Evanston, IL and Cambridge, MA – January 18, 2023 – QuesTek Innovations, the primary operating arm of QuesTek International LLC, today announced record results for the year 2022. Annual revenues grew by double digits over 2021, and operating income grew by over 85%. Net cash from operations grew nearly five-fold over 2021 totals. At year-end 2022, QuesTek achieved both financial and operational records as a profitable, privately held, cash-positive, debt-free, and growing technology business.
Within the full Company totals, revenues from corporate engagements grew by 107% year over year, compared with growth in government engagement revenues of 22%.
Corporate clients served during 2022 included Blue Origin, Boeing, Chevron, Edwards Lifesciences, John Deere, and Northrop Grumman, among a total of 20 discrete engagements. QuesTek served these clients by resolving a wide range of materials challenges and accelerating materials development, to enable clients’ continued industry leadership. QuesTek also saw significant growth by its joint venture with CTC Itochu, QuesTek Japan, through new and add-on corporate client engagements.
Government clients served included the Depts of Defense and Energy, and the Army, Air Force, and Navy. Through these engagements, the Company continued to demonstrate its broad capabilities in both early stage and applied materials R&D. In the latter category, QuesTek continued to build and maintain custom supply chains for delivery of specific, high-performance applications of its proprietary materials.
The year also saw QuesTek execute major steps for strategic growth, including acceptance into the MIT Industrial Liaison Program’s Startup Exchange, establishing a Cambridge office in the Cambridge Innovation Center, and announcing the development of ICMD®, QuesTek’s digital materials design platform, at the ASM International IMAT conference. ICMD® is a web-enabled SaaS offering which productizes QuesTek’s Materials by Design® technology, methodologies, models, genomic datasets, and knowhow.
ICMD® is currently undergoing early test and evaluation by a leading research university and two innovative materials-intensive product companies. Results of those early evaluations will be provided with the general availability of ICMD® subscriptions beginning at mid-year 2023.
According to QuesTek COO Bill Mahoney, “Our record performance in 2022 was driven by both external market demand and internal execution. External strategic trends such as digital transformation, Industry and Materials 4.0, and adoption of additive manufacturing contributed greatly, while internal deployment of ICMD®, in fact our own digital transformation, enabled incremental growth with essentially flat year over year headcount. We expect these strategic drivers and beneficial impacts to continue in 2023.”
About QuesTek
QuesTek empowers innovators by resolving materials challenges.
QuesTek is both a pioneer and current market leader in Integrated Computational Materials Engineering (ICME). QuesTek’s Materials by Design® technology is proven to reduce the development time and cost and increase the performance of novel materials. In its market space, QuesTek is the first and only provider to execute the full cycle from novel design to production, certification, and flight operations with proprietary materials, in a fraction of the time and cost of traditional, or purely algorithmic methods.
For more information, please contact Severine Valdant, Chief Commercial Officer, at svaldant@questek.com.