QIND Files Its Third Quarter of 2023 Results, Displaying Continued Quarter-on-Quarter Revenue Growth

Rhea-AI Summary

Quality Industrial Corp. (QIND) reported its financial results for Q3 2023, with revenue of $22.1M and net profit of $1.9M, compared to $19.8M and $2.4M in Q3 2022. Despite a decrease in net profit due to share issuances, the underlying operating business saw an increase in net profit to $3.4M before adjustments. QIND remains optimistic.

Positive

• Revenue increased from Q3 2022 to Q3 2023
• Underlying operating business showed improved net profit before adjustments

Negative

• Net profit decreased due to share issuances
• Potential dilution for shareholders due to share issuances

SAN FRANCISCO, CA / ACCESSWIRE / November 21, 2023 / Quality Industrial Corp. (OTC PINK:QIND), yesterday filed its financial results for the third quarter ended September 30, 2023, on SEC Form 10-Q, in accordance with applicable accounting standards.

QIND reported revenue of $22.1M and net profit of $1.9M for the three months ended September 30, 2023, compared to $19,8M in revenue and net profit of $2.4M for the same period in 2022. The net profit decrease was due to shares issued to management totaling $1.5M during the quarter. However, the underlying performance of the operating business increased its net profit compared to the same period in 2022, with $3.4M achieved before adjusting for share issuances. QIND remains optimistic about its fourth quarter growth over the same period last year.

QIND has continued to lay the foundations for future growth, including but not limited to its planned uplist to the NYSE American. The Company's S-1 Registration Statement will be amended with the third quarter financial statements and subsequently filed with the Securities and Exchange Commission.

This Press Release does not constitute an offer of any securities for sale.

FORWARD-LOOKING STATEMENTS

This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.

CONTACT

Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: info@qualityindustrialcorp.com
Investor site: https://qualityindustrialcorp.com
Twitter: @ QualityIndCorp @ILUS_INTL

SOURCE: Quality Industrial Corp.

View source version on accesswire.com:
https://www.accesswire.com/807813/qind-files-its-third-quarter-of-2023-results-displaying-continued-quarter-on-quarter-revenue-growth

FAQ

What were Quality Industrial Corp.'s (QIND) financial results for Q3 2023?

QIND reported revenue of $22.1M and net profit of $1.9M.

How do QIND's Q3 2023 financial results compare to Q3 2022?

In Q3 2022, QIND had revenue of $19.8M and net profit of $2.4M, showing an increase in both for Q3 2023.

What caused the decrease in QIND's net profit for Q3 2023?

The net profit decrease was due to shares issued to management totaling $1.5M during the quarter.

What was the underlying performance of QIND's operating business for Q3 2023?

The underlying performance of the operating business increased its net profit compared to the same period in 2022, with $3.4M achieved before adjusting for share issuances.

What is the outlook for QIND based on its Q3 2023 results?

QIND remains optimistic despite the net profit decrease due to share issuances.