North Dakota DOT Selects Quarterhill';s iTHEIA™ AI Classification System for Traffic Monitoring

Rhea-AI Summary

Quarterhill has secured two contracts worth $1.5 million to provide and maintain their AI-based iTHEIA™ traffic monitoring systems at 17 sites in North Dakota. These systems will enhance the North Dakota Department of Transportation's (NDDOT) traffic data collection capabilities, aiding in highway planning, design, maintenance, and management. The contract includes upgrades at 14 existing sites and installations at three new locations: Bismarck Expressway, Buxton, and Bowesmont. The iTHEIA™ system, utilizing video and machine learning, offers high reliability, safety, cost-effectiveness, and continuous data collection, essential for transportation infrastructure planning.

Positive

• Quarterhill secured $1.5 million in contracts, positively impacting revenue.
• The iTHEIA™ system enhances NDDOT's traffic data collection capabilities, supporting highway planning and management.
• Installation and maintenance of iTHEIA™ do not require road closures, reducing costs and enhancing safety.
• iTHEIA™ is reliable and unaffected by road surface conditions, ensuring longevity and consistent data collection.
• Edge-computing technology allows autonomous vehicle counts and classification, eliminating the need for third-party processing.

Negative

• The contracts are to 17 sites, which may restrict revenue growth potential.
• There is no mention of profit margins or the cost structure for maintaining the iTHEIA™ system, leaving financial impact unclear.
• Reliance on AI technology may pose risks if the system fails to meet high accuracy and reliability standards.

• Quarterhill will supply and maintain iTHEIA™ video-based AI traffic count and classification systems at 17 sites across North Dakota.
• Vehicle count and classification data from iTHEIA, an advanced AI-powered, video-based system, will provide essential data for highway planning, design, maintenance, and management in the state.

TORONTO, June 6, 2024 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), announced today that it has been awarded two contracts valued at $1.5 million for the supply and maintenance of iTHEIA™ AI Video Automatic Traffic Recorders ("ATR") in the western and eastern regions of North Dakota. All financial information in this press release is reported in U.S. dollars.

The two contracts involve iTHEIA™ upgrades for 14 existing traffic data collection sites located across the state and the installation of three additional sites at Bismarck Expressway, Buxton, and Bowesmont. This expansion will use artificial intelligence ("AI") to bolster the North Dakota Department of Transportation ("NDDOT") data collection capabilities, ensuring comprehensive traffic data collection throughout the year.

These AI-powered ATR sites will play a critical role in collecting vehicle count and classification data, which is essential for highway planning, design, maintenance, and management in North Dakota. Traffic volume counts, including data on commercial vehicles, passenger vehicles, bicycles, and pedestrians, are crucial inputs for traffic engineering and planning analyses. This data supports the development of infrastructure project design parameters, which are vital inputs for road construction plans.

To meet these objectives, the NDDOT will utilize Quarterhill's iTHEIA™ non-intrusive data collection solution. iTHEIA™ utilizes video and machine learning for vehicle traffic counting and classification. iTHEIA™ offers significant advantages, including:

• Security and Reliability: An industrial-grade computing system and Linux operating system provide high reliability and security, and an NDAA-compliant camera system meets Federal requirements.
  
  
• Safety and Cost-Effectiveness: By eliminating the need for road closures during installation and maintenance, iTHEIA™ enhances safety and reduces costs.
  
  
• Superior Longevity: Unlike in-road sensor-based systems, iTHEIA™ is unaffected by pavement degradation and performs reliably regardless of road surface conditions.
  
  
• Autonomous: iTHEIA™ uses powerful edge-computing technology to perform vehicle counts and classification at the roadside, eliminating the need to upload video for third-party processing.
  
  
• Comprehensive Data Collection: iTHEIA™ provides accurate and continuous traffic data collection, essential for informed decision-making in transportation infrastructure planning and management.

Quarterhill is committed to delivering innovative solutions that enhance safety and promote sustainable transportation infrastructure. The iTHEIA™ system represents a leap forward in traffic data collection technology, contributing to safer and more efficient roadways.

"We are pleased to expand our relationship with NDDOT and to enhance the state's traffic data collection capabilities with our cutting-edge iTHEIA™ solution," said Chuck Myers, CEO of Quarterhill. "These contracts not only underscore the confidence in our technology but also demonstrate our commitment to providing AI-based systems for safer, more efficient, and cost-effective transportation management. Ensuring the accuracy of traffic data is paramount, and with iTHEIA™, we will deliver comprehensive vehicle data to serve North Dakota's needs for years to come."

About Quarterhill

Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our tolling and enforcement businesses, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information: www.quarterhill.com.

Forward-looking Information

This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements relate to future events, conditions or future financial performance of ‎Quarterhill based on future economic conditions and courses of action. All statements other ‎than statements of historical fact may be forward-looking statements. Such forward-looking statements ‎are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", ‎‎"plan", "goal", "expect" and similar expressions.

Forward-looking statements involve known and unknown risks, assumptions, ‎uncertainties and other factors that may cause actual results or events to differ materially from those ‎anticipated in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand for Quarterhill's products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; and other risks set forth in the Company's most recent annual information form available on SEDAR+ at www.sedarplus.ca. The Company believes the expectations reflected in ‎the forward-looking statements are reasonable, but no assurance can be given that these expectations ‎will prove to be correct and such forward-looking statements included in this news release should not be ‎unduly relied upon.‎ Material factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill's ability to execute on its business plan; demand for Quarterhill's products and services; operating assumptions; and financial projections and cost estimates. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View original content:https://www.prnewswire.com/news-releases/north-dakota-dot-selects-quarterhills-itheia-ai-classification-system-for-traffic-monitoring-302165590.html

SOURCE Quarterhill Inc.

FAQ

What is the value of the contracts Quarterhill secured for the iTHEIA™ system in North Dakota?

Quarterhill secured two contracts valued at $1.5 million for the iTHEIA™ system.

How many sites in North Dakota will have the iTHEIA™ system installed?

The iTHEIA™ system will be installed and maintained at 17 sites across North Dakota.

What are the new locations where the iTHEIA™ system will be installed in North Dakota?

The new locations are Bismarck Expressway, Buxton, and Bowesmont.

What are the benefits of the iTHEIA™ system mentioned in the press release?

The iTHEIA™ system offers high reliability, safety, cost-effectiveness, and continuous data collection, essential for transportation planning.

What technology does the iTHEIA™ system use for traffic monitoring?

The iTHEIA™ system uses video and machine learning for vehicle traffic counting and classification.

What is the stock symbol for Quarterhill?

Quarterhill's stock symbol is QTRHF.