Revenue growth remains in a contractionary phase with a 9.8% year-over-year decline in 2026Q1, while gross margins have compressed to 14.0% from historical peaks near 19%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jun'12 | Jun'10 | Jun'09 | Jun'08 |
|---|
| Sales/Revenue | 243.52M | 250.22M | 288.53M | 288.38M | 284.04M | 155.72M | 98.66M | 98.98M | 103.81M | 138.35M | 183.81M | 170.14M | 174.45M | 67.5M | 1.15M | 93.97K | 9.16K | 0 | 0 |
| Revenue Growth % | -14.35% | -13.28% | 0.05% | 1.53% | 82.41% | 57.83% | -0.32% | -4.65% | -24.97% | -24.73% | 8.04% | -2.47% | 158.43% | 5790.49% | 1119.47% | 925.93% | - | - | - |
| Cost of Goods Sold | 204.42M | 212.95M | 238.54M | 238.31M | 235.18M | 127.01M | 79.6M | 80.25M | 86.94M | 122.63M | 169.4M | 156.5M | 160.19M | 62.43M | 36.02K | 20.09K | 5.39K | 0 | 0 |
| COGS % of Revenue | - | 85.11% | 82.67% | 82.64% | 82.8% | 81.57% | 80.69% | 81.08% | 83.76% | 88.64% | 92.16% | 91.98% | 91.82% | 92.48% | 3.14% | 21.37% | 58.8% | - | - |
| Gross Profit | 39.1M | 37.27M | 49.99M | 50.06M | 48.86M | 28.71M | 19.06M | 18.73M | 16.86M | 15.71M | 14.41M | 13.64M | 14.27M | 5.07M | 1.11M | 73.89K | 3.77K | 0 | 0 |
| Gross Margin % | 16.06% | 14.89% | 17.33% | 17.36% | 17.2% | 18.43% | 19.31% | 18.92% | 16.24% | 11.36% | 7.84% | 8.02% | 8.18% | 7.52% | 96.86% | 78.63% | 41.2% | - | - |
| Gross Profit Growth % | - | -25.46% | -0.14% | 2.48% | 70.19% | 50.65% | 1.76% | 11.05% | 7.32% | 9.05% | 5.63% | -4.39% | 181.2% | 357.12% | 1402.25% | 1857.84% | - | - | - |
| Operating Expenses | 37.12M | 37.63M | 54.45M | 47.24M | 47.45M | 24.2M | 18.3M | 18.13M | 18.86M | 21.07M | 22.21M | 20.87M | 18.21M | 17.88M | 24.55M | 1.92M | 728.65K | 323.73K | 4.5K |
| OpEx % of Revenue | - | 15.04% | 18.87% | 16.38% | 16.71% | 15.54% | 18.55% | 18.32% | 18.17% | 15.23% | 12.09% | 12.27% | 10.44% | 26.49% | 2142.58% | 2048.22% | 7954.67% | - | - |
| Selling, General & Admin | 16.08M | 37.63M | 0 | 0 | 34.73M | 19.89M | 16.22M | 16.82M | 16.16M | 17.08M | 18.17M | 16.3M | 14.38M | 12.68M | 6.85M | 1.62M | 540.78K | 323.73K | 4.5K |
| SG&A % of Revenue | - | 15.04% | - | - | 12.23% | 12.77% | 16.44% | 16.99% | 15.57% | 12.34% | 9.89% | 9.58% | 8.25% | 18.78% | 597.64% | 1720.75% | 5903.71% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 54.45M | 47.24M | 12.72M | 4.31M | 2.09M | 1.31M | 2.7M | 3.99M | 4.04M | 4.57M | 3.83M | 5.22M | 68.58K | 116.59K | 0 | 0 | 0 |
| Operating Income | 1.98M | -366K | -4.46M | 2.83M | 1.41M | 4.51M | 750.27K | 595.47K | -2M | -5.35M | -7.8M | -7.23M | -3.94M | -12.8M | -23.45M | -1.85M | -724.87K | -57.28K | -4.5K |
| Operating Margin % | 0.81% | -0.15% | -1.55% | 0.98% | 0.49% | 2.89% | 0.76% | 0.6% | -1.93% | -3.87% | -4.25% | -4.25% | -2.26% | -18.97% | -2045.81% | -1969.6% | -7913.47% | - | - |
| Operating Income Growth % | - | 91.79% | -257.88% | 101.02% | -68.82% | 500.77% | 26% | 129.76% | 62.61% | 31.43% | -7.98% | -83.31% | 69.21% | 45.38% | -1166.66% | -155.34% | -1165.56% | -1172.82% | - |
| EBITDA | 7.49M | 5.68M | 5.81M | 12.77M | 11.37M | 7.27M | 2.03M | 2M | 884K | -1.2M | -3.64M | -2.66M | -116K | -10.99M | -23.38M | -1.85M | -723.67K | -936.38K | -57.28K |
| EBITDA Margin % | 3.08% | 2.27% | 2.01% | 4.43% | 4% | 4.67% | 2.05% | 2.02% | 0.85% | -0.86% | -1.98% | -1.56% | -0.07% | -16.28% | -2039.83% | -1968.32% | -7900.37% | - | - |
| EBITDA Growth % | 250.6% | -2.19% | -54.5% | 12.33% | 56.37% | 258.83% | 1.47% | 125.93% | 173.97% | 67.13% | -36.9% | -2189.66% | 98.94% | 53% | -1163.78% | -155.6% | 22.72% | -1534.82% | - |
| D&A (Non-Cash Add-back) | 5.51M | 6.05M | 10.27M | 9.95M | 9.97M | 2.77M | 1.28M | 1.4M | 2.88M | 4.16M | 4.17M | 4.57M | 3.83M | 1.82M | 68.58K | 1.2K | 0 | 0 | 0 |
| EBIT | 2.04M | -366K | 1.16M | 4.45M | 4.48M | 6.35M | 1.67M | 595.47K | -2M | -5.35M | -7.8M | -7.23M | -5.6M | -12.14M | -40.21M | -1.85M | -724.87K | -936.38K | -57.28K |
| Net Interest Income | -8.99M | -9.21M | -10.31M | -9.73M | -7.28M | -2.5M | -701.93K | -431.63K | -438K | -468K | -241K | -218K | -4.3M | -5.66M | -18.24M | -61.78K | -30.4K | 64.67K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.2K | 18.13K | 7.39K | 0 |
| Interest Expense | 8.99M | 9.21M | 10.31M | 9.73M | 7.28M | 2.5M | 701.93K | 431.63K | 438K | 468K | 241K | 218.28K | 4.3M | 5.66M | 18.24M | 74.98K | 48.53K | 63.68K | 0 |
| Other Income/Expense | -9.21M | -15M | -10.31M | -9.73M | -7.28M | -2.5M | 538.1K | -431.63K | -438K | -468K | -241K | -218K | -5.96M | -4.99M | -35.4M | -61.78K | -30.4K | -56.29K | -52.78K |
| Pretax Income | -7.23M | -15.37M | -14.77M | -6.9M | -5.88M | 2.01M | 1.29M | 163.84K | -2.44M | -5.82M | -8.05M | -7.45M | -9.9M | -17.8M | -41.21M | -1.91M | -755.27K | -1M | -57.28K |
| Pretax Margin % | -2.97% | -6.14% | -5.12% | -2.39% | -2.07% | 1.29% | 1.31% | 0.17% | -2.35% | -4.21% | -4.38% | -4.38% | -5.67% | -26.37% | -3595.99% | -2035.33% | -8245.36% | - | - |
| Income Tax | 60K | 16K | 291K | 387K | 172.6K | 321.17K | 254K | 219.08K | 0 | 0 | 0 | 0 | 0 | 0 | 941.05K | 0 | -7.39K | 57.28K | 0 |
| Effective Tax Rate % | -0.83% | -0.1% | -1.97% | -5.61% | -2.94% | 15.96% | 19.72% | 133.72% | 0% | 0% | 0% | 0% | 0% | 0% | -2.28% | 0% | 0.98% | -5.73% | 0% |
| Net Income | -7.29M | -15.38M | -15.06M | -7.29M | -6.05M | 1.69M | 1.03M | -55.24K | -2.44M | -5.82M | -8.05M | -7.45M | -9.9M | -17.8M | -42.15M | -1.91M | -755.27K | -57.28K | -4.5K |
| Net Margin % | -3% | -6.15% | -5.22% | -2.53% | -2.13% | 1.09% | 1.05% | -0.06% | -2.35% | -4.21% | -4.38% | -4.38% | -5.67% | -26.37% | -3678.1% | -2035.33% | -8245.36% | - | - |
| Net Income Growth % | 70.6% | -2.12% | -106.6% | -20.55% | -457.65% | 63.49% | 1972.5% | 97.74% | 58.09% | 27.67% | -8.06% | 24.77% | 44.39% | 57.77% | -2103.74% | -153.25% | -1218.64% | -1172.82% | - |
| Net Income (Continuing) | -7.29M | -15.38M | -15.06M | -7.29M | -6.05M | 1.69M | 1.03M | -55.24K | -2.44M | -5.82M | -8.05M | -7.45M | -9.9M | -17.8M | -42.15M | -1.91M | -755.27K | -1M | -57.28K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | -0.73 | -0.73 | -0.36 | -0.31 | 0.08 | 0.05 | -0.00 | -0.16 | -0.38 | -0.55 | -0.53 | -0.80 | -1.85 | -5.92 | -2.00 | -0.80 | -0.24 | -2.97 |
| EPS Growth % | 70.86% | 0% | -102.78% | -16.13% | -479.9% | 64.85% | - | 97.75% | 57.89% | 30.91% | -3.77% | 33.75% | 56.76% | 68.75% | -196% | -150% | -233.33% | 91.92% | - |
| EPS (Basic) | - | -0.73 | -0.73 | -0.36 | -0.31 | 0.09 | 0.05 | -0.00 | -0.16 | -0.38 | -0.55 | -0.53 | -0.79 | -1.85 | -5.92 | -0.83 | -0.80 | -0.24 | -2.97 |
| Diluted Shares Outstanding | 21.2M | 21M | 20.62M | 20.12M | 19.47M | 20.73M | 16.76M | 15.35M | 15.31M | 15.28M | 14.74M | 13.96M | 12.57M | 9.63M | 7.12M | 992.16K | 473.06K | 18.92M | 239.45K |
| Basic Shares Outstanding | 21.2M | 21M | 20.62M | 20.12M | 19.47M | 18.89M | 16.66M | 15.35M | 15.24M | 15.28M | 14.74M | 13.96M | 12.57M | 9.63M | 7.12M | 992.16K | 473.06K | 18.92M | 239.45K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and scale constraints
As indicated by the most recent quarterly financial data, QRHC has experienced a sustained revenue decline, with the latest period showing a 9.8% year-over-year contraction, following a series of double-digit drops that suggest a potential loss of core national account volume or strategic account pruning.
The consistent downward trend in top-line performance suggests that the company is struggling to maintain its footprint within its primary retail and automotive client base. Investors should monitor whether this contraction reflects a deliberate shift toward higher-margin services or an inability to compete effectively for essential waste management contracts.
Based on reported income statements, QRHC's gross margin has compressed to 14.0% in 2026Q1, down from historical peaks near 19%, which highlights the difficulty of passing through rising third-party vendor costs to clients in a highly competitive, asset-light brokerage environment.
The erosion of gross margins suggests that the company's pricing power may be limited by the commoditized nature of its waste hauling services. Without a significant shift toward higher-value diversion or recycling streams, the current margin profile appears insufficient to support the company's fixed operating cost structure.
According to the provided financial filings, QRHC continues to struggle with operating leverage, as evidenced by an operating margin that has fluctuated near zero, failing to scale meaningfully despite the company's established national footprint and long-term service agreements with major corporate accounts.
The inability to consistently generate positive operating income suggests that the company's administrative and technology overhead remains too high relative to its current revenue base. This lack of scalability implies that management must either significantly increase volume or aggressively reduce SG&A to reach a sustainable break-even point.
Financial statements reveal that QRHC has reported consistent net losses, with a net margin of -3.8% in the most recent quarter, indicating that the company's bottom-line performance is burdened by non-operating costs and a lack of sufficient scale to achieve GAAP profitability.
The recurring nature of these net losses warrants further investigation into the company's capital structure and the impact of stock-based compensation on shareholder dilution. The persistent negative earnings suggest that the current business model may require fundamental restructuring to achieve long-term viability.
As highlighted by the company's thin cash position of approximately $1.01 million against a backdrop of declining revenues, there is a significant risk that QRHC may face liquidity pressures that could limit its operational flexibility or necessitate dilutive financing to sustain ongoing business activities.
Short-sellers would likely focus on the company's inability to convert its national account relationships into consistent, profitable growth. The combination of negative net margins and minimal cash reserves suggests that the company is highly vulnerable to any operational shocks or delays in client payments.
Quick answers to the most common questions about buying QRHC stock.
For fiscal year 2025, Quest Resource Holding Corporation (QRHC) reported total revenue of $250.2M.
Quest Resource Holding Corporation (QRHC) reported a net loss of $15.4M for the fiscal year ending 2025.
Quest Resource Holding Corporation (QRHC) reported an operating income of $-0.4M, resulting in an operating profit margin of -0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Quest Resource Holding Corporation (QRHC) generated $37.3M in gross profit for the year, representing a gross profit margin of 14.9%. This demonstrates the company's core pricing power and production efficiency.