Business
Quest Resource Holding Corporation Reports Third Quarter 2022 Financial Results
THE COLONY, Texas, Nov. 14, 2022 (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. 14, 2022 (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, 2022. Third Quarter 2022 Highlights Revenue was $73.4 million, a 96.3% increase compared with the third quarter of 2021.Gross profit was $12.2 million, a 77.8% increase compared with the third quarter of 2021.GAAP net loss was $(1.7) million, or $(.09) per basic and diluted share attributable to common stockholders, compared with net income of $386,000, or $0.02 per basic and diluted share, in the third quarter of 2021.Adjusted EBITDA was $3.8 million, a 56.9% increase compared with the third quarter of 2021.Adjusted net income per diluted share was $0.04 compared with $0.06 per diluted share during the third quarter of 2021. Year-to-Date 2022 Highlights (September 30, 2022) Revenue was $221.8 million, a 102.9% increase compared with the same period of 2021. Gross profit was $38.1 million, an 89.5% increase compared with the same period of 2021. GAAP net loss was $(2.7) million, or $(0.14) per basic and diluted share attributable to common stockholders, compared with net income of $2.2 million, or $0.12 per basic and $0.11 per diluted share, respectively, during the same period of 2021.Year-to-date Adjusted EBITDA was $14.1 million, an 86.3% increase compared with the same period of 2021. Adjusted net income per diluted share was $0.29, compared with $0.18 per diluted share during the same period of 2021. “Third quarter results continued to reflect the strength of our business model and demonstrate how we can perform well in a challenging economic environment. We posted strong financial results, delivering 78% growth in gross profit dollars to $12.2 million and 57% growth in Adjusted EBITDA of $3.8 million. We are executing well with all our growth strategies, adding new customers, expanding services with existing customers, and optimizing efficiencies with our core business and acquired companies,” said S. Ray Hatch, President and Chief Executive Officer. “We continue to invest in the scalability and capabilities of our data platform, which is further enhancing our value proposition and competitive differentiation. Overall, our outlook remains positive, we expect a strong fin...