Evanston Il and Cambridge MA, Nov 2, 2023 –
QuesTek Innovations, the primary operating arm of QuesTek International LLC, today announced significant strategic progress during Q3 2023. Third quarter revenues generated a higher-than-planned contribution margin, validating revenue quality, 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 September 30, for YTD 2023, QuesTek sustained its profile as a profitable, privately held, cash-positive, debt-free, and strategically advancing technology business.
5 Corporate clients committing during Q3 to new or add-on services engagements.
Government clients generated new early-stage R&D contracts with the Air Force, Army, DoE, NASA, and Navy. QuesTek also received 6 notices of new awards from the Army, DoE, and Navy, with contracts expected to be executed in Q4. In the applied R&D category, QuesTek continued to manage custom supply chains for delivery of specific, high-performance operational prototypes for the Army 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, was initially released on July 26, 2003, on time and under budget. At the end of Q3, QuesTek was actively engaging with over three dozen prospects for ICMD® in its pipeline.
Further in the strategic context, in September QuesTek completed a 5-year renewal of its QuesTek Japan joint venture with CTC-Itochu. The renewal includes QuesTek Japan’s rights to both resell ICMD® subscriptions in Japan and to utilize ICMD® as an end user to deliver services engagements.
According to QuesTek COO Bill Mahoney,” After a 23% Q-Q revenue growth in Q2 vs. Q1, Q3 saw QuesTek build on its Q2 momentum, and deliver critical strategic outcomes to bring our Digital Phase strategy to market. We can now provide high-value options for both services and software as a service, to our clients and prospects.”
For more information, please contact Severine Valdant, Chief Commercial Officer, at email@example.com