Business
Quest Resource Holding Corporation Reports Third Quarter 2021 Financial Results
THE COLONY, Texas, Nov. 15, 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, Nov. 15, 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 third quarter ended September 30, 2021. Third Quarter 2021 Highlights Revenue was $37.4 million, a 57.7% increase compared with the third quarter of 2020.Gross profit was $6.9 million, a 50.4% increase compared with the third quarter of 2020.Gross margin was 18.3% of revenue compared with 19.2% during the third quarter of 2020.GAAP Net income per share attributable to common stockholders was $0.02 per basic and diluted share, compared with a loss of $(0.02) per basic and diluted share during the third quarter of 2020.Adjusted EBITDA was $2.5 million, a 147.8% increase compared with the third quarter of 2020. Year-to-Date 2021 Highlights (September 30, 2021) Revenue was $109.3 million, a 54.0% increase compared with the same period of 2020. Gross profit was $20.1 million, a 49.2% increase compared with the same period of 2020. Gross margin was 18.4% of revenue compared with 19.0% for the same period of 2020. GAAP Net income per share attributable to common stockholders increased to $0.12 ($0.11 per diluted shared), compared with $0.04 per basic and diluted share during the same period of 2020. Included in the results for year-to-date of 2020 was other income of $1.4 million, or $0.09 per basic and diluted share, related to PPP Loan proceeds to fund eligible expenses under the CARES Act.Year-to-date Adjusted EBITDA was $7.6 million, a 184.9% increase compared to the same period of 2020. “The execution of our strategic initiatives resulted in another quarter of exceptional financial performance. During the third quarter, growth came from multiple sources including onboarding new customers, expansion of our services and locations with existing customers, continued economic recovery, as well as from contribution from acquisitions. Adjusted EBITDA growth for the quarter and year-to-date period outpaced growth in gross profit dollars, an ongoing demonstration of the earnings leverage in our business,” said S. Ray Hatch, President and Chief Executive Officer. “Although supply chain and labor issues may cause some volatility in certain end markets, we believe any impact from these conditions will be temporary. We belie...