Quest Resource (QRHC) - 2024 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2024 was $72.7 million, a 2.0% decrease compared to Q1 2023[5] - Gross profit increased by 11.1% to$ 14.0 million, with a gross margin of 19.3% compared to 17.0% in Q1 2023[5] - Adjusted EBITDA reached $5.1 million, reflecting a 28.4% increase from Q1 2023[5] - The company reported a net loss of$ (0.03) per share, an improvement from $(0.10) per share in Q1 2023[5] Client Acquisition - A record number of new client wins were achieved, with two significant clients expected to generate eight figures in annual revenue[5] Technological Advancements - An automated accounts payable processing module enhanced by AI is currently processing approximately 50% of invoices[5] Financial Position - Total assets as of March 31, 2024, were$ 178.97 million, compared to $177.12 million as of December 31, 2023[18] - Total liabilities increased to$ 112.66 million from $110.84 million as of December 31, 2023[18] - Stockholders' equity slightly increased to$ 66.31 million from $66.28 million as of December 31, 2023[18] Credit Facilities - The company has extended the maturity dates for existing credit facilities[5]