Quest Resource Holding Corporation Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Core Insights - Quest Resource Holding Corporation added a record eight new customers in 2024, indicating a strong value proposition and growth in customer activity [1][5] - The company successfully refinanced its long-term debt, reducing annual interest expenses by approximately $1 million and improving credit terms [1][6] - Quest is implementing a 15% reduction in headcount and expects to lower selling, general, and administrative expenses by$ 3 million annually due to operational efficiency gains [1][8] Fourth Quarter 2024 Financial Highlights - Revenue for Q4 2024 was $70 million, a 0.9% increase compared to Q4 2023 [6] - Gross profit decreased by 6.7% to$ 10.7 million, resulting in a gross margin of 15.3% [6] - GAAP net loss per diluted share was $(0.46), compared to$ (0.11) in Q4 2023 [6] - Adjusted EBITDA was $1.7 million, down from$ 3.5 million in Q4 2023 [6] Fiscal Year 2024 Financial Highlights - Total revenue for FY 2024 was $288.5 million, a slight increase of 0.1% compared to 2023 [6] - Gross profit for the year was$ 50 million, also a 0.1% decrease from the previous year [6] - GAAP net loss per diluted share for the year was $(0.73), compared to$ (0.36) in 2023 [6] - Adjusted EBITDA for FY 2024 was $14.5 million, down from$ 16.2 million in 2023 [6] Strategic Developments - The company secured eight new client wins, each expected to generate at least seven figures in annual revenue, marking the highest number of new client acquisitions in a single year [6][8] - Five expansion service agreements were secured with existing large clients, enhancing revenue potential [6] - The addition of over 1,200 vendors to the service platform is expected to broaden client service capabilities [6] Management Changes - Perry Moss has been appointed as CEO, and Nick Ober has joined as Senior Vice President of Operations, both expected to drive operational improvements [1][11]