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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's subsidiary, VDS Verkehrstechnik, has secured vital homologation certificates for its advanced M5 Speed enforcement camera from Germany's PTB and Austria's BEV, paving the way for sales in these countries. The M5 Speed camera boasts high-precision speed measurement, robust encryption using ECDSA P-256 Elliptical Curve Cryptography, and unmatched reliability. It's engineered for all-weather conditions, ensuring seamless operation year-round. This groundbreaking technology enhances road safety by significantly reducing speed violations. The certifications affirm the M5 Speed's reliability, security, and legal validity, making it a significant player in the traffic enforcement industry.
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.
Quarterhill held its Annual General and Special Meeting on May 13, 2024, where shareholders voted on several key resolutions. The election of directors saw Roxanne Anderson, Rusty Lewis, William Morris, Chuck Myers, Pamela Steer, and Anna Tosto confirmed, with the majority receiving over 87% approval. Ernst & Young LLP was reappointed as auditors with 99.36% support. Amendments to the 2018 Equity Incentive Plan were approved with 92.55% votes, and the employee share purchase plan received 93.99% approval. Full details are available in the April 4, 2024, Notice of Meeting and Management Information Circular.
Quarterhill Inc. announces its financial results for Q1 2024, reporting revenue of $34.9 million, up 23% from Q1 2023, with Adjusted EBITDA at $0.2 million. The company acquired Red Fox I.D. and secured a $3.9 million contract with the Tennessee Department of Transportation. The tolling business signed a five-year extension with Illinois Tollway. Quarterhill aims to enhance technology and transportation software capabilities, streamline operations, and drive efficiency to achieve top-line growth and margin expansion.
Quarterhill Inc. announces that its subsidiary, Red Fox ID , has won two prestigious King's Awards for Innovation and International Trade. Red Fox's AVDC technology and Quantum system have been recognized for their excellence in enhancing tolling efficiency and accuracy, showcasing the company's commitment to research and development.
Quarterhill Inc. announces its participation as a Platinum sponsor at the IBTTA Technology Summit, showcasing its tolling solutions and highlighting the integration of ETC and Red Fox into its portfolio. This move solidifies Quarterhill's position as a leading provider of integrated ITS solutions in the industry.
Quarterhill Inc. will reveal its Q1 2024 financial results on May 13, 2024, for the period ending March 31, 2024. The CEO and CFO will host a conference call and webcast on the same day at 8:30 a.m. ET. Details for accessing the webcast and dial-in information are provided.
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