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Quality Industrial Corp. entered into a Promissory Note & Loan Modification and Forbearance Agreement with RB Capital Partners covering two previously issued convertible notes with original principal of $1,100,000 and $200,000. As of June 30, 2026, the aggregate amount outstanding under these notes was $1,587,439.64.
The company agreed to pay a total of $1,675,000 in 19 installments from July 30, 2026 through January 15, 2028, with no additional interest so long as no default occurs. A $30,000 timely payment discount can reduce the final installment. The notes’ term is extended to March 1, 2028, and RB Capital agrees to forbear from enforcing remedies during a defined forbearance period, subject to detailed default and cure provisions and a 5% default interest rate on unpaid amounts after default.
The holder’s right to convert principal into common stock at $1.00 per share, subject to beneficial ownership limitations, is expressly preserved; any converted principal reduces the payment schedule. Mutual releases and covenants not to sue become fully effective when the payment amount is paid in full, and any conversion shares are expected to be issued in transactions exempt from registration under Section 4(a)(2) and/or Regulation D.
Quality Industrial Corp. reported modestly higher revenue and a near break-even bottom line for the three months ended March 31, 2026. Revenue was $3.67 million, slightly above the prior-year period’s $3.62 million, generating gross profit of about $1.0 million.
Operating expenses fell sharply to $824,780 from $1.90 million, lifting operating results from a $947,122 loss to operating income of $175,820. Net income attributable to QIND stockholders was just $8,828, effectively break-even on a basic and diluted EPS of $0.00.
The balance sheet remains strained. Total assets were $16.90 million against total liabilities of $18.42 million, leaving an equity deficit of $1.52 million. Current liabilities of $18.04 million far exceed current assets of $7.30 million, and cash was $172,548, with $309,650 of net cash used in operating activities.
Management disclosed a going concern uncertainty, stating the company’s ability to continue depends on generating sufficient revenue and raising capital through borrowings and security sales. Subsequent events include new ASG subcontracts worth about $1.14 million, an authorized share increase to 450 million, and a leadership change appointing Carsten Kjems Falk as CEO.
Quality Industrial Corp. announced a leadership change, with John-Paul Backwell resigning as Chief Executive Officer effective April 20, 2026, for personal and health reasons while remaining on the board. The board appointed Carsten Kjems Falk as Chief Executive Officer, and he will also continue serving as Interim Chief Financial Officer and a director.
Falk has held multiple senior roles at the company since 2020, including prior service as CEO and Chief Commercial Officer, and brings experience from SaaS, FMCG, energy, and Domino’s Pizza Denmark. The company issued a press release on April 23, 2026, highlighting its focus on disciplined execution, operational efficiency, and ongoing strategic transactions, while cautioning that forward-looking statements are subject to significant risks and uncertainties.
Quality Industrial Corp. COO and Managing Director Middle East Safir Sanjeeb reported two major share transactions involving 1,000,000 QIND common shares. On September 2, 2024, he received 1,000,000 shares as a grant or award, held directly.
On November 26, 2024, he disposed of 1,000,000 QIND shares in a transaction coded as an open-market or private sale. A related agreement shows these shares were transferred to Fusion Fuel Green PLC under a Stock Purchase Agreement, in exchange for 46,314 Series A Convertible Preferred Shares of Fusion Fuel. Each Series A share is automatically convertible, once certain shareholder and Nasdaq listing conditions are met, into ten Fusion Fuel Class A Ordinary Shares. Based on Nasdaq’s last reported price of $4.64 per Fusion Fuel Class A Ordinary Share on November 25, 2024, the QIND shares were effectively valued at about $2.15 per share on an as-converted basis.
Quality Industrial Corp. executive Safir Sanjeeb, who serves as COO and Managing Director Middle East, filed an initial Form 3 reporting his beneficial ownership status. The filing shows no transactions, no derivative positions, and no reported share purchases or sales at this time.
Quality Industrial Corp. filed an amended 8-K to replace an erroneous prior earnings release and provide a corrected FY 2025 shareholder letter and results. Revenue rose 45.9% to $16.3 million from $11.2 million, with gross profit up to $4.8 million but gross margin declining from 35.5% to 29.4% as operating expenses increased 60.7% to $5.2 million.
The company swung from GAAP net income of $0.3 million to a GAAP net loss of $4.6 million, largely reflecting turnaround-related items and legacy write-offs. Non-GAAP adjusted net income improved from a loss of $0.2 million to a profit of $0.6 million. Management highlights governance changes, settlement of about $2.0 million of legacy employee and officer obligations, reduction of accounts payable by 45% to $1.2 million, lower convertible notes, and approximately $4.4 million of capital support from parent Fusion Fuel. For 2026, QIND is targeting $20 million of revenue, emphasizing growth at Al Shola Gas and continued debt servicing.
Quality Industrial Corp. reported fiscal 2025 revenue of $16,307,787, up 45.9% from $11,177,567, reflecting strong growth at its Al Shola Gas subsidiary. Gross profit rose to $4,788,780, but gross margin declined to 29.4% from 35.5% as operating expenses increased 60.7% to $5,245,558.
The company posted a reported net loss of $4,603,645 versus prior-year net income of $266,780. After non-recurring turnaround and legacy items, adjusted net income was $566,853, up 452% from $160,774. QIND reduced convertible note principal and accounts payable while using capital from Fusion Fuel to clean up legacy liabilities and fund Al Shola Gas growth.
Al Shola Gas secured approximately $7 million in new engineering contracts and about $2 million in annual recurring fuel distribution contracts and expanded into the northern emirates. Management highlights ongoing risks from regional conflict, remaining convertible debt, potential future dilution, and the need for additional financing, even as core turnaround actions are largely completed.
Quality Industrial Corp. files its annual report outlining a transformation into an LPG-focused industrial energy company through its 51% stake in Dubai-based Al Shola Gas, acquired for a total purchase price of $10,000,000. The business designs, installs and operates LPG systems and distributes more than 20,000 LPG cylinders and over 500,000 liters of bulk LPG each month across the UAE, generating both project and recurring utility revenue.
The report highlights substantial financial strain: as of December 31, 2025, eight convertible promissory notes totaling $2,561,240 including interest and penalties remained unpaid and in default, exposing the company to acceleration, high default rates, discounted share conversions and secured enforcement. Goodwill represents 50.6% of total assets, creating sensitivity to impairment.
Control of QIND shifted to Fusion Fuel Green PLC in late 2024 via a share sale of 78,312,334 common shares and 20,000 Series B preferred shares in exchange for 109,114 Class A ordinary shares and 4,171,327 Series A preferred shares of Fusion Fuel. As of June 30, 2025, the market value of non-affiliate common stock was approximately $1,283,522, with 193,266,631 common shares outstanding as of March 31, 2026. Extensive risk disclosures cite dependence on Fusion Fuel funding, heavy leverage, exposure to Middle East geopolitical conflict — including severe disruption from the 2026 Iran conflict and Strait of Hormuz closure — climate and regulatory pressures, and competition in regional LPG markets.
Quality Industrial Corp. director and Chairman Frederico Figueira de Chaves filed an initial ownership report on Form 3. This filing establishes his status as an officer and director of QIND but does not report any share purchases, sales, or other transactions.
Quality Industrial Corp. reported an insider ownership change as Fusion Fuel Green PLC, a more than 10% holder, converted preferred stock into common shares. On February 23, 2026, Fusion Fuel Green converted 8,500 shares of Series B Convertible Preferred Stock into 8,500,000 shares of common stock for no cash consideration. Following the conversion, Fusion Fuel Green held 100,312,334 shares of Quality Industrial common stock directly. The preferred shares were convertible at the holder’s option, subject to a 9.99% beneficial ownership limitation and other conversion restrictions as described in the footnote.