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Quarterhill Inc. focuses on the acquisition and management of technology companies that provide products and services globally. Their technology licensing segment includes patents related to various technologies such as 3D television, semiconductor manufacturing, medical stent, LED lighting, and more. The company's intelligent systems segment offers integrated systems and solutions for automated truck weigh stations, toll road systems, traffic management, and vehicle information systems. Quarterhill aims for global leadership in the Intelligent Transportation System industry through organic growth and strategic acquisitions.
Quarterhill (TSX: QTRH) (OTCQX: QTRHF) has secured a contract to provide weigh-in-motion (WIM) technology to Brussels Mobility in collaboration with Belgium-based Jacops NV. The project involves implementing a high-speed WIM system on the E19 highway in the Brussels-Capital Region to pre-screen overloaded vehicles.
The system will monitor four lanes of one-way traffic, recording vehicle classification and tax data without impeding traffic flow. Key features include Quarterhill's iSINC WIM controller, automated number plate recognition, and overview cameras for vehicle identification. The technology aims to improve road safety, reduce infrastructure damage, and ensure fair competition among transport companies.
The contract includes system design, technical support, training, and a 2-year warranty period with remote diagnostics. The WIM sensors will comply with Nmi International WIM standards, offering high durability and IP68 water resistance.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), a leading provider of tolling and enforcement solutions in the Intelligent Transportation System industry, announced that CFO Kyle Chriest will depart at the end of January 2025 to pursue another opportunity. Morgan Demkey, current VP Operations, has been appointed Interim CFO while an executive search is conducted.
CEO Chuck Myers highlighted the company's substantial progress in 2024, including business integration, non-core asset divestment, cost structure streamlining, and technical capability enhancement. The company maintains its strategic direction and financial outlook as previously discussed in the Q3 earnings call, with Q4 2024 results expected in mid-March 2025.
The CFO departure is not related to any disagreements regarding operating performance, financial results, or accounting practices. The company expects to leverage its recent achievements for top-line growth and margin expansion in 2025 and beyond.
Quarterhill (TSX: QTRH) (OTCQX: QTRHF) has secured a $40 million contract to upgrade the Alameda County Transportation Commission (Alameda CTC) I-580 Express Lanes. The project spans 17 months and includes 7 years of operations and maintenance, with an option for 4 additional years at $15 million.
The upgrade will consolidate the I-580 Express Lanes onto the same technology infrastructure as the I-680 Express Lanes, using Quarterhill's riteSuite™ platform. The I-580 Express Lanes cover approximately 10 miles eastbound and 12 miles westbound, designed to improve travel times and reduce congestion across Alameda County.
This contract positions Quarterhill as Alameda CTC's exclusive Express Lane Electronic Toll Collection System provider until 2032, with possible extensions to 2036. The project includes updating technical equipment, sign upgrades, and replacing outdated roadside equipment while streamlining operational processes across Alameda CTC's network.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF) has appointed Pasquale T. (Pat) Deon, Sr. to its Board of Directors. Deon brings significant experience in tolling and transportation, having served as former Chairman of the Southeastern Pennsylvania Transportation Authority (SEPTA) and current Vice Chairman of the Pennsylvania Turnpike Commission. During his 25-year tenure at SEPTA, Deon led major expansions and secured over $800 million in project financing. He is an accomplished entrepreneur with business interests in real estate, energy, hospitality, and regulated gaming sectors. As Executive Chairman of SportsContentCo, and board member of Independence Health Group, Deon's extensive leadership experience is expected to contribute to Quarterhill's growth in the Intelligent Transportation System industry.
Quarterhill has secured two contracts worth $3.4 million with the Idaho Transportation Department for system upgrades and maintenance at Commercial Vehicle Enforcement stations. The first contract involves upgrading the Inkom Port-of-Entry weigh station with advanced technology, including license plate readers, cameras, and Single-Load-Cell WIM Scales. The second contract provides one-year maintenance services for electronic screening and virtual weigh station sites, with an option for a one-year extension. The Inkom project notably includes a Tire Anomaly and Classification System (TACS) to detect tire issues, enhancing road safety and operational efficiency.
Quarterhill Inc reported Q3 2024 financial results with revenue of $38.0 million, up 12% from Q3 2023. The company experienced a negative Adjusted EBITDA of ($2.8) million compared to $1.4 million in Q3 2023. Revenue backlog stood at $475 million. The quarter was marked by new enforcement unit contracts in multiple locations and a $3.8 million dividend from Wi-LAN Inc. The company took $4 million in reserves for two tolling contracts, impacting margins. Quarterhill expects to return to positive Adjusted EBITDA in Q4 2024 and projects growth into 2025.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF) has announced it will release its financial results for Q3 2024 on Friday, November 8, 2024. CEO Chuck Myers and CFO Kyle Chriest will host a conference call and audio webcast at 10:00 a.m. ET on the same day. The company will provide results for both the three and nine-month periods ended September 30, 2024. A live audio webcast will be available, with replay options accessible via both webcast and telephone until November 15, 2024.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF) has announced the formation of a Technical Advisory Committee and the addition of two external advisors. Bobby Parikh, an engineering executive with experience at Uber, Google, and deCarta, joins as a Special Advisor to the CEO and committee member. His expertise in mapping platforms and applications is expected to be valuable for Quarterhill's artificial intelligence capabilities and tolling solutions.
Vineet Khosla, previously announced to join the Board of Directors, will instead join the Technical Advisory Committee in a non-fiduciary role. Khosla's expertise in artificial intelligence and machine learning, particularly in transportation-related applications, is anticipated to benefit the company. The committee aims to guide Quarterhill's technology roadmap and system architecture, focusing on emerging AI and ML applications.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF) has secured two contracts worth $5.8 million to supply advanced Commercial Vehicle Enforcement technology for North Carolina Department of Public Safety (NCDPS) State Patrol weigh stations. The projects, located in Hendersonville and Halifax County, aim to enhance vehicle screening and improve safety and efficiency of commercial motor vehicle operations.
Key features include:
- Advanced weigh-in-motion (WIM) systems with electronic screening
- Virtual weigh stations
- Mainline sorter systems with Tire Anomaly and Classification Systems
- License Plate Recognition (LPR) technology
These upgrades will enable more efficient management and regulation of commercial vehicle operations, reducing manual checks and increasing road safety.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF) has been awarded a contract to supply 15 portable iTHEIA™ AI Video Automatic Traffic Recorders to the Minnesota Department of Transportation (MnDOT). iTHEIA is a self-contained, non-intrusive traffic classifier that uses advanced AI to accurately count and classify vehicles according to the FHWA 13-Class scheme. The system operates on edge computing, ensuring high accuracy without internet connectivity, and can be set up in under 30 minutes.
Key benefits of iTHEIA include:
- Improved road safety and traffic management
- Elimination of in-road sensors, reducing costs and enhancing safety
- Ability to monitor three lanes of traffic without risking staff safety
- Compliance with federal reporting requirements
This contract represents a significant milestone for Quarterhill, reinforcing its commitment to revolutionizing traffic data collection using AI technology.
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