Q-Free: Second quarter and first half-year 2023 financial results

(Trondheim, 7 July 2023) Q-Free ASA (Q-Free, OSE: QFR) reported total revenues for the second quarter of 2023 of NOK 290 million, up 36% from the same quarter last year, and an EBITDA of NOK 33 million. The company continues the strong growth in annual recurring revenues (ARR) to a calculated ARR of NOK 455 million, which represents a growth of 52%.

“Q-Free delivered a solid quarter with a significant increase in revenue and an EBITDA of NOK 33 million. The growth follows a very positive underlying growth trend driven by increased product sales in Tolling, and recurring revenues in both Tolling and Traffic Management, as the company had limited headwind from exchange rates following the currency mix. There is a lot of activity in the intelligent transport systems market as the technology we deliver is identified as being key to solve an urgent and unmet worldwide need for free-flowing, clean, and safe transportation,” says Thale Kuvås Solberg, President and CEO of Q-Free.

The order intake for the second quarter of 2023 ended at NOK 284 million (279), contributing to a backlog exceeding NOK 1.4 billion. The EBITDA in the second quarter ended at NOK 33 million (32), or a 11% margin, following revenues of NOK 290 million (214). The EBIT was NOK 18 million (19) and the cashflow from operations amounted to NOK 7 million in the period.

“Q-Free operates in a global industry with strong favorable drivers and trends. We are building leading market positions through developing leading technology solutions and have a sizeable order backlog. We will build a portfolio of standardized, scalable solutions and have high innovation capacity meeting customer needs today and tomorrow. In the second quarter we have launched VelocityTM, the first fully ARM-based processor in the traffic signal industry. This allows our customers to utilize and move AI and machine learning from the cloud to the edge in the field where traffic controller is. This is a game-changer from a data analysis perspective and is just one of many Smart City innovations we are delivering to the market,” Solberg concludes.

Q-Free targets 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.

Due to Q-Free’s increased focus on recurring business models, the company has decided that all future contracts that generate NOK 2 million or more in annual recurring revenues and expected contract value of NOK 15 million or more will be publicly announced.

Q-Free will host a webcast on 7th July to present the second quarter and first half-year 2023 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 second quarter presentation are enclosed.

*ARR, EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as part of the APM section of the second 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 7 July 2023 at 07:00 CET.

For further information, please contact:

Thale Kuvås Solberg, President & CEO, +47 936 800 30 or 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 360 transportation innovators, experts, and enthusiasts. To learn more about how Q-Free is “changing the movements of life”, visit or Twitter:@Q-FreeASA