Falk Returns as CEO of Quality Industrial in Dual-Role Shake-Up

SAN FRANCISCO, CA – April 23, 2026 – Quality Industrial Corp. (OTCID: QIND) has announced a significant leadership transition, re-appointing veteran executive Carsten Kjems Falk as its Chief Executive Officer. The move marks a return to the top job for Falk, who will also continue to serve as the company's Chief Financial Officer and a director.

The appointment follows the resignation of John-Paul Backwell for what the company cited as "personal and health reasons." Backwell, who took the helm in August 2022, will remain on the board of directors to ensure continuity. The change places Falk, a familiar face within the company, in a uniquely powerful position as he navigates the LPG solutions provider through a complex strategic period.

A Return to the Helm

Carsten Kjems Falk's journey with Quality Industrial Corp. is a circular one. He previously served as CEO from September 2020 to October 2022, a period that saw significant structural changes, including the company's acquisition by Ilustrato Pictures International Inc. and its subsequent rebranding to Quality Industrial Corp. After his initial CEO tenure, he transitioned to the role of Chief Commercial Officer until August 2025, when he was named Interim CFO and a director.

His re-appointment to the CEO position while retaining the CFO title suggests a move by the board to consolidate leadership and tighten strategic control. “I am honored to take on this expanded role at such an important time for the Company,” said Mr. Falk in a statement. “We remain focused on disciplined execution, operational efficiency, and advancing our strategic priorities. I also remain committed to ensuring our ongoing transactions are accomplished.”

The departure of John-Paul Backwell was explicitly noted by the company as not being the result of any operational or policy disagreements. His continuation as a director is intended to smooth the transition and leverage his experience from his tenure.

The Fusion Fuel Connection and Dual Mandate

The leadership structure is further complicated by Falk's external responsibilities. Since June 2025, he has also served as the Head of M&A for Fusion Fuel Green PLC (Nasdaq: HTOO), an Ireland-based energy company specializing in green hydrogen technology. This is not a distant relationship; Fusion Fuel became the majority owner of Quality Industrial Corp. in November 2024 and reportedly covers QIND's Board and executive costs.

This dual-hatted role, leading QIND as both CEO and CFO while directing M&A for its parent company, presents both potential synergies and corporate governance questions. On one hand, the arrangement could facilitate a streamlined strategic alignment between QIND's traditional LPG business and Fusion Fuel's forward-looking green energy ambitions. Falk is uniquely positioned to guide QIND's evolution, potentially integrating Fusion Fuel's decarbonization expertise into its operations.

On the other hand, the concentration of power raises questions about potential conflicts of interest and the allocation of executive focus. With a market capitalization of just $1.41 million, QIND is a small player, while Fusion Fuel, with a market cap around $9.75 million, has its own challenges, including a stock price that has fallen over 60% in the past year and a consensus "Sell" rating from analysts. Stakeholders will be closely watching how Falk balances the distinct interests of the subsidiary and its parent company.

A Mixed Financial Picture

Falk inherits a company with a complex financial profile. For fiscal year 2025, Quality Industrial reported a 45.9% increase in total revenue to $16.3 million, largely driven by its UAE-based subsidiary, Al Shola Gas. However, this top-line growth was accompanied by a net loss of $4.6 million, a stark contrast to the net income of $266,780 in the prior year.

The company points to an adjusted net income of $566,853 for FY2025 after excluding non-recurring items, a 452% increase from the previous year's adjusted figure. Yet, profitability pressures are evident, with the gross margin declining from 35.5% to 29.4% due to a sharp 60.7% rise in operating expenses. The company has stated its intent to invest further in Al Shola Gas to improve efficiency and expand sales.

This mixed performance has led to conflicting external assessments. While the company highlights revenue growth and adjusted income, some AI-driven financial analysis tools have characterized QIND's financial health as "very weak," citing persistent losses and balance-sheet instability, a view that appears at odds with the reported revenue figures but may reflect deeper concerns about cash flow and leverage.

Navigating a Transitional Energy Market

The leadership change comes as the global Liquefied Petroleum Gas (LPG) market stands at a crossroads. The industry is projected to grow steadily, with market size estimates reaching between $197 billion and $273 billion by the early 2030s. This growth is fueled by LPG's role as a cleaner-burning transition fuel, particularly in developing nations moving away from biomass and kerosene, and its use as an industrial feedstock.

However, the industry faces significant headwinds. The primary challenge comes from the accelerating adoption of renewable energy sources, the very sector where QIND's parent company, Fusion Fuel, operates. This dynamic places QIND in a precarious position—a part of the traditional energy infrastructure owned by a company focused on its disruption. Furthermore, issues like price volatility tied to crude oil, inconsistent domestic supplies, and backlash against the high costs of decarbonization in some regions create a challenging operating environment.

For Carsten Kjems Falk, the task ahead is multifaceted. He must stabilize leadership, manage the delicate balance between his roles at QIND and Fusion Fuel, and steer the company toward profitability in an energy sector undergoing fundamental transformation. His success will depend on his ability to leverage the synergies with Fusion Fuel while proving that Quality Industrial Corp. can thrive on its own merits.