Business
Quest Resource Holding Corporation Reports Fourth Quarter and Fiscal Year 2022 Financial Results
THE COLONY, Texas, March 23, 2023 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental waste
About this update from Quest Resource Holding Corporation
[{"type":"text","content":"THE COLONY, Texas, March 23, 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 fourth quarter and year ended December 31, 2022. Fourth Quarter 2022 Highlights Revenue was $62.3 million, a 34.2% increase compared with the fourth quarter of 2021.Gross profit was $10.8 million, a 25.0% increase compared with the fourth quarter of 2021.Gross margin was 17.3% of revenue compared with 18.5% during the fourth quarter of 2021.GAAP net loss per share attributable to common stockholders was $(0.17), compared with $(0.03) per basic and diluted share during the fourth quarter of 2021.Adjusted EBITDA was $2.3 million, a 30.1% decrease compared with the fourth quarter of 2021.Adjusted net loss per share was $(0.02) compared with adjusted net income of $0.08 per diluted share during the fourth quarter of 2021. Year Ended December 31, 2022 Highlights Revenue was $284.0 million, an 82.4% increase compared with 2021. Gross profit was $48.9 million, a 70.2% increase compared with 2021. Gross margin was 17.2% of revenue compared with 18.4% for 2021. GAAP net loss per share attributable to common shareholders was $(0.31), compared with net income of $0.09 ($0.08 per diluted share) during 2021. Adjusted EBITDA was $16.4 million, a 51.2% increase compared with 2021. Adjusted net income per diluted share was $0.26, compared with $0.27 per diluted share during 2021. “During the fourth quarter, we maintained strong customer relationships across existing, new, and acquired customers, as we continued to build our operating platform, manage growth, and integrate acquired businesses. The sequential decrease in revenue compared to the third quarter was primarily due to commodity price declines along with the traditional seasonal impact of maintenance shutdowns at industrial customers. Given the pass-through nature of recycled commodity contracts, these fluctuations did not materially affect gross profit dollars,” said S. Ray Hatch, President and Chief Executive Officer. Through ongoing integration work, we identified process gaps at RWS, a company previously acquired by Quest, where contracted cost pass-through actions were not taken, and contract management process gaps existed. As a result, we estimate that gross p...