Evanston, IL – July 14, 2022 – QuesTek Innovations, the primary operating subsidiary of QuesTek International LLC, today announced the results from its strong second quarter of fiscal 2022.
Financially, Record Revenues through the first half of 2022 surpassed 1H 2021 Revenues by over 25%, with commensurate year-over-year growth in quarterly Operating Income. Cash flows for the quarter maintained QuesTek’s solidly cash positive and debt-free positions.
Operationally, the quarter also saw numerous service engagements newly signed or advanced by milestones. New signings were secured with Northrop Grumman, Daido Steel, Sumitomo, and Pohang University of Science and Technology in South Korea. Engagement add-ons were secured with Boeing and Honeywell. By applying QuesTek’s Materials by Design technologies, existing engagements achieved milestones on behalf of the US Air Force in additive manufacturing; the US Army in vertical lift and personal armor applications; the US Navy for both NAVAIR and ONR divisions; and the Department of Energy. Some of these engagement results were achieved in collaboration with industry partners Boeing, GE, Honeywell, and Raytheon.
According to QuesTek Chief Operating Officer Bill Mahoney, “Our revenue growth rate to the half slowed slightly compared to our 30% growth in Q1. Like many industrial suppliers, we experienced some delays in our custom-built and managed supply chains delivering QuesTek proprietary materials into high-performance applications, and that slowed us a bit. We expect to regain our 30% growth rate in the
second half, as new client engagements are showing that our systems-based approach to novel materials design can be readily applied across new materials families and applications.”
QuesTek’s growth rate continues to be 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” trend 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.
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