Tue, Nov 19, 10:03 PM (14 days ago)
Quality Industrial Corp. (QIND) reported significant changes in its financial health for the quarter ending September 30, 2024. The company generated revenues of $2,662,050, a notable increase from $0 in the same period last year, primarily due to the consolidation of Al Shola Gas, acquired in March 2024. Gross profit reached $1,080,762, reflecting a gross profit margin of 40.6%, driven by a strategic shift to higher-margin Bulk LPG operations. Operating expenses rose to $1,187,583, influenced by increased administrative costs associated with Al Shola Gas and preparations for a NASDAQ uplisting. Net loss narrowed to $283,750, compared to a loss of $1,939,269 in Q3 2023, while net income for the nine months was $271,383, a turnaround from a loss of $3,606,026. As of September 30, 2024, QIND's total current assets were $6,346,815 against current liabilities of $10,123,134, resulting in a working capital deficit of $3,776,319. Cash flows from operations were negative at $(1,675,954), but the company anticipates improvement with planned expansions and operational efficiencies. The outlook remains cautious, with uncertainties surrounding capital availability and economic conditions impacting future performance.