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    QXO Reports First Quarter 2025 Results

    5/8/25 4:15:00 PM ET
    $QXO
    EDP Services
    Technology
    Get the next $QXO alert in real time by email

    QXO, Inc. (NYSE:QXO) today announced its financial results for the first quarter 2025. The company reported a loss of $(0.03) per basic and diluted share attributable to common shareholders.

    FIRST QUARTER 2025 SUMMARY RESULTS

     

     

     

     

     

     

     

    Three Months Ended March 31,

     

     

    (in thousands)

    2025

     

    2024

     

    Change %

    Revenue:

     

     

     

     

     

    Software product, net

    $

    3,517

     

     

    $

    3,480

     

    1.1

    %

    Service and other, net

     

    9,991

     

     

     

    10,956

     

    (8.8

    )%

    Total revenue, net

    $

    13,508

     

     

    $

    14,436

     

    (6.4

    )%

     

     

     

     

     

     

    Net income

    $

    8,755

     

     

    $

    138

     

    NM

     

     

     

     

     

     

     

    Adjusted EBITDA¹

    $

    (8,915

    )

     

    $

    504

     

    NM

     

    NM - Not Meaningful

    ¹ See "Non-GAAP Financial Measures" section for additional information.

    Brad Jacobs, chairman and chief executive officer of QXO, said, "With our $11 billion acquisition of Beacon completed, we're off to a good start toward becoming the leading tech-enabled company in the $800 billion building products distribution industry. Now it's time to apply our proven playbook to make an already great business even better."

    First Quarter Highlights

    Total revenue for the quarter was $13.5 million, compared with $14.4 million for the same period in 2024. Software product revenue was $3.5 million, compared with $3.5 million for the same period in 2024. Service and other revenue was $10.0 million, compared with $11.0 million for the same period in 2024.

    Net income, inclusive of $56.6 million interest income, was $8.8 million.

    Adjusted EBITDA, a non-GAAP measure, was negative $8.9 million, compared with positive $0.5 million for the same period in 2024. The decline in Adjusted EBITDA relates to higher employee-related costs, reflecting the introduction of a new senior management team to execute QXO's expansive growth plan.

    About QXO

    QXO is the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. The company plans to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. QXO is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

    Non-GAAP Financial Measures

    As required by the rules of the SEC, we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this press release. QXO's non-GAAP financial measure in this press release is adjusted EBITDA.

    We believe that the above adjusted financial measure facilitates analysis of our ongoing business operations because it excludes items that may not be reflective of, or are unrelated to, QXO's core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying business. Other companies may calculate this non-GAAP financial measure differently, and therefore our measure may not be comparable to similarly titled measures of other companies. This non-GAAP financial measure should only be used as a supplemental measure of our operating performance.

    Adjusted EBITDA includes adjustments for share-based compensation, transaction, and severance costs as set forth in the attached reconciliation. Transaction adjustments are generally incremental costs that result from an actual or planned acquisition or divestiture and may include transaction costs, consulting fees, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems. Management uses this non-GAAP financial measure in making financial, operating and planning decisions and evaluating QXO's ongoing performance.

    We believe that adjusted EBITDA improves comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the attached tables that management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses.

    Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss), and our other GAAP results.

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as "may," "will," "should," "expect," "opportunity," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," or "continue," or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described herein include, among others:

    • an inability to obtain the products we distribute resulting in lost revenues and reduced margins and damaging relationships with customers;
    • a change in supplier pricing and demand adversely affecting our income and gross margins;
    • a change in vendor rebates adversely affecting our income and gross margins;
    • our inability to identify potential acquisition targets or successfully complete acquisitions on acceptable terms;
    • risks related to maintaining our safety record;
    • the possibility that building products distribution industry demand may soften or shift substantially due to cyclicality or dependence on general economic and political conditions, including inflation or deflation, interest rates, governmental subsidies or incentives, consumer confidence, labor and supply shortages, weather and commodity prices;
    • the possibility that regional or global barriers to trade or a global trade war could increase the cost of products in the building products distribution industry, which could adversely impact the competitiveness of such products and the financial results of businesses in the industry;
    • seasonality, weather-related conditions and natural disasters;
    • risks related to the proper functioning of our information technology systems, including from cybersecurity threats;
    • loss of key talent or our inability to attract and retain new qualified talent;
    • risks related to work stoppages, union negotiations, labor disputes and other matters associated with our labor force or the labor force of our suppliers or customers;
    • the risk that the anticipated benefits of our acquisition of Beacon Roofing Supply, Inc. (the "Beacon Acquisition") or any future acquisition may not be fully realized or may take longer to realize than expected;
    • the effect of the Beacon Acquisition or any future acquisition on our business relationships with employees, customers or suppliers, operating results and business generally;
    • unexpected costs, charges or expenses resulting from the Beacon Acquisition or any future acquisition or difficulties in integrating and operating acquired companies;
    • the risk that the Company is or becomes highly dependent on the continued leadership of Brad Jacobs as chairman and chief executive officer and the possibility that the loss of Mr. Jacobs in these roles could have a material adverse effect on the Company's business, financial condition and results of operations;
    • the possibility that the Company's outstanding warrants and preferred stock may or may not be converted or exercised, and the economic impact on the Company and the holders of common stock of the Company that may result from either such exercise or conversion, including dilution, or the continuance of the preferred stock remaining outstanding, and the impact its terms, including its dividend, may have on the Company and the common stock of the Company;
    • challenges raising additional equity or debt capital from public or private markets to pursue the Company's business plan and the effects that raising such capital may have on the Company and its business;
    • the possibility that new investors in any future financing transactions could gain rights, preferences and privileges senior to those of the Company's existing stockholders;
    • risks associated with periodic litigation, regulatory proceedings and enforcement actions, which may adversely affect the Company's business and financial performance;
    • the impact of legislative, regulatory, economic, competitive and technological changes;
    • unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and
    • other factors, including those set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q.

    Forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. The company does not undertake any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    QXO, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands, except share and per share data)

    (Unaudited)

     

    March 31, 2025

     

    December 31, 2024

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    5,081,672

     

     

    $

    5,068,504

     

    Accounts receivable, net

     

    3,237

     

     

     

    2,736

     

    Prepaid expenses and other current assets

     

    19,135

     

     

     

    18,339

     

    Total current assets

     

    5,104,044

     

     

     

    5,089,579

     

    Property and equipment, net

     

    535

     

     

     

    445

     

    Operating lease right-of-use assets

     

    212

     

     

     

    259

     

    Intangible assets, net

     

    4,460

     

     

     

    4,024

     

    Goodwill

     

    1,160

     

     

     

    1,160

     

    Deferred tax assets

     

    2,603

     

     

     

    2,603

     

    Other non-current assets

     

    182

     

     

     

    192

     

    Total assets

    $

    5,113,196

     

     

    $

    5,098,262

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    5,837

     

     

    $

    6,194

     

    Accrued expenses

     

    43,947

     

     

     

    35,692

     

    Deferred revenue

     

    3,498

     

     

     

    2,900

     

    Operating lease liabilities, current portion

     

    182

     

     

     

    188

     

    Finance lease obligations, current portion

     

    131

     

     

     

    128

     

    Total current liabilities

     

    53,595

     

     

     

    45,102

     

    Finance lease obligations, net of current portion

     

    156

     

     

     

    190

     

    Operating lease liabilities, net of current portion

     

    31

     

     

     

    71

     

    Total liabilities

     

    53,782

     

     

     

    45,363

     

     

     

     

     

    Stockholders' equity:

     

     

     

    Preferred stock, $0.001 par value; authorized 10,000,000 shares, 1,000,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

     

    498,621

     

     

     

    498,621

     

    Common stock, $0.00001 par value; authorized 2,000,000,000 shares, 409,430,195 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

     

    4

     

     

     

    4

     

    Additional paid-in capital

     

    4,580,763

     

     

     

    4,560,503

     

    Accumulated deficit

     

    (19,974

    )

     

     

    (6,229

    )

    Total stockholders' equity

     

    5,059,414

     

     

     

    5,052,899

     

    Total liabilities and stockholders' equity

    $

    5,113,196

     

     

    $

    5,098,262

     

    QXO, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except per share data)

    (Unaudited)

     

     

     

     

     

    Three Months Ended March 31,

     

    2025

     

    2024

    Revenue:

     

     

     

    Software product, net

    $

    3,517

     

     

    $

    3,480

     

    Service and other, net

     

    9,991

     

     

     

    10,956

     

    Total revenue, net

     

    13,508

     

     

     

    14,436

     

    Cost of revenue:

     

     

     

    Software product

     

    2,215

     

     

     

    2,199

     

    Service and other

     

    5,907

     

     

     

    6,579

     

    Total cost of revenue

     

    8,122

     

     

     

    8,778

     

    Operating expenses:

     

     

     

    Selling, general and administrative expenses

     

    44,421

     

     

     

    5,190

     

    Depreciation and amortization expenses

     

    251

     

     

     

    240

     

    Total operating expenses

     

    44,672

     

     

     

    5,430

     

    (Loss) income from operations

     

    (39,286

    )

     

     

    228

     

    Other income (expense), net:

     

     

     

    Interest income (expense), net

     

    56,553

     

     

     

    (20

    )

    Total other income (expense)

     

    56,553

     

     

     

    (20

    )

    Income before taxes

     

    17,267

     

     

     

    208

     

    Provision for income taxes

     

    8,512

     

     

     

    70

     

    Net income

    $

    8,755

     

     

    $

    138

     

    (Loss) earnings per common share – basic and diluted

    $

    (0.03

    )

     

    $

    0.21

     

    Total weighted average common shares outstanding:

     

     

     

    Basic

     

    451,430

     

     

     

    664

     

    Diluted

     

    451,430

     

     

     

    664

     

    QXO, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (Unaudited)

     

     

     

     

     

    Three Months Ended March 31,

     

    2025

     

    2024

    Cash flows from operating activities:

     

     

     

    Net income

    $

    8,755

     

     

    $

    138

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Deferred income taxes

     

    —

     

     

     

    70

     

    Depreciation

     

    56

     

     

     

    67

     

    Amortization of intangibles

     

    222

     

     

     

    209

     

    Non-cash lease expense

     

    47

     

     

     

    81

     

    Provision for expected losses

     

    15

     

     

     

    —

     

    Share-based compensation

     

    20,260

     

     

     

    —

     

    Changes in assets and liabilities:

     

     

     

    Accounts receivable

     

    (517

    )

     

     

    307

     

    Prepaid expenses and other current assets

     

    (796

    )

     

     

    (900

    )

    Other assets

     

    10

     

     

     

    -

     

    Accounts payable

     

    (357

    )

     

     

    310

     

    Accrued expenses

     

    8,258

     

     

     

    (311

    )

    Deferred revenue

     

    598

     

     

     

    475

     

    Operating lease liabilities

     

    (47

    )

     

     

    (81

    )

    Net cash provided by operating activities

     

    36,504

     

     

     

    365

     

    Cash flows from investing activities:

     

     

     

    Purchase of property and equipment

     

    (146

    )

     

     

    (61

    )

    Purchase of intangibles

     

    (659

    )

     

     

    —

     

    Net cash used in investing activities

     

    (805

    )

     

     

    (61

    )

    Cash flows from financing activities:

     

     

     

    Payment of preferred stock dividend

     

    (22,500

    )

     

     

    —

     

    Payment of long-term debt

     

    —

     

     

     

    (120

    )

    Payment of finance lease obligations

     

    (31

    )

     

     

    (49

    )

    Net cash used in financing activities

     

    (22,531

    )

     

     

    (169

    )

    Net increase in cash, cash equivalents and restricted cash

     

    13,168

     

     

     

    135

     

    Cash, cash equivalents and restricted cash, beginning of period

     

    5,072,004

     

     

     

    6,143

     

    Cash, cash equivalents and restricted cash, end of period

    $

    5,085,172

     

     

    $

    6,278

     

    Cash paid during period for:

     

     

     

    Interest

    $

    6

     

     

    $

    23

     

    Income taxes

    $

    —

     

     

    $

    1

     

    QXO, INC. AND SUBSIDIARIES

    RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

    (in thousands)

    (Unaudited)

     

    Three Months Ended

     

    March 31, 2025

     

    March 31, 2024

     

     

     

     

    Net income

    $

    8,755

     

     

    $

    138

    Add (deduct):

     

     

     

    Depreciation and amortization

     

    278

     

     

     

    276

    Share-based compensation

     

    20,260

     

     

     

    —

    Interest (income) expense

     

    (56,553

    )

     

     

    20

    Provision for income taxes

     

    8,512

     

     

     

    70

    Transaction costs

     

    9,833

     

     

     

    —

    Adjusted EBITDA

    $

    (8,915

    )

     

    $

    504

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250508689619/en/

    Media Contact:

    Joe Checkler

    [email protected]

    203-609-9650



    Investor Contact:

    Mark Manduca

    [email protected]

    203-321-3889

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      3/4/25 8:00:00 AM ET
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      2/10/25 7:00:00 AM ET
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