Business
Quest Resource Holding Corporation Reports Second Quarter 2024 Financial Results
On track for double-digit growth in gross profit and adjusted EBITDA during 2024 and 2025 Significant new client win and multiple program expansion wins with
About this update from Quest Resource Holding Corporation
[{"type":"text","content":"On track for double-digit growth in gross profit and adjusted EBITDA during 2024 and 2025 Significant new client win and multiple program expansion wins with existing clients Added to the Russell 2000 and 3000 Indexes THE COLONY, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (Nasdaq: QRHC) (“Quest” or the “Company”), a national leader in environmental waste and recycling services, today announced financial results for the second quarter ended June 30, 2024. “I am incredibly proud of the positive reaction and feedback we have received from clients we are onboarding, one of which has already committed to expanding our engagement with additional services. It is great to see that investments in our platform to ensure seamless implementation combined with outstanding client service are resulting in significant value add for our clients. We believe we continue to differentiate Quest from the competition and are further solidifying our position as the waste and recycling services provider of choice,” said S. Ray Hatch, President and Chief Executive Officer of Quest. “We saw strong revenue growth with existing and new clients, which was offset by lower-than-expected production volumes at one of our largest clients due to soft conditions in their end market. After some client-related delays, implementations from all new client wins are now well underway. With the steady ramp of new clients, expanded engagements from existing clients, and new client wins from a growing pipeline, we remain on track for double digit gross profit dollar and adjusted EBITDA growth during 2024, 2025 and beyond.” Second Quarter 2024 Highlights Revenue was $73.1 million, a 1.8% decrease compared with the second quarter of 2023.Gross profit was $13.5 million, which was flat compared with the second quarter of 2023.Gross margin was 18.5% of revenue compared with 18.1% for the second quarter of 2023.GAAP net loss was $(1.5) million, compared with GAAP net loss of $(0.9) million during the second quarter of 2023.GAAP net loss per basic and diluted share attributable to common stockholders was $(0.07), compared with $(0.04) for the second quarter of 2023.Adjusted EBITDA was $5.1 million, compared with $5.0 million during the second quarter of 2023.Adjusted net income per diluted share was $0.03, compared with adjusted net income of $0.07...