In the face of lackluster quarter Mackie Research Capital analysts Douglas Ibbitson and Russell Stanley are urging patience with Questor Technology (Questor Technology Stock Quote, Chart, News: TSXV:QST).

On Friday, Questor reported its Q3, 2015 results. The company lost $90,030 on revenue of $1.68-million, a topline that was down 46 per cent from the same period last year, something the company blamed on customers that were “severely affected” by low oil and gas prices. The company’s boss, however, was focused on the positive.

“The downturn in the market has created an opportunity to attract new talent, and the company has recently added staff to its sales and marketing team who will focus on increasing incinerator sales and rentals in the U.S. and Canada,” said CEO Audrey Mascarenhas. “We are actively recruiting sales representatives in the U.S. in our key markets, especially in areas where newer regulations are being enforced. We believe the market to be substantial for all our technologies and anticipate revenue generation from the new technologies in late 2015.” In addition to growing its own sales team, Questor is also looking at partnerships with other companies that have a sales presence in the areas that Questor’s clients are active in to add to this sales initiative.”

The Mackie analysts note that Questor’s results fell below both theirs and the street’s consensus on the top and bottom line. But Ibbitson and Stanley say they continue to believe in the long term potential of the company’s technology, an incinerator product that vaporizes water instead of disposing of it.

“We continue to believe in the mid/long-term market potential for QST’s technology, but remind investors that they will need to be patient, given the headwinds the Company faces with respect to customer spending,” said the analysts.

In a research update to clients today, Mackie reiterated its “Speculative Buy” recommendation and one-year target price of $2.25 on Questor Technology, implying a return of 275 per cent at the time of publication.