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Q-Free: Third quarter 2022 financial results

(Trondheim, 28 Oct 2022) Q-Free ASA (Q-Free, OSE: QFR) reported total revenues for the third quarter of 2022 of NOK 215 million, up 6 percent from the same quarter in 2021. The order backlog continues to grow, currently at NOK 1 546 million, which is the highest level since 2016, following an order intake of NOK 316 million as several important contracts were awarded. The company reiterates the solid outlook.

“We continue to build a very strong long-term backlog, with an especially good quarter for our Traffic Management segment. The order intake of NOK 1 100 million so far in 2022 demonstrates Q-Free’s strong position in the market. We are now capitalizing on the restructured growth platform. This allows us to assist even more customers in improving traffic flow, road safety, and air quality in urban and interurban areas globally,” says Thale Kuvås Solberg, President and CEO of Q-Free. 

Q-Free reported revenues in the third quarter 2022 of NOK 215 million, up from 204 in the corresponding quarter last year and an EBIT of NOK 3 million (18), while the EBITDA* ended at NOK 15 million (31) in the quarter. The annual recurring revenues (ARR) grew 29% year-on-year to NOK 80 million in the quarter (62), contributing to an ARR of NOK 320 million. Recurring revenue accounted for 37 percent of total revenues in the quarter. Q-Free aims to continue to build its ARR base by pursuing long-term contracts across the company’s service offering.

“I am pleased that we continue to deliver on our long-term goal of transforming the business model and showing a massive growth in recurring revenues also this quarter. We see organic growth despite still experiencing some component shortage and negative revenue effect due to the shifting towards an ARR driven business model. Our results this quarter indicates how our transformed business model impacts the robustness and performance of Q-Free,Solberg continues.

Q-Free reiterates its 2025 ambitions of NOK 1.3 -1.5 billion in revenues and an EBITDA margin in the 15-20 percent range. 

“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 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 deliver on its long-term revenue growth target” Solberg concludes. 

Q-Free will host a webcast on 28 October 2022 to present its 3rd quarter results 2022. The presentation starts at 09:00 CET and can be followed live on: https://www.q-free.com/investor_relations/web-cast/

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 third 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 28 October 2022 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 www.q-free.com or Twitter:@Q-FreeASA