QTEK - QTEK STOCK NEWS

QualTek Services Inc. (NASDAQ: QTEK) announced a forbearance agreement with convertible noteholders to address a missed interest payment due on its Senior Unsecured Convertible Notes. The agreement allows the company to collaborate with lenders to improve its financial standing. Additionally, QualTek received a notification from Nasdaq for not filing its Form 10-K, impacting compliance with listing rules. The company has 60 days to submit a plan or file the report, with the possibility of an extension to 180 days upon acceptance. These developments are crucial as they aim to stabilize the company’s financial position amidst ongoing operational demands.

QualTek Services Inc. (NASDAQ: QTEK) has secured $55 million in incremental term loans to enhance its financial position and continue its growth in telecommunications and infrastructure services. The financing aims to improve liquidity and support the company's strategic initiatives. QualTek has also appointed Cari Turner of Alvarez & Marsal as Chief Restructuring Officer to assist in this phase. Emanuel R. Pearlman has been appointed as an independent director as part of governance improvements. The Company operates in the North American 5G, telecom, power grid modernization, and renewable energy sectors, employing over 5,000 personnel across 65 locations.

QualTek Services Inc. (NASDAQ: QTEK) announced on December 7, 2022, the appointment of John Kritzmacher, Bruce Roberson, and Cielo Hernandez to its Board of Directors, replacing Jigisha Desai, Sam Totusek, and Sam Chawla. CEO Scott Hisey expressed confidence that the new board members' extensive experience in technology and operations will drive future growth. Kritzmacher, with a strong background in finance and telecom, will serve as Audit Committee Chairman. Roberson brings CEO experience, while Hernandez adds expertise in finance and HR, positioning QualTek strongly in the 5G and renewable energy sectors.

QualTek Services reported third quarter 2022 revenue of $216.1 million, a modest 0.3% increase from 2021, driven by a 38.9% rise in Telecom revenue to $188.3 million. However, the company recorded a net loss of $6.9 million, an increase from a profit of $14.5 million in the prior year, mainly due to lower Recovery Logistics income amid a quieter hurricane season. The 24-month backlog grew to $2.4 billion. Full-year revenue guidance is set between $750 million and $760 million.

QualTek Services Inc (NASDAQ: QTEK) will release its Third Quarter 2022 financial results on November 14, 2022, after market close. A conference call to discuss the results is scheduled for November 15, 2022, at 9:00 a.m. ET. QualTek is a leading provider of infrastructure services in the 5G wireless, telecom, power grid modernization, and renewable energy sectors, with over 5,000 employees and 80 operation centers nationwide. The company's future outlook will also be discussed during the call.

QualTek Services (NASDAQ: QTEK) announced its deployment of restoration services in response to Hurricane Ian, affecting Florida and the Southeastern U.S. The company, known for its infrastructure services across 5G wireless and renewable energy sectors, will provide storm restoration and logistics support to power utility and telecom companies. QualTek's commitment to assisting local communities and first responders was emphasized by Recovery/Renewables President Tom Mix. The firm boasts over 80 operation centers and a workforce exceeding 5,000, ensuring rapid response capabilities.

QualTek Services Inc. (NASDAQ: QTEK) will attend the 21st Annual Diversified Industrials & Services Conference on September 22-23, 2022, in Nashville, TN, hosted by D.A. Davidson. The event includes company presentations, analyst-led discussions, and networking activities covering various sectors such as Clean Technology and Construction. Established in 2012, QualTek provides infrastructure services for the 5G, telecom, and renewable energy sectors across North America, operating 80 centers with a workforce of over 5,000. For details, visit qualtekservices.com.

QualTek Services (NASDAQ: QTEK) reported a record revenue of $184.2 million for Q2 2022, marking a 41% year-over-year increase. The Telecom segment saw a substantial rise, generating $175.2 million—up 48.5% from the previous year. Despite the growth, the company faced a net loss of $25.6 million, attributed to public company readiness costs and stock compensation, compared to $21.8 million in Q2 2021. The backlog reached $2.3 billion, positioning QualTek for future growth in the 5G market.