Quest Resource Holding Corporation Reports Third Quarter 2025 Financial Results
Quest Resource Holding Corporation (Nasdaq: QRHC) reported third quarter 2025 results for the period ended September 30, 2025. Q3 revenue was $63.3M, down 13.0% year-over-year but up 6.4% sequentially. Gross profit was $11.5M with a gross margin of 18.1% versus 16.1% in Q3 2024. GAAP net loss narrowed to $(1.3)M in Q3 and GAAP net loss per share was $(0.06). Adjusted EBITDA for Q3 was $2.9M. Year-to-date revenue fell to $191.3M and YTD Adjusted EBITDA was $7.2M. The company generated $5.7M operating cash flow in Q3 and reduced debt by $11.2M year-to-date.
Quest Resource Holding Corporation (Nasdaq: QRHC) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025. I ricavi del Q3 erano di 63,3 milioni di dollari, in calo del 13,0% rispetto all’anno precedente ma in aumento del 6,4% rispetto al trimestre precedente. Il profitto lordo era di 11,5 milioni di dollari con un margine lordo dell'18,1% rispetto al 16,1% nel Q3 2024. Il GAAP net loss si è ridotto a $(1,3)M nel Q3 e il GAAP net loss per azione è stato $(0,06). L'Adjusted EBITDA per il Q3 è stato $2,9M. I ricavi YTD sono scesi a $191,3M e l'YTD Adjusted EBITDA è stato $7,2M. L'azienda ha generato $5,7M di flussi di cassa operativi nel Q3 e ha ridotto l’indebitamento di $11,2M dall'inizio dell'anno.
Quest Resource Holding Corporation (Nasdaq: QRHC) informó los resultados del tercer trimestre de 2025 para el periodo terminado el 30 de septiembre de 2025. Los ingresos del Q3 fueron de $63.3 millones, una disminución del 13.0% interanual pero un aumento del 6.4% secuencial. La ganancia bruta fue de $11.5 millones con un margen bruto de 18.1% frente al 16.1% en el Q3 de 2024. La pérdida neta GAAP se estrechó a $(1.3)M en el Q3 y la pérdida neta por acción GAAP fue $(0.06). El EBITDA ajustado para el Q3 fue de $2.9M. Los ingresos acumulados (YTD) cayeron a $191.3M y el EBITDA ajustado YTD fue de $7.2M. La empresa generó $5.7M de flujo de caja operativo en el Q3 y redujo la deuda en $11.2M en lo que va del año.
Quest Resource Holding Corporation (Nasdaq: QRHC) 은 2025년 9월 30일로 종료된 기간에 대한 2025년 3분기 실적을 보고했습니다. 3분기 매출은 63.3백만 달러로 전년 동기 대비 13.0% 감소했으나 전 분기 대비 6.4% 증가했습니다. 총이익은 11.5백만 달러였고 총이익률은 18.1%로 2024년 3분기의 16.1%에 비해 증가했습니다. GAAP 순손실은 3분기에 (1.3)백만 달러로 축소되었고 GAAP 주당 순손실은 $(0.06) 달러였습니다. 3분기 조정 EBITDA는 2.9백만 달러였습니다. 연간 누적 매출(YTD)은 191.3백만 달러로 감소했고 YTD 조정 EBITDA는 7.2백만 달러였습니다. 회사는 3분기에 5.7백만 달러의 영업 현금 흐름을 창출했고 연초 대비 부채를 11.2백만 달러 줄였습니다.
Quest Resource Holding Corporation (Nasdaq: QRHC) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Le chiffre d'affaires du T3 était de 63,3 M$, en baisse de 13,0% sur un an mais en hausse de 6,4% par rapport au trimestre précédent. Le bénéfice brut était de 11,5 M$ avec une marge brute de 18,1% contre 16,1% au T3 2024. La perte nette GAAP s’est resserrée à (1,3) M$ au T3 et la perte nette par action GAAP était de $(0,06). L’EBITDA ajusté pour le T3 était de 2,9 M$. Les revenus cumulés année à ce jour (YTD) ont chuté à 191,3 M$ et l’EBITDA ajusté YTD était de 7,2 M$. L’entreprise a généré 5,7 M$ de flux de trésorerie opérationnel au T3 et a réduit sa dette de 11,2 M$ à ce jour de l’année.
Quest Resource Holding Corporation (Nasdaq: QRHC) hat die Ergebnisse des dritten Quartals 2025 für den Zeitraum bis zum 30. September 2025 berichtet. Der Umsatz im Q3 betrug 63,3 Mio. USD, ein Rückgang von 13,0% gegenüber dem Vorjahr, aber eine sequentiale Steigerung von 6,4%. Der Bruttogewinn betrug 11,5 Mio. USD mit einer Bruttomarge von 18,1% gegenüber 16,1% im Q3 2024. Der GAAP-Nettoverlust schrumpfte im Q3 auf (1,3) Mio. USD und der GAAP-Nettoverlust pro Aktie betrug $(0,06). Das bereinigte EBITDA für Q3 lag bei 2,9 Mio. USD. Der Umsatz seit Jahresbeginn (YTD) fiel auf 191,3 Mio. USD und das YTD bereinigte EBITDA betrug 7,2 Mio. USD. Das Unternehmen generationsierte im Q3 5,7 Mio. USD operativen Cashflow und reduzierte die Schulden seit Jahresbeginn um 11,2 Mio. USD.
Quest Resource Holding Corporation (ناسداك: QRHC) أبلغت عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025. كان الإيراد في الربع الثالث 63.3 مليون دولار، بانخفاض قدره 13.0% على أساس سنوي ولكنه ارتفع 6.4% على أساس فصلي. كان الربح الإجمالي 11.5 مليون دولار بنصٍ هامش إجمالي قدره 18.1% مقابل 16.1% في الربع الثالث 2024. صافي الخسارة وفق معايير GAAP تقلّص إلى (1.3) مليون دولار في الربع الثالث وكانت خسارة السهم الواحد GAAP $(0.06) دولار. EBITDA المعدلة للربع الثالث بلغت 2.9 مليون دولار. الإيرادات حتى تاريخه للسنة حتى الآن بلغت 191.3 مليون دولار وصافي EBITDA المعدل حتى تاريخه كان 7.2 مليون دولار. حققت الشركة 5.7 מיליון دولار من التدفق النقدي التشغيلي في الربع الثالث وخفضت الدين بمقدار 11.2 مليون دولار حتى تاريخه.
- Sequential revenue increase of 6.4% in Q3 2025
- Adjusted EBITDA improved 9.5% sequentially in Q3 2025
- Operating cash flow of $5.7M in Q3, +45% QoQ
- Year-to-date debt reduction of $11.2M (14%)
- Gross margin improved to 18.1% in Q3 2025
- Q3 2025 revenue declined 13.0% year-over-year
- Year-to-date revenue down 12.5% versus 2024
- YTD Adjusted EBITDA fell to $7.2M from $12.8M
- GAAP net loss widened to $(13.7M) year-to-date
- Recognized non-cash losses totaling $6.0M YTD (asset sale and impairment)
Insights
Sequential operational and cash improvements contrast with year‑to‑date revenue decline and larger GAAP losses.
Revenue for the third quarter was $63.3 million, down
The company reduced debt by
Operational initiatives appear to be delivering early sequential gains, but full‑year comparisons remain adverse.
Gross margin expanded to
Risks and dependencies include the need to sustain onboarding of recent wins and to convert pipeline into recurring revenue to reverse the year‑to‑date revenue decline of
Revenue and Adjusted EBITDA improvements of
Reduced debt by
Operating cash flow of
THE COLONY, Texas, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (Nasdaq: QRHC) (“Quest” or the “Company”), a national leader in environmental waste and recycling services, today announced financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Highlights
- Revenue was
$63.3 million , a13.0% decrease compared with the third quarter of 2024, and a6.4% increase from the second quarter of 2025. - Gross profit was
$11.5 million , a2.0% decrease compared with the third quarter of 2024, and a3.9% increase from the second quarter of 2025. - Gross margin was
18.1% of revenue compared with16.1% for the third quarter of 2024. - GAAP net loss was
$(1.3) million , compared with the net loss of$(3.4) million during the third quarter of 2024. - GAAP net loss per basic and diluted share attributable to common stockholders was
$(0.06) , compared with$(0.16) for the third quarter of 2024. - Adjusted EBITDA was
$2.9 million , compared with$2.5 million during the third quarter of 2024. - Adjusted net loss per diluted share was
$(0.02) , compared with$(0.06) during the third quarter of 2024.
Year-to-Date 2025 Highlights (September 30, 2025)
- Revenue was
$191.3 million ; a12.5% decrease compared with the same period of 2024. - Gross profit was
$33.4 million ; a14.9% decrease compared with the same period of 2024. - Gross margin was
17.5% of revenue compared with18.0% during the same period of 2024. - GAAP net loss was
$(13.7) million , compared with the net loss of$(5.6) million during the same period of 2024. - GAAP net loss per basic and diluted share attributable to common stockholders was
$(0.66) , compared with$(0.27) during the same period of 2024. - Recognized a non-cash loss on sale of assets of
$4.3 million , or$(0.21) per basic and diluted share, related to the sale of the tenant-direct mall portion of RWS during the first quarter of 2025. - Recognized a non-cash loss of
$1.7 million , or$(0.08) per basic and diluted share, related to an impairment charge on intangible assets during the first quarter of 2025. - Year-to-date Adjusted EBITDA was
$7.2 million compared to$12.8 million during the same period of 2024. - Adjusted net loss per diluted share was
$(0.20) , compared with adjusted net income of$0.05 per diluted share during the same period of 2024.
Recent Highlights
- Improved cash cycle, generating
$5.7 million of operating cash flow during the third quarter of 2025. - Reduced debt by
$11.2 million year-to-date, a14% reduction year-to-date. - Signed a new contract with a company in the food products end market; execution of share-of-wallet initiatives driving incremental organic growth.
“The impact of the strategic and proactive actions we are taking to address critical issues and to drive efficiencies across the operations are leading to improvements in the business and the early benefits of these activities can be seen in the third quarter,” said Dan M. Friedberg, Chairman of the Company’s Board of Directors. “We are on more solid footing as a result of targeted cost actions and cash generation efforts, and our results are consistent with our stated expectation for an improved trajectory of the performance of the business. Looking ahead, we are confident in our ability to continue to drive improvements in the business and maintain this momentum as we finish 2025 and head into 2026.”
“We delivered a solid third quarter with strong sequential improvements in our financial performance despite what remains a tough operating environment,” said Perry W. Moss, Quest’s Chief Executive Officer. “Our Operational Excellence initiatives are driving better visibility into our customers’ needs, enhancing the productivity of our sales team, elevating our vendor management practices and, ultimately, improving financial results and cash generation. Our sales pipeline remains active and growing and the onboarding of recent client wins continues to progress. We remain confident in our ability to execute the Quest value proposition and implement these organic initiatives as macroeconomic conditions and Industrial volumes normalize.”
Third Quarter 2025 Earnings Conference Call and Webcast
Quest will host a conference call on Monday, November 10, 2025, at 5:00 PM ET, to review the financial results for the third quarter ended September 30, 2025. To participate, dial 1-800-717-1738 or 1-646-307-1865. The conference call, which may include forward-looking statements, is also being webcast and is available via the investor relations section of Quest’s website at https://investors.qrhc.com/. A replay of the webcast will be archived on Quest’s investor relations website for 90 days.
About Quest Resource Holding Corporation
Quest is a national provider of waste and recycling services that empower larger businesses to excel in achieving their environmental and sustainability goals and responsibilities. Quest delivers focused expertise across multiple industry sectors to build single-source, client-specific solutions that generate quantifiable business and sustainability results. Addressing a wide variety of waste streams and recyclables, Quest provides information and data that tracks and reports the environmental results of Quest’s services, gives actionable data to improve business operations, and enables Quest’s clients to excel in their business and sustainability responsibilities. For more information, visit www.qrhc.com.
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
In this press release, non-GAAP financial measures, “Adjusted EBITDA” and “Adjusted Net Income (Loss)” are presented. From time-to-time, Quest considers and uses these supplemental measures of operating performance in order to provide an improved understanding of underlying performance trends. Quest believes it is useful to review, as applicable, both (1) GAAP measures that include (i) depreciation and amortization, (ii) interest expense, (iii) stock-based compensation expense, (iv) income tax expense, and (v) certain other adjustments, and (2) non-GAAP measures that exclude such items. Quest presents these non-GAAP measures because it considers it an important supplemental measure of Quest’s performance. Quest’s definition of these adjusted financial measures may differ from similarly named measures used by others. Quest believes these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. These non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company’s GAAP measures. (See attached tables “Reconciliation of Net Loss to Adjusted EBITDA” and “Adjusted Net Income (Loss) Per Share”).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which provides a “safe harbor” for such statements in certain circumstances. The forward-looking statements include, but are not limited to, our belief that the impact of the strategic and proactive actions we are taking to address critical issues and to drive efficiencies across the operations are leading to improvements in the business, our confidence in our ability to continue to drive improvements in the business and maintain this momentum as we finish 2025 and head into 2026, and our belief that our Operational Excellence initiatives are driving better visibility into our customers’ needs, enhancing the productivity of our sales team, elevating our vendor management practices and, ultimately, improving financial results and cash generation. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, competition in the environmental services industry, the impact of the current economic environment, interruptions to supply chains, commodity price fluctuations, and extended shut down of businesses, and other factors discussed in greater detail in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024. You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.
Investor Relations Contact:
Alpha IR Group
Ryan Coleman or Nick Nelson
QRHC@alpha-ir.com
312-445-2870
Financial Tables Follow
| Quest Resource Holding Corporation and Subsidiaries STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 63,341 | $ | 72,766 | $ | 191,311 | $ | 218,562 | ||||||||
| Cost of revenue | 51,874 | 61,066 | 157,876 | 179,294 | ||||||||||||
| Gross profit | 11,467 | 11,700 | 33,435 | 39,268 | ||||||||||||
| Selling, general, and administrative | 9,240 | 10,273 | 29,947 | 29,457 | ||||||||||||
| Depreciation and amortization | 1,304 | 2,368 | 4,146 | 7,094 | ||||||||||||
| (Gain) loss on sale of assets | (152 | ) | — | 4,339 | — | |||||||||||
| Impairment loss | — | — | 1,707 | — | ||||||||||||
| Total operating expenses | 10,392 | 12,641 | 40,139 | 36,551 | ||||||||||||
| Operating income (loss) | 1,075 | (941 | ) | (6,704 | ) | 2,717 | ||||||||||
| Interest expense | (2,389 | ) | (2,723 | ) | (7,031 | ) | (7,807 | ) | ||||||||
| Loss before taxes | (1,314 | ) | (3,664 | ) | (13,735 | ) | (5,090 | ) | ||||||||
| Income tax expense (benefit) | 35 | (278 | ) | (9 | ) | 465 | ||||||||||
| Net loss | $ | (1,349 | ) | $ | (3,386 | ) | $ | (13,726 | ) | $ | (5,555 | ) | ||||
| Net loss per common share applicable to common shareholders: | ||||||||||||||||
| Basic and diluted | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.66 | ) | $ | (0.27 | ) | ||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic and diluted | 21,029 | 20,666 | 20,941 | 20,542 | ||||||||||||
| RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (Unaudited) (In thousands) | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net loss | $ | (1,349 | ) | $ | (3,386 | ) | $ | (13,726 | ) | $ | (5,555 | ) | ||||||
| Depreciation and amortization | 1,498 | 2,613 | 4,744 | 7,714 | ||||||||||||||
| Interest expense | 2,389 | 2,723 | 7,031 | 7,807 | ||||||||||||||
| Stock-based compensation expense | 470 | 571 | 1,665 | 1,291 | ||||||||||||||
| Acquisition, integration, and related costs | — | 30 | — | 91 | ||||||||||||||
| Gain (loss) on sale of assets | (152 | ) | — | 4,339 | — | |||||||||||||
| Impairment loss | — | — | 1,707 | — | ||||||||||||||
| Other adjustments | 47 | 261 | 1,426 | 980 | ||||||||||||||
| Income tax expense (benefit) | 35 | (278 | ) | (9 | ) | 465 | ||||||||||||
| Adjusted EBITDA | $ | 2,938 | $ | 2,534 | $ | 7,177 | $ | 12,793 | ||||||||||
| ADJUSTED NET INCOME (LOSS) PER SHARE (Unaudited) (In thousands, except per share amounts) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Reported net loss (1) | $ | (1,349 | ) | $ | (3,386 | ) | $ | (13,726 | ) | $ | (5,555 | ) | |||||||
| Amortization of intangibles (2) | 1,105 | 2,209 | 3,573 | 6,650 | |||||||||||||||
| Acquisition, integration, and related costs (3) | — | 30 | — | 91 | |||||||||||||||
| (Gain) loss on sale of assets | (152 | ) | — | 4,339 | — | ||||||||||||||
| Impairment loss | — | — | 1,707 | — | |||||||||||||||
| Adjusted net income (loss) | $ | (396 | ) | $ | (1,147 | ) | $ | (4,107 | ) | $ | 1,186 | ||||||||
| Diluted earnings (loss) per share: | |||||||||||||||||||
| Reported net loss | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.66 | ) | $ | (0.27 | ) | |||||||
| Adjusted net income (loss) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.20 | ) | $ | 0.05 | ||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||
| Basic | 21,029 | 20,666 | 20,941 | 20,542 | |||||||||||||||
| Diluted(4) | 21,029 | 20,666 | 20,941 | 22,873 | |||||||||||||||
(1) Applicable to common stockholders
(2) Reflects the elimination of non-cash amortization of acquisition-related intangible assets
(3) Reflects the add back of acquisition/integration related transaction costs
(4) Reflects adjustment for dilution when adjusted net income is positive
| BALANCE SHEETS (In thousands, except per share amounts) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,146 | $ | 396 | ||||
| Accounts receivable, less allowance for doubtful accounts of and | 50,746 | 62,252 | ||||||
| Prepaid expenses and other current assets | 2,120 | 2,601 | ||||||
| Assets held for sale | — | 9,890 | ||||||
| Total current assets | 54,012 | 75,139 | ||||||
| Goodwill | 81,065 | 81,065 | ||||||
| Intangible assets, net | 8,429 | 12,946 | ||||||
| Property and equipment, net, and other assets | 5,779 | 6,495 | ||||||
| Total assets | $ | 149,285 | $ | 175,645 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 39,323 | $ | 39,899 | ||||
| Deferred revenue | 69 | 1,001 | ||||||
| Current portion of notes payable | 1,406 | 1,651 | ||||||
| Liabilities held for sale | — | 1,840 | ||||||
| Total current liabilities | 40,798 | 44,391 | ||||||
| Notes payable, net | 65,391 | 76,265 | ||||||
| Other long-term liabilities | 1,087 | 833 | ||||||
| Total liabilities | 107,276 | 121,489 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, shares issued or outstanding as of September 30, 2025 and December 31, 2024 | — | — | ||||||
| Common stock, 20,850 and 20,606 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 21 | 21 | ||||||
| Additional paid-in capital | 180,825 | 179,246 | ||||||
| Accumulated deficit | (138,837 | ) | (125,111 | ) | ||||
| Total stockholders’ equity | 42,009 | 54,156 | ||||||
| Total liabilities and stockholders’ equity | $ | 149,285 | $ | 175,645 | ||||
FAQ
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