Revenue Performance - Total revenue for Q3 2024 was $13.16 million, a decrease of 2.0% compared to $13.42 million in Q3 2023[3] - Total revenue for QXO, Inc. in Q3 2024 was $13,155,000, a decrease of 2% from $13,423,000 in Q3 2023[17] - Software product revenue increased by 6.2% to $3.03 million, while service and other revenue decreased by 4.2% to $10.13 million[2] - Software product revenue increased to $3,028,000 in Q3 2024, up 6.3% from $2,850,000 in Q3 2023[17] - Total cost of revenue decreased to $7,713,000 in Q3 2024, down from $8,073,000 in Q3 2023[17] Net Income and Earnings - Net income for the quarter was $17.1 million, which included $57.0 million in interest income[4] - Net income for Q3 2024 was $17,132,000, compared to a net loss of $2,110,000 in Q3 2023[17] - The company reported a loss per share of $(0.01) in Q3 2024, an improvement from $(3.21) in Q3 2023[17] Operating Expenses and EBITDA - Adjusted EBITDA was negative $11.47 million, a significant decline from positive $665,000 in Q3 2023, attributed to higher employee-related costs[4] - Adjusted EBITDA for Q3 2024 was $(11,469,000), a decline from $665,000 in Q3 2023[19] - Operating expenses surged to $39,268,000 in Q3 2024, a significant increase from $7,908,000 in Q3 2023[17] Cash and Financial Position - As of September 30, 2024, QXO had approximately $5.04 billion in cash on hand[5] - Cash, cash equivalents, and restricted cash at the end of the period were $5,040,612,000, down from $6,880,000 in the previous year[18] - Cash provided by operating activities for the nine months ended September 30, 2024, was $30,923,000, a substantial increase from $818,000 in the same period of 2023[18] Shareholder Equity and Liabilities - Total stockholders' equity as of September 30, 2024, was $5.04 billion, down from $7.47 billion at the end of 2023[16] - Current liabilities totaled $19.89 million, an increase from $13.02 million in the previous year[16] Financing Activities - The company raised approximately $4.1 billion through private placements, increasing common shares outstanding to 409.4 million[5] - The company raised $4,051,103,000 from the issuance of common stock and pre-funded warrants during the financing activities[18] Future Growth Strategy - 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[6] - The company has no long-term debt, positioning it favorably for future growth initiatives[3]
SilverSun Technologies(SSNT) - 2024 Q3 - Quarterly Results