Questor Technology (QST) Q2 2023 earnings summary

Executive summary

• Q2 revenue declined YoY, while gross margin improved; H1 loss narrowed YoY, supported by higher margins and operating-cost streamlining.

• June 30 liquidity included C$5.2m cash, C$9.5m in short-term investments and C$14.0m working capital.

Financial highlights

• Q2 revenue was C$2.2m vs C$2.5m YoY; H1 revenue was C$4.1m vs C$5.0m.

• Gross profit was C$0.8m in Q2 vs C$0.4m; H1 gross profit was C$1.6m vs C$1.1m.

• Q2 net loss was C$0.5m vs C$0.5m; H1 net loss was C$0.7m vs C$0.8m.

Outlook and guidance

• C$1.1m of committed equipment sales revenue was expected to be completed in 2023; requests for equipment sales and rental proposals remained strong.

• The 1,500 kW prototype was delayed to end-2023; third-party installation and final field testing were expected to begin in Q1 2024.