# EDGAR Filing Document

**Accession Number:** 0001236275
**File Stem:** 0001628280-25-040272
**Filing Date:** 2025-8
**Character Count:** 45297
**Document Hash:** 87cf91c34d633801a7629ad041f9a98c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-040272.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001628280-25-040272

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** QXO, Inc.
- **CENTRAL INDEX KEY:** 0001236275
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 161633636
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38063
- **FILM NUMBER:** 251214111

**BUSINESS ADDRESS:**
- **STREET 1:** FIVE AMERICAN LANE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06831
- **BUSINESS PHONE:** 888-998-6000

**MAIL ADDRESS:**
- **STREET 1:** FIVE AMERICAN LANE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SilverSun Technologies, Inc.
- **DATE OF NAME CHANGE:** 20110803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TREY RESOURCES INC
- **DATE OF NAME CHANGE:** 20050923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TREY INDUSTRIES INC
- **DATE OF NAME CHANGE:** 20030528

?xml version='1.0' encoding='ASCII'? qxo-20250814

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________________________

**FORM 8-K**

______________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **August 14, 2025**

______________________________

**QXO, INC.**

(Exact name of registrant as specified in its charter)

______________________________

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **001-38063** | **001-38063** | **16-1633636** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |
| **Five American Lane<br>Greenwich, Connecticut** | **Five American Lane<br>Greenwich, Connecticut** | **06831** | **06831** |
| **(**Address of principal executive offices) | **(**Address of principal executive offices) | (Zip Code) | (Zip Code) |

---

Registrant's telephone number, including area code: **888-998-6000**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.00001 per share | QXO | New York Stock Exchange |
| Depositary Shares, each representing a 1/20th interest in a share of 5.50% Series B Mandatory Convertible Preferred Stock, par value $0.001 per share | QXO.PRB | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp; □

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.**

On August 14, 2025, QXO, Inc. (the "Company") issued a press release announcing its results of operations for the fiscal quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished in Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 99.1 | <u>[Press release, dated](qxoq2-25earningsrelease.htm)[August 14](qxoq2-25earningsrelease.htm)[, 2025, issued by QXO, Inc.](qxoq2-25earningsrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | **QXO, INC.** | **QXO, INC.** |
|  | By: | /s/ Ihsan Essaid |
|  |  | Ihsan Essaid |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image.jpg](image.jpg)

**QXO Reports Second Quarter 2025 Results**

**GREENWICH, Conn. — August 14, 2025** — QXO, Inc. ("QXO" or the "Company") (NYSE: QXO) today announced its financial results for the second quarter 2025. The Company reported a basic and diluted loss per common share of $(0.15) and an Adjusted Diluted Earnings per Common Share ("Adjusted Diluted EPS"), a non-GAAP financial measure, of $0.11 for the three months ended June 30, 2025.

**SECOND QUARTER 2025 SUMMARY RESULTS**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| *(in millions, except for per share data)* | **2025** | **2024** |
| Net sales | $1906.4 | $14.5 |
| Gross profit | $401.7 | $5.8 |
| &nbsp;&nbsp;Adjusted Gross Profit<sup>(1)</sup> | $482.0 | $5.8 |
| Gross margin | 21.1% | 40.0% |
| &nbsp;&nbsp;Adjusted Gross Margin<sup>(1)</sup> | 25.3% | 40.0% |
| Net loss | $(58.5) | $(0.6) |
| Net margin | (3.1)% | (4.1)% |
| &nbsp;&nbsp;Adjusted EBITDA<sup>(1)</sup> | $204.6 | $(1.2) |
| &nbsp;&nbsp;Adjusted EBITDA Margin<sup>(1)</sup> | 10.7% | (8.3)% |
| &nbsp;&nbsp;Adjusted Net Income<sup>(1)</sup> | $109.2 | N/M |
| Basic and diluted loss per common share | $(0.15) | N/M |
| &nbsp;&nbsp;Adjusted Diluted EPS<sup>(1)</sup> | $0.11 | N/M |
| N/M - Not meaningful | N/M - Not meaningful | N/M - Not meaningful |
| <sup>(1)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(1)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(1)</sup> See the "Non-GAAP Financial Measures" section of the press release. |

---

Brad Jacobs, chairman and chief executive officer of QXO, said, "The integration of Beacon is progressing well, and we've identified opportunities that exceed our initial expectations. We've made key strategic hires and launched a broad transformation initiative, focusing on pricing, procurement, sales, organizational structure, logistics, and other core drivers of performance. We're confident we will at least double legacy Beacon EBITDA organically. Looking ahead, we see strong momentum in both our acquisition pipeline and organic initiatives, reinforcing our long-term goal of reaching $50 billion in annual revenue within the next decade."

**Second Quarter Highlights**

On April 29, 2025, QXO completed its acquisition of Beacon Roofing Supply, Inc. ("Beacon"). The acquisition was financed through cash from QXO's balance sheet and a combination of debt and equity raises for a total purchase price of $10.6 billion.

***QXO's second quarter operational financial results noted below only include legacy Beacon's operations for the period April 29, 2025 through June 30, 2025.***

Net sales were $1.91 billion for the three months ended June 30, 2025.

Adjusted Gross Margin, a non-GAAP financial measure, for the three months ended June 30, 2025 was 25.3%.

Adjusted Net Income, a non-GAAP financial measure, was $109.2 million for the three months ended June 30, 2025. Adjusted Diluted EPS, a non-GAAP financial measure, was $0.11 for the three months ended June 30, 2025.

Adjusted EBITDA, a non-GAAP financial measure, was $204.6 million for the three months ended June 30, 2025. Adjusted EBITDA Margin, a non-GAAP financial measure, was 10.7% for the three months ended June 30, 2025.

------

***Financing***

During the second quarter, the Company raised $4.9 billion in debt, and an additional $4.8 billion through a combination of common equity and mandatory convertible preferred share issuances. Subsequently in the quarter, we paid down our Term Loan Facility by $1.4 billion. The Company's net debt position as of June 30, 2025 was approximately $1.2 billion.

**About QXO**

QXO is the largest publicly traded distributor of roofing, waterproofing and complementary building products in North America. The Company plans to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. The Company is executing its strategy toward a target of $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

**Non-GAAP Financial Measures**

As required by the rules of the Securities and Exchange Commission ("SEC"), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this press release.

QXO's non-GAAP financial measures in this press release include: Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin.

We calculate Adjusted Gross Profit as gross profit excluding inventory fair value adjustments, and we calculate Adjusted Gross Margin as Adjusted Gross Profit divided by net sales. We calculate Adjusted Net Income (Loss) as net income (loss) excluding amortization; stock-based compensation; loss on debt extinguishment; restructuring costs; transaction costs; transformation costs; inventory fair value adjustments; and the income tax associated with such adjusting items. We calculate Adjusted Diluted EPS as Adjusted Net Income (Loss) divided by the weighted-averaged number of common shares outstanding during the period plus the effect of dilutive common share equivalents based on the most dilutive result of the if-converted and two-class methods. We calculate Adjusted EBITDA as net income (loss) excluding depreciation; amortization; stock-based compensation; interest (income) expense, net; loss on debt extinguishment; provision for (benefit from) income taxes; restructuring costs; transaction costs; transformation costs; and inventory fair value adjustments that we do not consider representative of our underlying operations. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales.

Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating QXO's ongoing performance. We believe these non-GAAP financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, QXO's core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying business. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies.

***Forward-looking statements***

*This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target," "trajectory" or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.*

*These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and the following:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• an inability to obtain the products we distribute resulting in lost revenues and reduced margins and damaging relationships with customers;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• a change in supplier pricing and demand adversely affecting our income and gross margins;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• a change in vendor rebates adversely affecting our income and gross margins;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• our inability to identify potential acquisition targets or successfully complete acquisitions on acceptable terms;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• risks related to maintaining our safety record;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the possibility that building products distribution industry demand may soften or shift substantially due to cyclicality or dependence on general economic and political conditions, including inflation or deflation, interest rates, governmental subsidies or incentives, consumer confidence, labor and supply shortages, weather and commodity prices;*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the possibility that regional or global barriers to trade or a global trade war could increase the cost of products in the building products distribution industry, which could adversely impact the competitiveness of such products and the financial results of businesses in the industry;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• seasonality, weather-related conditions and natural disasters;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• risks related to the proper functioning of our information technology systems, including from cybersecurity threats and artificial intelligence use;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• loss of key talent or our inability to attract and retain new qualified talent;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• risks related to work stoppages, union negotiations, labor disputes and other matters associated with our labor force or the labor force of our suppliers or customers;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the risk that the anticipated benefits of our acquisition of Beacon Roofing Supply, Inc. (the "Beacon Acquisition") or any future acquisition may not be fully realized or may take longer to realize than expected;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the effect of the Beacon Acquisition or any future acquisition on our business relationships with employees, customers or suppliers, operating results and business generally;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• unexpected liabilities, costs, charges, expenses or accounting adjustments resulting from the Beacon Acquisition or any future acquisition or difficulties in integrating and operating acquired companies;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• risks related to our obligations under the indebtedness we incurred in connection with the Beacon Acquisition;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the risk that the Company is or becomes highly dependent on the continued leadership of Brad Jacobs as chairman and chief executive officer and the possibility that the loss of Mr. Jacobs in these roles could have a material adverse effect on the Company's business, financial condition and results of operations;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the possible economic impact of the Company's outstanding warrants and preferred stock on the Company and the holders of its common stock, including market price volatility, dilution from the exercise or conversion of the warrants or preferred stock, or the impact of dividend payments from preferred stock that remains outstanding;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• challenges raising additional equity or debt capital from public or private markets to pursue the Company's business plan and the effects that raising such capital may have on the Company and its business;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the possibility that new investors in any future financing transactions could gain rights, preferences and privileges senior to those of the Company's existing stockholders;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• risks associated with periodic litigation, regulatory proceedings and enforcement actions, which may adversely affect the Company's business and financial performance;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of legislative, regulatory, economic, competitive and technological changes;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• other factors, including those set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q.*

*All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements except to the extent required by law.*

---

| |
|:---|
| **Media Contact** |
| Joe Checkler |
| joe.checkler@qxo.com |
| 203-609-9650 |
| **Investor Contact** |
| Mark Manduca |
| mark.manduca@qxo.com |
| 203-321-3889 |

---

------

**QXO, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Operations**

**(in millions, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net sales** | $1906.4 | $14.5 | $1919.8 | $29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of products sold | 1504.7 | 8.7 | 1512.8 | 17.5 |
| Gross profit | 401.7 | 5.8 | 407.0 | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 456.8 | 9.8 | 501.2 | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 27.2 | 0.1 | 27.3 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | 79.8 | 0.2 | 80.0 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | 563.8 | 10.1 | 608.5 | 15.6 |
| **Loss from operations** | (162.1) | (4.3) | (201.5) | (4.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (expense) income, net | (30.2) | 3.5 | 26.4 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | (45.7) |  | (45.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 1.7 |  | 1.7 |  |
| **Loss before provision for income taxes** | (236.3) | (0.8) | (219.1) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit from income taxes | (177.8) | (0.2) | (169.3) | (0.2) |
| **Net loss** | $(58.5) | $(0.6) | $(49.8) | $(0.5) |
| Loss per common share - basic and diluted | $(0.15) | $(9.93) | $(0.19) | $(9.72) |
| **Total weighted-average common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 564.7 | 0.7 | 508.4 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 564.7 | 0.7 | 508.4 | 0.7 |

---

------

**QXO, INC. AND SUBSIDIARIES**

**Condensed Consolidated Balance Sheets** 

**(in millions, except per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | **June 30,<br>2025** | **December 31,<br>2024** |
| **Assets** | | |
| **Current assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2278.5 | $5068.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 1575.7 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 1849.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vendor rebates receivable | 468.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 222.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 99.5 | 18.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 6494.8 | 5089.6 |
| Property and equipment, net | 696.3 | 0.4 |
| Goodwill | 5137.9 | 1.2 |
| Intangibles, net | 4003.8 | 4.0 |
| Operating lease right-of-use assets, net | 747.3 | 0.3 |
| Deferred income tax assets, net |  | 2.6 |
| Other assets, net | 34.1 | 0.2 |
| **Total assets** | $17114.2 | $5098.3 |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $1426.9 | $6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 585.7 | 38.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 108.3 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance lease liabilities | 44.5 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 2165.4 | 45.1 |
| Borrowings under revolving lines of credit | 199.9 |  |
| Long-term debt, net | 3051.5 |  |
| Deferred income tax liabilities, net | 1042.3 |  |
| Operating lease liabilities | 571.5 | 0.1 |
| Finance lease liabilities | 139.5 | 0.2 |
| Other long-term liabilities | 28.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 7198.9 | 45.4 |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Convertible Preferred Stock, $0.001 par value; 0.6 shares and 0.0 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 558.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stock, $0.001 par value; authorized 10.0 shares, 1.0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | 498.6 | 498.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock; $0.00001 par value; authorized 2,000.0 shares; 671.6 and 409.4 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 8965.8 | 4560.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (104.1) | (6.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (3.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 9915.3 | 5052.9 |
| **Total liabilities and stockholders' equity** | $17114.2 | $5098.3 |

---

------

**QXO, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Cash Flows**

**(in millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Operating Activities** |  |  |
| Net loss | $(49.8) | $(0.5) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 27.3 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 80.0 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 85.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 2.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 45.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 2.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 27.9 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 21.9 | (0.2) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (226.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (15.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vendor rebates receivable | (228.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | (202.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1.1 | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 312.1 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (21.5) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (137.7) | (0.7) |
| **Investing Activities** |  |  |
| Capital expenditures | (19.7) | (0.1) |
| Acquisition of business, net of cash acquired | (10556.5) |  |
| Other | 0.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (10575.4) | (0.1) |
| **Financing Activities** |  |  |
| Borrowings under revolving lines of credit | 422.6 |  |
| Payments under revolving lines of credit | (223.0) |  |
| Borrowings under term loan | 2250.0 |  |
| Payments under term loan | (1400.0) |  |
| Borrowings under senior notes | 2250.0 |  |
| Payment of debt issuance costs | (114.4) |  |
| Payment of other debt |  | (0.3) |
| Payments under equipment financing facilities and finance leases | (7.2) | (0.1) |
| Proceeds from issuance of common stock related to equity awards | 14.3 |  |
| Proceeds from issuance of common stock, net of issuance costs | 4218.4 |  |
| Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs | 558.1 |  |
| Proceeds from issuance of convertible preferred stock and warrants, net of issuance costs |  | 983.7 |
| Payment of taxes related to net share settlement of equity awards | (0.1) |  |
| Payment of common-stock dividend |  | (17.4) |
| Payment of dividends on convertible preferred stock | (45.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 7923.7 | 965.9 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.3) |  |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (2789.7) | 965.1 |
| Cash, cash equivalents and restricted cash, beginning of period | 5072.0 | 6.2 |
| Cash, cash equivalents and restricted cash, end of period | $2282.3 | $971.3 |
| **Supplemental Cash Flow Information** |  |  |
| Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $22.5 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net of refunds | $35.1 | $— |

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**QXO, INC. AND SUBSIDIARIES**

**Consolidated Sales by Line of Business**

**(in millions, except percentages)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sales by Line of Business**<sup>(1)</sup> | **Sales by Line of Business**<sup>(1)</sup> | **Sales by Line of Business**<sup>(1)</sup> | **Sales by Line of Business**<sup>(1)</sup> | **Sales by Line of Business**<sup>(1)</sup> |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Net Sales** | **Mix %** | **Net Sales** | **Mix %** |
| Residential roofing products | $929.8 | 48.7% | $— | 0.0% |
| Non-residential roofing products | 535.5 | 28.1% |  | 0.0% |
| Complementary building products | 426.1 | 22.4% |  | 0.0% |
| Software products and services | 15.0 | 0.8% | 14.5 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net sales | $1906.4 | 100.0% | $14.5 | 100.0% |
| <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. | <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. | <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. | <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. | <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sales by Line of Business**<sup>(1)</sup> | **Sales by Line of Business**<sup>(1)</sup> | **Sales by Line of Business**<sup>(1)</sup> | **Sales by Line of Business**<sup>(1)</sup> | **Sales by Line of Business**<sup>(1)</sup> |
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Net Sales** | **Mix %** | **Net Sales** | **Mix %** |
| Residential roofing products | $929.8 | 48.5% | $— | 0.0% |
| Non-residential roofing products | 535.5 | 27.9% |  | 0.0% |
| Complementary building products | 426.1 | 22.2% |  | 0.0% |
| Software products and services | 28.4 | 1.4% | 29.0 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net sales | $1919.8 | 100.0% | $29.0 | 100.0% |
| <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. | <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. | <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. | <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. | <sup>(1)</sup> Net sales mix percentages may not recalculate due to rounding. |

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**QXO, INC. AND SUBSIDIARIES**

**Reconciliation of Non-GAAP Measures**

**(in millions, except percentages)**

**(Unaudited)**

***Adjusted Gross Profit and Adjusted Gross Profit Margin***

A reconciliation of gross profit and gross margin to Adjusted Gross Profit and Adjusted Gross Margin is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Gross profit | $401.7 | $5.8 | $407.0 | $11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory fair value adjustments<sup>(1)</sup> | 80.3 |  | 80.3 |  |
| Adjusted Gross Profit<sup>(2)</sup> | $482.0 | $5.8 | $487.3 | $11.5 |
| Net sales | $1906.4 | $14.5 | $1919.8 | $29.0 |
| *Gross margin*<sup>(3)</sup> | 21.1% | 40.0% | 21.2% | 39.7% |
| *Adjusted Gross Margin*<sup>(2)(3)</sup> | 25.3% | 40.0% | 25.4% | 39.7% |
| <sup>(1)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025.  | <sup>(1)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025.  | <sup>(1)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025.  | <sup>(1)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025.  | <sup>(1)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025.  |
| <sup>(2)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(2)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(2)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(2)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(2)</sup> See the "Non-GAAP Financial Measures" section of the press release. |
| <sup>(3)</sup> Gross margin is calculated as gross profit divided by net sales. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by net sales. | <sup>(3)</sup> Gross margin is calculated as gross profit divided by net sales. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by net sales. | <sup>(3)</sup> Gross margin is calculated as gross profit divided by net sales. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by net sales. | <sup>(3)</sup> Gross margin is calculated as gross profit divided by net sales. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by net sales. | <sup>(3)</sup> Gross margin is calculated as gross profit divided by net sales. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by net sales. |

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**QXO, INC. AND SUBSIDIARIES**

**Reconciliation of Non-GAAP Measures (cont.)**

**(in millions, except per share data)**

**(Unaudited)**

***Adjusted Net Income and Adjusted Diluted EPS***

A reconciliation of net loss and diluted loss per common share to Adjusted Net Income and Adjusted Diluted EPS is as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** |
| Net loss | (58.5) | (49.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit from income taxes | (177.8) | (169.3) |
| Loss before provision for income taxes | (236.3) | (219.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 79.8 | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 65.0 | 85.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment<sup>(1)</sup> | 45.7 | 45.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 35.3 | 35.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 65.6 | 75.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transformation costs | 11.8 | 11.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory fair value adjustments<sup>(2)</sup> | 80.3 | 80.3 |
| Adjusted income before provision for income taxes | 147.2 | 194.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax associated with the adjustments above<sup>(3)</sup> | 38.0 | 50.3 |
| Adjusted Net Income<sup>(4)</sup> | 109.2 | 144.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stock dividend | (22.5) | (45.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Convertible Preferred Stock dividend | (3.1) | (3.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed income allocated to participating securities |  |  |
| Adjusted Net Income attributable to common stockholders | 83.6 | 96.3 |
| Basic and diluted loss per common share | (0.15) | (0.19) |
| Adjusted Diluted EPS<sup>(4)(5)</sup> | 0.11 | 0.17 |
| Adjusted diluted weighted-average common shares outstanding<sup>(5)</sup> | 702.0 | 580.6 |
| <sup>(1)</sup> Represents extinguishment costs resulting from the partial prepayment of borrowings under the Term Loan Facility.  | <sup>(1)</sup> Represents extinguishment costs resulting from the partial prepayment of borrowings under the Term Loan Facility.  | <sup>(1)</sup> Represents extinguishment costs resulting from the partial prepayment of borrowings under the Term Loan Facility.  |
| <sup>(2)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025.  | <sup>(2)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025.  | <sup>(2)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025.  |
| <sup>(3)</sup> The effective tax rate to calculate Adjusted Net Income (Loss) for the three and six months ended June 30, 2025 is 25.84%, due to the impacts on certain tax deductions on adjusted income (loss) before provision for income taxes. | <sup>(3)</sup> The effective tax rate to calculate Adjusted Net Income (Loss) for the three and six months ended June 30, 2025 is 25.84%, due to the impacts on certain tax deductions on adjusted income (loss) before provision for income taxes. | <sup>(3)</sup> The effective tax rate to calculate Adjusted Net Income (Loss) for the three and six months ended June 30, 2025 is 25.84%, due to the impacts on certain tax deductions on adjusted income (loss) before provision for income taxes. |
| <sup>(4)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(4)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(4)</sup> See the "Non-GAAP Financial Measures" section of the press release. |
| <sup>(5)</sup> Adjusted Diluted EPS is calculated as Adjusted Net Income (Loss) divided by the weighted-average number of common shares outstanding during the period plus the effect of dilutive common share equivalents based on the most dilutive result of the if-converted and two-class methods. | <sup>(5)</sup> Adjusted Diluted EPS is calculated as Adjusted Net Income (Loss) divided by the weighted-average number of common shares outstanding during the period plus the effect of dilutive common share equivalents based on the most dilutive result of the if-converted and two-class methods. | <sup>(5)</sup> Adjusted Diluted EPS is calculated as Adjusted Net Income (Loss) divided by the weighted-average number of common shares outstanding during the period plus the effect of dilutive common share equivalents based on the most dilutive result of the if-converted and two-class methods. |

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**QXO, INC. AND SUBSIDIARIES**

**Reconciliation of Non-GAAP Measures (cont.)**

**(in millions, except percentages)**

**(Unaudited)**

***Adjusted EBITDA and Adjusted EBITDA Margin***

A reconciliation of net loss to Adjusted EBITDA and Adjusted EBITDA Margin is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(58.5) | $(0.6) | $(49.8) | $(0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 27.2 | 0.1 | 27.3 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 79.8 | 0.2 | 80.0 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 65.0 |  | 85.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income), net | 30.2 | (3.5) | (26.4) | (3.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment<sup>(1)</sup> | 45.7 |  | 45.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit from income taxes | (177.8) | (0.2) | (169.3) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 35.3 | 2.8 | 35.3 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 65.6 |  | 75.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transformation costs | 11.8 |  | 11.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory fair value adjustments<sup>(2)</sup> | 80.3 |  | 80.3 |  |
| Adjusted EBITDA<sup>(3)</sup> | $204.6 | $(1.2) | $195.6 | $(0.7) |
| Net sales | $1906.4 | $14.5 | $1919.8 | $29.0 |
| *Net margin*<sup>(4)</sup> | (3.1)% | (4.1)% | (2.6)% | (1.7)% |
| *Adjusted EBITDA Margin*<sup>(3)(4)</sup> | 10.7% | (8.3)% | 10.2% | (2.4)% |
| <sup>(1)</sup> Represents extinguishment costs resulting from the partial prepayment of borrowings under the Term Loan Facility.  | <sup>(1)</sup> Represents extinguishment costs resulting from the partial prepayment of borrowings under the Term Loan Facility.  | <sup>(1)</sup> Represents extinguishment costs resulting from the partial prepayment of borrowings under the Term Loan Facility.  | <sup>(1)</sup> Represents extinguishment costs resulting from the partial prepayment of borrowings under the Term Loan Facility.  | <sup>(1)</sup> Represents extinguishment costs resulting from the partial prepayment of borrowings under the Term Loan Facility.  |
| <sup>(2)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025. | <sup>(2)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025. | <sup>(2)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025. | <sup>(2)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025. | <sup>(2)</sup> Represents the inventory fair value adjustments related to recording the inventory of acquired businesses at fair value on the date of acquisition. We expect the inventory fair value adjustments to be fully recognized during the year ended December 31, 2025. |
| <sup>(3)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(3)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(3)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(3)</sup> See the "Non-GAAP Financial Measures" section of the press release. | <sup>(3)</sup> See the "Non-GAAP Financial Measures" section of the press release. |
| <sup>(4)</sup> Net margin is calculated as net income (loss) divided by net sales. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales. | <sup>(4)</sup> Net margin is calculated as net income (loss) divided by net sales. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales. | <sup>(4)</sup> Net margin is calculated as net income (loss) divided by net sales. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales. | <sup>(4)</sup> Net margin is calculated as net income (loss) divided by net sales. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales. | <sup>(4)</sup> Net margin is calculated as net income (loss) divided by net sales. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales. |

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