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QXO, Inc. (NYSE:QXO), a Delaware-based company specializing in computer processing and data preparation services, has announced a change in its independent accounting firm. On Monday, the company’s Audit Committee approved the appointment of Deloitte & Touche LLP as its new auditor for the fiscal year ending December 31, 2025.
The decision to switch auditors comes after QXO dismissed its previous accounting firm, Marcum LLP, which had been responsible for auditing the company’s financial statements for the fiscal years ended December 31, 2023, and 2024. The reports from Marcum during these periods did not contain any adverse opinions or disclaimers and were not qualified regarding audit scope or accounting principles. InvestingPro data shows QXO maintains a strong balance sheet with more cash than debt and a remarkable current ratio of 112.85, indicating robust liquidity.
According to the 8-K filing with the U.S. Securities and Exchange Commission, there were no disagreements or reportable events between QXO and Marcum that would have influenced Marcum’s audit reports for the mentioned fiscal years or the interim period leading up to March 25, 2025.
As part of standard procedure, QXO has provided Marcum with the disclosures regarding their dismissal and has included Marcum’s letter, dated March 25, 2025, in the filing as Exhibit 16.1, confirming their agreement with the statements made by QXO.
Deloitte’s engagement as the new auditor is subject to the completion of its standard client acceptance processes. QXO has not consulted with Deloitte on any accounting principles or practices, financial statement disclosure, auditing scope or procedure during the fiscal years ended December 31, 2023, and 2024, or the subsequent interim period through March 25, 2025.
The transition to a new auditor is a significant change for QXO, which has undergone several name changes in its history, previously known as SilverSun Technologies, Inc., TREY RESOURCES INC, and TREY INDUSTRIES INC. The company’s headquarters are located in Greenwich, Connecticut.
This news is based on the latest 8-K filing by QXO, Inc. and provides investors with an update on the company’s financial oversight and governance practices.
In other recent news, QXO, Inc. reported its fourth quarter 2024 financial results, which fell short of analyst expectations. The company posted a loss of -$0.02 per share, missing the anticipated $0.06 profit. Revenue was reported at $14.74 million, slightly under the consensus estimate of $15 million. Despite the earnings miss, QXO highlighted its strong financial position, boasting over $5 billion in cash and no debt, which it plans to leverage for acquisitions in the building products distribution industry. The company reported net income of $11.3 million for the quarter, which included $61.4 million in interest income. Additionally, total revenue for the quarter was $14.7 million, with software product revenue increasing by 7.3% year-over-year to $5.0 million. However, service and other revenue saw a decline of 3% to $9.8 million. For the full year 2024, QXO reported a loss of -$0.11 per share, with total revenue increasing by 4.3% to $56.9 million compared to the previous year. The decline in adjusted EBITDA was attributed to costs associated with onboarding new senior management to implement its growth strategy.
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