QRHC // Quest Resource Holding Corporation

Utilities • Environmental Services

$1.09 ▼ -0.02 (-1.80%)

MKT CAP: $23.4M • VOL: 44.9K

52W L $1 52W H $2

ALTMAN Z

0.46 RISK

PIOTROSKI

4 / 9

QRHC // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

QRHC // Quest Resource Holding Corporation

GROSS MARGIN

17.0%

OP MARGIN

-2.5%

ROIC %

-12.3%

MKT CAP

$23.4M

UPSTREAM INPUTS ──► QRHC OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
QRHC ★	Quest Resource Holding Corporation	$1.09	$23.4M	17.0%	-2.5%	-12.3%	—	-13.3%	SUBJECT ISSUER
NEE	NextEra Energy, Inc.	$83.71	$175.57B	—	31.8%	4.3%	26.6x	+7.5%	QRHC VS NEE <GO>
SO	Southern Company	$93.71	$107.80B	—	24.7%	6.9%	8.5x	+10.6%	QRHC VS SO <GO>
DUK	Duke Energy Corporation (Holding Company)	$127.39	$99.33B	—	31.4%	5.2%	8.7x	+3.3%	QRHC VS DUK <GO>
CEG	Constellation Energy Corporation	$262.38	$92.96B	—	13.6%	13.4%	17.4x	+19.5%	QRHC VS CEG <GO>
WM	Waste Management Inc.	$233.45	$92.83B	40.4%	17.1%	13.7%	20.2x	+14.2%	QRHC VS WM <GO>