Long Cast Advisers, an investment management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund’s cumulative net returns improved 4%. The fund returned a cumulative 266% net of fees, or 14% CAGR, since its inception in November 2015 through the quarter-end of Q3 2025. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025. In its third-quarter 2025 investor letter, Long Cast Advisers highligh ...

Core Insights - Quest Resource Holding Corporation reported a revenue of $63.3 million for Q3 2025, reflecting a 13.0% decrease compared to Q3 2024 but a 6.4% increase from Q2 2025 [5] - The company achieved an adjusted EBITDA of $2.9 million, up from $2.5 million in Q3 2024, indicating operational improvements [5] - Year-to-date, the company reduced its debt by $11.2 million, representing a 14% reduction, and improved operating cash flow by 45% to $5.7 million in Q3 2025 [5][6] Financial Performance - Revenue for the nine months ended September 30, 2025, was $191.3 million, a 12.5% decrease from the same period in 2024 [5] - Gross profit for Q3 2025 was $11.5 million, a 2.0% decrease from Q3 2024, but a 3.9% increase from Q2 2025 [5] - The GAAP net loss for Q3 2025 was $(1.3) million, an improvement from a net loss of $(3.4) million in Q3 2024 [5] Strategic Initiatives - The company is implementing strategic actions to enhance operational efficiencies, which are beginning to show positive results in financial performance [4] - Quest's CEO highlighted the effectiveness of Operational Excellence initiatives in improving customer visibility and sales productivity [6] - The company signed a new contract in the food products sector, contributing to organic growth [5] Market Position - Quest is positioned as a national leader in environmental waste and recycling services, focusing on helping businesses meet their sustainability goals [8] - The company aims to provide tailored solutions across various industry sectors, enhancing its competitive edge in the market [8]

Group 1 - Quest Resource is expected to report earnings with a projected revenue decline of 17.8% year on year to $59.83 million, contrasting with a 3.3% increase in the same quarter last year [2][3] - Last quarter, Quest Resource missed analysts' revenue expectations by 17.9%, reporting revenues of $59.54 million, which is an 18.6% decrease year on year [1][3] - Analysts have generally reconfirmed their estimates for Quest Resource over the last 30 days, indicating expectations for the company to maintain its course heading into earnings [3] Group 2 - In the waste management segment, peers like Montrose and Waste Connections reported positive results, with Montrose achieving year-on-year revenue growth of 25.9% and Waste Connections reporting a 5.1% increase [4] - Positive sentiment in the waste management sector is reflected in an average share price increase of 2.2% over the last month, with Quest Resource's shares up 10.5% during the same period [5] - The average analyst price target for Quest Resource is $3.08, significantly higher than its current share price of $1.47 [5]

Core Viewpoint - Quest Resource Holding Corporation is set to release its third quarter financial results on November 10, 2025, after market close, indicating ongoing transparency and communication with investors [1]. Financial Results Announcement - The financial results for the third quarter ended September 30, 2025, will be announced on November 10, 2025, after market close [1]. - A conference call will be held on the same day at 5:00 PM ET to discuss the financial results and business outlook [2]. Conference Call Details - Investors can participate in the live call by dialing 1-800-717-1738 or 1-646-307-1865 [2]. - The call will also be accessible through a listen-only webcast on the investor relations section of Quest's website [2]. Webcast and Playback Information - The webcast may include forward-looking information and will be archived for at least 90 days [3]. - A telephonic playback of the conference call will be available approximately 3 hours after the call ends, accessible until November 24, 2025 [3]. Company Overview - Quest Resource Holding Corporation is a national provider of waste and recycling services, focusing on helping larger businesses achieve their environmental and sustainability goals [4]. - The company offers tailored solutions across various industry sectors, providing actionable data to improve business operations and sustainability outcomes [4].

Core Insights - Quest Resource Holding Corporation reported a GAAP net loss of $(2.0) million for Q2 2025, compared to a loss of $(1.5) million in Q2 2024, and a significant improvement from a loss of $(10.4) million in Q1 2025 [4] - Revenue for Q2 2025 was $59.5 million, an 18.6% decrease year-over-year and a 13.0% decrease sequentially from Q1 2025 [4] - The company generated $3.9 million in operating cash flow during Q2 2025 and reduced debt by $6.6 million year-to-date [1][4] Financial Performance - Gross profit for Q2 2025 was $11.0 million, down 18.4% from Q2 2024, but showed a 1.0% increase sequentially from Q1 2025 [4] - Adjusted EBITDA for Q2 2025 was $2.7 million, compared to $5.1 million in Q2 2024 and $1.6 million in Q1 2025 [4] - Year-to-date Adjusted EBITDA was $4.2 million, a 58.7% decrease compared to $10.3 million during the same period of 2024 [4] Operational Initiatives - The company is on track with its Operational Excellence Initiatives, focusing on cash generation, profitability, and process improvement [1][7] - Management has made strategic changes, including reductions and additions to the management team, to address operational issues and client attrition [4][6] - Despite challenges in the industrial sector, the company secured new clients and expanded existing client relationships, particularly in the restaurant and retail markets [8] Market Context - The company faced a host of operational challenges last year, including a slowdown in the industrial sector and difficulties in client retention [4] - Macro uncertainties are causing prospective clients to delay decision-making, impacting growth, but the company continues to add new client opportunities [8]

"The more than 400 members of Teamsters Local 25 employed by Republic Services in Massachusetts are delivering essential waste and recycling collection services to residents, businesses, and construction sites," the lawmakers' letter said. "Every community deserves high-quality municipal services, including waste management, but not at the expense of a competitive wage and comprehensive benefits, especially affordable, accessible healthcare coverage, that support your workers, their families, and the commun ...

Core Viewpoint - Quest Resource Holding Corporation is set to release its second quarter financial results on August 11, 2025, after market close [1]. Group 1: Financial Results Announcement - The financial results for the second quarter ended June 30, 2025, will be announced on August 11, 2025 [1]. - A conference call will be held on the same day at 5:00 PM ET to discuss the financial results and business outlook [2]. - Investors can participate in the call via phone or through a webcast on Quest's investor relations website [2]. Group 2: Webcast and Playback Information - The webcast will include forward-looking information and will be archived for at least 90 days [3]. - A telephonic playback of the conference call will be available approximately 3 hours after the call ends, continuing until August 25, 2025 [3]. Group 3: Company Overview - Quest Resource Holding Corporation is a national provider of waste and recycling services, helping businesses achieve their environmental and sustainability goals [4]. - The company offers expertise across multiple sectors to create client-specific solutions that yield measurable business and sustainability outcomes [4]. - Quest tracks and reports the environmental results of its services, providing actionable data to enhance business operations [4].

Core Insights - Quest Resource Holding Corporation reported first quarter financial results that were in line with expectations, reflecting temporary cost increases and not yet the impact of performance-focused initiatives [4][6] - The company completed the sale of a non-core business segment for $5 million, which was utilized to pay down debt, and anticipates annual savings of $3 million from cost reductions and headcount decreases [1][6] - The company is focused on enhancing its performance culture, implementing short-term initiatives, and developing long-term efficiency programs to improve financial performance [4][5] Financial Performance - Revenue for the first quarter of 2025 was $68.4 million, a decrease of 5.8% compared to the same period in 2024 [6] - Gross profit was $10.9 million, down 22.1% year-over-year, resulting in a gross margin of 16.0%, compared to 19.3% in the first quarter of 2024 [6] - The GAAP net loss per share was $(0.50), compared to $(0.03) in the first quarter of 2024, with an adjusted net loss per diluted share of $(0.14) compared to adjusted net income of $0.08 in the prior year [6][15] Operational Highlights - The company recognized a non-cash loss on the sale of assets of $4.4 million and an impairment charge of $1.7 million on intangible assets [6] - Adjusted EBITDA for the first quarter was $1.6 million, down from $5.1 million in the same quarter of 2024 [6][14] - The company has amended agreements with existing lenders to enhance financial flexibility [1][6] Strategic Initiatives - Quest is committed to generating cash, increasing profitability, and reducing debt, with ongoing efforts to onboard blue-chip clients and improve operational efficiencies [4][5] - The company has initiated short-term initiatives and is developing long-term efficiency programs aimed at increasing earnings and cash generation [6][5] - A new CEO and Senior VP of Operations have been appointed, both with extensive industry experience focused on enhancing operational performance [6]