Q-Free: Fourth quarter and preliminary FY2022 financial results

(Trondheim, 15 February 2023) Q-Free ASA (Q-Free, OSE: QFR) reported revenues for the fourth quarter of 2022 of 305 MNOK, up from NOK 212 million in the corresponding quarter in 2021, and an EBITDA of 30 MNOK (27). The company continues the strong development in annual recurring revenues (ARR*), with a growth of 40% year-on-year, to a calculated ARR of NOK 332 million. Hence, more than 32% of revenue in 2022 was recurring. 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.

“Q-Free is in the middle of a transition from a project-based revenue model to a higher degree of recurring revenue and scalable software solutions. We continue to build a solid recurring base and it has been an especially good quarter for our Traffic Management segment. We launched our Kinetic SaaS platform in October 2022, and we will in the coming years capitalize on the shift in business model and scalable technology platform,” says Thale Kuvås Solberg, President and CEO of Q-Free. 

The company reported revenues of 305 MNOK in the fourth quarter of 2022 (212) and an EBITDA* of 30 MNOK (27). The EBIT ended at 15 MNOK (13), and the order backlog was 1 413 MNOK at year-end, which represents 1.5 times annual revenue​. The company also reported a cashflow from operations at 63 MNOK in the quarter.

“This shift in business model will be advantageous for Q-Free in the long run as it reduces volatility and increases robustness. Macrotrends with stronger focus on ESG initiatives such as the need for better air quality in urban and interurban areas globally, need for improved traffic flow and road safety all working in our favor. We are now investing heavily in technology and product development to ensure that we utilize this window of opportunity and are able to maintain and capitalize on our technology advantage in the years to come” Solberg continues.

Q-Free aims 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.

“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. We will continue our efforts in building and investing in developing solutions that will meet market expectations and demand in the years to come. With the growing pipeline of upcoming tenders and projects to bid on, Q-Free is well positioned to increase its market share in a growing market” Solberg concludes. 

Q-Free will host a webcast on 15 February 2023 to present its 4th quarter results 2022. 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 fourth 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 15 February 2023 at 07:00 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