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Jun 30, 2024
QXO Q2 2024 Earnings Report
QXO's financial performance declined due to higher employee-related costs, reflecting the introduction of a new senior management team.
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
Revenue by Segment
Software product, net Revenue
CapyFin.comService and other, net Revenue
CapyFin.com 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