QualTek Announces Strong Third Quarter and Updates 2021 and 2022 Guidance

QualTek USA

BLUE BELL, PA — QualTek, LLC recently reported 3rd quarter 2021 revenue of $215.5M, 3rd quarter 2021 net income of $19.1 million, and 3rd quarter 2021 adjusted EBITDA of $44.6M.

The company’s two-year backlog remains strong at $1.7B. QualTek will update backlog at the conclusion of the 4th quarter to include significant new contract wins. Full year 2021 guidance of pro-forma adjusted EBITDA including 2021 acquisitions reflecting their full year results is forecast to be between $72-$77M and reported adjusted EBITDA is forecast to be between $60-$65M. During the quarter the company completed two acquisitions and added new 5G telecommunications contracts for 2022 and beyond.

Scott Hisey, QualTek’s Chief Executive Officer commented, “We are very pleased with the results of the third quarter as we continue to work toward the closing of our transaction with Roth CH Acquisition III Co. We have added several new contracts which will strengthen our position as a market leader and appreciate the hard work of our expert crews who are the foundation of our success. We remain excited about the transaction which will result in a strengthened balance sheet and liquidity as we execute on the strong macro trends in the telecommunications and power/renewable industries.”

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The company is issuing fiscal year 2022 adjusted EBITDA guidance of $100-$120M.

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