AgileThought, Inc.

agilethought.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 14, 2023. Its latest SEC filing is a 8-K from Jan 10, 2024.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provided consulting, software development and cloud services to enterprise clients in the United States and Latin America.

How Did They Make Money?

Clients paid for consulting based on labor hours or project progress; maintenance and cloud hosting covered service periods. Payment terms generally ranged from 30-90 days.

FY2022 revenue

Who Were Their Customers?

Worked across healthcare, professional services, financial services, consumer packaged goods, retail and industrial services; the sales team targeted key accounts and sought to expand existing relationships.

Customers above 10% of revenue, FY2022

of revenue from two customers (15%, 9%)

FY2021: 33% from three customers

Did Revenues Turn Into Profits?

No. It lost $20.2M in FY2022.

Operating income, FY2022

−7% of revenue

▲ +532% (Loss) vs FY2021 (−$2M, −1%)

Net income, FY2022

−11% of revenue

▲ +1% (Loss) vs FY2021 (−$20.1M, −13%)

Free cash flow, FY2022

−5% of revenue

▼ −61% (Loss) vs FY2021 (−$24.1M, −15%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q2 FY2023, the three months to Jun 30, 2023

Revenue: ▼ −17%; vs $46.2M in Q2 FY2022
Net income: ▲ +472% (Loss); vs −$3.5M in Q2 FY2022

Jan 10, 2024 Completed a sale covering approximately 70% of its business The final credit bid was $75,000,000, and certain Mexican operations were excluded from the December 31, 2023 closing.
Nov 20, 2023 Nasdaq issued a delisting determination for its stock and warrants The company did not intend to appeal Nasdaq’s determination.
Oct 10, 2023 Agreed to sell certain assets through a court-supervised bidding process The proposed $100,000,000 credit bid was subject to higher or better offers and court approval.
Aug 31, 2023 Filed for Chapter 11 and entered a debtor financing agreement The agreement included $22.7 million in new loans and a roll-up of secured obligations.

Business focus changed The older report described a company formed to find a business to combine with; the latest described a provider of digital transformation services, including consulting, application development and cloud services.

Who Did They Compete With?

Competes with Endava, EPAM Systems, Grid Dynamics, Globant, Accenture, Capgemini, Cognizant Technology Solutions, and IBM

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