not a pretty picture. Collage of ugly factsIn 2021, Pyrogenesis' revenues were $31.1 million.
The company ended that year with 87 full and part time employees.
SG&A expenses were $17.474 million.
Two years later, the company reported 2023 revenues of $12.3 million.
The company had 110 employees at year-end, and SG&A expenses were $31 million.
It's pure coincidence that SG&A expenses in 2023 had grown to match what revenues had been two years earlier, but they did.
In two years revenues fell 60.5%, the company hired 23 full and part-time employees, and SG&A rose 77%, or $13.5 million.
Headcount was up 23 and SG&A was up $13 million?
That doesn't make a whole lot of sense to me.
I understand raises and bonuses, and the higher commissions the company always cites, but very simply, were those not in play, $565,000 per new hire is a back of the napkin number.
That doesn't make sense at all in light of plummeting revenues.