- Questor Technology (QST) has announced its financial and operating results for the first quarter of 2022
- The unaudited results show that the company’s financial performance in the first quarter of 2022 has improved significantly compared to the first quarter of 2021
- Revenue increased $1.0 million or 64 per cent compared to the same period of 2021 primarily due to equipment sales
- Gross profit has also increased $0.6 million in the same period
- Questor Technology Inc is a company focused on clean air technologies
- Questor Technology Inc. was up 6.087 per cent, trading at $1.22 at 2:04 PM ET
Questor Technology (QST) has announced its financial and operating results for the first quarter of 2022.
The unaudited results show that the company’s financial performance in the first quarter of 2022 has improved significantly compared to the first quarter of 2021.
Revenue increased by $1.0 million or 64 per cent compared to the same period of 2021, primarily due to equipment sales.
Gross profit has also increased $0.6 million in the same period as a result of these new sales and also a continued focus on streamlining operations.
During the first quarter of 2022, the company noted increases in capital spending activity by its customers, increasing requests for proposals. After the quarter, the company has closed a further $0.6 million of equipment sales.
The company generated $0.7 million positive cash flow from operations for the three months ended March 31, 2022, compared to a $0.7 million outflow in the same period in 2021.
The overall loss for the first quarter of 2022 was $0.4 million compared to a loss of $0.9 million in the same period of 2021.
The company explained that the reduced loss resulted from improved gross profit and a continued focus on controlling administration expenses, offset by an increase in research and development expenses of $0.1 million in the first quarter of 2022.
The company continues to have a solid financial position on March 31, 2022, including cash and cash equivalents of $15.8 million, working capital of $16.1 million, an undrawn $1.0 million revolving demand loan facility and a $5.0 million capital loan facility.
Questor Technology Inc is focused on clean air technologies that safely and cost-effectively improve air quality, support energy efficiency, and greenhouse gas emissions reductions.
Questor Technology Inc. was up 6.087 per cent, trading at $1.22 at 2:04 PM ET.
