Revenue Performance - QXO reported total revenue of $13.5 million for Q1 2025, a decrease of 6.4% from $14.4 million in Q1 2024[5] - Software product revenue remained stable at $3.5 million, while service and other revenue decreased by 8.8% to $10.0 million[5] Net Income and Profitability - Net income for the quarter was $8.8 million, significantly up from $138,000 in the same period last year, driven by $56.6 million in interest income[6] - The company reported a loss of $(0.03) per share for Q1 2025, compared to earnings of $0.21 per share in Q1 2024[20] - Net income for the three months ended March 31, 2025, was $8,755,000, a significant increase from $138,000 in the same period of 2024[22] - Adjusted EBITDA was negative $8.9 million, compared to positive $0.5 million in Q1 2024, primarily due to increased employee-related costs[6] - Adjusted EBITDA for the same period was $(8,915,000), compared to $504,000 in the prior year, indicating a decline in operational profitability[24] Cash Flow and Assets - Net cash provided by operating activities reached $36,504,000, a substantial increase from $365,000 in the previous year[22] - Cash, cash equivalents, and restricted cash at the end of the period totaled $5,085,172,000, compared to $6,278,000 in the prior year[22] - The company reported a net increase in cash of $13,168,000 during the quarter, compared to a modest increase of $135,000 in the prior year[22] Expenses and Liabilities - Total liabilities increased to $53.8 million from $45.4 million year-over-year[18] - Share-based compensation expenses amounted to $20,260,000, reflecting the company's investment in employee incentives[22] - The company incurred transaction costs of $9,833,000 during the quarter, which were not present in the same quarter last year[24] - The provision for income taxes was $8,512,000, up from $70,000 in the previous year, indicating increased tax obligations[24] - Depreciation and amortization expenses totaled $278,000, slightly up from $276,000 in the same period last year[24] Strategic Initiatives - The company completed an $11 billion acquisition of Beacon Roofing Supply, aiming to lead the $800 billion building products distribution industry[5] - QXO targets $50 billion in annual revenues within the next decade through strategic acquisitions and organic growth[7] - QXO's management emphasizes the importance of integrating the Beacon acquisition to enhance operational performance and shareholder value[5]
SilverSun Technologies(SSNT) - 2025 Q1 - Quarterly Results