FlooidCX Corp Reports $500,000 Revenue in Q3 2024, Plans Rebranding to Quantum Energy Corporation

FlooidCX Corp, which is in the process of rebranding as Quantum Energy Corporation, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company generated $500,000 in revenue for the third quarter, a notable increase from zero revenue in the same period last year. For the nine months ended September 30, 2024, total revenue reached $5.5 million, compared to no revenue during the same timeframe in 2023. This revenue was primarily derived from the sale of distributor licenses, which allow distributors to utilize the company's technology for energy systems.

The company's operating expenses surged to $1.7 million for the third quarter, up from just $26,645 in the prior year, largely due to increased general and administrative costs associated with ramping up operations. Notably, general and administrative expenses accounted for approximately $1.3 million, driven by higher advertising, professional fees, and employee expenses. Despite these costs, FlooidCX reported a net loss of $1.2 million for the quarter, a significant improvement compared to a net loss of $5.1 million in the same quarter of 2023. For the nine-month period, the company achieved a net income of $1.9 million, contrasting sharply with a net loss of $5.3 million in the previous year.

Operationally, FlooidCX has expanded its customer base and geographic reach, with active contracts and letters of intent covering nearly 3 million square feet of commercial and industrial facilities. The company has sold multiple exclusive and non-exclusive Licensed Distributorships across various states, including a significant deal in the Philippines valued at $3 million. The company now operates sales and operational offices in multiple locations, including Florida, Texas, and Hawaii, and has established relationships with notable clients such as Hilton and Verizon.

The filing also highlighted the company's strategic focus on product development and innovation in energy efficiency technologies. The company has invested in research and development, with expenses amounting to $252,100 for the third quarter, reflecting its commitment to enhancing its product offerings. Additionally, FlooidCX has made significant investments in property and equipment, totaling approximately $4.7 million, which is expected to support its operational capabilities moving forward.

Looking ahead, FlooidCX anticipates continued growth, projecting potential installation fees exceeding $150 million and recurring revenue contracts surpassing $100 million in the upcoming fiscal year. The company plans to maintain its capital resource strategy by ensuring that customer or investor financing is secured before commencing any installation projects, thereby managing its liquidity effectively. As of September 30, 2024, the company reported cash and cash equivalents of $241,753, with a net working capital surplus of approximately $6.8 million, indicating a solid financial position to support its growth initiatives.