QIND Reports FY 2025 Results: 45.9% Revenue Growth, Core Turnaround Action Highlights
Rhea-AI Summary
Quality Industrial Corp (OTCID: QIND) reported FY2025 revenue of $16,307,787, up 45.9% year-over-year, with gross profit of $4,788,780 (+20.8%) and gross margin of 29.4% (down 17.2% points). GAAP net loss was $(4,603,645); Non-GAAP adjusted net income was $564,465.
The company completed governance changes, settled legacy compensation (~$1.38M) and former-officer settlements (~$606,816), received ~$4.4M capital from Fusion Fuel, cut accounts payable ~45% and targets $20M revenue for 2026.
Positive
- Revenue +45.9% to $16.31M in FY2025
- Non-GAAP adjusted net income of $564,465
- Fusion Fuel capital injection of ~$4.4M
- Accounts payable reduced 45% to $1.16M
Negative
- GAAP net loss $(4,603,645) in FY2025
- Operating expenses increased 60.7% to $5.25M
- Gross margin fell to 29.4%, down 17.2 percentage points
- Related-party payables to Fusion Fuel of $4.43M
News Market Reaction – QIND
In the Apr 1 session, QIND declined 11.11%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
This corrected press release is being issued to replace in its entirety the press release issued by Quality Industrial Corp. on March 31, 2026 at 6:20 AM Eastern Time. The previously issued version was published in error and contained information that did not reflect the final, approved press release.
Investors and other recipients should disregard the prior version in its entirety and rely solely on this corrected press release.
Quality Industrial Corp.
Shareholder Letter and Press Release — Fiscal Year 2025
SAN FRANCISCO, CA, April 01, 2026 (GLOBE NEWSWIRE) -- Quality Industrial Corp. (“QIND” or the “Company”) (OTCID: QIND), today announced selected financial results for fiscal year 2025 alongside this letter to shareholders summarizing the turnaround actions initiated during the year.
Dear Shareholders,
Fiscal year 2025 was a pivotal turnaround year for QIND. Over the past fifteen months, your Board and management team have strengthened governance, restructured costs, and invested in growth. While the turnaround is not yet complete, we believe the progress has been substantial. This letter provides an overview of what was achieved and what lies ahead.
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 one-time turnaround costs and legacy 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
Turnaround Actions
Governance: Transitioned from a sole Director/Chairman to a three-member Board of Directors (Frederico Figueira de Chaves, John-Paul Backwell, Carsten Kjems Falk).
Legacy Compensation Resolved: Settled nearly two years of accumulated unpaid employee compensation (approximately
Cost Structure Reset: Reduced QIND-level management costs as Company’s Chief Executive Officer and Interim Chief Financial Officer have agreed to be paid for services to QIND solely by QIND’s parent, Fusion Fuel Green PLC (“Fusion Fuel”).
Balance Sheet Clean-Up: Reduced outstanding convertible note balances from approximately
Fusion Fuel Investment: Fusion Fuel provided approximately
Key Balance Sheet Movements
| Dec 31, 2024 | Dec 31, 2025 | |||||||
| Convertible Notes (Principal) | $ | 2,676,358 | $ | 2,066,056 | ||||
| Total Convertible Notes (including Interest) | $ | 2,939,909 | $ | 2,561,240 | ||||
| Accounts Payable | $ | 2,116,876 | $ | 1,158,471 | ||||
| Related Party Payables (Fusion Fuel) | $ | 0 | $ | 4,427,537 | ||||
Outlook
The Company believes it has made substantial progress on its turnaround and is focused on growth as well as continuing efforts to reduce its debt position. In 2026, the Company expects to focus on:
(1) Further growth at Al Shola Gas, supported by new trucks entering service, contracted engineering projects, and geographic expansion into the northern emirates.
(2) Servicing open debt positions.
(3) Targeting
Management believes that the Company is substantially stronger coming out of 2025. We believe Al Shola Gas, with over 45 years of operations and deep customer relationships, represents a strong fundamental asset.
Management Commentary
John-Paul Backwell, CEO, stated: “2025 was a year of decisive action. We restructured the Board, settled many legacy obligations, wrote off unrecoverable assets, reduced debt, and reduced recurring management costs at the QIND level — while Al Shola Gas continued to grow revenue and expand into new markets. We are focused on translating operational strength into long-term shareholder value.”
Best regards,
The Board of Directors of Quality Industrial Corp.
About Quality Industrial Corp.
Quality Industrial Corp. is an industrial energy company specializing in liquid petroleum gas (“LPG”) infrastructure and distribution. Through its majority-owned subsidiary, Al Shola Gas, the Company provides consulting, engineering, installation, maintenance, and LPG supply services to residential, commercial, and industrial customers across the UAE.
Forward-Looking Statements
This press release includes “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 forward-looking 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. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company’s turnaround plans and expectations, its expectations for continued growth, its plans to service outstanding debt, the expansion of its majority-owned subsidiary Al Shola Gas, the growth of Al Shola Gas from trucks entering service, contracted engineering projects, and geographic expansion into the northern emirates, and targeting
Contact
Quality Industrial Corp. | 505 Montgomery Street, San Francisco, CA 94104 Phone: +1-800-706-0806 | Email: info@qualityindustrialcorp.com
qualityindustrialcorp.com | alsholagas.ae | fusion-fuel.eu
