Here are 1-2 brief analogies to describe Quest Resource (QRHC):

• C.H. Robinson for corporate waste management
• Accenture for corporate waste and recycling solutions

• Recycling and Waste Diversion Services: Quest Resource manages the collection, processing, and responsible disposal of various recyclable materials, diverting waste from landfills.
• Comprehensive Waste Management: The company provides end-to-end solutions for all types of waste streams, including general solid waste, hazardous waste, and specialized waste, ensuring compliance and efficiency.
• Sustainability and Resource Management Consulting: They offer strategic guidance, program development, data analytics, and reporting to help businesses achieve their environmental sustainability goals.

Quest Resource Holding Corporation (QRHC) Major Customers

Quest Resource Holding Corporation (QRHC) sells primarily to other companies (business-to-business or B2B).

While QRHC's financial reports indicate a significant portion of its revenue comes from a small number of major customers (for example, in 2023, the top three customers accounted for approximately 35%, 15%, and 11% of consolidated revenue), the company does not publicly disclose the names of these specific major customers in its SEC filings or investor communications for competitive reasons. Therefore, a list of named customer companies with their symbols cannot be provided.

Based on the company's business descriptions and target market, its major customers are typically large, multi-location businesses within the following categories:

• Automotive Sector: This includes car dealerships, automotive repair shops, and aftermarket retailers. These customers require comprehensive waste and recycling solutions for materials such as used oil, tires, fluids, scrap metal, and parts.
• Retail Sector: Large chain stores, including big-box retailers and grocery chains, form a significant part of QRHC's customer base. These businesses generate extensive waste streams from packaging, plastics, cardboard, and general refuse across their numerous locations.
• Food Service & Hospitality Sector: Restaurants, hotel chains, and food processing facilities are customers that utilize QRHC for services such as organic waste recycling, grease trap management, and general waste and recycling programs.

Perry Moss, President and Chief Executive Officer

Perry Moss was appointed President and Chief Executive Officer of Quest Resource Holding Corporation in March 2025. He joined Quest in July 2023 and became Chief Revenue Officer in June 2024. Mr. Moss brings over 30 years of experience in business development, operations, and leadership in the waste and environmental services industry. His previous senior leadership roles include positions at Rubicon Technologies, Inc., Oakleaf Holdings, Smurfit-Stone's Waste Reduction Services' business unit, and Waste Management, Inc.

Brett Johnston, Chief Financial Officer and Senior Vice President

Brett Johnston was appointed Senior Vice President and Chief Financial Officer of Quest Resource Holding Corporation, effective November 1, 2022. Prior to joining Quest in 2022, Mr. Johnston spent nearly 20 years at Arcosa, Inc., where he most recently served as Senior Vice President of Arcosa's Construction Products Group. At Arcosa, he was responsible for leading a 50-member accounting, finance, and IT team and played a significant role in the company's M&A strategy, including target development, screening, due diligence, and integrations. He holds an MBA from the University of Texas and a Bachelor of Science in Economics from Texas A&M University.

Dave Sweitzer, Chief Operating Officer

Dave Sweitzer serves as Quest's Chief Operating Officer, bringing over 20 years of experience across the waste, recycling, property management, and business services sectors. His prior roles include Chief Sales Officer, Executive Vice President, and Senior Vice President of Sales at SMS Assist. Before SMS Assist, he was Director of Business Development at Waste Management and Client Solutions Vice President at Oakleaf Waste Management.

Nick Ober, Senior Vice President of Operations

Nick Ober joined Quest in March 2025 as Senior Vice President of Operations, contributing over 17 years of operational and tech enablement experience, primarily in the freight and waste management industries. He most recently held the position of Vice President of Freight Brokerage Solutions & Strategy for RXO, Inc., where he managed carrier operations for a $3 billion asset-light business unit. Earlier in his career, he served as Director of Operations for Republic Services, Inc.

Will Reynolds, Senior Vice President of Business Solutions

Will Reynolds is the Senior Vice President of Business Solutions at Quest Resource Holding Corporation. The Quest leadership team is committed to providing value to clients through their combined experience in environmental services, sustainability, and finance.

Quest Resource (symbol: QRHC) operates primarily in the environmental services and waste management industry, offering comprehensive recycling and resource management programs. Their main products and services include waste and recycling services, as well as environmental and sustainability consulting services, aimed at helping businesses achieve their environmental, social, and governance (ESG) goals and manage operational waste streams.

The addressable markets for their main products or services are:

• Waste and Recycling Services: The U.S. waste and recycling industry, which includes medical and hazardous waste markets, reached an estimated $104.63 billion in revenue in 2024. This market was valued at USD 76.26 billion in 2023 and is projected to grow to approximately USD 98.34 billion by 2030 in the U.S. Separately, the North America Waste Recycling Services Market is estimated at USD 17.13 billion in 2025 and is expected to reach USD 20.19 billion by 2030.
• Environmental and Sustainability Consulting Services: The U.S. environmental and sustainability consulting market surged to $22.3 billion in 2023 and is forecast to reach $29.2 billion by 2028. In 2024, the market size for Environmental Consulting in the U.S. was $26.9 billion, projected to be $27.4 billion in 2025. The North America environmental consulting services market is expected to grow from US$ 22.46 billion in 2023 to US$ 39.44 billion by 2031.

Here are the expected drivers of future revenue growth for Quest Resource (QRHC) over the next 2-3 years:

1. New Client Acquisition: Quest Resource anticipates continued revenue growth from securing new clients. The company has reported strong growth from new client wins and significant onboarding activity, with new clients secured in 2024 expected to provide incremental growth in both revenue and gross profit dollars. Recent successes include new contracts with a major retailer and a large restaurant chain.

2. Expansion with Existing Clients: The company is focused on increasing its "share of wallet" with current clients. This involves broadening the number of waste streams managed for existing customers and expanding services across multi-location accounts. Quest Resource has noted significant expansions with existing clients as a key contributor to revenue.

3. Diversification into New End Markets: To mitigate challenges in the industrial sector, Quest Resource is strategically expanding its customer base into non-industrial markets such as retail, hospitality, and grocery stores. This diversification aims to broaden its revenue base and capitalize on sectors that may exhibit different seasonal patterns or growth trajectories.

4. Operational Efficiencies and Technology Platform: Investments in its operational platform and process improvements, including a new vendor management system, are expected to drive efficiencies, lower operating costs, and enhance customer service. While not directly a revenue driver, these improvements create a stronger foundation for scaling the business, potentially allowing for more competitive offerings and freeing up resources for growth initiatives. The company expects to gain efficiencies from these investments, which will contribute to improved profitability and enable sustainable growth.

5. Stabilization and Recovery of Industrial Client Volumes: Despite softer conditions in the industrial end market previously, the company maintains long-term relationships with these clients and expects opportunities for growth as market conditions improve. While acknowledging ongoing macroeconomic uncertainty, Quest Resource believes industrial markets have stabilized and is working to diversify its portfolio to include customers that can offset industrial seasonality.

Share Repurchases

No significant dollar amount of share repurchases by the company was identified in the provided information.

Share Issuance

• Common stock outstanding increased from 20,161 thousand shares at the end of 2023 to 20,606 thousand shares by December 31, 2024.
• By June 30, 2025, common shares outstanding further increased to 20,712 thousand shares.

Outbound Investments

• In December 2021, Quest acquired RWS Facility Services, LLC and InStream Environmental, LLC for a combined transaction price of approximately $44 million, expanding its presence in commercial property and industrial markets.
• In November 2021, the company acquired a Kentucky-based environmental services company for $2.15 million.
• In February 2022, Quest acquired a regional asset-light waste services provider for $3.35 million in cash, expanding its commercial real estate market presence.
• In Q1 2025, Quest sold a non-core business unit (tenant-direct mall portion of RWS), generating $5 million in cash proceeds, which were used for debt reduction.

Capital Expenditures

• For the first half of 2024, capital expenditures amounted to $4.2 million, with $3.1 million allocated to opportunistically purchase compactors.
• The primary focus of capital expenditures related to compactors is for strategic ownership rather than renting.
• Expected capital expenditures for upcoming years are projected to be between $300,000 and less than $1 million annually, excluding any opportunistic purchases.