2M |
| Total liabilities and equity | $44.1M | $56.4M | |
| Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.01 | ||
| Preferred Stock, Shares Authorized (in shares) | 3.0M shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 47.0M shares | 47.0M shares | |
| Common stock, shares issued (in shares) | 24.1M shares | 23.4M shares | |
| Common stock, shares outstanding (in shares) | 24.1M shares | 23.4M shares | |
| Treasury Stock, Common and Preferred, Shares (in shares) | 632.5K shares | 1.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$24.6M | -$2.7M |
| Depreciation and amortization | $1.6M | $1.6M |
| Loss on property, plant and equipment disposal | $47.0K | $0 |
| Amortization of operating lease assets | $476.0K | $545.0K |
| Amortization of debt issuance cost | $62.0K | $0 |
| Provision for expected credit losses | $0 | $128.0K |
| Deferred income tax expense (benefit) | $3.8M | -$1.5M |
| Share based compensation | $140.0K | $137.0K |
| Gain on disposal of business | $0 | -$2.5M |
| Accounts receivable | -$3.9M | -$2.1M |
| Prepaid expenses and other assets | $1.1M | $416.0K |
| Accounts payable | $414.0K | $7.5M |
| Operating lease liabilities | -$408.0K | -$541.0K |
| Accrued expenses, other current liabilities and customer incentives and deposits | $2.8M | -$1.1M |
| Net cash used in continuing operations | -$18.4M | -$239.0K |
| Net cash used in discontinued operations | $0 | -$426.0K |
| Net cash used in operating activities | -$18.4M | -$665.0K |
| Proceeds from sale of international operations, net of cash transferred | $1.9M | $7.3M |
| Purchases of property and equipment and internal use software | -$3.0M | -$1.1M |
| Net cash (used in) provided by investing activities of continuing operations | -$1.1M | $6.1M |
| Net cash provided by investing activities of discontinued operations | $0 | $3.8M |
| Net cash (used in) provided by investing activities | -$1.1M | $9.9M |
| Borrowings under lines of credit | $134.8M | $132.1M |
| Repayments under lines of credit | -$130.5M | -$128.3M |
| Payment of notes to seller | -$500.0K | -$1.8M |
| Proceeds from the sale of treasury shares | $756.0K | $0 |
| Repurchase of common stock | $0 | -$1.8M |
| Payments to acquire noncontrolling interests | $0 | -$500.0K |
| Proceeds from long-term debt | $0 | $15.0K |
| Net cash provided by (used in) financing activities of continuing operations | $4.5M | -$341.0K |
| Net cash used in financing activities of discontinued operations | $0 | -$1.3M |
| Net cash provided by (used in) financing activities | $4.5M | -$1.7M |
| Effect of foreign exchange rate changes on cash | $18.0K | -$58.0K |
| Net (decrease)/increase in cash and cash equivalents | -$15.0M | $7.5M |
| Interest paid | $2.4M | $2.1M |
| Noncash investment in internal use software, included in accounts payable | $154.0K | $0 |
| Income taxes paid | $149.0K | $277.0K |
| Promissory notes issued to Resource Plus non-controlling interest | $0 | $2.5M |
No quarter-by-quarter statement was filed.
Corporate structure
SPAR Group, Inc. sits at the top of its group. 40 entities, 12 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of SPAR Group, Inc.
- Robert G/ Brown Filed SCHEDULE 13D/A on SPAR Group, Inc., latest Oct 7, 2026 (2 filings since Aug 12, 2024)
- ReposiTrak, Inc. Filed SCHEDULE 13D on SPAR Group, Inc., latest Jul 20, 2026 (2 filings since Jun 9, 2026)
- Williams H. Bartels Filed SCHEDULE 13D/A on SPAR Group, Inc., latest Jul 16, 2026
- Highwire Capital, LLC Filed SC 13D/A on SPAR Group, Inc., latest Nov 8, 2024 (2 filings since Sep 9, 2024)
- SPAR Group, Inc. New York, NY, New York, United States
- BDA Resources, LLC 1 Subsidiary · Florida, United States
- Bordax Retail Services (Pty) Ltd 4 Subsidiary · South Africa
- Bordax Retail Services Gauteng (Pty) Ltd 4 Subsidiary · South Africa
- CMR-Meridian Proprietary Limited 4 Subsidiary · South Africa
- Leasex, LLC. (Operated by and with RPI) Subsidiary · Florida, United States
- Mobex of North Florida, Inc. (Operated by and with RPI) Subsidiary · Florida, United States
- National Merchandising Services, LLC 2 Subsidiary · Nevada, United States
- NMS Retail Services, ULC (inactive) Subsidiary · Nova Scotia, Canada
- Plus Trade Do Brasil Prestacao De Servicos Ltda 12 Subsidiary · Brazil
- Preceptor Marketing Services Private Limited 10 Subsidiary · India
- Resource Plus of North Florida, Inc. (RPI") Subsidiary · Florida, United States
- SGRP Brasil Participações Ltda. ("Brazil Holdings") 11A Subsidiary · Brazil
- SGRP Meridian Proprietary Limited ("Meridian") 3 Subsidiary · South Africa
- SGRP Servicos Ltda 12 Subsidiary · Brazil
- SPAR (Shanghai) Marketing Management Company Ltd. 6 Subsidiary · China
- SPAR Acquisition, Inc. Subsidiary · Nevada, United States
- SPAR Assembly & Installation, Inc. (f/k/a SPAR National Assembly Services, Inc.) Subsidiary · Nevada, United States
- SPAR Brasil Servicos Ltda 12 Subsidiary · Brazil
- SPAR Brasil Serviços de Merchandising e Tecnologia S.A. ("SPAR Brazil") 11B Subsidiary · Brazil
- SPAR Brasil Serviços Ltda. (f/k/a New Momentum Ltda.) 11C Subsidiary · Brazil
- SPAR Brasil Serviços Temporários Ltda. (f/k/a New Momentum Serviços Temporários Ltda.) 11C Subsidiary · Brazil
- SPAR Canada Company Subsidiary · Nova Scotia, Canada
- SPAR China Ltd. Subsidiary · China
- SPAR DSI Human Resource Company 7B Subsidiary · China
- SPAR Field Administration, Inc. Subsidiary · Nevada, United States
- and 14 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What SPAR Group, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $26.9M6 Dec 31, 2025 | $24.0M6 Dec 31, 2024 | +12.0% |
| Accumulated depreciation | $23.3M6 Dec 31, 2025 | $22.0M6 Dec 31, 2024 | +5.9% |
| Property and equipment, net | $3.6M6 Dec 31, 2025 | $2.0M6 Dec 31, 2024 | +78.7% |
| Operating-lease assets (leased space) | $4.9M6 Dec 31, 2025 | $630.0K6 Dec 31, 2024 | +671.6% |
Investments
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $856.0K6 Dec 31, 2025 | $856.0K6 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $709.0K6 Dec 31, 2025 | $841.0K6 Dec 31, 2024 | −15.7% |
| Finite-lived intangibles, gross | $1.8M6 Dec 31, 2025 | $1.8M6 Dec 31, 2024 | 0% |
| Accumulated amortization | $1.1M6 Dec 31, 2025 | $929.0K6 Dec 31, 2024 | +14.2% |
| Finite-lived intangibles, net | $709.0K6 Dec 31, 2025 | $841.0K6 Dec 31, 2024 | −15.7% |
Properties, in its own words
The Company does not own any real property. The Company leases certain office space and storage facilities for its corporate headquarters, and subsidiaries under various operating leases. These leases generally require the Company to pay rents at market rates, subject to periodic adjustments, plus other charges, including utilities, real estate taxes and common area maintenance. The Company believes its relationships with its landlords to be generally good. However, as these leased facilities generally are used for offices and storage, the Company believes that other leased spaces could be readily found and utilized on similar terms should the need arise.
The Company relocated its corporate headquarters from Auburn Hills, Michigan to its existing operations office in Charlotte, North Carolina, in November of 2025. The Company also maintains its data processing center in Southfield, Michigan and its warehouse in Auburn Hills, Michigan, which was exited in January 2026 and entered a new arrangement in January of 2026 for an outsourced warehouse in Fort Lauderdale, Florida.
The rest of Item 2
The following is a list of the headquarter locations for the Company subsidiaries:
Charlotte, North Carolina (Corporate Headquarters, Resource Plus) Southfield, Michigan (Data Center)
Vaughan, Ontario, Canada
Item 2 of the 10-K filed Mar 31, 2026.5
Leadership
Who has led SPAR Group, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerWilliam Linnane Sep 22, 2026 to now15
- Chief executive officerMike R. Matacunas Jun 3, 2021 to Sep 22, 202616
- Chief executive officerChristiaan Mauritz Olivier Oct 20, 2017 to Dec 11, 201917
- Chief executive officerJill Blanchard Feb 21, 2014 to Jun 8, 201518
- Chief executive officerGary S. Raymond Nov 30, 2007 to Sep 8, 201119
- PresidentWilliam Linnane Nov 4, 2025 to now20
- PresidentSteven Jay Adolph Jan 25, 2021 to Apr 13, 202121
- Chief financial officerSteven Michael Hennen Dec 30, 2025 to now22
- Chief financial officerPato Antonio Calisto Apr 10, 2023 to Apr 10, 202423
- Chief financial officerFay Devriese Jan 29, 2021 to Nov 7, 202224
- Chief financial officerCharles Cimitile Feb 14, 2007 to Feb 14, 200725
- Chief financial officerJames R. Segreto Dec 28, 2007 to Feb 5, 202126
- Chief operating officerKori Belzer Sep 9, 2021 to Aug 13, 202427
Board members and other officers (27)
- Chief Global CommercialOfficerRonald Wayne Lutz Sep 22, 2022 to Oct 11, 202228
- Chief Strategy & GrowthOfficerWilliam Linnane Sep 23, 2022 to Oct 13, 202229
- Chief Revenue OfficerGerard Marrone Oct 22, 2019 to Feb 18, 202130
- Chief Information OfficerPanagiotis Mastrogiannis Apr 7, 2015 to Apr 7, 201531
- ControllerJames R. Segreto Feb 14, 2007 to Dec 4, 200732
- Chief Operations OfficerKori Belzer Feb 14, 2007 to Jun 4, 202133
- Chief Information OfficerPatricia Franco Feb 14, 2007 to Apr 15, 201534
- Vice chairWilliams H. Bartels Jun 12, 2006 to Sep 10, 201835
- Board memberWilliam Linnane Sep 22, 2026 to now15
- Board memberPanagiotis Nikolaos Lazaretos Nov 26, 2025 to now36
- Board memberJames R. Gillis May 28, 2024 to May 28, 202437
- Board memberJohn B. Bode Dec 1, 2023 to Dec 1, 202338
- Board memberLinda M. Houston Dec 1, 2023 to Dec 1, 202339
- Board memberArthur H. Baer May 28, 2021 to May 28, 202140
- Board memberMike R. Matacunas Jun 3, 2021 to now16
- Board memberMichael Wager Nov 5, 2021 to Nov 5, 202141
- Board memberSean Whelan Nov 5, 2021 to Nov 5, 202142
- Board memberIgor Novgorodtsev Jun 25, 2020 to May 28, 202143
- Board memberChristiaan Mauritz Olivier Oct 20, 2017 to Dec 11, 201917
- Board memberR. Eric McCarthey May 5, 2016 to Dec 11, 201944
- Board memberArthur B. Drogue Feb 21, 2014 to Dec 11, 201945
- Board memberJill Blanchard Feb 21, 2014 to Jun 8, 201518
- Board memberGary S. Raymond Apr 16, 2009 to Sep 8, 201146
- Board memberChester Manly Molpus Feb 15, 2007 to Apr 7, 201547
- Board memberLorrence T. Kellar May 1, 2006 to May 22, 201748
- Board memberWilliams H. Bartels Jun 12, 2006 to now35
- Board memberRobert O. Aders Aug 2, 2006 to Jun 15, 200749
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- BDA Resources, LLC 1 Florida4
- Bordax Retail Services (Pty) Ltd 4 South Africa4
- Bordax Retail Services Gauteng (Pty) Ltd 4 South Africa4
- CMR-Meridian Proprietary Limited 4 South Africa4
- Leasex, LLC. (Operated by and with RPI) Florida4
- Mobex of North Florida, Inc. (Operated by and with RPI) Florida4
- NMS Retail Services, ULC (inactive) Nova Scotia, Canada4
- National Merchandising Services, LLC 2 Nevada4
- Plus Trade Do Brasil Prestacao De Servicos Ltda 12 Brazil4
- Preceptor Marketing Services Private Limited 10 India4
- Resource Plus of North Florida, Inc. (RPI") Florida4
- SGRP Brasil Participações Ltda. ("Brazil Holdings") 11A Brazil4
- SGRP Meridian Proprietary Limited ("Meridian") 3 South Africa4
- SGRP Servicos Ltda 12 Brazil4
- SPAR (Shanghai) Marketing Management Company Ltd. 6 China4
- SPAR Acquisition, Inc. Nevada4
- SPAR Assembly & Installation, Inc. (f/k/a SPAR National Assembly Services, Inc.) Nevada4
- SPAR Brasil Servicos Ltda 12 Brazil4
- SPAR Brasil Serviços Ltda. (f/k/a New Momentum Ltda.) 11C Brazil4
- SPAR Brasil Serviços Temporários Ltda. (f/k/a New Momentum Serviços Temporários Ltda.) 11C Brazil4
- SPAR Brasil Serviços de Merchandising e Tecnologia S.A. ("SPAR Brazil") 11B Brazil4
- SPAR Canada Company Nova Scotia, Canada4
- SPAR Canada, Inc. Nevada4
- SPAR China Ltd. China4
All 40 listed subsidiaries
- SPAR DSI Human Resource Company 7B China4
- SPAR FM Japan, Inc. 13 Japan4
- SPAR Field Administration, Inc. Nevada4
- SPAR Group International, Inc. Nevada4
- SPAR International Ltd. Cayman Islands4
- SPAR KROGNOS Marketing Private Limited 10 India4
- SPAR Marketing Force, Inc. Nevada4
- SPAR Merchandising & Assembly, Inc. Nevada4
- SPAR Merchandising Romania, LTD (dissolved effective March 2025) Romania4
- SPAR NDS Tanitim Ve Danismanlik A.S. 9 Turkey4
- SPAR NMS Holding, Inc. (inactive) Nevada4
- SPAR TODOPROMO, SAPI, de CV 8 Mexico4
- SPAR Trademarks, Inc. Nevada4
- SPAR, Inc. Nevada4
- SPARFACTS Australia (Pty), Ltd. 5 Australia4
- Unilink 7A China4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Sep 22, 2026New chief executive William Linnane becomes CEO15
- Aug 13, 20268-K Results of operations50
- Aug 12, 20268-K Executive or director change; Other events51
- Jul 23, 20268-K Other events52
- Jul 15, 20268-K Listing notice or transfer; Shareholder vote53
- Jul 6, 20268-K Other events54
- Jun 16, 20268-K Shareholder vote55
- Jun 3, 20268-K Entered a material agreement; Unregistered sale of shares56
- May 12, 20268-K Results of operations57
- May 5, 20268-K Entered a material agreement58
- Apr 13, 20268-K Change of auditor59
- Apr 8, 20268-K Listing notice or transfer60
- Mar 31, 20268-K Results of operations61
- Jun 3, 2021New chief executive Mike R. Matacunas becomes CEO16
- Oct 20, 2017New chief executive Christiaan Mauritz Olivier becomes CEO17
- Feb 21, 2014New chief executive Jill Blanchard becomes CEO18
- Nov 30, 2007New chief executive Gary S. Raymond becomes CEO19
Calendar
Coming up
- Around Nov 14, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
When it reported results
- Aug 13, 2026Reported quarterly or annual results50
- May 12, 2026Reported quarterly or annual results57
- Mar 31, 2026Reported quarterly or annual results61
- Mar 31, 2026Reported quarterly or annual results62
- Nov 18, 2025Reported quarterly or annual results63
- Aug 18, 2025Reported quarterly or annual results64
- Jul 21, 2025Reported quarterly or annual results65
- Aug 15, 2024Reported quarterly or annual results66
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
257 filings to the SEC since October 2021: 9 annual reports, 15 quarterly reports, 74 major events, 113 insider forms, 7 large holders, 39 other. The latest 20:
- Oct 7, 2026SCHEDULE 13D/A EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 202625-NSE EDGAR
- Sep 22, 20264 EDGAR
- Sep 9, 2026S-8 EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 13, 20268-K EDGAR
- Aug 12, 20268-K EDGAR
- Jul 31, 20264 PRIMARY DOCUMENT EDGAR
- Jul 23, 20268-K EDGAR
- Jul 23, 20263 EDGAR
- Jul 20, 2026SCHEDULE 13D EDGAR
- Jul 16, 2026SCHEDULE 13D/A EDGAR
- Jul 16, 20264 EDGAR
- Jul 15, 20268-K EDGAR
- Jul 6, 20268-K EDGAR
- Jun 26, 2026DEF 14A EDGAR
- Jun 24, 20264 PRIMARY DOCUMENT EDGAR
The 257 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
78 open-market trades by officers, directors and large owners since October 2021: 6 buys and 72 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 1, 2026 | BARTELS WILLIAM H10% owner | Sale | 4,709,837 | Form 4 | ||
| Jun 11, 2026 | BROWN ROBERT G/10% owner | Sale | 10,000 | $0.85 | $8.5K | Form 4 |
| May 1, 2026 | Hennen Steven MichaelChief Financial Officer | Buy | 78,000 | $0.64 | $49.9K | Form 4 |
| Dec 19, 2025 | Hennen Steven MichaelChief Financial Officer | Buy | 55,000 | $0.78 | $42.9K | Form 4 |
| Oct 3, 2025 | Linnane WilliamChief Executive Officer | Buy | 173,000 | $1.02 | $176.5K | Form 4 |
| Sep 25, 2025 | BROWN ROBERT G/10% owner | Sale | 10,000 | $1.07 | $10.7K | Form 4 |
| May 12, 2025 | BROWN ROBERT G/10% owner | Sale | 6,000 | $1.05 | $6.3K | Form 4 |
| Apr 21, 2025 | BROWN ROBERT G/10% owner | Buy | 1,000 | $1.09 | $1.1K | Form 4 |
| Apr 15, 2025 | BROWN ROBERT G/10% owner | Buy | 5,000 | $1.10 | $5.5K | Form 4 |
| Jan 28, 2025 | SPAR Business Services Inc | Sale | 1,000 | $1.97 | $2.0K | Form 4 |
| Jan 28, 2025 | BROWN ROBERT G/10% owner | Sale | 2,141 | $1.98 | $4.2K | Form 4 |
| Jan 24, 2025 | BROWN ROBERT G/10% owner | Sale | 862 | $1.98 | $1.7K | Form 4 |
| Jan 23, 2025 | BROWN ROBERT G/10% owner | Sale | 5,997 | $1.98 | $11.9K | Form 4 |
| Jan 23, 2025 | BROWN ROBERT G/10% owner | Sale | 244 | $1.98 | $483 | Form 4 |
| Jan 22, 2025 | SPAR Business Services Inc | Sale | 15,698 | $1.90 | $29.8K | Form 4 |
| Jan 21, 2025 | SPAR Business Services Inc | Sale | 16,902 | $1.85 | $31.3K | Form 4 |
| Jan 16, 2025 | SPAR Business Services Inc | Sale | 9,361 | $1.85 | $17.3K | Form 4 |
| Jan 6, 2025 | SPAR Business Services Inc | Sale | 28 | $1.95 | $55 | Form 4 |
| Jan 2, 2025 | BROWN ROBERT G/10% owner | Sale | 11,000 | $1.92 | $21.1K | Form 4 |
| Dec 21, 2024 | BROWN ROBERT G/10% owner | Sale | 9,000 | $1.92 | $17.3K | Form 4 |
All 78 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Robert G/ BrownSCHEDULE 13D/A, 2 filings Aug 12, 2024 to Oct 7, 202667
- ReposiTrak, Inc.SCHEDULE 13D, 2 filings Jun 9, 2026 to Jul 20, 202668
- Williams H. BartelsSCHEDULE 13D/A, 1 filing Jul 16, 202669
- Highwire Capital, LLCSC 13D/A, 2 filings Sep 9, 2024 to Nov 8, 202470
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Nantahala Capital Management, LLC | 1,321,376 | $1.1M | 0.0% | +660,688 |
| Vanguard Capital Management LLC | 504,195 | $416.5K | 0.0% | No change |
| Geode Capital Management, LLC | 115,849 | $95.8K | 0.0% | −9,293 |
| RBF Capital, LLC | 97,296 | $80.4K | 0.0% | No change |
| Renaissance Technologies LLC | 76,941 | $63.6K | 0.0% | −48,367 |
| Vanguard Fiduciary Trust Co | 51,488 | $42.5K | 0.0% | No change |
| Citadel Advisors LLC | 38,154 | $31.5K | 0.0% | −21,892 |
| Northern Trust Corp | 31,973 | $26.4K | 0.0% | +11,793 |
| Css Llc/il | 24,422 | $20.2K | 0.0% | No change |
| State Street Corp | 20,592 | $17.0K | 0.0% | No change |
| XTX Topco Ltd | 18,109 | $15.0K | 0.0% | +2,507 |
| Osaic Holdings, Inc. | 2,335 | $1.9K | 0.0% | −10 |
| Tower Research Capital LLC (TRC) | 754 | $623 | 0.0% | −232 |
| Barclays PLC | 213 | $176 | 0.0% | New |
| Farther Finance Advisors, LLC | 100 | $83 | 0.0% | New |
| Fmr LLC | 81 | $67 | 0.0% | New |
| UBS Group AG | 2 | $2 | 0.0% | −868 |
| Royal Bank Of Canada | 31 | $0 | 0.0% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How SPAR Group, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSPAR Group, Inc.1
- CIK0001004989
- Employer ID (EIN)33-06844515
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)7389 Services-Business Services, NEC1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address110 East Boulevard, Suite 1600, Charlotte, NC 282031
- Phone704-837-16511
- Shares outstanding28,398,560 as of Aug 6, 202614
- Public float$9.2M as of Dec 31, 20255
- AuditorBDO USA, P.C., Troy, Michigan PCAOB ID 243; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceMay 14, 19961
- Filings1,318 in all: 4 (561), 8-K (258), 10-Q (92), 3 (36), 4/A (32), DEF 14A (32), 10-K (30), SC 13G/A (30)1
All 43 form types
CORRESP (21), 10-K/A (20), 5 (20), SC 13D/A (19), UPLOAD (18), NT 10-Q (17), NT 10-K (14), 144 (13), S-8 (12), DEFA14A (11), SC 13G (11), 11-K (7), 8-K/A (7), NT 11-K (7), PRER14A (6), PRE 14A (5), DEF 14C (4), PRE 14C (4), S-3/A (4), 10-Q/A (3), ARS (3), SC 13D (3), 3/A (2), DEFM14A (2), PREM14A (2), PX14A6G (2), SCHEDULE 13D/A (2), 25-NSE (1), DEFR14A (1), EFFECT (1), S-3 (1), SC TO-I/A (1), SC13E4F (1), SCHEDULE 13D (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Mar 31, 2026
Quarterly report (10-Q) Aug 13, 2026
Proxy statement (DEF 14A) Jun 26, 2026
Latest 8-K (8-K) Aug 13, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $.01 per share | SGRP | NASDAQ |
From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks SPAR Group, Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 15 risks under these headings, as written.5
- The markets we operate in are cyclical and subject to the effects of economic downturns.
- We can be adversely affected if governments pass legislation that mandates an increase in wages, changes labor laws or otherwise drives market behavior that negatively impacts the business or operations of SPAR Group or our clients.
- Our business depends on variable client projects that can shift from period to period, be delayed, be canceled or otherwise require us to assume higher costs to perform the work.
- Our business could be adversely affected if retailers and manufacturers elect to perform merchandising and marketing services with their own resources or if they have less stores that need our services.
- We do work with furniture and other related assembly services at stores, in homes and in offices.
- We depend upon third-party independent contractors and the services they provide.
- We rely on our systems and third-party vendors.
- Our stock is subject to volatility and general market risk.
- As a small company with stock price volatility, our stock may be de-listed from NASDAQ.
- We have inherent risk of failure to maintain effective internal controls.
- Our business is dependent on client payments, business performance and broad economic shifts, and we may be at risk of liquidity constraints and not satisfying all of our credit facility covenants.
- Our business and stock liquidity and market value could be adversely affected if we settle outstanding litigation by making payments or issuing stock.
The other 3 risks
- Our leadership transition in 2025 may result in operational disruptions or changes in our strategic direction.
- Our business performance is connected to the experience and retention of key executives.
- Our significant stockholders may take actions, subject to the restrictions of the Change of Control, Voting and Restricted Stock Agreement ("CIC Agreement") and our By-Laws.
Legal proceedings
The Company is a party to various legal actions and administrative proceedings arising in the normal course of business. In the opinion of Company management, resolution of these matters is not anticipated to have a material adverse effect on the Company or its estimated or desired affiliates, assets, business, clients, capital, cash flow, credit, expenses, financial condition, income, legal costs, liabilities, liquidity, locations, marketing, operations, prospects, sales, strategies, taxation or other achievement, results or condition.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 20SEC EDGARWilliam Linnane, President
- 21SEC EDGARSteven Jay Adolph, President
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- 27SEC EDGARKori Belzer, Chief operating officer
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- 32SEC EDGARJames R. Segreto, Controller
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- 35SEC EDGARWilliams H. Bartels, Vice chair
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- 37SEC EDGARJames R. Gillis, Board member
- 38SEC EDGARJohn B. Bode, Board member
- 39SEC EDGARLinda M. Houston, Board member
- 40SEC EDGARArthur H. Baer, Board member
- 41SEC EDGARMichael Wager, Board member
- 42SEC EDGARSean Whelan, Board member
- 43SEC EDGARIgor Novgorodtsev, Board member
- 44SEC EDGARR. Eric McCarthey, Board member
- 45SEC EDGARArthur B. Drogue, Board member
- 46SEC EDGARGary S. Raymond, Board member
- 47SEC EDGARChester Manly Molpus, Board member
- 48SEC EDGARLorrence T. Kellar, Board member
- 49SEC EDGARRobert O. Aders, Board member
- 50SEC EDGARResults of operations
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- 52SEC EDGAROther events
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- 54SEC EDGAROther events
- 55SEC EDGARShareholder vote
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- 57SEC EDGARResults of operations
- 58SEC EDGAREntered a material agreement
- 59SEC EDGARChange of auditor
- 60SEC EDGARListing notice or transfer
- 61SEC EDGARResults of operations
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