Questor Technology (QST) Q1 2024 earnings summary

Executive summary

• Q1 revenue and gross profit declined YoY as customer project and rental start dates shifted; fixed costs continued while revenue was lower.

• Financial position remained strong, with $4.1M cash and $7.2M in highly liquid short-term investments at March 31, 2024.

Financial highlights

• Revenue was $731,618, down from $1,838,775 YoY; gross profit was $212,275, down from $742,516.

• Loss for the period was $636,759 versus $174,868; basic and diluted loss per share was $0.02 versus $0.01.

• Lower revenue reflected shifted project and rental start dates; improved pricing and sales mix and cost controls partly offset gross-profit pressure.

Outlook and guidance

• Construction continues on the 1,500 kW waste-heat-to-power unit; prototype shop testing is expected in Q2 2024, with site installation and final field testing expected to start in H2 2024.

• More than $60M in international proposals have been submitted, with potential to significantly expand international revenue.