QUARTERHILL INC - QTRHF STOCK NEWS

International Road Dynamics Inc. (IRD), a subsidiary of Quarterhill (TSX: QTRH, OTCQX: QTRHF), has secured contracts worth approximately $2.4 million from the Illinois State Toll Highway Authority to install three Virtual Weigh-In-Motion (VWIM) systems at two sites on Interstate Highways I-294 and I-88. These systems will monitor commercial vehicles for weight, size, and tire violations, enhancing road safety and supporting the Tollway's pavement preservation program. The project will expand IRD's VWIM network in Illinois from two to five sites, with the Tire Anomaly and Classification System installations being the largest to date.

Quarterhill (TSX: QTRH, OTCQX: QTRHF) announced its financial results for the year ended December 31, 2022, reporting consolidated revenue of $305.7 million, up from $125.7 million in 2021, driven by its Intelligent Transportation Systems (ITS) and licensing segments. Adjusted EBITDA reached $64.6 million. The company has cash and equivalents of $67.9 million. In Q4, revenue dipped to $50.9 million from $51.2 million year-over-year, with a net loss of $20.1 million. Cost-cutting measures are expected to save $4 million annually. A quarterly dividend of $0.0125 per share was declared for April 11, 2023.

Quarterhill announced the immediate resignation of President and CEO Bret Kidd, with John Gillberry appointed as Interim CEO. The company expects consolidated revenue for fiscal 2022 to be between $303 million and $307 million, with consolidated Adjusted EBITDA projected in the range of $63 million to $66 million. A CEO search committee has been established to find Kidd's permanent successor. Additionally, the strategic review of WiLAN is ongoing, with updates to shareholders planned as material developments occur.

Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) will announce its financial results for the three- and twelve-month periods ended December 31, 2022, on March 22, 2023. CEO Bret Kidd and CFO John Karnes will host a conference call and audio webcast at 10:00 a.m. ET. Investors can access this via a web link, with replays available for 365 days. The company's mission is to lead the Intelligent Transportation System (ITS) industry through organic growth and acquisitions, focusing on tolling and enforcement solutions. Quarterhill is dedicated to expanding its influence through its subsidiaries, including Wi-LAN Inc.

Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) announced a 10-year contract with the Alameda County Transportation Commission for an electronic toll system for the I-680 Express Lanes, valued at approximately CAD$80 million. The contract includes options for four additional years of operation and maintenance. Electronic Transaction Consultants, LLC (ETC), a subsidiary of Quarterhill, will implement its next-generation toll management system, designed to enhance mobility and alleviate congestion. This initiative aims to improve the experience for motorists in Alameda County.

Quarterhill reported its Q3 fiscal 2022 financial results, showing consolidated revenue of $42.4 million, up from $36.3 million year-over-year. ITS revenue reached $42.2 million with an Adjusted EBITDA of $1.9 million. Their cash and equivalents stood at $76.0 million, with working capital at $112.8 million. The company reduced its long-term debt to $30.2 million, down from $62.1 million last year. The Board also declared a quarterly dividend of $0.0125 per share for January 2023. Looking ahead, Quarterhill anticipates growth in both revenue and Adjusted EBITDA for 2023.

Quarterhill Inc. has secured two contracts worth $3.3 million for advanced electronic screening systems in South Dakota and Nebraska. The South Dakota Department of Transportation will implement a fifth E-Screening system, enhancing vehicle safety by detecting issues like underinflated tires. Nebraska will upgrade two existing systems with E-Screening and tire safety features to improve its commercial vehicle safety program. These expansions demonstrate IRD's growing influence in the commercial vehicle enforcement sector, aiming to increase efficiency and road safety.

Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) will release its financial results for the three- and nine-month periods ended September 30, 2022, on November 10, 2022. The results will be discussed in a conference call at 10:00 a.m. ET. This disclosure is part of Quarterhill's ongoing commitment to transparency as it aims for global leadership in the Intelligent Transportation System (ITS) sector through organic growth and strategic acquisitions.

On October 21, 2022, Wi-LAN Inc., a subsidiary of Quarterhill (TSX: QTRH, OTCQX: QTRHF), announced a licensing and settlement agreement with Micron Technology. This deal covers patents related to semiconductor memory technologies, resolving ongoing patent litigation in the United States and China. The financial terms and license fees associated with this agreement remain confidential. Wi-LAN specializes in patent monetization across various sectors, enhancing its position within the semiconductor industry.