Quality Industrial Corp. Delivers 45.9% Revenue Growth and Major Turnaround Actions in Fiscal Year 2025

San Francisco, CA, April 1, 2026 – Quality Industrial Corp. (OTCID: QIND) has released its corrected financial results and shareholder letter for the fiscal year ended December 31, 2025. The company urges all recipients to disregard the previous press release issued on March 31, 2026, as it contained inaccurate and non-finalized data.

Key Financial Highlights

• Revenue: Surged by 45.9% year-over-year, rising from \$11.18 million in FY 2024 to \$16.31 million in FY 2025.
• Gross Profit: Increased 20.8% to \$4.79 million (from \$3.96 million).
• Gross Margin: Decreased from 35.5% to 29.4% due to increased costs, a 17.2% drop.
• Operating Expenses: Rose significantly by 60.7%, totaling \$5.25 million versus \$3.27 million previously.
• Net Income (Loss): Swung from a \$266,780 profit in FY 2024 to a \$4.60 million loss, mainly due to one-time charges and legacy write-offs.
• Non-GAAP Adjusted Net Income: A turnaround from a \$160,774 loss in FY 2024 to a \$564,465 profit, reflecting core business performance after adjusting for extraordinary items.

Details on Non-GAAP Adjustments

Management provides reconciliation of net income to non-GAAP adjusted net income, highlighting the impact of one-time turnaround costs and legacy write-offs, including:

• Historical management compensation payments of \$1.38 million (settled accrued unpaid salary and bonuses).
• Settlement payments to former officers totaling \$606,816.
• Write-offs of asset reserves and receivables totaling \$3.5 million (including a \$2 million asset reserve and a \$1.5 million receivable from a former related party).
• Reversal of non-operational income, including \$318,706 in FY 2025 and \$427,554 in FY 2024, related to settlements and legacy asset sales.

These adjustments present a clearer view of the company’s core operational performance, which returned to profitability on an adjusted basis.

Turnaround Actions and Strategic Initiatives

• Board Restructuring: Transitioned from a sole director to a three-member Board (Frederico Figueira de Chaves, John-Paul Backwell, Carsten Kjems Falk), strengthening governance.
• Legacy Compensation and Settlements: Resolved nearly two years of unpaid employee compensation (~\$1.38 million) and settled with former officers (~\$607,000).
• Cost Structure: Reduced QIND-level management costs as the CEO and interim CFO are now compensated solely by parent company Fusion Fuel Green PLC, lowering ongoing expenses.
• Balance Sheet Cleanup: Reduced convertible note balances from \$2.94 million to \$2.56 million and slashed accounts payable by 45% (from \$2.12 million to \$1.16 million). Wrote off \$3.5 million in legacy assets deemed unrecoverable, but the company reserves the right to pursue recovery.
• Capital Injection: Fusion Fuel Green PLC invested \$4.4 million in QIND during FY 2025, supporting legacy liabilities, required payments under the Al Shola Gas purchase agreement, and fleet expansion.

Key Balance Sheet Movements

Outlook and Forward Guidance

• Growth Focus: The company expects further growth at Al Shola Gas, driven by new truck deployments, contracted engineering projects, and geographic expansion into the UAE’s northern emirates.
• Debt Management: Continued efforts to service and reduce open debt positions.
• Revenue Target: Management is targeting \$20 million in revenues for FY 2026, subject to the absence of prolonged regional disruptions.
• Operational Strength: Management asserts that the company is substantially stronger following the 2025 turnaround, with Al Shola Gas, its majority-owned subsidiary, representing a core, profitable asset with over 45 years of operations and deep customer ties in the UAE.

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.”

Potentially Price-Sensitive Information

• Return to Adjusted Profitability: After heavy one-time expenses and legacy write-offs, the company posted an adjusted net profit, signaling improved operational health.
• Significant Revenue Growth: The 45.9% year-over-year revenue growth, along with a \$20 million revenue target for 2026, underscores a robust business trajectory.
• Balance Sheet Improvements: Reduction in debt and payables, and infusion of capital from Fusion Fuel, bolster financial stability and growth prospects.
• Leadership Changes: The overhaul of the Board and management compensation model may improve governance and shareholder alignment.
• Legacy Issues Resolved: Settlement of past compensation and legal issues, and writing off uncollectible assets, remove overhangs that could have weighed on share valuation.
• Strategic Expansion: Focus on fleet and geographic expansion in the UAE provides a clear growth catalyst.

Risks and Forward-Looking Statements

The company cautions that its forward-looking statements are subject to substantial risks and uncertainties, including, but not limited to: geopolitical risks in the Middle East (including ongoing conflicts), the ability to service and reduce debt, regulatory challenges, volatility in the energy market, and the need for continued financing. Any materialization of these risks could materially affect future performance.

About Quality Industrial Corp.

Quality Industrial Corp. is a San Francisco-based industrial energy company specializing in LPG infrastructure and distribution in the UAE through its majority-owned subsidiary Al Shola Gas. The company offers consulting, engineering, installation, maintenance, and LPG supply services to residential, commercial, and industrial clients.

Contact:
Quality Industrial Corp.
505 Montgomery Street, San Francisco, CA 94104
Phone: +1-800-706-0806
Email: [email protected]
qualityindustrialcorp.com |
alsholagas.ae |
fusion-fuel.eu

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Investors should conduct their own due diligence and consult with a qualified financial advisor before making investment decisions.

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