Quest Solution Reports US$18.6 Million in Revenue in First Quarter Financial Results

Quest Solution (OTCQB:QUES), an artificial intelligence and supply chain company announced its first quarter financial results ending March 31, 2019. The company reported year-over-year revenue increases of 23 percent to reach US$18.6 million. It posted a net loss of US$0.6 million for the quarter.

As quoted in the press release:

Quest reported revenues of $18.6 million for the quarter ended March 31, 2019 as compared to $15.2 million in the comparable 2018 period. Sequentially, revenues grew 35% as compared to revenue of $13.8 million in the fourth quarter of 2018. The revenue increase for the quarter was primarily related to strong execution by the Company’s sales team and growing customer relationships, as well as the revenue contribution from Quest’s new subsidiary HTS Image Processing. Gross margin in the quarter increased to 25% compared to 21% in the prior year period. Total operating expenses for the first quarter of 2019 were $4.5 million compared to $3.8 million in the first quarter last year. The increase in operating expense was largely related to the Company’s acquisition and integration of HTS.

Net loss for the quarter was $0.6 million, or a loss of $0.01 per basic share compared to $0.9 million, or a loss of $0.03 for the first quarter of last year. Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the first quarter of 2019 increased to $1.1 million compared to $621,000 in the first quarter of 2018.

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