Business
Quest Resource Holding Corporation Reports First Quarter 2023 Financial Results
THE COLONY, Texas, May 15, 2023 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental waste and
About this update from Quest Resource Holding Corporation
[{"type":"text","content":" THE COLONY, Texas, May 15, 2023 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) (\"Quest\"), a national leader in environmental waste and recycling services, today announced financial results for the first quarter ended March 31, 2023. First Quarter 2023 Highlights Revenue was $74.1 million, a 3.6% increase compared with the first quarter of 2022.Gross profit was $12.6 million, a 12.3% increase compared with the first quarter of 2022.Gross margin was 17.0% of revenue compared with 15.7% during the first quarter of 2022.GAAP net loss per basic and diluted share attributable to common stockholders was $(0.10), compared with $(0.11) per share during the first quarter of 2022.Adjusted EBITDA was $4.0 million, a 6.7% increase compared with the first quarter of 2022.Adjusted net income per diluted share was $0.03 compared with adjusted net income of $0.06 per diluted share during the first quarter of 2022. “We delivered double-digit gross profit dollar growth while successfully navigating inflationary pressures and commodity price fluctuations during the first quarter. We posted strong operating cash flow, averaging more than $2 million per quarter during the past two quarters, and subsequent to the end of the first quarter, we have paid down $5 million of our Monroe Capital facility. While lower commodity prices for recycled materials continued to affect revenue comparisons, due to the structure of our recycled commodity contracts, these fluctuations did not significantly affect gross profit dollars. During the first quarter, we made significant progress with integration efforts. We are seeing the expected contribution improvements from RWS and expect the positive improvements to be increasingly reflected in our financials over the next three quarters.” said S. Ray Hatch, President and Chief Executive Officer of the Company. “We continue to invest in the enhancement, scalability and capabilities of our data platform and our value proposition is resonating well with current and prospective customers. Our outlook remains positive; we are well positioned to continue to weather a challenging economic environment, execute our growth strategies, and deliver double digit profitable growth during 2023 and for the next several years.” First Quarter 2023 Earnings Conference Call and Webcast Quest will conduct a conferenc...