As of September 30, 2024, QXO, Inc. (formerly SilverSun Technologies, Inc.) reported significant financial developments following a transformative period marked by substantial investments and strategic changes. The company’s total assets decreased to $5,063,467 thousand from $20,495 thousand at the end of 2023, while current assets fell sharply from $11,796 thousand to $5,055,639 thousand. This decline is attributed to the issuance of preferred stock totaling $498,621 thousand, a new addition since December 31, 2023.

In terms of revenue, QXO generated $13,155 thousand for the three months ended September 30, 2024, a slight decrease of 2.0% from $13,423 thousand in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased by 5.8% to $42,130 thousand, compared to $39,808 thousand in the prior year. Software product revenue also saw growth, rising to $3,028 thousand in Q3 2024 from $2,850 thousand in Q3 2023, and $10,284 thousand for the nine months, up from $9,471 thousand.

Despite the revenue growth, the company reported a significant loss from operations of $(33,826 thousand) for Q3 2024, compared to a loss of $(2,558 thousand) in Q3 2023. This increase in operational losses is primarily due to a dramatic rise in operating expenses, which surged by 396.6% to $39,268 thousand in Q3 2024, driven by higher employee-related costs associated with a new senior management team. Net income for Q3 2024 was reported at $17,132 thousand, a stark contrast to a net loss of $(2,110 thousand) in Q3 2023. For the nine-month period, net income reached $16,680 thousand, compared to a net loss of $(1,489 thousand) in the same timeframe last year.

The company’s cash position improved significantly, with cash, cash equivalents, and restricted cash totaling $5,040,612 thousand as of September 30, 2024, compared to $6,143 thousand at the end of 2023. This increase is largely due to a $1.0 billion equity investment completed in June 2024, which included the issuance of convertible preferred stock and warrants. The company also engaged in substantial private placements, generating approximately $3.5 billion in June and an additional $620 million in July 2024.

Strategically, QXO aims to establish itself as a leader in the $800 billion building products distribution industry, focusing on growth through acquisitions and organic expansion. The company has also undergone a name change and ticker symbol update, reflecting its new direction and focus.