v3.26.1
Revenue Recognition and Accounts Receivable
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition and Accounts Receivable
Note 4: Revenue Recognition and Accounts Receivable
The Company’s disaggregated revenues are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Temporary placement services$313,961,556 $102,033,461 $559,531,850 $203,859,800 
Brokerage services2,509,985 — 4,482,812 — 
Payrolling services1,194,124 — 2,133,112 — 
Permanent placement and other services2,141,110 863,532 3,545,894 1,846,000 
Total service revenues, net$319,806,775 $102,896,993 $569,693,668 $205,705,800 
When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. Because substantially all of its revenues are from placement services, there are no differences in the nature, timing and uncertainty of the Company’s revenues and cash flows from its revenue generating activities. For the three and six months ended June 30, 2026, and the three months ended June 30, 2025, no customers accounted for more than 10% of the Company’s consolidated revenues. For the six months ended June 30, 2025 one customer accounted for 11% of the Company’s consolidated revenues. No other customers accounted for more than 10% of the Company’s consolidated revenues in either period. Economic factors specific to this customer could impact the nature, timing and uncertainty of the Company’s revenues and cash flows.
Contract assets consist of revenue recognized related to claims for which clients have received economic value but has not been through the clients’ standard approved procedures as of the balance sheet date. Approval is expected, and upon approval the amounts owed will become unbilled accounts receivable if they have not yet been invoiced or accounts receivable upon invoicing. The Company records contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of contract liabilities is included in “accrued expenses and other current liabilities” on the accompanying unaudited condensed consolidated balance sheets. Refer to Note 9: Accrued Expenses and Other Current Liabilities for further information. The Company does not have any long-term contract liabilities. Contract assets were $105,595,021 and $0 as of June 30, 2026 and December 31, 2025, respectively
Unbilled accounts receivable were $5,481,333 and $4,242,245 as of June 30, 2026 and December 31, 2025, respectively. Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment upon receipt of invoice.
Accounts receivable is as follows:
June 30,
2026		December 31,
2025
Accounts receivable$182,460,232 $68,973,316 
Allowance for doubtful accounts(2,456,839)(3,222,723)
Accounts receivable, net$180,003,393 $65,750,593 
The Company’s accounts receivable serve as collateral for the Revolver and the Term Note (see Note 8: Debt) has a second lien after the Revolver.
The Company recognized $1,963,045 and $0 bad debt expense during the periods ended June 30, 2026 and June 30, 2025, respectively.
None of the Company’s customers accounted for more than 10% of the Company’s accounts receivable as of June 30, 2026 and December 31, 2025.