Quest Resource is a national waste and recycling managed services company that serves large, multi-location businesses — primarily Fortune 1000 companies. Quest does not own trucks, landfills, or processing facilities. Instead, Quest acts as a single-point coordinator of a customer's entire waste and recycling program, handling vendor selection, contract negotiation, invoice auditing, regulatory compliance reporting, and commodity recovery across more than 150 waste stream types. Customers benefit from consolidated management, cost savings, and centralized sustainability reporting. Quest makes money by charging management fees, capturing the spread between what it charges customers and what it pays third-party haulers, sharing in savings it generates, and selling recovered commodity value. Gross margins improve over time as Quest optimizes vendor routing and service frequency within an account — a land-and-expand model. The business is asset-light with ~195 employees, and costs are largely variable, making gross profit sensitive to customer volume. Contracts are multi-year and recurring, and customer churn is historically low given the complexity of switching. Quest serves customers across automotive, manufacturing, retail, grocery, restaurant, multifamily, healthcare, and construction. One customer accounted for 23% of FY25 revenue, representing meaningful concentration. Management is actively diversifying toward retail, grocery, and food-related verticals to reduce reliance on industrial customers, whose volumes declined in FY25. Quest's near-term priorities are debt reduction and free cash flow improvement, alongside organic growth through new customer wins and wallet share expansion within existing accounts.