Quest Resource Holding Corp

questrmg.com

What Do They Do?

Manages waste and recycling programs for multi-location businesses, and sells related products and equipment.

How Do They Make Money?

Customers generally sign multi-year contracts that bring monthly revenue from waste-service fees and commodity sales. Quest earns service revenue as work is performed, sells products when delivered, and rents equipment for fixed fees over lease terms.

revenue

Segment	Share	Revenue	How money arrives
Services Recurring	95% FY2022: 96%		Recurring
Product Sales and Other Sold outright	5.1% FY2022: 3.6%		Sold outright

Who Are Their Customers?

Serves retailers, manufacturers and other multi-location businesses through a direct sales force and selected strategic partnerships.

Do Revenues Turn Into Profits?

Not on paper. It lost $15.4M in FY2025, but brought in more cash than it spent: $9.3M of free cash flow.

Operating income, FY2025

−2% of revenue

▲ +38% (Loss) vs FY2024 (−$4.5M, −2%)

Net income, FY2025

−6% of revenue

▲ +2% (Loss) vs FY2024 (−$15.1M, −5%)

Free cash flow, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$10.8M, −4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $59.5M in Q2 FY2025
Net income: ▲ +520% (Loss); vs −$2M in Q2 FY2025

Services share of revenue vs 94.6% in Q2 FY2025

Growing. Revenue grew 61% in 4 years, from $155.7M in FY2021 to $250.2M in FY2025, about 13% a year.

Adjacent facility services The latest report describes Quest as selectively offering facility-related services alongside waste and recycling programs, supporting site operations and vendor coordination; the older report described its business as waste and recycling services.

Revenue over time

Services Product Sales and Other

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Waste Management and Republic Services

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