Business
Quest Resource Holding Corporation Reports Second Quarter 2021 Financial Results
THE COLONY, Texas, Aug. 16, 2021 (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, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) (\"Quest\"), a national leader in environmental waste and recycling services, today announced financial results for the second quarter ended June 30, 2021. Second Quarter 2021 Highlights Revenue was $36.9 million, a 67.8% increase compared with the second quarter of 2020.Gross profit was $6.8 million, a 55.7% increase compared with the second quarter of 2020.Gross margin was 18.5% of revenue compared with 19.9% during the second quarter of 2020.GAAP Net income per share attributable to common stockholders was $0.04 ($0.03 per diluted share), compared with $0.08 per basic and diluted share during the second quarter of 2020. Included in the results of the second quarter of 2020 was other income of $1.3 million, or $0.08 per share, related to PPP Loan proceeds to fund eligible expenses under the CARES Act.Adjusted EBITDA was $2.5 million, a 120.1% increase compared with the second quarter of 2020. Year-to-Date 2021 Highlights (June 30, 2021) Revenue was $72.0 million, a 52.1% increase compared with the same period of 2020. Gross profit was $13.3 million, a 48.6% increase compared with the same period of 2020. Gross margin was 18.4% of revenue compared with 18.9% for the same period of 2020. GAAP Net income per share attributable to common stockholders increased to $0.10 ($0.09 per diluted share), compared with $0.06 during the same period of 2020. Included in the results for the first half of 2020 was other income of $1.3 million, or $0.08 per basic and diluted share, related to PPP Loan proceeds to fund eligible expenses under the CARES Act.Year-to-date Adjusted EBITDA was $5.1 million, a 206.8% increase compared to the same period of 2020. “Our team delivered another quarter of solid financial performance, as client activity levels continued to recover across most end markets and our organic and M&A growth strategies continued to gain traction. The heightened activity levels in the industrial sector we experienced during the first quarter were comparable to the second quarter. In addition, this quarter has seen organic revenue growth which we expect to continue to ramp as recent new client wins are onboarded. Adjusted EBITDA growth for the quarter and year to date continued to outpace strong growth in gross profit dollars, demon...