Questor Technology: Delayed Earnings Inflection and Heightened Geopolitical Risk Drive Downgrade to Hold

Tim Monachello, an analyst from ATB Cormark Capital Markets, maintained the Hold rating on Questor Technology. The associated price target is C$0.45.

Tim Monachello has given his Hold rating due to a combination of factors tied to Questor’s recent performance and evolving risk profile. The company’s Q4/25 results generally matched expectations but still showed negative EBITDA, free cash flow, and EPS, while management’s outlook for 2026 has been weakened by geopolitical disruptions in Iraq and slower-than-anticipated rental uptake in Mexico.

These issues pushed out the anticipated earnings inflection to at least 2027 and forced a substantial cut to 2026 revenue forecasts, particularly in Mexico, where initial deployments remain underutilized. Although he still sees attractive long-term opportunities in Iraq, Nigeria, and a potential large-scale Mexican rollout, Monachello views the path as speculative and further clouded by a CEO transition, leading him to lower both his price target and rating to a more neutral stance.

QST’s price has also changed moderately for the past six months – from C$0.520 to C$0.318, which is a -38.85% drop .