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Quest Resource Holding Corporation Reports Second Quarter 2023 Financial Results
Posts Strong Sequential Growth in Gross Profit and Adjusted EBITDA THE COLONY, Texas, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation
About this update from Quest Resource Holding Corporation
[{"type":"text","content":"Posts Strong Sequential Growth in Gross Profit and Adjusted EBITDA\nTHE COLONY, Texas, Aug. 14, 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 second quarter ended June 30, 2023. Second Quarter 2023 Highlights Revenue was $74.5 million, a 3.1% decrease compared with the second quarter of 2022.Gross profit was $13.5 million, a 7.9% decrease compared with the second quarter of 2022 and a 6.9% sequential increase compared with the first quarter of 2023.Gross margin was 18.1% of revenue compared with 19.1% for the second quarter of 2022.GAAP net loss per diluted share attributable to common stockholders was $(0.04), compared with net income of $0.05 per diluted share for the second quarter of 2022.Adjusted EBITDA was $5.0 million, compared with $6.6 million during the second quarter of 2022, and a 26.2% sequential increase compared to the first quarter of 2023.Adjusted net income per diluted share was $0.07 compared with adjusted net income of $0.19 per diluted share during the second quarter of 2022. Year-to-Date 2023 Highlights (June 30, 2023) Revenue was $148.6 million, a 0.1% increase compared with the same period of 2022. Gross profit was $26.1 million, a 0.8% increase compared with the same period of 2022. Gross margin was 17.6% of revenue compared with 17.5% during the same period of 2022.GAAP net loss per diluted share attributable to common stockholders was $(0.15), compared with $(0.05) during the same period of 2022. Year-to-date Adjusted EBITDA was $9.0 million, compared to $10.3 million during the same period of 2022. Adjusted net income per diluted share was $0.10, compared with $0.25 per diluted share during the same period of 2022. “Our team delivered another strong quarter with positive momentum. We added new business, improved efficiencies, and made significant progress with acquisition integration, leading to a 7% sequential increase in gross profit and a 26% sequential increase in Adjusted EBITDA. At the same time, we posted strong operating cash flow, averaging $2.5 million per quarter during the past three quarters, and further reducing our long-term debt. Subsequent to the end of the second quarter, we have paid down an additional $2 million of our Monroe Capital f...