Quest Resource Holding Corporation reported its financial results for the fiscal year ended December 31, 2024, revealing a slight increase in revenue but a significant net loss. The company generated $288.5 million in revenue, a marginal increase of $0.1 million, or 0.1%, compared to $288.4 million in 2023. However, the net loss widened to $15.1 million from a loss of $7.3 million in the previous year, primarily due to increased operating expenses and an impairment charge of $5.5 million related to assets held for sale.
The company's operating expenses rose to $54.5 million from $47.2 million in 2023, driven by higher selling, general, and administrative costs, which increased to $39.5 million from $37.7 million. The increase in costs was attributed to higher labor-related expenses and professional fees, as well as a rise in bad debt expense. Despite the revenue growth from newly added customers, the overall demand was offset by lower volumes from lost customers and reduced production at one of its largest clients.
In terms of operational metrics, Quest Resource reported a total of 20,606,395 shares of common stock outstanding as of March 3, 2025. The company employed 225 individuals as of December 31, 2024, with a focus on expanding its customer base and service offerings. The company continues to pursue an "asset-light" strategy, relying on third-party vendors for waste collection and processing, which allows for scalability without significant capital expenditures.
Looking ahead, Quest Resource expressed optimism about its growth strategy, which includes expanding into new customer verticals and enhancing its service offerings. The company plans to leverage technological advancements and pursue strategic acquisitions to capitalize on market opportunities in the environmental services sector. However, it acknowledged the challenges posed by macroeconomic conditions, including inflation and geopolitical uncertainties, which could impact future performance.
Overall, while Quest Resource Holding Corporation has shown resilience in maintaining revenue levels, the increase in losses and operational challenges highlight the need for continued strategic focus and effective management of costs as it navigates a competitive and evolving market landscape.
About Quest Resource Holding Corp
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