Company: QXO-PB
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001628280-25-009626
Chunk: 73

Company: QXO, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 73
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 Our customers are primarily small and mid-sized companies in the manufacturing, distribution and service industries.

Our strategy is to create a tech-forward leader in the $800 billion building products distribution industry with the goal of generating outsized stockholder value through accretive acquisitions and organic growth, including greenfield openings and operational transformation of acquired businesses. We are executing our strategy toward a target of tens of billions of dollars of annual revenue in the next decade.  

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Table of Contents

Results of Operations for the Year Ended December 31, 2024 and 2023

The following tables set forth our results of operations for the periods presented and express the relationship of certain line items as a percentage of net sales for those periods. The period-to-period comparison of financial results is not necessarily indicative of future results:

(in thousands, except percentages)Year Ended% of net revenueDecember 31, 2024December 31, 2023%ChangeDecember 31,2024December 31,2023Consolidated Statements of OperationsRevenue:Software product, net$15,261 $14,111 8.1 %26.8 %25.9 %Service and other, net41,612 40,406 3.0 %73.2 %74.1 %Total revenue, net56,873 54,517 4.3 %100.0 %100.0 %Cost of revenue:Product9,434 8,513 10.8 %16.6 %15.6 %Service and other24,507 24,390 0.5 %43.1 %44.7 %Total cost of revenue 33,941 32,903 3.2 %59.7 %60.3 %Operating expenses:Selling, general and administrative expenses92,943 22,097 320.6 %163.4 %40.5 %Depreciation and amortization expenses989 828 19.4 %1.7 %1.5 %Total operating expenses93,932 22,925 309.7 %165.1 %42.0 %Loss from operations(71,000)(1,311)NM(124.8 %)(2.4 %)Interest income (expense), net121,812 (56)NM214.2 %(0.1 %)Income (loss)