FlooidCX Reports $1 Million Revenue and $794,000 Net Income in Q1 2024

FlooidCX Corp. reported significant financial progress in its latest quarterly filing, revealing a revenue of $1 million for the three months ended March 31, 2024, compared to no revenue in the same period last year. This revenue was primarily generated from the sale of two Licensed Distributorships, each valued at $500,000. The company also reported a net income of approximately $794,000, translating to earnings of $0.02 per share, a notable turnaround from a net loss of $88,000, or $0.04 per share, in the first quarter of 2023.

The company's operating expenses increased to $300,000 from $78,750 year-over-year, largely due to heightened general and administrative costs, which included significant advertising and marketing expenditures. Despite this increase, the company achieved an operating income of $700,000, a substantial improvement from an operating loss of $78,750 in the prior year. Additionally, other income rose to approximately $94,000, driven by favorable foreign currency re-measurements related to notes payable denominated in Canadian dollars.

In terms of operational developments, FlooidCX has expanded its customer base and geographic reach. The company now operates sales and operational offices across multiple states, including Florida, Texas, and California, and has engaged with various clients, including notable entities such as Hilton and Verizon. The active customer base includes contracts and ongoing energy surveys, indicating a growing demand for its Direct Energy Systems. As of March 31, 2024, the company reported total assets of approximately $8.99 million and stockholders' equity of about $5 million, reflecting a solid financial foundation.

Looking ahead, FlooidCX anticipates continued growth, projecting potential installation fees exceeding $150 million and recurring revenue contracts surpassing $100 million for the fiscal year 2025. The company plans to fund its operations primarily through customer sales and independent investments, ensuring that capital demands are met without overextending its financial resources. The management is committed to enhancing its internal controls and financial reporting processes, addressing identified weaknesses to ensure compliance with U.S. GAAP standards.

Overall, FlooidCX's first-quarter results demonstrate a significant shift towards profitability and operational expansion, positioning the company for future growth in the energy sector. The management's focus on securing customer financing and maintaining a disciplined approach to capital expenditures will be crucial as the company navigates its growth trajectory in the coming quarters.