Exhibit 99.1

Quest Resource Holding Reports Second Quarter 2020 Financial Results

 

THE COLONY, TX – August 13, 2020 -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental waste and recycling services, today announced financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

Revenue was $22.0 million, a 13.7% decrease compared with the second quarter of 2019.

Gross profit was $4.4 million, a 7.9% decrease compared with the second quarter of 2019.

Gross margin increased 120 basis points to 19.9% of revenue, compared with 18.7% for the second quarter of 2019.

Other income of $1.3 million, or $0.08 per share, in the second quarter of 2020 represented the use of PPP Loan proceeds to fund eligible expenses under the CARES Act.

Net income per share was $0.08, compared with $0.00 during the second quarter of 2019.  

Adjusted EBITDA was $1.1 million, compared with $825,000 during the second quarter of 2019.

 

Year-to-Date 2020 Highlights (June 30, 2020)

Revenue was $47.3 million, a 9.2% decrease compared with the same period of 2019.

Gross profit was $8.9 million, a 4.0% decrease compared with the same period of 2019.

Gross margin increased 110 basis points to 18.9% compared with 17.8% of revenue for the same period of 2019.

Other income of $1.3 million, or $0.08 per share, represented the use of PPP Loan proceeds to fund eligible expenses under the CARES Act.

Net income per share improved to $0.06, compared to a net loss per share of $(0.01) during the same period of 2019.  

Adjusted EBITDA was $1.7 million, a 3.3% increase compared to the same period of 2019.

“Our team adapted quickly to the difficult COVID-19 market environment working closely with customers to ensure high levels of service, all the while focusing on the health and safety of our employees.  Our customer end markets that were the most affected in April recovered faster than anticipated through each month of the quarter.  However, overall volume trends are negative year over year.  Due to the flexible cost structure of our asset light model, as well as actions we took to reduce expenses, we showed a solid improvement in Adjusted EBITDA and generated positive cash flow,” said S. Ray Hatch, President and Chief Executive Officer.  “Since the end of the quarter, we bolstered the balance sheet, updating our line of credit with more favorable terms, and raising equity capital to support our acquisition strategy.”

Mr. Hatch continued, “While the pace and extent of the recovery remains uncertain, our flexible business model, strong balance sheet, and the essential nature of our services, position us to continue to weather this challenging environment.”

Second Quarter 2020 Earnings Conference Call and Webcast

Quest will conduct a conference call today, August 13, 2020, at 5:00 PM ET, to review the financial results for the second quarter ended June 30, 2020. Investors interested in participating on the live call can dial 1-800-263-0877 within the U.S. or 1-646-828-8143 from abroad, referencing conference ID: 8602356.  The conference call, which may include forward-looking statements, is also being webcast and is available via the investor relations section of Quest’s website at https://investors.qrhc.com/investors/events-and-presentations. A replay of the webcast will be archived on Quest’s investor relations website for 90 days.



The following information was filed by Quest Resource Holding Corp (QRHC) on Thursday, August 13, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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