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Sep 30, 2024
QXO Q3 2024 Earnings Report
QXO's financial performance declined due to increased employee-related costs, despite a rise in software product revenue and a substantial cash reserve.
Key Takeaways
QXO reported a mixed Q3 2024 with a slight decrease in total revenue but a significant increase in net income due to interest income. Adjusted EBITDA was negative, impacted by higher employee-related costs from a new senior management team. The company completed private placements, raising $4.1 billion, and holds over $5 billion in cash.
Total revenue decreased slightly to $13.16 million compared to $13.42 million in the same period last year.
Software product revenue increased to $3.03 million, up from $2.85 million year-over-year.
Net income rose to $17.1 million, inclusive of $57.0 million in interest income.
Adjusted EBITDA was negative $11.47 million, a decline from the positive $665,000 in the prior year, due to higher employee-related costs.
Revenue by Segment
Forward Guidance
QXO aims to become a tech-forward leader in the $800 billion building products distribution industry, targeting tens of billions in annual revenue through acquisitions and organic growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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