Questor Technology (QST) Q2 2024 earnings summary

Executive summary

• Q2 revenue fell to $0.9M from $2.2M YoY; net loss widened to $966K from $502K, primarily as project and rental start dates shifted.

• Strong proposal activity and $1.5M in committed 2024 equipment sales support the outlook, while customer demand and project timing remain key factors.

Financial highlights

• Q2/H1 revenue was $870K/$1.6M vs. $2.2M/$4.1M YoY; gross profit was $42K/$254K vs. $808K/$1.55M.

• Q2/H1 net loss was $966K/$1.60M vs. $502K/$677K YoY; basic and diluted loss per share was $0.03/$0.06 vs. $0.02/$0.02.

• Q2/H1 Adjusted EBITDA was negative $722K/$1.20M vs. positive $205K/$434K YoY, reflecting shifted sales projects and rental starts alongside fixed operating and administrative costs.

Outlook and guidance

• $1.5M of committed equipment sales is expected to be completed in 2024; requests for equipment sales and rental proposals remain strong.

• More than $60M in international proposals have been submitted; proposals could support significant international revenue growth.

• Prototype 1,500 kW waste-heat-to-power unit shop testing is scheduled for September 2024; negotiations continue for a partner site for installation and field testing.