QXO Q2 2024 Earnings Report
Key Takeaways
QXO reported a revenue increase to $14.54 million compared to $13.26 million in the same quarter last year. However, the company experienced a net loss of $591,000, a significant shift from the net income of $344,000 reported in the prior year. The decline in profitability was attributed to higher employee-related costs associated with the new senior management team.
Total revenue increased to $14.54 million from $13.26 million year-over-year.
Software product revenue grew to $3.78 million, up from $3.30 million in the prior year.
Service and other revenue increased to $10.76 million compared to $9.96 million year-over-year.
Net loss was ($591,000) or ($9.93) loss per basic and diluted share, compared to net income of $344,000 or $0.52 earnings per basic and diluted share.
QXO
QXO
QXO Revenue by Segment
Forward Guidance
QXO is focused on becoming a tech-forward leader in building products distribution through accretive acquisitions and organic growth.
Positive Outlook
- Accomplished senior management team in place.
- Approximately $5 billion of cash to execute strategy.
- Focus on accretive acquisitions.
- Focus on organic growth.
- Targeting tens of billions of dollars of annual revenue in the next decade.
Challenges Ahead
- Risks associated with potential significant volatility and fluctuations in the market price of the company’s common stock
- Risks associated with raising additional equity or debt capital from public or private markets to pursue the company’s business plan
- The possibility that additional future financings may not be available to the company on acceptable terms or at all
- Uncertainties regarding the company’s focus, strategic plans and other management actions
- The risk that the company is or becomes highly dependent on the continued leadership of Brad Jacobs
Revenue & Expenses
Visualization of income flow from segment revenue to net income