QuesTek Announces Solid Q2 2023

Evanston Il and Cambridge MA, July 14, 2023 –
QuesTek Innovations, the primary operating arm of QuesTek International LLC, today announced solid results and strategic progress during Q2 2023. Second quarter revenues grew by 23% over a relatively light but still profitable Q1, and the Company remained on course to fulfill its “Digital Phase” as both a pioneer and current market leader in Integrated Computational Materials Engineering. As of June 30, for YTD 2023, QuesTek sustained its profile as a profitable, privately held, cash-positive, debt-free, and growing technology business.

Corporate clients committing during Q2 to new or add-on services engagements included Sumitomo Electric, Norsk Titanium, Daido Steel, and John Deere.

Government clients served included NASA, the Dept of Defense, and the Army, Air Force, and Navy, reflecting QuesTek’s broad capabilities in both early-stage and applied materials R&D. In the early-stage category, QuesTek know-how in wire Additive Manufacturing, Fatigue Modeling, 3D Printing of complex geometries, and digital qualification of second sources captured Q2 awards. In the applied category, QuesTek continued to manage custom supply chains for delivery of specific, high-performance operational prototypes utilizing QuesTek proprietary materials.

ICMD®, QuesTek’s digital materials design and engineering platform, which encompasses QuesTek’s Materials by Design® technology, methodologies, models, genomic datasets, and know-how, remained on schedule for July release. ICMD® has completed early test and evaluation by MIT, Tesla, and SpaceX. At the end of Q2, QuesTek holds about three dozen prospects for ICMD® in its pipeline.

According to QuesTek COO Bill Mahoney “After our record 2022, Q1 saw general US economic uncertainty, supply chain challenges, and the mandatory restructuring of R&D tax credits slow our growth somewhat. Q2 saw QuesTek regain its momentum, and we look forward to a very strong second half as we bring our Digital Phase strategy to market by providing options for both services and software as a service to our clients and prospects.”