Questor Technology (QST) Q4 2024 earnings summary

Executive summary

• 2024 revenue declined as the business shifted toward international markets and rebuilt sales and rental activity; committed equipment sales of $4.5 million were expected to be fulfilled in H1 2025.

• The year ended with $5.3 million in cash and cash equivalents, $1.7 million in short-term investments and $7.6 million in working capital.

Financial highlights

• Q4 revenue was $1.8 million vs. $1.4 million YoY; FY revenue was $4.5 million vs. $7.2 million.

• Q4 gross profit was $595,405 vs. $738,031; FY gross profit was $1.2 million vs. $2.7 million. Gross margin was 34% and 27%, respectively, vs. 51% and 38%.

• Q4 net loss was $1.0 million, or $0.04/share, vs. $0.9 million, or $0.03/share; FY net loss was $3.2 million, or $0.12/share, vs. $4.8 million, or $0.17/share.

• Adjusted EBITDA was nil in Q4 and negative $1.5 million for FY 2024, vs. positive $0.2 million and $0.5 million in the comparative periods; lower revenue weighed on results amid fixed costs.

Outlook and guidance

• $4.5 million of committed equipment sales revenue was expected to be fulfilled in H1 2025.

• Mexico rental activities were planned to begin in Q1 2025; the 1,500 kW waste-heat-to-power prototype was undergoing final testing, with commissioning planned for Q2 and field deployment expected in H2 2025.

• Q1 2025 bookings included a $0.9 million Caltrax order and a $2.4 million Iraq contract for emissions-reduction equipment.