Q-Free reports strong second quarter results with significant year-on-year and quarter-on-quarter profitability gains. Swift implementation of cost reduction measures and increased sale of high margin software solutions were the main reasons for the improvements. Another key achievement in the quarter was the increase in available credit and cash at hand. This was fueled by strong cash flow from operations in combination with new debt and equity financing.

-We are very pleased with the strong operational performance in the second quarter and how the organization has responded to the challenges caused by the Covid-19 pandemic. Our strengthened financial position, reduced cost base, and solid order backlog for the coming quarters have resulted in a very positive momentum. Moreover, we expect to sign several large contracts in the coming months, comments President & CEO in Q-Free, Håkon Volldal.

Highlights for Q2-20 include:

* 223 MNOK in revenues, down 11% YoY amid reduced product sales caused by Covid-19

* 26 MNOK in EBITDA (12% margin), up from 23 MNOK (9% margin) in Q2-19

* 21 MNOK in positive cash flow from operations, up from -45 MNOK in Q2-19

* 170 MNOK in order intake, not including the 55 MNOK Traffic Management contract extension signed in the USA in early July

* Liquidity and operational flexibility significantly strengthened through 80 MNOK in proceeds from convertible bond issue and 82 MNOK in new bank loans

* 100% ownership of Intelight Inc. obtained


Highlights for H1-20 include:

* 424 MNOK in revenues, down 10% YoY

* 18 MNOK in EBITDA (4% margin), down from 31 (7% margin) MNOK in 2019

* 5 MNOK in positive cash flow from operations, up from -58 MNOK in H1 2019

* 390 MNOK in accumulated order intake and book-to-bill of 0.92 amid contract delays caused by Covid-19

* 1 040 MNOK in order backlog at the end of Q2-20 (not incl. frame agreements), down 7% YoY


The live broadcast, starting at 9 AM CET, can be followed on

A recorded version will be available after the webcast has been concluded.


Enclosures: Q2-20 report, Q2-20 presentation


For further information, please contact:

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

Interim CFO, Trond Christensen: +47 481 02 754


About Q-Free

Q-Free is a leading global provider of Tolling and Traffic Management (ATMS) solutions for efficient, safe, and environmentally friendly transportation. The company has approximately 1 bn NOK in revenues, 380 employees, offices in 16 countries, and a presence on all continents. Headquartered in Trondheim, Norway, Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.