Companies · QRHC
Quest Resource
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Updated Nov 6, 2026
Quest Resource Q3 2026: Adjusted EBITDA +17% on SG&A cuts as industrial client softness and goodwill impairment cloud nine-month results
Quest Resource delivered a 16.8% Adjusted EBITDA gain in Q3 2026, reaching $3.4 million, entirely on SG&A discipline — revenue grew only 0.7% to $63.8 million as $1.7 million in net new business and wallet-share wins were largely offset by a $1.2 million drag from industrial end-market clients. The nine-month picture is materially weaker: a $11.0 million goodwill impairment recorded in Q2 2026 drove net loss to $15.0 million through September, gross margin compressed 90 basis points to 16.6%, and operating cash flow fell $4.1 million year-over-year as client activity softened. Cost reduction remains the primary lever — SG&A is down $4.8 million through nine months — but the structural revenue headwind from industrial client attrition and a March 2025 divestiture has yet to be replaced by equivalent new business.
Tone: cautiousRevenue
$250.2M
QRHC 10-K · FY 2025
Employees
195
Revenue FY2024
$288.5M
Founded
2002
Profile
QRHC 10-K Item 1 · Mar 13, 2026Quest Resource Holding Corporation is a national provider of waste and recycling managed services, delivering customer-specific programs for the collection, processing, recycling, disposal, and tracking of waste streams and recyclables. The company serves primarily large, Fortune 1000 businesses across multiple industry sectors operating at multiple locations. Its asset-light model relies on a network of third-party subcontractors rather than owned hauling or disposal assets.
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Quest Resource Holding Corporation is a national provider of waste and recycling management services to customers from across multiple industry sectors that are typically larger, multi-location businesses. We create customer-specific programs and perform the related services for the collection, processing, recycling, disposal, and tracking of waste streams and recyclables to maximize resource utilization. Our programs and services enable our customers to address their business sustainability and Environmental, Social and Governance ('ESG') goals and responsibilities while also receiving optimized operational efficiencies and lower costs. We believe our services are comprehensive, innovative, and cost-effective. Our services are designed to enable our business customers to capture the commodity value of their waste streams and recyclables, better manage their disposal and total operating costs, enhance their management of environmental risks, enhance their legal and regulatory compliance, and achieve their business and environmental goals while maximizing the efficiency of their assets. Our services currently focus on the waste streams and recyclables from big box and small box retailers, including grocers and other specialty retailers; transportation, logistics, and fleet operators; manufacturing and industrial facilities; automotive after-market operations such as automotive maintenance, quick lube, dealerships, and collision repair; multifamily and commercial properties; restaurant chains and food operations; and construction and demolition projects. We currently concentrate on recycling programs for the following items: cardboard, pallets, wood waste, metal, glass, motor oil and automotive lubricants, oil filters, scrap tires, oily water, goods destruction, food waste, meat renderings, cooking oil and grease trap waste, plastics, mixed paper, construction debris, as well as a large variety of regulated and non-regulated solid, liquid, and gas wastes. In addition, we offer products such as antifreeze and windshield washer fluid, dumpster and compacting equipment, and other minor ancillary services.
Primary products
- Solid Waste
- Automotive, Fleet and Industry Services
- Food/Organic Waste
- Recycling Services
- Solid Waste and Recycling Equipment
- Construction Services
End markets
Geographies
Named competitors
“We believe our asset-light, managed services model allows us to coordinate a broad range of waste and recycling services across multiple locations, maintain flexibility to adapt programs to customer needs, and leverage the most effective service providers in each market.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue declined $38.3 million, or 13.3%, in 2025 versus 2024, driven primarily by industrial end-market headwinds and the divestiture of an underperforming business operation in Q1 2025, partially offset by approximately $7.0 million in incremental net growth from new and expanding clients.
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