Fusion Fuel Green PLC

Fusion Fuel Green PLC's majority-owned subsidiary Quality Industrial Corp. reported strong revenue growth of 45.9% to $16.3 million for fiscal year 2025, driven by operational expansion. However, the company's gross margin declined from 35.5% to 29.4% year-over-year, while operating expenses increased 60.7% to $5.25 million. The GAAP net loss of $4.6 million included significant non-recurring items, including $3.5 million in asset write-offs and settlement payments to former management. When adjusted for these items, QIND reported non-GAAP net income of $564,465, representing a substantial improvement from the prior year's adjusted net loss of $160,774. Management highlighted governance improvements including a transition to a three-member board, cost reductions, and a 45% reduction in accounts payable. For fiscal year 2026, QIND targets approximately $20 million in revenue, contingent on continued expansion of its Al Shola Gas subsidiary through increased fleet capacity, new engineering projects, and geographic growth into northern emirates. The outlook is subject to market conditions and the absence of prolonged disruptions in the UAE and Persian Gulf region, with specific risks cited including the ongoing conflict involving Iran, the United States, Israel, and other belligerents. CEO JP Backwell stated that disciplined execution in 2025 has positioned QIND for more consistent, scalable performance to contribute to Fusion Fuel's consolidated results.