QXO, Inc. Files Q3 2024 10-Q

TL;DR

QXO filed its Q3 10-Q. Financials for Sept 30, 2024, are in.

AI Summary

QXO, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as SilverSun Technologies, Inc., is involved in computer processing and data preparation services. The filing covers the third quarter of 2024 and provides financial details for the periods ending September 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors with an update on QXO, Inc.'s financial performance and operational status for the third quarter of 2024, crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
• 2024-09-30 — Period End Date (The date through which financial information is reported.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point to the prior fiscal year end.)

Key Players & Entities

• QXO, Inc. (company) — Filer of the 10-Q
• SilverSun Technologies, Inc. (company) — Former name of QXO, Inc.
• 20240930 (date) — End of reporting period
• 20241113 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• qxo-20240930.htm (10-Q) — 1006KB
• qxo10-q_q32024ex101.htm (EX-10.1) — 306KB
• qxo10-q_q32024ex311.htm (EX-31.1) — 14KB
• qxo10-q_q32024ex312.htm (EX-31.2) — 14KB
• qxo10-q_q32024ex321.htm (EX-32.1) — 8KB
• qxo10-q_q32024ex322.htm (EX-32.2) — 8KB
• 0001628280-24-047429.txt ( ) — 5553KB
• qxo-20240930.xsd (EX-101.SCH) — 36KB
• qxo-20240930_cal.xml (EX-101.CAL) — 62KB
• qxo-20240930_def.xml (EX-101.DEF) — 155KB
• qxo-20240930_lab.xml (EX-101.LAB) — 390KB
• qxo-20240930_pre.xml (EX-101.PRE) — 302KB
• qxo-20240930_htm.xml (XML) — 723KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) : Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5 . Other Information 24 Item 6 . Exhibits 25

– 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 be sustained; the possibility that the Company's outstand

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) QXO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) September 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 5,037,112 $ 6,143 Accounts receivable, net 2,236 2,969 Prepaid expenses and other current assets 16,291 2,684 Total current assets 5,055,639 11,796 Property and equipment, net 456 503 Operating lease right-of-use assets 320 522 Intangible assets, net 4,246 4,919 Goodwill 1,160 1,140 Deferred tax assets 1,444 1,444 Other non-current assets 202 171 Total assets $ 5,063,467 $ 20,495 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,861 $ 4,563 Accrued expenses 12,488 2,681 Deferred revenue 2,867 3,161 Long-term debt – current portion — 702 Finance lease obligations – current portion 126 154 Operating lease liabilities – current portion 205 263 Total current liabilities 19,547 11,524 Long-term debt net of current portion — 994 Finance lease obligations net of current portion 223 247 Operating lease liabilities net of current portion 115 259 Total liabilities 19,885 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 September 30, 2024 and December 31, 2023, respectively 498,621 — Common stock, $ 0.00001 par value; authorized 2,000,000,000 shares, 409,430,195 and 664,448 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 1 4 — Additional paid-in capital 4,539,975 9,419 Retained earnings (accumulated deficit) 4,982 ( 1,948 ) Total stockholders' equity 5,043,582 7,471 Total liabilities and stockholders' equity $ 5,063,467 $ 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

View Full Filing

View this 10-Q filing on SEC EDGAR