$QTEK watch for dips, reported good earnings in A/Hs, summary:
Second Quarter 2022 Financial Highlights
- Record second quarter 2022 revenue of $184.2 million, a 41% increase year-over-year
- Second quarter 2022 Telecom segment revenue of $175.2 million, a 48.5% increase year-over-year
- Telecom adjusted EBITDA margins continue to expand as expected
- Reported 24-month backlog at the end of Q2 2022 is $2.3 billion
LUE BELL, Pa. , Aug. 8, 2022 /PRNewswire/ -- QualTek Services Inc. (" QualTek " or the "Company") (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization, and renewable energy sectors, announced today strong 2022 second quarter financial results of its subsidiary QualTek HoldCo, LLC .
Second quarter 2022 revenue was $184.2 million , compared to $130.6 million for the second quarter of 2021, a 41% increase. The increase in revenue was attributable to significant volume increases in 5G and Fiber rollouts in the Company's Telecom segment. Net loss for the second quarter 2022 was $25.6 million compared to $21.8 million for the prior year period. The increase is largely driven by public company readiness costs, stock compensation, and costs related to being a public company, which did not exist in the same quarter prior year. Second quarter 2022 adjusted EBITDA was $10.2 million compared to $6.4 million , inclusive of discontinued Canadian operations, for the second quarter of 2021, a 59% increase. Backlog at the end of the second quarter 2022 was $2.3 billion , up from year-end 2021 of $2.1 billion and up from first quarter 2022 of $2.2 billion . As previously discussed, the Company will issue updated guidance after Q3.
Scott Hisey , QualTek's Chief Executive Officer, said "We continue to experience unprecedented demand for our services. In this past quarter, we recorded the highest second quarter revenue in the Company's history, up 41% year-over-year. It's important to note that 96% of revenue was generated under Master Service Agreements. This growth, coupled with our estimated $2.3 billion backlog, has positioned QualTek to capitalize on what we continue to believe will be the largest telecommunications 5G and fiber builds in our nation's history."
Management will hold a conference call to discuss these results on Tuesday, August 9, 2022 , at 9:00 a.m. Eastern Time . The call-in number for the conference call is 1 (888) 330 – 2454 or 1 (240) 789 - 2714 using passcode 2965812. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at qualtekservices.com.
