Quest Solution Achieves Record Nine-Month Revenue of $45.8M; Gross Profit Increases 35% to Record $11.7M in First Nine Months
Salt Lake City, UT, November 8, 2019 — Quest Solution, Inc. (OTCQB: QUES) (“Quest” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, announced its financial results for the three and nine month periods ended September 30, 2019.
- Record nine months revenue of $45.8M, an 8% increase compared to 2018
- Record nine months gross margin of 26% up from 21% margin in the first nine months of 2018
- Record Q3 2019 gross income of $3.5M or 27% compared to $2.7M or 20% in Q3 2018
- Total liabilities decreased by $3.6M
- Adjusted EBITDA of $0.5M for Q3 2019 and $2M for the nine month period
- Shareholders’ Equity of $5.2M as compared to $2.3M at December 31, 2018
- SeeCube™ Artificial Intelligence offering gaining traction in the marketplace; several orders received during third quarter
Shai Lustgarten, CEO, commented, “Quest continues to drive momentum as evidenced by record revenues of $45.8 million and gross margin of 26% for the first nine months of 2019. We’re energized by the interest our solutions are receiving in the marketplace. Our third quarter gross income grew by $0.8M to $3.5M and gross margin improved to 27% compared to 20% in the third quarter of 2018, despite a slight decrease in our revenue, which reflected a shift in our revenue mix toward higher margin AI-Machine Vision solutions. These AI-based Machine Vision offerings are the growth engine for our Company, and can enhance and support applications across a broad variety of end markets including law enforcement, homeland security as well as supply chain and inventory management.