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- **Revenue decline**: Q4 revenue down 16% YoY to $58.9M, driven by industrial weakness and divested business. Gross profit fell 15% to $9.1M (15.5% margin), impacted by lower volumes and one-time costs.
- **Cost management success**: SG&A down 24% YoY to $7.7M, with $400K annual savings from office space subletting. Debt reduced by $13.2M in 2025.
- **Operational resilience**: Record-low service disruptions (15.5% margin), strong vendor relationships, and new business wins offsetting onboarding costs.
- **Strategic focus**: Share of wallet expansions, portal-driven efficiency, and ABL refinancing to improve financial flexibility.

**【CEO Summary Section】**
- **Revenue decline driven by industrial sector**: Q4 revenue fell 16% YoY to $58.9M, primarily due to weaker industrial volumes and the divested mall-related business. Sequentially, revenue dropped 7% from Q3, worse than seasonal norms.
- **Operational resilience despite challenges**: Gross profit declined 15% YoY to $9.1M (15.5% margin), impacted by lower volumes, industrial margin pressure, and $0.5M one-time costs. SG&A expenses fell 24% YoY to $7.7M, reflecting cost-cutting measures and workforce reductions.
- **New business growth offset by onboarding costs**: Added $29M in new revenue from 2024 wins, 2025 expansions, and wallet share gains. However, new clients (e.g., a large automotive customer) contributed lower margins initially due to startup costs.
- **Strategic focus on efficiency and customer retention**: Maintained strong relationships with industrial clients, with no customer losses. Launched a new portal for end-to-end visibility, reducing service disruptions to historic lows. 
- **Debt reduction and cash flow improvement**: Reduced debt by $13.2M in 2025 (16.4% YoY reduction). Refinanced ABL to improve financial flexibility, with $400K annual savings from office space subletting.

**【CFO Financial Commentary】**
- **Revenue and margin trends**: Industrial clients drove a $10.7M YoY revenue decline, while non-industrial segments grew 5%. Gross margin pressure from lower volumes and mix shifts, partially offset by operational improvements.
- **Cost management success**: SG&A savings from headcount reductions, bad debt declines, and process efficiencies. DSO improved to mid-70s, down from low 80s a year ago, with working capital days reduced to 11 from 23.
- **Liquidity and capital structure**: $1M cash on hand, $37.7M available on $45M credit line. Generated $1.7M free cash flow in Q4, with plans to continue debt reduction.

**【Q&A Highlights】**
- **Operational KPIs**: Order-to-cash and vendor management initiatives on track, with service disruptions at record lows. Vendors now accepting payment terms, reducing cash flow strain.
- **Vendor network health**: Strong relationships with vendors, despite macro challenges. Vendors are requesting more business, and Quest is optimizing costs through procurement improvements.
- **Cross-sell opportunities**: Industrial clients remain engaged, and Quest is positioned to benefit from any recovery in manufacturing activity. Share of wallet expansions with existing clients are a key growth driver.

Quest Resource Holding Corporation(QRHC)-20260313-2025 Q4 Earnings call transcript

- **Revenue Resilience**: Sequential growth of 6.4% to $63.3M, offsetting industrial market weakness.
- **Margin Expansion**: Gross margin improved 200bps YoY to 18.1%, driven by operational efficiency.
- **Debt Reduction**: $11.2M debt paid down YTD, with plans to prioritize higher-cost debt.
- **Strategic Wins**: New contracts in retail and hospitality, expanding share of wallet with existing clients.
- **Operational Excellence**: 25+ KPIs tracking process improvements, reducing DSO to 70s.

**【Management Opening Remarks】**
- CEO Perry Moss highlighted a solid Q3 with sequential financial improvement, driven by operational excellence initiatives despite macroeconomic challenges.
- Emphasis on cost reduction, cash flow generation, and margin optimization, with confidence in 2026 growth.

**【CEO Commentary】**
- **Operational Excellence**: Streamlined processes, enhanced customer engagement, and vendor management improvements.
- **Share of Wallet Expansion**: Added services for existing clients, including cardboard and food waste management, with new contracts in retail and hospitality.
- **New Client Wins**: Secured major retailer and restaurant chain contracts, with a focus on non-industrial markets for Q4 stability.
- **Vendor Relationships**: Stronger partnerships reducing service disruptions and costs.

**【CFO Financial Commentary】**
- **Revenue**: $63.3M (13% YoY decline, 6.4% sequential growth) due to mall business divestiture and industrial volume challenges.
- **Gross Profit**: $11.5M (2% YoY decline, 3.9% sequential growth), with margin improvement to 18.1% (200bps YoY).
- **SG&A**: $9.2M (10% YoY reduction), driven by workforce optimization and cost-cutting.
- **Cash Flow**: $5.7M generated, reducing DSO to 70s and paying down $4.6M debt.

**【Q&A Highlights】**
- **Industrial Market Outlook**: Stabilized but seasonally weak in Q4; focus on share of wallet and non-industrial clients.
- **Operational KPIs**: 25+ metrics tracking process efficiency, with sequential improvements.
- **Debt Strategy**: Aggressive debt reduction targeting higher-cost debt post-Q1 2026 restrictions.
- **Data monetization**: Exploring subscription model for customer data access.


Quest Resource Holding Corporation (QRHC) Q3 2025 Earnings Call Transcript

- **Revenue decline accelerates**: Q2 revenue down 19% YoY to $59.5M, driven by industrial market weakness (-$16M) and mall divestitures (-$3M).
- **Cash flow improvement**: $3.9M operating cash flow in Q2, with $6.6M debt reduction YTD; targeting mid-60s DSOs.
- **New client growth**: $8M in incremental revenue from new clients, including competitive wins in retail and restaurant sectors.
- **Margin challenges**: Temporary margin pressure from renewals in cost-sensitive markets, offset by shared cost savings and new client ramp-up.
- **Debt repayment focus**: Aggressive debt reduction continues, with no near-term plans for reinvestment in growth initiatives.

**【Management Opening Remarks】**
- CEO Perry Moss emphasized progress in operational excellence, with $3.9 million in Q2 operating cash flow and $6.6 million debt reduction year-to-date.
- CFO Brett Johnston highlighted challenges in the industrial market, noting a 19% YoY revenue decline to $59.5 million, partially due to mall-related business divestitures.
- The company remains focused on debt repayment, with $69.7 million in net notes payable at quarter-end.

**【CEO Summary Section】**
- New client wins include a doubled partnership with a large retailer and a new restaurant chain, both competitive wins based on value proposition.
- Gross profit dollars stabilized sequentially at $11 million, despite margin pressure from renewals in cost-sensitive industrial markets.
- Operational improvements, such as a 46% reduction in late payments to vendors and 83% improvement in vendor bill processing, are driving cash cycle efficiency.
- Long-term strategy focuses on share-of-wallet growth and optimizing service margins through cost savings shared with clients.

**【CFO Financial Commentary】**
- Sequential SG&A reduction of $2.1 million to $9.3 million reflects workforce optimization and cost control.
- Cash generation initiatives, including DSO improvements and reduced working capital, are expected to drive further debt reduction in H2.
- Gross profit dollars expected to be flat to down in Q3, with sequential growth resuming in Q4 as new clients ramp up.

**【Q&A Key Highlights】**
- **Revenue Decline**: Industrial end-market weakness (-$16 million YoY) and mall divestitures (-$3 million) offset $8 million in new client growth.
- **Margin Pressure**: Renewals in cost-sensitive markets (e.g., industrials) are temporarily reducing margins, but shared cost savings are expected to offset this in H2.
- **Cash Flow**: Q2 operating cash flow of $3.9 million reflects DSO improvements; targeting mid-60s DSOs by next year.
- **Debt Focus**: Repayment remains priority, with $6.6 million reduction YTD and plans to continue aggressive paydown.
- **Client Attrition**: No major customer losses; attrition driven by market trends, not relationship issues.


Quest Resource Holding Corporation (QRHC) Q2 2025 Earnings Call Transcript

- **Revenue decline explained**: $7M from client attrition, $8M from industrial sector weakness.
- **Cost savings materializing**: $3M annual SG&A reduction from RWS sale, Q2+ SG&A target of $9.5M.
- **Gross margin recovery path**: Q2+ improvements from onboarding costs abating and new client optimization.
- **Debt flexibility enhanced**: Amended debt terms provide runway for operational turnaround.
- **2025 growth plan**: H2 resumption of top/bottom line growth via operational efficiency and new client ramp.


**【Chairman's Strategic Update】**
- Sold non-core RWS business for $5M, reducing debt and cutting annual SG&A by $3M.
- Promoted Perry Moss to CEO and added Nick Ober as SVP of Operations.
- Amended debt agreements with PNC and Monroe for increased financial flexibility.
- Board expanded with Bob Lipstein, a seasoned financial executive.

**【CFO Financial Highlights】**
- Q1 2025 Revenue: $68.4M (-6% YoY, -2% QoQ) due to $7M client attrition and $8M volume decline.
- Gross Profit: $10.9M (-22% YoY) from attrition, volume drop, margin mix shift, and onboarding costs.
- SG&A: $11.4M (+16% YoY) due to separation costs and resumed bonus accruals.
- Cash: $1.4M with $21M available on $45M credit line.
- DSO: 85 days (targeting 65+ days by Q2 via AP automation).

**【CEO Operational Initiatives】**
- Launched "Operations Excellence" program to improve efficiency, cash flow, and profitability.
- Implemented vendor management platform for zero-touch processing.
- Onboarding 2024 clients at 80% run rate, expecting full contribution by year-end.
- Pipeline expansion focused on existing client share of wallet and new customer referrals.
- Targeting Q2+ improvements in gross margin and EBITDA from process optimizations.

**【Q&A Key Takeaways】**
- Client attrition ($7M YoY) driven by mall-related business sale and acquired clients switching programs.
- Industrial sector weakness expected to persist but not impact collectability.
- AR improvements via AP automation and direct client engagement.
- 2025 outlook: Top/bottom line growth resuming in H2 with debt reduction focus.


Quest Resource Holding (QRHC)-12 May 25-2025 Q1 Earnings call transcript

- **Leadership Change**: Perry Moss appointed CEO, driving operational efficiency and $3M annual cost savings.
- **Revenue Growth**: Q4 2024 revenue $70M (+1% YoY), despite $9M decline from attrition and industrial weakness.
- **Debt Optimization**: 150bps interest rate reduction saves $1M annually, with extended debt maturity to 2030.
- **Market Recovery**: Industrial end markets expected to improve in H2 2025, supporting top-line growth.
- **Execution Focus**: 2025 priorities include vendor system completion, DSO reduction to mid-60s, and EBITDA growth.

**【Management Opening Remarks】**
- **CEO Transition**: Ray Hatch retired as CEO, replaced by Perry Moss, who brings 30+ years of industry experience. Moss will focus on operational efficiency and growth.
- **Business Sale**: Announced sale of non-core mall business to reduce complexity and improve margins. Expected to close in Q1 2025.
- **Cost Reduction**: Implemented 15% workforce reduction and $3M annualized G&A cost savings to improve profitability.

**【CEO (Perry Moss) Summary】**
- **Strategy Focus**: Emphasizes metric-driven sales, process automation, and KPIs to enhance efficiency and client satisfaction.
- **Pipeline Growth**: Record pipeline growth with disciplined sales process, including Stage 1-4 tracking for deal visibility.
- **Operational Excellence**: Launched initiative to benchmark and optimize workflows across the organization, targeting scale benefits and margin expansion.

**【CFO (Brett Johnston) Financial Commentary】**
- **Q4 2024 Results**: Revenue $70M (1% YoY growth), gross profit $10.7M (-6.7% YoY) due to cost increases and $1M non-cash adjustments.
- **Client Onboarding**: 8 new clients added, contributing $12M revenue, but delays caused $9M YoY revenue decline from attrition and weak industrial demand.
- **Debt Refinancing**: Reduced interest rate by 150bps, saving $1M annually, with extended maturity dates to 2030.
- **Cash Flow**: Liquidity strong at $21.9M, but DSO elevated at 80 days due to slow mall business collections.

**【Q&A Highlights】**
- **Vendor Management System**: Near completion, with zero-touch invoice processing reducing costs. Q1 2025 will show full benefits.
- **Industrial Market**: Weakness expected for 2-3 quarters, but signs of recovery in H2 2025.
- **M&A Outlook**: No plans for 2025; focus on debt paydown and operational efficiency.
- **Attrition Causes**: 1/3 from mall business sale, 2/3 from client M&A and industrial weakness.
- **DSO Target**: Aiming to reduce from 80 to mid-60s via faster billing and mall business exit.

Actual											-0.02	0.08	-0.02	0.01	0.06	0.03	0.02	0.08	0.06	0.19	0.04	-0.02	0.03	0.07	0.02	0.03	0.08	0.03	-0.06	-0.09	-0.14	-0.04	-0.02	-0.0651
Forecast											-0.02	-0.045	0.005	0.01	0	0.005	0.03	-0.0367	0.06	0.055	0.1	0.07	0.04	0.0733	0.0933	0.0633	0.05	0.09	0.0833	0.0267	-0.05	0.0233	-0.0067	0.0005
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+277.78%	-500.00%	0.00%	0.00%	+500.00%	-33.33%	+317.98%	0.00%	+245.45%	-60.00%	-128.57%	-25.00%	-4.50%	-78.56%	-52.61%	+60.00%	-66.67%	-172.03%	-437.08%	-180.00%	-271.67%	-198.51%	-13120.00%

Actual	--	--	--	--	--	--	--	--	--	--	25.33M	21.97M	23.70M	27.66M	35.10M	36.86M	37.37M	46.39M	71.52M	76.91M	73.36M	62.25M	74.11M	74.50M	70.42M	69.34M	72.65M	73.14M	72.77M	69.97M	68.43M	59.54M	63.34M	58.91M
Forecast	--	--	--	--	--	--	--	--	--	--	23.04M	20.88M	22.95M	24.18M	28.07M	29.61M	37.41M	39.84M	60.50M	71.31M	74.27M	70.98M	71.57M	75.42M	77.66M	73.07M	72.60M	76.70M	77.10M	73.63M	72.04M	72.56M	59.83M	61.22M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+9.96%	+5.20%	+3.25%	+14.39%	+25.06%	+24.49%	-0.12%	+16.44%	+18.22%	+7.84%	-1.22%	-12.29%	+3.55%	-1.22%	-9.32%	-5.10%	+0.07%	-4.63%	-5.62%	-4.98%	-5.01%	-17.94%	+5.87%	-3.77%

QRHC

QRHC fundamentals

QRHC Q4 2025 Earnings

Earnings Call

You can ask Aime

QRHC

QRHC fundamentals

QRHC Q4 2025 Earnings

Earnings Call

QRHC Earnings Call Summary for Q4/20255:00 PM on Mar 12, 2026

QRHC Earnings Call Summary for Q3/20255:00 PM on Nov 10, 2025

QRHC Earnings Call Summary for Q2/20255:00 PM on Aug 11, 2025

QRHC Earnings Call Summary for Q1/20255:00 PM on May 12, 2025

QRHC Earnings Call Summary for Q4/20245:00 PM on Mar 12, 2025

You can ask Aime