Here are 1-2 brief analogies for HireQuest (HQI):

• The H&R Block of temporary staffing.
• A franchisor like Subway, but for temporary and industrial staffing services.

• Temporary Staffing Services: Provides businesses with contingent workers for short-term needs, project support, or to manage fluctuating workloads across various industries.
• Temp-to-Hire Staffing Services: Offers clients the ability to evaluate potential permanent employees on a temporary basis before committing to a full-time hire.
• Direct Hire / Permanent Placement Services: Recruits and places qualified candidates directly into full-time, permanent positions for client companies.

HireQuest (symbol: HQI) operates as a franchisor of staffing services. Its primary customers are its independent franchisees, which are other companies that purchase and operate HireQuest staffing branches.

Based on a review of HireQuest's public filings, including its latest Form 10-K, the company does not disclose any specific "major customer companies" (either individual franchisees or the end-user clients of those franchisees) that account for a material portion of its revenue. HireQuest's business model relies on a diverse base of franchisees paying royalty fees, who in turn provide temporary staffing services to a broad range of businesses across various industries.

Therefore, while HireQuest sells primarily to other companies (its franchisees), no specific major customer companies are identified or listed in their disclosures due to the distributed nature of their franchisor business model.

Rick Hermanns, Chairman of the Board, President, and Chief Executive Officer

Mr. Hermanns has served as Chairman of the Board, President, and Chief Executive Officer of HireQuest, Inc. since July 2019. He has nearly 30-34 years of experience in the temporary staffing industry. Previously, he served as Chief Executive Officer and Secretary of HireQuest, LLC, since its founding in 2002, and held similar capacities for predecessor entities since July 1991. Before founding HireQuest, Mr. Hermanns was the Chief Financial Officer of Outsource International, formerly known as Labor World USA, Inc., and an Assistant Vice President at NCNB National Bank (now Bank of America). He is also the founder of the Higher Quest Foundation, a non-profit organization, and co-owns a majority stake in Bass Underwriters, Inc., a large managing general insurance agent. Additionally, he has been CEO of Hire Quest Financial, LLC since 2006 and Chairman and President of Hirequest Insurance Co. LLC since 2010.

David Hartley, Chief Financial Officer

Mr. Hartley was appointed Chief Financial Officer of HireQuest, effective May 31, 2025. He joined HireQuest in 2020 to lead the company's acquisition team and execute its growth strategy, later overseeing the Operational Finance department. Before joining HireQuest, Mr. Hartley spent nearly a decade in investment banking, most recently as a vice president at D.A. Davidson Companies, where he worked closely on the 2019 merger between HireQuest and Command Center. Prior to his investment banking career, he was a senior corporate development specialist for a medical device company and a business analyst for an insurance group. He has been instrumental in executing over 15 acquisitions for HireQuest.

Cory Smith, Chief Accounting Officer

Mr. Smith serves as the Chief Accounting Officer of HireQuest, Inc. He joined HireQuest in the summer of 2019 during its merger with Command Center, where he had previously served as Chief Financial Officer. He has been with HireQuest, Inc. since June 2010, initially as a Senior Accountant and later as Corporate Controller for a publicly traded staffing company. From 2015 to 2017, he was the Vice President of Finance at Southeast Staffing. Prior to his work in the temporary staffing industry, Mr. Smith worked as a Certified Public Accountant.

John McAnnar, Chief Legal Officer and Vice President

Mr. McAnnar has held the roles of Chief Legal Officer and Vice President for HireQuest, Inc., and its predecessor, HireQuest, LLC, since 2014. His responsibilities encompass a wide range of legal affairs, including securities, employment, construction, insurance and finance, workers' compensation, and intellectual property. Before his tenure at HireQuest, Mr. McAnnar served in the litigation departments of Carmody MacDonald, P.C., and Armstrong Teasdale, LLP, where he specialized in complex commercial litigation, corporate, and employment law.

David Gerstner, Vice President of Operations

Mr. Gerstner brings nearly 25-30 years of experience in the temporary staffing industry to his role as Vice President of Operations at HireQuest, Inc. He began his staffing career in 1995 as a branch manager for Ameri-Temps. Following acquisitions, he advanced to Florida Regional Manager for Ready Staffing, then managed a broader territory with Able Body Labor, becoming their Director of Operations in 2007. After MDT Personnel acquired Able Body Labor in 2010, Mr. Gerstner became their Vice President of Operations and continued in this role with True Blue after another acquisition in 2013.

The clear emerging threat for HireQuest is the accelerating rise and adoption of on-demand staffing platforms within the gig economy, specifically those targeting blue-collar, light industrial, and hospitality sectors. Companies such as Instawork, Wonolo, Bluecrew, and Jobble are leveraging technology to directly connect businesses with a flexible workforce for temporary and short-term assignments. This model bypasses traditional staffing agencies and their franchised structures, offering clients faster access to labor, often lower fees due to reduced overhead, and increased transparency through app-based management. For workers, these platforms offer greater flexibility and direct payment. This trend directly challenges HireQuest's established business model, similar to how Uber disrupted traditional taxi services by offering a tech-driven, on-demand alternative.

HireQuest (HQI) primarily operates within the staffing and recruiting services market, offering temporary, direct-hire, and contract staffing solutions across a wide array of industries including construction, light industrial, healthcare, finance, manufacturing, cybersecurity, and engineering.

The addressable markets for HireQuest's main products and services are as follows:

• U.S. Staffing Market: The market size for Office Staffing & Temporary Agencies in the U.S. was approximately $238.8 billion in 2024 and is projected to reach $260.1 billion in 2025. Additionally, the U.S. staffing industry is expected to reach $192 billion by 2024 and generates approximately $198.7 billion annually. The United States accounts for around 31% of the global staffing industry revenue.
• Global Contract or Temporary Staffing Services Market: This market is valued at approximately $480.15 billion in 2025 and is projected to grow to $888.02 billion by 2035, with a compound annual growth rate (CAGR) of 6.7% from 2025 to 2035. North America holds a leading position in this global market, accounting for approximately 37% of the market share.

Expected Drivers of Future Revenue Growth for HireQuest (HQI)

Over the next 2-3 years, HireQuest (HQI) is expected to drive revenue growth through several key initiatives and market dynamics:

1. Strategic Acquisitions: A core component of HireQuest's growth strategy involves accretive mergers and acquisitions, aimed at expanding its footprint and service capabilities. The company maintains an active pipeline of potential deals to grow both geographically and in staffing verticals. For example, the acquisition of TEC Staffing Services in Q4 2023 expanded its Snelling operations in Arkansas.
2. Expansion of Geographic Footprint: Directly linked to its acquisition strategy and organic efforts, HireQuest is focused on expanding its presence into new geographic markets. This allows the company to reach more clients and leverage its existing franchise model across a wider area.
3. Diversification and Growth of Service Offerings: HireQuest operates across various staffing segments, including on-demand, temporary, direct-hire, and executive search, through brands like HireQuest Direct, Snelling, and TradeCorp. The company has also expanded into specialized areas such as dental staffing with the acquisition of Dental Power Staffing and the subsequent development of a franchise offering for this market. Continued focus on these diverse offerings and potentially new verticals is a key driver.
4. Stabilization and Recovery in Staffing Markets: Despite a recent "muted hiring landscape," the company has noted a stabilization in the market for temporary staffing solutions, with sequential revenue growth observed in Q3 2024. A continued recovery in the broader staffing industry, particularly in temporary and day labor segments, is expected to positively impact revenue.

Share Repurchases

• HireQuest's 3-year average share buyback ratio was -0.8.

Share Issuance

• HireQuest had approximately 14.0 million shares outstanding at March 20, 2024.
• The number of shares outstanding was 13.9 million as of March 20, 2023.
• As of November 5, 2025, shares outstanding were 14.1 million, representing an increase of 0.87% in one year.

Outbound Investments

• In March 2021, HireQuest acquired Snelling Staffing Services for approximately $17.9 million.
• HireQuest acquired the franchised operations of LINK Staffing for approximately $11 million in cash in March 2021.
• On December 30, 2024, HireQuest completed the acquisition of certain assets of Ready Temporary Staffing, LLC for $1.4 million.

Capital Expenditures

• In the last 12 months (as of October 2025), HireQuest's capital expenditures were -$99,000.