QXO, Inc. Files 10-Q for Q2 2024

TL;DR

QXO Inc. 10-Q filed. Financials for Q2 2024 out.

AI Summary

QXO, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as SilverSun Technologies, Inc., is incorporated in Delaware and operates in the computer processing and data preparation services sector. Its principal executive offices are located in Greenwich, CT.

Why It Matters

This filing provides investors with an update on QXO, Inc.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• QXO, Inc. (company) — Filer of the 10-Q
• SilverSun Technologies, Inc. (company) — Former name of QXO, Inc.
• Greenwich, CT (location) — Location of QXO, Inc.'s business address
• 20240630 (date) — End of the reporting period

FAQ

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 per share QXO The Nasdaq Capital Mark
• $800 million — d QXO into a tech-forward leader in the $800 million building products distribution industry

Filing Documents

• qxo-20240630.htm (10-Q) — 1042KB
• a1009_qxoseveranceplan.htm (EX-10.9) — 112KB
• a1010_qxoofferletterxsmith.htm (EX-10.10) — 133KB
• a1011_formofrsuawardagreem.htm (EX-10.11) — 54KB
• qxo10-q_q22024722xex311.htm (EX-31.1) — 14KB
• qxo10-q_q22024722xex312.htm (EX-31.2) — 14KB
• qxo10-q_q22024722xex321.htm (EX-32.1) — 8KB
• qxo10-q_q22024722xex322.htm (EX-32.2) — 8KB
• 0001628280-24-037059.txt ( ) — 4945KB
• qxo-20240630.xsd (EX-101.SCH) — 28KB
• qxo-20240630_cal.xml (EX-101.CAL) — 55KB
• qxo-20240630_def.xml (EX-101.DEF) — 108KB
• qxo-20240630_lab.xml (EX-101.LAB) — 328KB
• qxo-20240630_pre.xml (EX-101.PRE) — 240KB
• qxo-20240630_htm.xml (XML) — 598KB

Financial Statements ( Unaudited)

Financial Statements ( Unaudited) : Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Item 2. Management's Discussion and Analy sis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. D efaults Upon Senior Securities 29 Item 4. M ine Safety Disclosures 29 Item 5 . Other Information 29 Item 6 . Exhibits 30

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly Report") contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets and 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: risks associated with potential significant volatility and fluctuations in the market price of the Company's common stock; risks associated with raising additional equity or debt capital from public or private markets to pursue the Company's business plan, including potentially one or more additional private placements of common stock, and the effects that raising such capital may have on the Company and its business, including the risk of substantial dilution or that the Company's common stock may experience a substantial decline in trading price; the possibility that additional future financings may not be available to the Company on acceptable terms or at all; the possibility that an active, liquid trading market for the Company's common stock may not develop or, if developed, may not be sustained; the possi

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) QXO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) ASSETS June 30, 2024 December 31, 2023 Current assets: (unaudited) Cash and cash equivalents $ 971,284 $ 6,143 Accounts receivable, net 3,015 2,969 Prepaid expenses and other current assets 5,539 2,684 Total current assets 979,838 11,796 Property and equipment, net 511 503 Operating lease right-of-use assets 380 522 Intangible assets, net 4,486 4,919 Goodwill 1,140 1,140 Deferred tax assets 1,614 1,444 Other non-current assets 216 171 Total assets $ 988,185 $ 20,495 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,194 $ 4,563 Accrued expenses 5,397 2,681 Deferred revenue 3,113 3,161 Long-term debt – current portion 784 702 Finance lease obligations – current portion 141 154 Operating lease liabilities – current portion 217 263 Total current liabilities 15,846 11,524 Long-term debt net of current portion 693 994 Finance lease obligations net of current portion 247 247 Operating lease liabilities net of current portion 164 259 Total liabilities 16,950 13,024 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock, $ 0.001 par value; authorized 10,000,000 shares, 1,000,000 and 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 498,684 — Common stock, $ 0.00001 par value; authorized 2,000,000,000 shares, 664,284 and 664,448 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 1 — — Additional paid-in capital 474,951 9,419 Accumulated deficit ( 2,400 ) ( 1,948 ) Total stockholders' equity 971,235 7,471 Total liabilities and stockholders' equity $ 988,185 $ 20,495 See accompanying notes to the unaudited condensed consolidated financial statements. 1 Amounts have been adjusted to reflect the 8-for-1 Reverse Stock Split effective Ju

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View this 10-Q filing on SEC EDGAR