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QXO, Inc(QXO) - 2024 Q4 - Annual Results
QXOQXO, Inc(QXO)2025-03-04 13:09

Revenue Performance - QXO reported total revenue of 14.7millionforQ42024,unchangedfromQ42023,withsoftwareproductrevenueincreasingby7.314.7 million for Q4 2024, unchanged from Q4 2023, with software product revenue increasing by 7.3% to 5.0 million[6]. - For the full year 2024, total revenue was 56.9million,representinga4.356.9 million, representing a 4.3% increase from 54.5 million in 2023[3]. - Total revenue for the year ended December 31, 2024, increased to 56,873million,up4.356,873 million, up 4.3% from 54,517 million in 2023[21]. Net Income and Loss - The company incurred a net loss of (0.02)pershareforQ42024and(0.02) per share for Q4 2024 and (0.11) per share for the full year 2024[2]. - The company had a net income of 11.3millioninQ42024,whichincluded11.3 million in Q4 2024, which included 61.4 million in interest income[7]. - Net income for the year ended December 31, 2024, was 27,969million,asignificantrecoveryfromanetlossof27,969 million, a significant recovery from a net loss of 1,070 million in 2023[21]. - The company reported a basic loss per share of 0.11fortheyearendedDecember31,2024,comparedtoalossof0.11 for the year ended December 31, 2024, compared to a loss of 1.63 in 2023[21]. Operating Performance - Adjusted EBITDA for Q4 2024 was a loss of (7.7)million,comparedtoagainof(7.7) million, compared to a gain of 0.7 million in Q4 2023, reflecting costs associated with a new senior management team[7]. - Adjusted EBITDA for the year ended December 31, 2024, was (19,832)million,downfrom(19,832) million, down from 2,717 million in 2023, reflecting operational challenges[25]. - Operating expenses for the year ended December 31, 2024, totaled 93,932million,comparedto93,932 million, compared to 22,925 million in 2023, indicating a substantial increase[21]. Cash and Assets - QXO's cash position as of December 31, 2024, was approximately 5.1billion,withnodebt[7].−QXO′stotalassetsasofDecember31,2024,were5.1 billion, with no debt[7]. - QXO's total assets as of December 31, 2024, were 5.1 billion, a significant increase from 20.5millionin2023[19].−CashprovidedbyoperatingactivitiesfortheyearendedDecember31,2024,was20.5 million in 2023[19]. - Cash provided by operating activities for the year ended December 31, 2024, was 84,883 million, a notable increase from 584millionin2023[23].−Cash,cashequivalents,andrestrictedcashattheendoftheyeartotaled584 million in 2023[23]. - Cash, cash equivalents, and restricted cash at the end of the year totaled 5,072,004 million, a decrease from 6,143millionatthebeginningoftheyear[23].RevenueSourcesandCosts−Serviceandotherrevenuedecreasedby3.06,143 million at the beginning of the year[23]. Revenue Sources and Costs - Service and other revenue decreased by 3.0% to 9.8 million in Q4 2024 compared to Q4 2023[6]. - The total cost of revenue for the year ended December 31, 2024, was 33,941million,upfrom33,941 million, up from 32,903 million in 2023, reflecting rising operational costs[21]. - The company reported a significant increase in interest income to 121,812millionfortheyearendedDecember31,2024,comparedtoanexpenseof121,812 million for the year ended December 31, 2024, compared to an expense of 56 million in 2023[21]. Strategic Goals - The company aims to become a tech-forward leader in the 800 billion building products distribution industry, targeting tens of billions in annual revenue over the next decade through acquisitions and organic growth[5][8]. - The company is pursuing multiple high-value M&A opportunities to enhance its market position[5]. Financing Activities - The company issued common stock and pre-funded warrants, generating proceeds of 4,051,103 million during the year[23].