Quest Resource Holding Corp experienced a sharp decline in revenue, nearly 25% year-over-year in fiscal 2025, alongside worsening operating losses and continued net losses exceeding $15 million. Despite top-line challenges, operating cash flow turned positive through cost management and significant capex reduction, generating strong free cash flow. The company secured a new $40 million asset-based revolving credit facility with Texas Capital Bank featuring strict covenants. Limited disclosures on business operations and ongoing losses complicate outlook assessment, while capital allocation remains conservative without dividends or share buybacks.