Questor Technology (QST) Q3 2024 earnings summary

Executive summary

• Q3 and 9M revenue declined amid a strategic shift toward international equipment sales and changes in the customer base; $2.7M of equipment sales was committed for fulfillment in Q4 2024 and Q1 2025.

• Cash, cash equivalents and short-term investments totaled $7.3M at September 30, 2024, with working capital of $6.3M.

Financial highlights

• Q3 revenue was $1.14M versus $1.69M YoY; 9M revenue was $2.74M versus $5.75M.

• Q3 gross profit was $383,574 versus $442,655 YoY; 9M gross profit was $638,005 versus $1.99M.

• Q3 net loss was $589,599, or $0.02/share, versus $2.19M, or $0.08/share; 9M net loss was $3.24M, or $0.12/share, versus $3.91M, or $0.14/share.

• Adjusted EBITDA was negative $256,475 in Q3 versus negative $97,666; 9M was negative $1.46M versus positive $336,244.

Outlook and guidance

• $2.7M of committed equipment sales revenue was expected to be fulfilled in Q4 2024 and Q1 2025.

• Prototype 1,500 kW waste-heat-to-power unit shop testing was underway, with completion expected in Q4 2024; a site partner was being negotiated for installation and field testing.

• Global representatives and partners are intended to accelerate adoption across India, MENA, Nigeria and Latin America; longer-term focus is on diversified international markets.