QualTek Services Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2023 10-Q, filed Jul 13, 2023. Its latest SEC filing is a 15-15D from Jul 20, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Builds and maintains wireless, fiber and power networks for telecommunications carriers, utilities and cable companies; also provides renewable-energy construction and disaster-recovery services.

How Did They Make Money?

QualTek bills for engineering and construction work as agreed job milestones are reached. Maintenance, fulfillment and recovery services are billed at agreed per-unit prices when each service is completed.

FY2022 revenue

Who Were Their Customers?

Telecommunications carriers, utilities and cable companies contract for network work under master service agreements; renewable-energy and commercial businesses hire QualTek for fiber projects, while telecom and power companies use its disaster-recovery services.

Did Revenues Turn Into Profits?

No. It lost $36.4M in FY2022.

Operating income, FY2022

−6% of revenue

▼ −3% (Loss) vs FY2021 (−$49.2M, −8%)

Net income, FY2022

−5% of revenue

▼ −67% (Loss) vs FY2021 (−$110.4M, −18%)

Free cash flow, FY2022

−10% of revenue

▲ +256% (Loss) vs FY2021 (−$21M, −3%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q1 FY2023, the three months to Apr 1, 2023

Revenue: ▲ +5%; vs $148.2M in Q1 FY2022
Net income: ▲ +390% (Loss); vs −$5M in Q1 FY2022

Jul 17, 2023 QualTek emerged from Chapter 11 and became privately held After its restructuring, the company became privately held under lenders and management; its pre-emergence equity was canceled.

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