(Trondheim, 7 July 2023) Q-Free ASA (Q-Free, OSE: QFR) reported total revenues
for the second quarter of 2023 of NOK 290 million, up 36% from the same quarter
last year, and an EBITDA of NOK 33 million. The company continues the strong
growth in annual recurring revenues (ARR) to a calculated ARR of NOK 455
million, which represents a growth of 52%.
"Q-Free delivered a solid quarter with a significant increase in revenue and an
EBITDA of NOK 33 million. The growth follows a very positive underlying growth
trend driven by increased product sales in Tolling, and recurring revenues in
both Tolling and Traffic Management, as the company had limited headwind from
exchange rates following the currency mix. There is a lot of activity in the
intelligent transport systems market as the technology we deliver is identified
as being key to solve an urgent and unmet worldwide need for free-flowing,
clean, and safe transportation," says Thale Kuvås Solberg, President and CEO of
Q-Free.
The order intake for the second quarter of 2023 ended at NOK 284 million (279),
contributing to a backlog exceeding NOK 1.4 billion. The EBITDA in the second
quarter ended at NOK 33 million (32), or a 11% margin, following revenues of NOK
290 million (214). The EBIT was NOK 18 million (19) and the cashflow from
operations amounted to NOK 7 million in the period.
"Q-Free operates in a global industry with strong favorable drivers and trends.
We are building leading market positions through developing leading technology
solutions and have a sizeable order backlog. We will build a portfolio of
standardized, scalable solutions and have high innovation capacity meeting
customer needs today and tomorrow. In the second quarter we have launched
Velocity[TM], the first fully ARM-based processor in the traffic signal
industry. This allows our customers to utilize and move AI and machine learning
from the cloud to the edge in the field where traffic controller is. This is a
game-changer from a data analysis perspective and is just one of many Smart City
innovations we are delivering to the market," Solberg concludes.
Q-Free targets to continue to build its ARR base by pursuing long-term tolling
service contracts, win new Traffic Management SaaS contracts in the US, expand
its ALPR SaaS business in the US and Europe, and grow its tolling back-office SW
business in connection with new tolling system deliveries.
Due to Q-Free's increased focus on recurring business models, the company has
decided that all future contracts that generate NOK 2 million or more in annual
recurring revenues and expected contract value of NOK 15 million or more will be
publicly announced.
Q-Free will host a webcast on 7[th] July to present the second quarter and first
half-year 2023 results.
The presentation starts at 09:00 CET and can be followed live on: http://www.q
-free.com/investor_relations/web-cast/
A recorded version will be available after the webcast has been concluded. The
report from the Board of Directors and the second quarter presentation are
enclosed.
*ARR, EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as part of the APM section of the
second quarter 2023 financial report.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Rita Bøe Isaksen, Board Secretary in Q-Free ASA,
on 7 July 2023 at 07:00 CET.
For further information, please contact:
Thale Kuvås Solberg, President & CEO, +47 936 800 30 or Trond Christensen, CFO,
+47 481 02 754
About Q-Free: Q-Free ASA (OSE: QFR) is a global innovator in intelligent
transportation systems that improve traffic flow, road safety, and air quality.
With an open, collaborative approach to tolling, traffic and active
transportation management, Q-Free works with customers and partners on every
continent to digitize infrastructure and overcome modern mobility challenges for
the greater good of society. Headquartered in Trondheim, Norway, Q-Free has
annual revenues of approximately 1 billion NOK and employs approximately 360
transportation innovators, experts, and enthusiasts. To learn more about how Q
-Free is "changing the movements of life", visit www.q-free.com or Twitter:@Q
-FreeASA