QUARTERHILL INC - QTRHF STOCK NEWS

International Road Dynamics Inc. (IRD), a subsidiary of Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF), has been awarded a $13.8 million contract by the New York State Department of Transportation (NYSDOT) for a two-year period. The contract covers the installation and maintenance of permanent traffic data collection systems at 68 sites across New York State. IRD will utilize its iTHEIA AI-powered, non-intrusive data collection technology, enhancing safety and cost-effectiveness while ensuring a minimum uptime of 95%.

Quarterhill's subsidiary, Wi-LAN, has secured a license agreement for its wireless technology patents with a second major automotive manufacturer. This agreement underscores the strength of WiLAN's portfolio, particularly in LTE and 5G technologies relevant to modern vehicles. Financial specifics of the agreement are confidential. WiLAN is recognized as a leader in patent monetization across various sectors, including automotive and wireless communications.

International Road Dynamics has secured a $2.2 million contract from the state of Idaho to enhance the weigh station facilities on Interstate 84 near Declo. This project will introduce advanced weigh-in-motion and tire screening technology, helping to improve safety and efficiency for commercial vehicles. This will be the sixth weigh station upgraded in Idaho, featuring IRD's automated systems that allow for high-speed weighing and pre-screening of trucks. This effort aims to better meet federal compliance standards while reducing wait times and emissions for compliant carriers.

Quarterhill Inc. (QTRHF) reported strong financial results for Q1 2022, with consolidated revenue reaching $168.5 million, significantly up from $19.3 million in Q1 2021. Adjusted EBITDA was $79.1 million, a substantial increase from a $408,000 loss in the prior year. WiLAN's licensing segment drove revenue growth, while ITS revenues benefited from acquisitions. Gross margin improved to 55% compared to 34% in Q1 2021. A quarterly dividend of $0.0125 was declared for July 2022, enhancing shareholder returns.

Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) announced the appointment of Kim Stevenson to its board of directors. With over three decades in IT and operations, Stevenson has held leadership roles at major tech firms such as Intel, NetApp, and Lenovo. Her extensive experience is expected to contribute to Quarterhill's growth in the Intelligent Transportation System (ITS) market. John Gillberry, Chair of Quarterhill, expressed optimism about her impact on the company’s strategic direction and ability to navigate industry transformations.

Quarterhill Inc. (TSX: QTRH; OTCQX: QTRHF) announces the appointment of Andrew Parolin as the new CEO of its subsidiary, Wi-LAN Inc., effective May 12, 2022. Parolin, who has 15 years of experience at WiLAN, most recently held the position of Senior Vice-President, Licensing. Under his leadership, WiLAN has secured licensing agreements with over 100 companies, including major players like LG and Cisco. His extensive background in patent licensing and continuity within the team is expected to bolster Quarterhill's leadership.

International Road Dynamics Inc. (IRD), a subsidiary of Quarterhill (TSX: QTRH, OTCQX: QTRHF), has secured two contracts worth $1.2 million for Weigh-In-Motion (WIM) system upgrades from the Illinois State Toll Highway Authority. The project involves replacing existing systems on I-94 and I-355 with upgraded Virtual Weigh-In-Motion (VWIM) sites to enhance vehicle monitoring for compliance with weight and tire safety regulations. The initiative aims to improve road safety and operational efficiency while integrating advanced tire anomaly detection technology.

Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) announces the unexpected passing of Michael Vladescu, CEO of its subsidiary Wi-LAN, on May 4, 2022. Michael joined Wi-LAN in 2012 and became CEO in 2019, earning respect for his leadership and contributions. Bret Kidd, Quarterhill's CEO, and Jim Skippen, Vice-Chair, expressed their condolences and acknowledged Michael's impact on the company and community. The Board will announce future leadership plans for Wi-LAN shortly. Quarterhill is focused on growth in the Intelligent Transportation System industry and continued investment strategies.

Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) is set to release its Q1 fiscal 2022 financial results for the period ending March 31, 2022, on May 12, 2022. A conference call and audio webcast, hosted by President and CEO Bret Kidd and Interim CFO Steve Thompson, will take place at 10:00 a.m. ET. Interested parties can join via toll-free numbers or the provided webcast link. Quarterhill is focused on growth in the Intelligent Transportation Systems (ITS) sector and aims to expand through both organic growth and acquisitions.