Here are 1-3 brief analogies for Circle8:

• A diversified Randstad.

• A broad-spectrum Robert Half.

• Kelly Services with added workforce management solutions.

• Permanent Staffing: Placing candidates directly into full-time, long-term positions with client companies.
• Temporary Staffing: Providing skilled professionals for short-term assignments, projects, or to cover immediate staffing needs.
• Temporary-to-Permanent Staffing: Offering clients the flexibility to evaluate temporary employees before making a permanent hiring commitment.
• Productivity Consulting: Advising businesses on strategies and solutions to improve operational efficiency and output.
• Workforce Management Solutions: Delivering services and systems designed to optimize the planning, deployment, and management of a company's labor force.

Circle8, trading under the symbol CIRC as Atlantic International Corp., operates as a staffing company. As such, its primary customers are other businesses across various industries that require temporary, permanent, or temporary-to-permanent staffing solutions, as well as productivity consulting and workforce management services.

According to Atlantic International Corp.'s public filings (e.g., their annual 10-K report), the company does depend on a concentrated number of clients for a substantial portion of its revenue. For the fiscal years ended December 31, 2022 and 2021, one client individually accounted for approximately 24% and 23% of its consolidated revenues, respectively. Additionally, another client accounted for approximately 11% of consolidated revenues for the year ended December 31, 2022.

However, Atlantic International Corp. does not publicly disclose the names of these specific major customers in its SEC filings or investor relations materials. Therefore, the names and symbols of Circle8's major customer companies cannot be identified from publicly available information.

Guus Franke

Chief Executive Officer & Executive Chairman

Guus Franke was appointed Chief Executive Officer of Circle8 Group (formerly Atlantic International Corp.) on June 30, 2026, while also continuing as Executive Chairman. He is the founder and sole owner of Axiom GmbH, established in 2018, which specializes in M&A advisory, corporate finance, and private equity strategy. Through Axiom, he founded Circle8 Group as a pan-European platform for AI talent, consultancy, and workforce solutions, which was subsequently acquired by Atlantic International Corp. His prior experience includes serving as Managing Director at Riverrock European Capital Partners LLP (2020-2021), co-founder of Pilatus AG (2018-2020), and co-founder of Nedfact (2014-2018). He also held a partnership at a Tier 1 sponsor firm (2011-2014), focusing on M&A and debt structuring, and was a KPMG Partner in Private Corporate Finance.

Kevin J. Murphy

Chief Financial Officer

Kevin J. Murphy, CPA, was appointed Chief Financial Officer of Circle8 Group (formerly Atlantic International Corp.) on February 2, 2026. He brings over 25 years of senior financial leadership experience, with a background that includes managing private equity-backed organizations. Most recently, he served as Executive Vice President and Division CFO at Hospitality Staffing Solutions, LLC, where he also held a CEO capacity, leading back-office, field operations, and sales teams. Prior to that, he was Senior Vice President of Finance and Treasurer for a staffing business that transitioned from private equity ownership to a privately held company. His earlier career includes senior finance roles at LexisNexis and ChoicePoint.

Jeffrey Jagid

President

Jeffrey Jagid transitioned from Chief Executive Officer to President of Circle8 Group (formerly Atlantic International Corp.) on June 30, 2026, and continues to serve as a member of the Board of Directors. He served as CEO since Atlantic's inception and played a crucial role in the company's strategic transformation, including overseeing the acquisitions of Lyneer Staffing Solutions and Circle8 Group. Before his time at Atlantic, Mr. Jagid was Chairman of the Board of Directors of ThinkEco Inc. starting in 2015, becoming its Chief Executive Officer in 2017. He also held various management positions, including CEO and Chairman of the Board, at I.D. Systems, Inc. (Nasdaq: IDSY), where he led the company's initial public offering (IPO) and several capital raises totaling nearly $100 million. Under his leadership, I.D. Systems became a leading global provider of wireless IoT-based technology solutions. He also served on the board of directors of Coining Technologies, Inc., a privately held company, from 2001 to 2014.

Key Risks to Circle8 (CIRC)

For Circle8, which operates as Atlantic International Corp., a staffing company, the key risks to its business include significant financial distress and liquidity issues, susceptibility to economic instability, and ongoing compliance and regulatory challenges.

The most significant risk to Circle8 is its substantial financial distress and liquidity challenges. The company is reportedly burdened by $926.3 million in liabilities and has received a "going concern" warning. It also faces a "toxic short-term financing stack that requires constant desperate refinancing" and has reported negative operating cash flow. This financial instability is compounded by shrinking gross margins. Staffing agencies, in general, are vulnerable to cash flow problems due to the typical payment cycle where they pay temporary employees weekly while clients may take 30 to 90 days to pay invoices, which can lead to missed payroll and strained relationships.

Secondly, Circle8 is highly susceptible to economic instability. Fluctuations in the broader economy directly impact the demand for temporary and contract workers. During economic downturns, companies often reduce their workforce or freeze hiring, leading to a decreased need for staffing services. Conversely, periods of economic growth can strain staffing agencies to meet surging demand. Economic volatility is a persistent challenge for staffing firms.

Finally, the company faces compliance and regulatory challenges. Atlantic International Corp. previously received a notice from Nasdaq for failing to timely file its 10-Q report, which carried a risk of delisting. Although the company has since regained compliance, this event highlights the ongoing risk of regulatory hurdles for public companies. The staffing industry as a whole navigates a complex web of labor laws, compliance requirements, and potential liabilities, including employee vetting, client assessments, and data protection.

The clear emerging threats for Circle8 (Atlantic International Corp.) stem from technological advancements and evolving work models that challenge traditional staffing services:

1. AI-Powered Recruitment and Talent Acquisition Platforms: The rapid development and adoption of artificial intelligence in HR technology allow companies to automate large portions of the recruitment process, including candidate sourcing, screening, matching, and initial interviews. These platforms can offer more efficient, data-driven, and potentially lower-cost solutions for talent acquisition, directly competing with and potentially reducing the need for traditional staffing agencies' core placement services.

2. Expansion of the Gig Economy and Specialized Freelance Marketplaces: The proliferation of online platforms connecting businesses directly with independent contractors, freelancers, and project-based workers (e.g., Upwork, Toptal, industry-specific marketplaces) poses a significant threat. These platforms offer agility, access to specialized talent, and often more cost-effective options for temporary, project-based, and even some permanent roles, bypassing the intermediary services of staffing firms like Circle8.

Here are 3-5 expected drivers of future revenue growth for Circle8 (CIRC) over the next 2-3 years:

1. Strategic Expansion into European IT and Technology Staffing through the Circle8 Acquisition: The January 2026 acquisition of Circle8 Group significantly expanded Atlantic International Corp.'s (now Circle8 Group, Inc.) geographic footprint into the European IT and technology talent markets. This acquisition diversified the company's revenue base, combining its North American industrial staffing with Circle8's higher-margin European technology talent business, thereby establishing a transatlantic workforce solutions platform.
2. Growth in Higher-Value Technology Capabilities and Integrated Service Offerings: Circle8 is focused on investing in and delivering more advanced technology capabilities. The company now offers an integrated platform comprising Technology Consulting, Technology Solutions, Managed Services, and Technology Workforce Solutions, which enables clients to engage with a single partner for comprehensive technology lifecycle support, including areas like software development, cybersecurity, and data analytics. This integrated approach positions Circle8 to meet the growing demand for complete business outcomes rather than individual services.
3. Cross-Selling Opportunities Across a Diversified Client Base: The combination of Atlantic's existing U.S. client relationships and Circle8's European IT and technology clients creates substantial cross-selling opportunities. Many of Atlantic's U.S. clients are global enterprises with European operations requiring technology talent, while Circle8's European clients often have a significant North American presence, allowing the combined entity to accelerate multinational customer coverage.
4. Capitalizing on Strong Demand in Key Technology Sectors: Circle8 is well-positioned to benefit from robust market demand in critical technology areas such as Artificial Intelligence (AI), cybersecurity, cloud computing, software engineering, and digital transformation. Organizations are increasing their investments in these fields, driving a need for specialized talent and comprehensive solutions that Circle8's expanded platform can provide.
5. Continued Disciplined Mergers and Acquisitions (M&A) Strategy: Building on its history of strategic acquisitions, the company plans to continue pursuing disciplined M&A activities. The integration of Circle8 supports a platform for future acquisitions, particularly of European organizations that complement its portfolio, further enhancing its market reach and service offerings.

Share Issuance

• In March 2026, Atlantic International Corp. issued 5,600 Series B 5% Convertible Preferred Stock and preferred stock purchase warrants to an institutional investor, raising $5.6 million.
• As part of the Lyneer Investments LLC acquisition, completed in July 2024, Atlantic International Corp. issued 25,423,729 shares of common stock valued at $60,000,000 to IDC Technologies Inc., and an additional 18,220,339 shares of common stock valued at $43,000,000 to shareholders of Atlantic Acquisition Corp.

Inbound Investments

• In 2021, Axiom Partners (Switzerland) acquired DSG, which subsequently led to the foundation and branding of Circle8, placing Circle8 within the Axiom Partners portfolio.
• Atlantic International Corp. received $5.6 million in funding from an institutional investor in March 2026, through the issuance of preferred stock.

Outbound Investments

• Atlantic International Corp. acquired Circle8 Group on January 23, 2026, in an all-stock transaction. Circle8 Group had generated approximately $780 million in revenue in 2025.
• Prior to its acquisition by Atlantic International Corp., Circle8 itself made several strategic acquisitions: it rebranded from DSG in 2022, followed by the acquisitions of Seven Stars and FixedToday (NL), and in 2023, it acquired Königstein (Germany) and Swisslinx (Switzerland).
• Atlantic International Corp. completed the acquisition of Lyneer Investments LLC and its operating subsidiaries on June 18, 2024. Lyneer generated over $400 million in revenues in 2023.

Capital Expenditures

• Circle8 Group reported capital expenditures of -$0.04 million for the three months ended March 2026, indicating very low or potentially negative (asset sales) capital spending.
• The company's strategic focus, as of June 2026, includes continuing to invest in higher-value technology capabilities, expanding strategic customer relationships, and building a stronger global technology platform.