Executive Summary / Key Takeaways

• Quest Water Global, Inc. (QWTR) is an innovative water technology company focused on providing sustainable, decentralized clean water solutions, primarily through its AQUAtap™ purification and WEPS™ atmospheric extraction systems, to water-scarce regions globally.
• A recent public-private partnership in the Democratic Republic of Congo (DRC) to install 300 AQUAtap community water centers over five years, with QWTR contributing $30 million over ten years for a 60% revenue share, represents a significant, tangible future revenue opportunity.
• Despite this strategic potential, QWTR faces severe financial challenges, including no reported revenue in recent periods, a working capital deficiency of $2.81 million, and an accumulated deficit of $12.93 million as of June 30, 2025.
• The company operates under a "going concern" warning, relying heavily on related-party advances and the uncertain prospect of future equity and debt financing to fund its operations and ambitious expansion plans, which require a minimum of $990,000 over the next 12 months.
• QWTR's investment thesis hinges on its ability to successfully execute its strategic partnerships and secure substantial external financing to transition from a pre-revenue, development-stage company to a commercially viable entity addressing a critical global need.

Pioneering Water Solutions in a Thirsty World

Quest Water Global, Inc. (OTCID: QWTR) stands at the forefront of addressing one of the world's most pressing challenges: access to clean drinking water. The company operates as an innovative water technology firm, dedicated to providing sustainable and environmentally sound solutions to water-scarce regions. Its overarching strategy centers on delivering decentralized, turn-key water purification and distribution systems, often powered by alternative energy, to emerging markets across North America, Latin America, the Caribbean, and particularly Africa. This mission is increasingly critical as global demand for clean water continues to rise, driven by population growth, climate change, and inadequate infrastructure in many developing areas.

The company's journey began with its incorporation in Delaware in 2010, though its operational foundation was laid earlier by Quest Water Solutions, Inc. (Quest NV) in 2008. A pivotal share exchange in 2012 integrated Quest NV's technology focus into Quest Water Global, Inc., setting the stage for its current trajectory. Subsequent strategic moves included the establishment of AQUAtap Global, Inc. in 2021 to manage international partnerships, and a 49% interest in AQUAtap Oasis South Africa Pty Ltd. in 2023, aimed at delivering affordable clean water to underserved communities. These historical developments underscore a consistent strategic emphasis on partnership-driven market penetration in regions with acute water needs.

In the competitive landscape, Quest Water Global carves out a specialized niche. Larger, more diversified players like Xylem Inc. (XYL), Pentair plc (PNR), and Danaher Corporation (DHR) dominate the broader water technology market with extensive product portfolios and global distribution networks. Xylem, for instance, is a global leader in water treatment and transport, focusing on large-scale utility projects. Pentair specializes in residential and commercial filtration, while Danaher provides advanced water quality technologies through its life sciences divisions. QWTR differentiates itself by concentrating on autonomous, off-grid, and community-level solutions, which can offer greater efficiency and adaptability in remote or underserved settings where traditional infrastructure is lacking. This targeted approach allows QWTR to potentially capture opportunities faster in emerging markets, even if it currently lags in market share and overall financial scale compared to its more established rivals.

Technological Edge: AQUAtap and WEPS Drive Impact

At the core of Quest Water Global's value proposition are its proprietary technologies: the AQUAtap™ Community Water Purification and Distribution system and the WEPS™ atmospheric Water Extraction and Purification System. These innovations are designed to provide self-contained, sustainable access to clean water, offering distinct advantages in their target markets.

The AQUAtap™ system is an autonomous, decentralized, self-contained, and solar-powered unit capable of purifying various water sources. This system can produce up to 100,000 liters of clean drinking water per day. Its solar-powered functionality provides energy self-sufficiency, a critical benefit in regions with unreliable or non-existent electrical grids. The WEPS™ system complements this by uniquely extracting and purifying clean drinking water directly from humidity in the atmosphere, offering a viable solution for arid environments or areas where traditional water sources are contaminated or scarce.

These technological differentiators translate into tangible benefits for investors. The self-contained and solar-powered nature of AQUAtap reduces operational costs and infrastructure requirements, potentially leading to stronger customer loyalty in remote areas and higher pricing power for specialized applications. The WEPS technology's efficiency in atmospheric water extraction provides a unique selling proposition, particularly in humidity-rich, water-stressed regions. These advantages contribute to QWTR's competitive moat by enabling rapid deployment and lower environmental impact compared to many conventional water solutions. Looking ahead, the company plans to establish a fabrication facility in Kinshasa, DRC, which aims to localize production and scale the deployment of these systems, potentially enhancing cost efficiency and market responsiveness.

Strategic Expansion and the DRC Partnership

Quest Water Global's strategic initiatives are centered on forming "safe water partnerships" to deploy its technologies. The AQUAtap Global subsidiary plays a crucial role in coordinating these efforts across Africa, Latin America, and the Caribbean, aiming to establish public-private partnerships (PPPs) with NGOs, strategic investors, and government entities.

A significant recent development, announced subsequent to June 30, 2025, is a public-private partnership agreement with the National Office for Rural Hydraulics (ONHR), a branch of the Ministry of Rural Development in the Democratic Republic of Congo (DRC). This landmark agreement outlines the company's commitment to manufacture and install 300 AQUAtap community water centers over the next five years in DRC communities. Quest Water Global is responsible for contributing $30.00 million to the partnership over the anticipated 10-year term of the agreement to fund these systems. In return, the company is entitled to receive 60% of the gross revenue generated by the partnership, while ONHR will receive 40%. This project is expected to provide affordable, clean water to an estimated 1.5 to 1.8 million people in underserved rural and peri-urban communities throughout the DRC, simultaneously creating local job opportunities. This partnership represents a concrete pathway to significant future revenue generation and large-scale operational impact, directly leveraging QWTR's core technological strengths.

Financial Realities: A Pre-Revenue Enterprise with Significant Hurdles

Despite its compelling mission and strategic partnerships, Quest Water Global's financial performance reflects its early-stage, pre-revenue status. The company reported no revenue for the three months ended June 30, 2025, or 2024, and similarly, no revenue for the six months ended June 30, 2025, or 2024. This absence of income underscores the company's reliance on external funding to sustain operations.

For the three months ended June 30, 2025, QWTR incurred a net loss of $198,189, compared to a net loss of $140,415 in the prior-year period. Over the six months ended June 30, 2025, the net loss was $339,494, an improvement from the $472,725 net loss reported for the same period in 2024. This reduction in net loss was primarily attributable to a decrease in stock-based compensation expense in the current period, rather than an increase in operational profitability.

As of June 30, 2025, the company held a mere $66 in cash, faced a working capital deficiency of $2.81 million, and carried an accumulated deficit of $12.93 million.

Cash flow from operations remains significantly negative, with $437,832 used in operating activities during the six months ended June 30, 2025. The company has historically, and continues to be, dependent on sales of common stock and capital contributions, primarily in the form of advances from related parties, to fund its activities. For the six months ended June 30, 2025, QWTR received $437,894 in net cash from financing activities, entirely from related parties. Critically, management explicitly states that as of June 30, 2025, the company "did not have sufficient cash resources to meet our operating expenses for the next month based on our then-current burn rate." These factors collectively raise "substantial doubt regarding our ability to continue as a going concern."

Outlook and Critical Funding Needs

Management anticipates "substantial losses for the foreseeable future" and acknowledges that the "ability to generate any revenues in the next 12 months continues to be uncertain," with expectations of "negative cash flows during the year ended December 31, 2025." The company's plan of operations for the next 12 months focuses on continuing to address water quality and supply issues in the DRC through the installation of its AQUAtap™ and WEPS™ technologies. This plan is projected to require a minimum of $990,000, allocated across equipment purchases ($250,000), management fees ($495,000), consulting fees ($120,000), professional fees ($50,000), advertising and promotion ($15,000), travel and automotive ($30,000), and other general and administrative expenses ($30,000).

To meet these cash requirements, Quest Water Global intends to rely on further advances from related parties and a combination of debt and equity financing through private placements. The company is actively engaging broker-dealers for potential financing arrangements. However, there is "no assurance that we will be successful in completing any private placement or other financings." This outlook underscores the precarious financial position and the critical need for successful capital raises to realize its strategic objectives, particularly the ambitious DRC partnership.

Conclusion

Quest Water Global, Inc. presents a compelling, albeit high-risk, investment proposition. The company's vision of providing decentralized, sustainable water solutions through its AQUAtap™ and WEPS™ technologies directly addresses a profound global need, particularly in underserved emerging markets. The recent public-private partnership in the Democratic Republic of Congo, targeting 300 community water centers and a significant revenue share for QWTR, represents a potential inflection point that could transform the company's operational scale and financial trajectory. This strategic move, coupled with the inherent advantages of its proprietary, solar-powered technology, positions QWTR to make a substantial impact in the water technology sector.

However, the path to realizing this potential is fraught with significant financial challenges. QWTR is currently a pre-revenue entity, operating with a severe working capital deficiency and an accumulated deficit, necessitating continuous external financing. The "going concern" warning highlights the critical importance of securing additional capital through debt or equity placements, beyond the ongoing support from related parties. For discerning investors, Quest Water Global represents a speculative opportunity where the long-term promise of its innovative technology and strategic partnerships in a vital industry must be carefully weighed against its immediate, substantial liquidity constraints and the inherent risks of a development-stage enterprise. Success hinges on the company's ability to effectively execute its ambitious projects and, crucially, to attract the necessary capital to bridge its current financial gap and scale its operations.