By Ethan Lott Research Director, Pittsburgh Business Times
And the fastest-growing company in the Pittsburgh region is …
Thar Process — which operates in the extraction industry, primarily machines, and processes used to extract CBD from hemp — landed in the No. 1 spot with two-year revenue growth of 463.4%.
Thar came out on top of a competitive list where all 50 of the companies on the Fast 50 had at least a growth rate of 40% between 2017 and 2019.
The Fast 50 are privately held, Pittsburgh-based companies ranked by revenue growth between 2017 and 2019. Companies must have had at least $2 million in revenue in 2017 to qualify.
The List includes companies large and small. While two of the 50 companies on the list topped $1 billion in revenue, 15 had revenue of less than $10 million in 2019. Those 50 firms combined for revenue of just more than $7 billion in 2019. On average, the 50 companies grew revenue by 97.5% between 2017 and 2019.
Winners and rankings of the Fast 50 were announced on Sept. 29 during a virtual event online. Check coverage online later this week for more stories on how they are navigating through the pandemic.
The 2020 Fast 50 List is compiled by submissions through the Pittsburgh Business Times nomination portal and through submissions for the many Lists we produce. To qualify, companies must be locally based, privately held, and have revenue of at least $2,000,000 in 2017. Rankings are based on the percentage of growth between 2017 and 2019. All revenue numbers are verified with the companies after submission.