logo-loader
TechHardware & electrical equipment
Quest Solution

Quest Solution reports 4Q revenue of $13.8 million as it ramps up AI business

The Eugene, Oregon-based company said revenue was 10% higher than the year-ago quarter in which it had $13.6 million in sales

camera
Quest hopes to use its AI-based technology at JFK, LaGuardia and Newark Airports

Quest Solution Inc (OTCMKTS:QUES), which provide supply-chain mobility and artificial-Intelligence monitoring/surveillance products, reported fourth-quarter revenue of $13.8 million.

The Eugene, Oregon-based company said revenue was 10% higher than the year-ago quarter in which it had $13.6 million in sales.

“Our AI technology is already being implemented in Homeland Security projects in critical areas of the Middle East as well as in several select areas of the U.S,” said CEO Shai Lustgarten. “Recently, we announced the initial deployment of our solution at a pre-K-12 preparatory school in Florida to enhance the safety of students, teachers, and staff as well as the integration of our vehicle recognition system with the municipal law enforcement database for a large state.”

The higher revenue was attributed to Quest’s new subsidiary HTS Image Processing, which was acquired in October 2018, transforming Quest’s capabilities to now include AI-based vision technology.

For the full-year 2018, Quest reported revenue of $56.2 million, compared to $54.5 million in 2017.

The company also noted that its has entered the airport parking vertical using AI-based technology with expected installations at JFK, LaGuardia and Newark Airports in the New York City metro area, among others.

Quest also cited several other operational highlights: 

  • Signed an approximately $3 million follow-on agreement for the manufacture and supply of mobile computers.
  • Awarded $4 million contract for a data collection project from a leading food distributor servicing the US and Canada; also awarded subsequent $1.8 million in follow-on purchase orders.
  • Won a $7 million project from leading US supply chain and logistics firm for mounted rugged computers.
  • Received a $1.8 million purchase order for mobile computers from a multinational third party logistics firm.
  • Completed a $5 million private placement.

The company a reported a net loss for the quarter of $900,000, compared to a loss of $700,000 in the prior-year quarter, with total operating expenses of $5.4 milliion compared to $3.1 million a year ago due to increases in non-cash compensation and the acquisition of HTS.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Quest Solution

Price: $0.24

Market: OTCQB
Market Cap: $18.49 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

More on this story

2 min read

;