Fusion Fuel Highlights Fiscal Year 2025 Results and Business Progress of Majority-Owned Subsidiary Quality Industrial Corp.; Achieves 45.9% Year-Over-Year Revenue Growth to $16.3 Million

Rhea-AI Summary

Fusion Fuel (Nasdaq: HTOO) highlighted fiscal 2025 results for majority-owned subsidiary Quality Industrial Corp (QIND), reporting $16.3M revenue (up 45.9% YoY), $4.8M gross profit (up 20.8% YoY) and $564,465 non-GAAP adjusted net income versus a prior-year adjusted loss. QIND reduced accounts payable 45%, wrote off ~$3.5M of assets, cut convertible note balances 13%, and trimmed management costs. For 2026 QIND targets ~$20M revenue, continued Al Shola Gas expansion, and further deleveraging, subject to market conditions.

Positive

• Revenue +45.9% YoY to $16.3M
• Non-GAAP adjusted net income $564,465 vs adjusted loss
• Reduced accounts payable by 45%
• Targeting approximately $20M revenue for 2026

Negative

• GAAP net loss of $(4.6M) in FY2025 versus GAAP net income prior year
• Operating expenses increased 60.7% YoY to $5.25M
• Asset write-offs of approximately $3.5M during 2025
• Reduced convertible note balances by only 13%

Argus Apr 2 session

-2.10% close to close Open Argus

Details

News Market Reaction – HTOO

On Apr 2, the day this news came out, HTOO closed 2.10% below the previous close.

Data tracked by StockTitan Argus for the Apr 2 session.

Market Context

This announcement highlights QIND’s FY 2025 revenue of $16.3M, up 45.9%, and a swing to $564,465 in ...

Analysis

This announcement highlights QIND’s FY 2025 revenue of $16.3M, up 45.9%, and a swing to $564,465 in non-GAAP adjusted net income despite a GAAP loss driven by write-offs and higher operating expenses. Governance changes, liability reductions, and a 2026 revenue target of ~$20M frame QIND as a more streamlined contributor to Fusion Fuel. Investors may watch margins, debt reduction progress, and Al Shola Gas expansion to assess durability of these improvements.

Key Figures

FY 2025 Revenue: $16,307,787 FY 2025 Gross Margin: 29.4% FY 2025 Net Income (Loss): $(4,603,645) +5 more

FY 2025 Revenue

$16,307,787

QIND fiscal year ended Dec 31, 2025; +45.9% vs FY 2024

FY 2025 Gross Margin

29.4%

QIND gross margin vs 35.5% in FY 2024

FY 2025 Net Income (Loss)

$(4,603,645)

QIND GAAP net loss vs $266,780 net income in FY 2024

FY 2025 Adjusted Net Income

$564,465

QIND non-GAAP adjusted net income vs $(160,774) in FY 2024

Asset Write-offs

approximately $3.5 million

QIND assets deemed non-recoverable during FY 2025

Write-off of Asset Reserve

$2,000,000

Non-cash write-off reversed in adjusted net income reconciliation

2026 Revenue Target

approximately $20 million

QIND FY 2026 revenue goal, subject to market conditions

Accounts Payable Reduction

45%

QIND reduction in accounts payable during FY 2025

Previous Earnings Reports

3 past events · Latest: Sep 10

Same Type 3 events

1. Sep 10

   H1 2025 results

   24h Move

   +1.2%

   First-half 2025 revenue and sharply reduced operating loss.

2. Jun 05

   Q1 2024 results

   24h Move

   -4.9%

   Q1 2024 financial update with grants, financing and project wins.

3. May 31

   Earnings webcast date

   24h Move

   +7.0%

   Announcement of webcast to discuss Q1 2024 financial results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-GAAP, GAAP

2 terms

non-GAAP financial

"Non-GAAP adjusted net income of $564,465, compared to non-GAAP adjusted net loss..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

GAAP financial

"Net Income (Loss) (GAAP) | | $266,780 | | $ | (4,603,645 | )"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

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Dublin, April 02, 2026 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (Nasdaq: HTOO) ("Fusion Fuel" or the "Company"), a leading provider of full-service energy engineering, advisory, and utility solutions, today highlighted certain fiscal year 2025 financial results of its majority-owned subsidiary, Quality Industrial Corp. (OTCID: QIND) (“QIND”), and provided an update on QIND’s business progress.

QIND Fiscal Year 2025 Financial Results Highlights

For the fiscal year ended December 31, 2025, QIND reported:

• Revenue of approximately $16.3 million, an increase of 45.9% compared to approximately $11.2 million in fiscal year 2024;
• Gross profit of approximately $4.8 million, compared to approximately $4.0 million in the prior year, representing a 20.8% increase year-over-year; and
• Non-GAAP adjusted net income of $564,465, compared to non-GAAP adjusted net loss of $160,774 in the prior year, representing a 451% increase year-over-year.
  
  

Governance and Financial Position

During fiscal year 2025, QIND:

• Transitioned to a three-member Board and reduced management level costs;
• Settlement of legacy compensation obligations and exit arrangements with former management;
• Reduced accounts payable by 45%;
• Wrote off assets deemed non-recoverable of approximately $3.5 million; and
• Reduced balances under convertible notes by 13%.
  
  

2026 Outlook

For fiscal year 2026, QIND expects:

• Expansion of its United Arab Emirates (“UAE”)-based majority-owned subsidiary, Al Shola Al Modea Gas Distribution L.L.C. (“Al Shola Gas”), supported by incremental fleet capacity, a growing pipeline of contracted engineering projects, and continued geographic expansion into the northern emirates;
• Further deleveraging efforts, including the servicing or restructuring of outstanding debt obligations; and
• Revenue growth targeting approximately $20 million, subject to market conditions and the absence of prolonged disruptions in the UAE and Persian Gulf region.
  
  

“Fiscal year 2025 was a significant period for QIND,” said JP Backwell, Chief Executive Officer of Fusion Fuel. “Through disciplined execution, we strengthened governance, streamlined the cost structure, reduced certain liabilities, and supported continued operational growth at Al Shola Gas. As a result, we believe QIND is now better positioned to generate more consistent, scalable performance and contribute to Fusion Fuel’s consolidated results.”

“Looking ahead to fiscal year 2026, we are targeting approximately $20 million in revenue at QIND, driven by continued expansion of Al Shola Gas through additional fleet capacity, new engineering projects, and geographic growth. At the same time, it is anticipated that QIND will continue to seek to strengthen its financial position,” concluded Mr. Backwell.

QIND 2025 Financial Highlights

		FY 2024				FY 2025				Change
Revenue		$	11,177,567			$	16,307,787				+45.9	%
Gross Profit		$	3,963,263			$	4,788,780				+20.8	%
Gross Margin			35.5	%			29.4	%			-17.2	%
Operating Expenses		$	3,265,008			$	5,245,558				+60.7	%
Net Income (Loss)		$	266,780			$	(4,603,645	)			-1,825.6	%
Non-GAAP Adjusted Net Income (Loss)		$	(160,774	)		$	564,465				+451.1	%
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS) YEARS ENDED DECEMBER 31, 2025 AND 2024 (unaudited)
Net Income (Loss) (GAAP)		$	266,780			$	(4,603,645	)
Non-GAAP Adjustments*
(+) Historical management compensation			—			$	1,380,000
(+) Settlement payments to former officers			—			$	606,816
(+) Write-off of asset reserve			—			$	2,000,000
(+) Write-off of receivable			—			$	1,500,000
(+) Non-operational income		$	(427,554	)			(318,706	)
Total Adjustments		$	(427,554	)		$	5,168,110
Non-GAAP Adjusted Net Income (Loss)		$	(160,774	)		$	564,465

*Note: Adjusted Net Income (Loss) is an unaudited non-GAAP financial measure. Adjusted Net Income (Loss) is presented for informational purposes to illustrate the impact of certain non-recurring costs and write-offs. Adjusted Net Income (Loss) is defined as net income (loss) with the following adjustments: (i) the reversal of historical management compensation payments of $1,380,000 representing accrued unpaid salary and bonus obligations paid during fiscal year 2025, (ii) the reversal of settlement payments to certain former officers of the QIND totaling $606,816, (iii) the reversal of a non-cash write-off of $2,000,000 related to the reversal of a reserve recorded within other current assets in connection with the issuance of shares of common stock pursuant to a certain Share Purchase and Buyback Agreement, dated August 21, 2023, among QIND and the other parties thereto, following a determination that such reserve no longer represented assets from which future economic benefits were probable, (iv) the reversal of a non-cash write-off of $1,500,000 related to a receivable from a former related party based on a reassessment of collectability, and (v) the reversal of $318,706 of non-operational income during the fiscal year 2025 from the release of claims under a Settlement and Release Agreement, dated as of September 2025, between QIND and the other party thereto, and the reversal of $427,554 of non-operational income during the fiscal year ended December 31, 2024 from non-recurring interest and the sale of certain legacy intangible assets. Adjusted Net Income (Loss) is not a measure of financial performance under GAAP. Adjusted Net Income (Loss) should not be considered in isolation or as an alternative to net income determined in accordance with U.S. GAAP. The items that were reversed to calculate Adjusted Net Income (Loss) are significant components in understanding and assessing QIND’s results of operations. QIND’s Adjusted Net Income (Loss) may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted Net Income (Loss) in the same manner. The table above is intended to present a reconciliation of Adjusted Net Income (Loss) to its most comparable GAAP measure, net income (loss), as reported.

About Quality Industrial Corp.

Quality Industrial Corp. is an industrial energy company specializing in liquified petroleum gas (“LPG”) infrastructure and distribution. Through its majority-owned subsidiary, Al Shola Gas, QIND provides consulting, engineering, installation, maintenance, and LPG supply services to residential, commercial, and industrial customers across the UAE.

About Fusion Fuel Green PLC

Fusion Fuel Green PLC (NASDAQ: HTOO) provides integrated energy engineering, distribution, and green hydrogen solutions through its Al Shola Gas, BrightHy Solutions, and BioSteam Energy platforms. With operations spanning LPG supply to hydrogen and bio-steam solutions, the Company supports decarbonization across industrial, residential, and commercial sectors. For more information, please visit www.fusion-fuel.eu.

Forward-Looking Statements

This press release and the statements contained herein include “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify these statements because they contain words such as “may,” “will,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” “plan,” “target,” “predict,” “potential,” or the negative of such terms, or other comparable terminology that concern the Company’s expectations, strategy, plans, or intentions. Such forward-looking statements include, but are not limited to, statements regarding QIND’s plans and expectations, its expectations for continued growth, its plans to service or restructure outstanding debt, the expansion of its majority-owned subsidiary Al Shola Gas, and its target of $20 million of revenues. Forward-looking statements relating to expectations about future results or events are based upon information available to the Company as of today’s date and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. The Company’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation, the risks of major, irreversible disruptions and damage to QIND’s core operations due to the ongoing war among Iran, the United States, Israel, and other belligerents; QIND’s ability to service or restructure outstanding debts; QIND’s ability to continue expanding the operations of Al Shola Gas; the ability to secure and execute engineering and LPG infrastructure projects; fluctuations in demand for LPG infrastructure and distribution services; regulatory approvals and compliance requirements affecting LPG distribution and engineering services; volatility in energy markets and commodity prices; QIND’s ability to obtain sufficient financing to support operations and growth initiatives; other risks associated with operating internationally, including in the UAE and other foreign jurisdictions; and the risks and uncertainties described under Item 1A. “Risk Factors” and elsewhere in QIND’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2026, Item 3. “Key Information – D. Risk Factors” and elsewhere in the Company’s Annual Report on Form 20-F filed with the SEC on May 9, 2025 (collectively, the “Annual Reports”), and other filings with the SEC. Should any of these risks or uncertainties materialize, or should the underlying assumptions about the Company’s business and the commercial markets in which the Company operates prove incorrect, actual results may vary materially from those described as anticipated, estimated or expected in the Annual Reports. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The Company does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof, except as required by law.

Investor Relations Contact
ir@fusion-fuel.eu
www.fusion-fuel.eu

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were QIND fiscal year 2025 results reported by Fusion Fuel (HTOO)?

QIND reported $16.3M revenue for fiscal 2025, up 45.9% year-over-year. According to the company, gross profit was $4.8M and non-GAAP adjusted net income was $564,465, improving from a prior-year adjusted loss.

How did QIND’s GAAP net income change in FY2025 versus FY2024 for HTOO investors?

QIND recorded a GAAP net loss of $(4.6M) in FY2025 versus GAAP net income previously. According to the company, non-GAAP adjustments reversed several one-time charges to present adjusted profitability.

What drove QIND’s positive non-GAAP adjusted net income in FY2025 as reported by HTOO?

Non-GAAP adjusted net income benefited from reversals of $5.17M of one-time items. According to the company, adjustments included management compensation, settlements and asset/receivable write-off reversals.

What operational improvements at QIND did Fusion Fuel highlight for investors in April 2026?

Fusion Fuel highlighted governance changes, a three-member board, lower management costs, and a 45% reduction in accounts payable. According to the company, these measures supported improved cost structure and liquidity.

What is QIND’s revenue outlook for fiscal 2026 mentioned by Fusion Fuel (HTOO)?

QIND is targeting approximately $20M in revenue for fiscal 2026, subject to market conditions. According to the company, growth is expected from Al Shola Gas fleet expansion and new engineering contracts.

How material were QIND’s balance sheet actions in FY2025 for HTOO shareholders?

QIND wrote off roughly $3.5M of assets and reduced convertible note balances by 13%. According to the company, these moves were part of deleveraging and legacy liability settlements.