Fusion Fuel to restate 2025 accounts over FX and goodwill errors on its QIND acquisition

Fusion Fuel Green PLC, an Irish public limited company traded on Nasdaq, concluded on September 25, 2026 that its audited consolidated financial statements for the fiscal year ended December 31, 2025 — filed with the SEC in its Form 20-F on May 7, 2026 — should no longer be relied upon and must be restated. While preparing interim accounts for the six months ended June 30, 2026, management had identified errors in the accounting for its investment in Quality Industrial Corp. (QIND), a Nevada corporation, and brought them to the audit committee and auditor Bush & Associates CPA LLC.

Three errors compounded. The foreign currency translation adjustments on intangibles and goodwill arising from the QIND purchase price allocation were never reflected, because US dollar-denominated balances were not retranslated at the applicable exchange rates. The resulting translation differences were then misclassified in profit or loss, within finance income, instead of other comprehensive income — flattering reported earnings. And a goodwill impairment analysis as of December 31, 2025 became necessary to capture the corrected goodwill position.

Management also found that QIND's non-controlling interests had not been attributed their share of results or adjusted for the change in the company's ownership interest, misallocating net loss, total comprehensive loss and equity between owners of the company and non-controlling interests.

On a preliminary, unaudited basis the company expects the restatement to increase the FY2025 net loss by approximately €4.0 million — driven primarily by a goodwill impairment charge of about €1.1 million and the €3.1 million reclassification of FX translation differences out of finance income — and to reduce total equity by about €3.8 million. It says the adjustments are non-cash, do not affect revenue, cash position or cash flows, and should not cause it to fail Nasdaq continued-listing requirements.

FY2025 net loss rises about €4.0M (≈€1.1M goodwill impairment plus ≈€3.1M FX reclassification); total equity cut ≈€3.8M; audited 2025 accounts restated.

Dollar-denominated goodwill and intangibles from the QIND acquisition were left untranslated at period-end exchange rates, a basic consolidation step.

Currency translation differences were booked in finance income rather than other comprehensive income, putting FX gains into reported profit.

No goodwill impairment test was run at year-end even though the corrected figures made one mandatory.

The errors survived the annual audit and surfaced only when the next period's interim review forced a second look.

Acquisition accounting fails quietly in the FX line: untranslated dollar balances and translation gains parked in finance income flatter profit until a later review cycle catches them.

A Form 6-K/A furnished October 6, 2026 revised the description of the errors and furnished Bush & Associates' response letter as Exhibit 16.1. The restated financial statements will follow in an amended Form 20-F, for which the company could not estimate a filing date, and all impact estimates remain preliminary and subject to the auditor's review.