QRHC earnings analysis
What we found in QRHC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Quest Resource Holding Corporation's Q1 2026 results reflected a revenue decline of 9.8% to $61.7 million compared to the prior year, primarily due to decreased waste volumes in the industrial sector. The net loss narrowed to $2.3 million with an EPS of $(0.11), missing expectations, contrasting with a steeper loss in the same quarter of the previous year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline Compared to Last Year
- Reported revenue of $61.7 million, down 9.8% from $68.4 million in Q1 2025.
- Narrowed Net Loss
- Net loss for Q1 2026 was $2.3 million, improved from a loss of $10.4 million in Q1 2025.
- Reduction in Operating Expenses
- Operating expenses decreased significantly to $9.4 million in Q1 2026 from $19.1 million in Q1 2025.
- Improved Adjusted EBITDA
- Adjusted EBITDA increased 15.2% to $1.8 million from $1.6 million year-over-year.
- Cash Position Stable
- Working capital remained stable at $11.9 million, including $1.1 million in cash and cash equivalents.
- Decrease in Interest Expense
- Interest expense decreased to $2.1 million compared to $2.3 million in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Revenue Decline
- Revenue decreased year-over-year by $6.7 million or 9.8%, primarily impacting the industrial end-market.
- Negative EPS from Estimates
- Reported EPS was $(0.11), missing analysts’ estimate of $(0.06) by 83%.
- Dependency on Key Clients
- Loss of a key client resulted in $1.7 million attrition in revenue, affecting overall performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.11
- Gross margin
- 15.7%
What they said about what is next.
Management expressed cautious optimism regarding macroeconomic conditions affecting future performance.
The filing reads worse than the one before it.
What came before.
- 10-K · March 13, 2026
- Quest Resource (QRHC) describes an asset-light, technology-enabled managed services strategy focused on scaling one-stop waste and recycling programs across >150 waste streams and tens of thousands of U.S. and Canadian…
- 10-Q · August 8, 2024
- QRHC reported Q2 2024 revenue of $73.145 million, down $1.35 million (≈1.8%) vs. Q2 2023 and essentially flat gross profit at $13.532 million (gross margin ≈18.5%). The company posted operating income of $1.782 million…
- 10-K · March 23, 2023
- The 2022 Form 10-K presents Quest Resource Holding Corporation as an asset-light, national provider of recycling and waste services focused on multi-location business customers and a strategy built on expanding service…
- 10-Q · November 14, 2022
- QRHC reported Q3 revenue of $73,358,293, up 96.3% year-over-year from $37,366,740, driven by 2021-2022 acquisitions. Despite higher revenue, gross margin compressed to 16.6% (from 18.3% in Q3 2021) and operating income…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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