Questor Technology (QST) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue fell to $7.2M from $8.4M; gross profit rose to $2.7M from $2.0M, while net loss widened to $4.8M, including a $3.6M impairment charge.

• Strong liquidity at year-end: $4.3M cash and cash equivalents, $8.2M in highly liquid short-term investments and $11.8M working capital.

Financial highlights

• Q4 2023 revenue was $1.45M versus $1.66M YoY; gross profit increased to $738K from $487K.

• FY 2023 revenue was $7.19M versus $8.38M; gross profit was $2.73M versus $2.03M.

• Q4 net loss was $892K versus $890K YoY; FY net loss was $4.81M versus $1.73M, with impairment and other specified charges affecting 2023.

Outlook and guidance

• Prototype assembly for the 1,500 kW waste-heat-to-power unit is ongoing; shop testing is expected in Q2 2024, with third-party installation and field testing expected in H2 2024.

• More than $60M in international proposals have been submitted; regulatory implementation is expected to support demand, while North American sales capacity is being developed.