Evanston, Il – April 19, 2022 – QuesTek Innovations, the primary operating subsidiary of QuesTek International LLC, today announced the results from its record first quarter of fiscal 2022.
According to QuesTek Chief Operating Officer Bill Mahoney, “The first quarter of 2022 met or exceeded all of our financial and operational 2022 Annual Operating Plan objectives. The trajectory of Q1 initiates and matches the growth rate we plan to deliver in 2022.”
Financially, Record Revenues for the quarter surpassed Q1 2021 Revenues by over 30%, with commensurate year-over-year growth in quarterly Operating Income. Cash flows for the quarter maintained QuesTek’s strong cash positive and debt-free positions.
Operationally, the quarter also saw numerous services engagements newly signed or advanced by milestones. New signings included Sumitomo Electric, John Deere, America Makes IRAD, Northrop Grumman, and medical device providers Edwards Lifesciences and Vactronix. Existing engagements achieved milestones on behalf of the US Air Force, US Army, US Navy, NASA and Department of Energy, some in collaboration with industry partners Boeing, GE, Honeywell, and Raytheon. The driving force behind these successful engagements is the application of QuesTek’s Materials by Design® technologies.
QuesTek’s growth rate is being driven by current key industry and application dynamics, such as additive manufacturing, sustainability, and digital transformation. These trends are creating an increased demand for proven Integrated Computational Materials Engineering (ICME) technologies and capabilities, fostering a “democratization of ICME” across the intersection of computer-aided design and engineering and advanced materials markets.
About QuesTek Innovations
QuesTek Innovations is both a pioneer and current market leader in Integrated Computational Materials Engineering. QuesTek’s Materials by Design® technologies are proven to reduce the development time and cost, and increase the performance of novel materials. In its market space, QuesTek is the 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 Jeff Grabowski, Business Development Manager, at jgrabowski@questek.com.