Q-Free: First quarter 2022 financial results

(Oslo, 29 April 2022) Q-Free ASA (Q-Free, OSE: QFR) reported revenues of NOK 216 million in the first quarter of 2022, up from NOK 191 million in the same quarter in 2020, an adjusted EBITDA of NOK 16 million (13) and annualized recurring revenues of NOK 280 million. Based on an order intake of NOK 507 million in the quarter, a backlog of NOK 1.4 billion and favorable macro trends related to efficient, safe, and sustainable transportation, the company reiterates its positive outlook.

“The solid performance in the seasonally weak first quarter demonstrates the robustness of Q-Free’s business model with 13 percent revenue growth, a 22 percent increase in annualized recurring revenues and solid profitability and cash flow despite provisions made for Ukraine and a challenging supply chain situation,” says Håkon Volldal, President and CEO of Q-Free.

In the first quarter of 2022 Q-Free reported revenues of NOK 216 million (191), up 13 percent. Recurring revenues in the quarter amounted to NOK 70 million (57), up 22 percent compared to the same period last year, which gives an ARR* of NOK 280 million (229). Due to NOK 6 million in provisions for potential losses on accounts receivables in Ukraine EBITDA* ended at NOK 10 million (13) in the quarter, while EBIT came in at NOK -3 million (-1). Cash flow from operations in the first quarter of 2022 was NOK 35 million (-5).

The order intake was NOK 507 million (434) and the backlog ended at NOK 1379 million (1169). Q-Free was awarded several important contracts in the quarter and also a NOK 28 million SaaS contract in the US in April after closing of the first quarter.

“Our order intake of more than half a billion in the quarter was impressive and adds to an already healthy backlog. Moreover, we have several awarded but not yet signed contracts and a large contract pipeline, which is expected to generate additional firm orders in the coming quarters, “ Volldal continues.

The outlook remains positive, despite global supply constraints that negatively impact revenues, levering on the global opportunity to provide free-flowing, clean and safe transportation. Q-Free reiterates its 2025 ambitions of NOK 1.3-1.5 billion in revenues and an EBITDA margin in the 15-20 percent range.

“Q-Free has built a robust and scalable business model and is well positioned to benefit from positive macro trends related to efficient, safe, and sustainable transportation,” Volldal concludes.

Q-Free will host a webcast on 29 April 2022 to present its third quarter results. The presentation starts at 09:00 CET and can be followed live on:

A recorded version will be available after the webcast has been concluded. The report from the Board of Directors and the webcast presentation are enclosed.

* ARR, EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the first quarter 2022 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 29 April 2022 at 07:00 CET.

For further information, please contact:

Håkon Volldal, President & CEO, +47 977 19 973

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 350 transportation innovators, experts, and enthusiasts. To learn more about how Q-Free is “changing the movements of life”, visit or Twitter:@Q-FreeASA