Questor Technology Inc. (TSXV: QST) shared this morning its financial results for Q1 2021, highlighting revenue of $1.5 million. This is a significant 66% decline from Q1 2020’s revenue of US$4.5 million.
The company said that its operations are still impacted by the economic slowdown due to the pandemic. Equipment sales declined to $0.9 million this quarter from last year’s $2.0 million, equipment rental revenue decreased to $0.5 million from last year’s $2.2 million, and equipment service revenue drops to $0.2 million from last year’s $0.3 million.
Corollary, Questor recorded a loss of $0.9 million for the quarter. The gross margin is at 2%, compared to the 44% gross margin of the same period last year. The loss for the quarter translates to a $0.03 loss per share.
The company, however, ended the quarter with $15.7 million in cash which contributed to the quarter’s working capital of $18.9 million.
In terms of outlook, the company simply said that it expects revenues to increase in the second half of the year as a result of rising commodity prices and the pressure being placed on ESG initiatives.
Questor Technology Inc. last traded at $2.02 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.