Financial Performance - Total revenue for Q2 2024 was $14.54 million, a 9.6% increase from $13.26 million in Q2 2023[1] - Software product revenue increased to $3.78 million, up 14.5% from $3.30 million year-over-year[1] - Service and other revenue rose to $10.76 million, a 7.9% increase compared to $9.96 million in the same period last year[1] - The net loss for Q2 2024 was ($591,000), compared to a net income of $344,000 in Q2 2023, representing a significant shift in performance[1] - Adjusted EBITDA for Q2 2024 was ($1.21) million, a decline from $705,000 in Q2 2023, attributed to higher employee-related costs[2] - Total revenue for the first half of 2024 was $28.98 million, a 9.8% increase from $26.39 million in the first half of 2023[2] - Total revenue for QXO, Inc. increased to $14,540,000 in Q2 2024, up 9.7% from $13,257,000 in Q2 2023[15] - Software product revenue rose to $3,776,000, a 14.5% increase compared to $3,298,000 in the same period last year[15] - Service and other revenue reached $10,764,000, reflecting a 8.1% growth from $9,959,000 year-over-year[15] - Operating expenses surged to $10,096,000 in Q2 2024, a significant increase of 113.5% from $4,729,000 in Q2 2023[15] - Net loss for Q2 2024 was $591,000, compared to a net income of $344,000 in Q2 2023[15] - Adjusted EBITDA for Q2 2024 was $(1,207,000), a decline from $705,000 in Q2 2023[17] - The company reported a net cash used in operating activities of $683,000 for the first half of 2024, compared to $324,000 in the same period of 2023[16] Cash Position - The company had approximately $971 million in cash on hand as of June 30, 2024, which increased to approximately $5.0 billion after two private placements in July 2024[1][3] - Cash and cash equivalents at the end of the period totaled $971,284,000, up from $7,130,000 at the end of Q2 2023[16] - QXO, Inc. raised $983,650,000 from the issuance of preferred stock and warrants during the financing activities[16] Strategic Growth Initiatives - QXO aims to target tens of billions of dollars in annual revenue over the next decade through acquisitions and organic growth in the $800 billion building products distribution industry[4] - The introduction of a new senior management team is part of the company's expansive growth plan, which has led to increased costs impacting Adjusted EBITDA[2] - The company is focused on becoming a tech-forward leader in building products distribution through strategic acquisitions and organic growth initiatives[3] Shareholder Information - The weighted average shares outstanding increased to 664,000 in Q2 2024 from 657,000 in Q2 2023[15]
SilverSun Technologies(SSNT) - 2024 Q2 - Quarterly Results