Q-Free: First quarter 2023 financial results

(Trondheim, 27 April 2023) Q-Free ASA (Q-Free, OSE: QFR) reported revenues for the first quarter of 2023 of NOK 244 million, up from NOK 216 million in the corresponding quarter in 2022, and an EBITDA of NOK 12 million. The company continues the strong development in annual recurring revenues (ARR*), with a growth of 29% year-on-year, to a calculated ARR of NOK 361 million. Q-Free reiterates the strong outlook and will continue to invest in an ARR business model to leverage on the opportunities when cities across the world are implementing accelerated sustainability measures.

“Using novel technology and open platforms, we create intelligent solutions for efficient, safe, and eco-friendly transport. The shift in our business model to recurring revenue, combined with investments in technology and innovation, may somewhat reduce short-term revenue. However, recurring models create stable, long-term income and opportunities to upsell,” Thale Kuvås Solberg, Chief Executive Officer of Q-Free states.

The company reported revenues of NOK 244 million in the first quarter of 2023 (216) and an EBITDA* of NOK 12 million. The EBIT ended at NOK -2 million (-3), and the order backlog was NOK 1 418 million at the end of the period. The company also reported a cashflow from operations at NOK 22 million in the quarter.

Q-Free aims to continue to build its ARR base by continuing the heavy investing in the launched Kinetic® Mobility platform, pursuing long-term tolling service contracts which are now out for bid in Europe, 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. The company also see a shift in customer needs and requirements with regards to technology and sustainability.

“Sustainability is transforming the competitive landscape. How we organize our ESG journey can be determinant for our future innovation capacity. Aiming to deliver the best solutions for customers, the environment, and our business, we explore analytical and data-driven approaches to ESG that both spur innovation and support regulatory compliance. The work we now do on embedding ESG already in the design phase is crucial as 80 percent of the future carbon footprint is determined there,” Solberg says, and concludes:

“Q-Free continues the transformation to a more robust and scalable recurring business model and is well positioned to benefit from positive macro trends related to efficient, safe, and sustainable transportation. The global push for sustainability is awakening interest in our portfolio: low-carbon policies are in place, funds are allocated, and pollution hotspots are addressed, with targeted traffic measures to accelerate to green, just mobility. Smart traffic management, tolling and low-emission zones, and connected vehicles are all viable solutions in the transition economy.”

Q-Free will host a webcast on 27 April 2023 to present its first quarter results 2023. 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 is 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 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 27 April 2023 at 07:10 CET. 

For further information, please contact:

Thale Kuvås Solberg, President & CEO, +47 936 800 30
Trond Christensen, CFO, +47 481 027 54 

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 NOK 900 million 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