Q-Free: Fourth quarter and preliminary FY2021 financial results

(Oslo, 15 February 2022) Q-Free ASA (OSE: QFR) reported EBITDA of NOK 27 million and EBIT of NOK 13 million on revenues of NOK 212 million in the fourth quarter of 2021. The preliminary full-year figures for 2021 ended at revenues of NOK 860 million, EBITDA of NOK 106 million, EBIT of NOK 50 NOK, and EPS of NOK 0.53. At the end of 2021 the company had a backlog of NOK 1.1 billion and annual recurring revenues of NOK 250 million. Q-Free reiterates its positive long-term outlook.

“Our fourth quarter results were strong with healthy profitability, high order intake, and strong cash flow from operations. Moreover, in fiscal year 2021 we delivered our best financial results since 2011 with impressive year-on-year improvements in EBITDA, EBIT, after-tax profits and EPS” says Håkon Volldal, President and CEO of Q-Free.

In the fourth quarter of 2021 Q-Free generated revenues of NOK 212 million (255), down 10 percent adjusted for currency effects and discontinued business. Revenues in the quarter were negatively impacted by component shortages and a conversion from project sales to recurring revenue models. High margins and cost reductions contributed to an EBITDA* of NOK 27 million (25) in the quarter, while EBIT came in at NOK 13 million (-13). Earnings per share was NOK 0.3 (-0.3).

For fiscal year 2021, the preliminary figures were NOK 860 million (889) in revenues, up 6 percent adjusted for currency effects and discontinued business, EBITDA of NOK 106 million (76), EBIT of NOK 50 million (-9), and an EPS of NOK 0.53 (-0.46).

The order intake in the fourth quarter was NOK 286 million (205) and NOK 989 million (949) in FY2021. The backlog per end of the fourth quarter was NOK 1114 million (1083). Q-Free has signed 3 important contracts with a total value of approximately NOK 250 million after closing of the fourth quarter. In addition, the company has been awarded but not yet signed contracts with a total value of approximately NOK 300 million. Annual recurring revenues based on the company’s backlog per end of the fourth quarter were NOK 250 million, of which ~NOK 120 million in software revenues.

“We have won several important contracts in the past few weeks and have a very promising contract pipeline, which is expected to generate new orders and increase our backlog, “ Volldal continues.

Cash flow from operations in the fourth quarter of 2021 was NOK 28 million (31) and NOK 88 million (67) for FY 2021. Net interest-bearing debt was down almost 40% year-on-year to NOK 139 million (229).

Q-Free’s outlook remains positive despite global supply constraints for microcontrollers that will negatively impact revenues short-term. Q-Free reiterates its 2025 ambition of NOK 1.3-1.5 billion in revenues and an EBITDA margin in the 15-20 percent range.

“Q-Free operates in an industry with attractive growth prospects, we have a solid margin structure, and we have a very attractive and scalable offering. The company 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 15 February to present its fourth 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.

* 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 fourth quarter 2021 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 15 February 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