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TORONTO, Nov. 8, 2024 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), a leading provider of tolling and enforcement solutions in the Intelligent Transportation System ("ITS") industry, announces its financial results for the three and nine months ended September 30, 2024. All financial information in this press release is reported in United States ("US") dollars, unless otherwise indicated.

Quarterhill has changed the presentation currency of its financial statements to US dollars, its functional currency. A significant proportion of the Company's sales, expenses, assets, and liabilities are denominated in US dollars. This change in presentation currency aims to enhance external stakeholders' ability to assess Quarterhill's financial performance and to reduce the impact of foreign exchange volatility.

Q3 2024 Highlights

• Revenue was $38.0 million compared to $34.1 million in Q3 2023.
• Adjusted EBITDA¹ was ($2.8) million compared to $1.4 million in Q3 2023.
• Revenue backlog³ was $475 million at September 30, 2024.
• Announced new enforcement unit contracts in Thailand, South Korea, South Dakota, Minnesota and North Carolina.
• Received a $3.8 million dividend resulting from ownership stake in Wi-LAN Inc.
• Established Technical Advisory Committee with Bobby Parikh and Vineet Khosla, two AI and machine learning innovators experienced in transportation-related technologies.
• Subsequent to quarter-end, signed a share-purchase agreement to sell its 50% interest in the Chinese joint venture, Xuzhou-PAT Control Technologies Limited ("XPCT") for gross proceeds of approximately $4.9 million.

"Our enforcement unit had another strong quarter with multiple new contracts, top-line growth and solid margins, while in our tolling unit, we increased our bid activity and expanded mandates with several existing customers," said Chuck Myers, CEO at Quarterhill. "In Q3, we received our first dividend from our ownership position in Wi-LAN, and after quarter-end, we signed a share purchase agreement to sell our position in the Chinese joint venture, XPCT. Combined, these two developments will generate approximately $8 million in cash, thus strengthening our balance sheet as we head towards 2025."

"Over the past twelve months, we have worked hard to turn around the Company by integrating our ITS businesses, selling non-core assets, optimizing our cost base, adding new leadership, enhancing our technical capabilities and addressing select legacy contract challenges. We believe we are near the end of this process and are well positioned to capitalize on the benefits from these changes in 2025 and beyond."

"We have two tolling contracts for which we took reserves in Q3, impacting margins by approximately $4 million. We believe these reserves will be sufficient for both projects to reach operations phase acceptance and become steady and profitable long-term contracts for the business. For the business as a whole, we expect to return to positive Adjusted EBITDA in Q4 2024 and to then grow our top-line and margins into 2025."

"The future of the ITS industry will be shaped by advanced technology solutions, with AI and machine learning playing pivotal roles in delivering enhanced outcomes for customers. We are committed to being at the forefront of this shift as we invest in our software solutions and next generation architecture. We have recently added new leadership to our technical team, and at quarter-end, we established a Technical Advisory Board, bringing on two renowned experts in AI and modern software architecture to guide the development of our technology roadmap to meet our customers' desires. With our team, assets, and strategic direction, we are well-positioned to capitalize on the opportunities ahead, emerge as an industry leader and deliver improved financial results."

Q3 2024 Financial Review

Quarterhill's Management's Discussion and Analysis and financial statements for the three and nine months ended September 30, 2024 are available at the Company's website and at its profile at SEDAR+.

Financial statements for the three and nine months ended September 30, 2023, have been prepared to reflect continuing operations, and therefore, exclude results during that period from Wi-LAN Inc. ("WiLAN"), which was sold by Quarterhill on June 15, 2023.

Revenues for the three and nine months ended September 30, 2024, were $38.0 million and $114.4 million, up 12% and 13%, respectively, compared to $34.1 million and $101.0 million in the three and nine months ended September 30, 2023. The increase in revenues was primarily due to continued strong performance from the enforcement operations, which was offset in part by reserves taken relative to cost overruns on two tolling projects that had a $3 million impact on revenue.

Gross profit² as a value and as a percentage of revenues may be subject to significant variance in each reporting period due to the nature and type of contract and service work performed. Gross profit for the three and nine months ended September 30, 2024, was $5.1 million and $20.0 million, or 13% and 17%, as compared to $7.9 million and $21.6 million, or 23% and 21%, in the three and nine months ended September 30, 2023. The year-over-year decreases compared to the prior year periods were primarily due to the $4 million of reserves taken in Q3 2024 related to cost overruns on the two tolling projects as previously noted. The year-over-year decreases in gross profit margin were partially offset by continued strong margin performance from the enforcement operations.

Total operating expenses are comprised of selling, general and administrative costs ("SG&A"), research and development ("R&D") costs, depreciation, amortization of intangible assets and other charges. Total operating expenses for the three and nine months ended September 30, 2024, were $11.3 million and $32.5  million compared to $9.9 million and $32.1 million in the three and nine months ended September 30, 2023. The year-over-year increases were primarily due to higher SG&A, offset in part by lower R&D expenses. SG&A increased year-over-year, driven by the Company's investments in leadership and resources for its project, bid, and development teams. For the year-to-date period, this increase was partially offset by a reduction in force in other business areas.

Adjusted EBITDA¹ for the three and nine months ended September 30, 2024, was ($2.8) million and ($0.9) million compared to $1.4 million and $0.5 million for the three and nine months ended September 30, 2023. The decrease in Adjusted EBITDA for the three and nine months ended September 30, 2024, compared to the prior year periods, was due to the $4 million impact of the cost overruns on revenue and gross profit as previously explained, and offset, in part, by higher overall revenue.

Net loss from continuing operations for the three and nine months ended September 30, 2024, was ($4.1) million and ($11.3) million, or ($0.04) and ($0.10) per diluted share, compared to a net loss from continuing operations of ($1.7) million and ($20.9) million, or ($0.01) and ($0.18) per diluted share, for the three and nine months ended September 30, 2023.

Cash used in continuing operations for the three and nine months ended September 30, 2024, was ($1.7) million and ($11.0) million compared to cash used in continuing operations of ($0.7) million and ($14.1) million for the three and nine months ended September 30, 2023.

Cash and cash equivalents were $23.1 million at September 30, 2024, compared to $42.7 million at December 31, 2023. Due to the nature of the Company's business activities, operating cash flows may vary significantly between periods due to changes and timing in working capital balances. Adjusted Working Capital⁴ was $64.9 million at September 30, 2024, compared to $78.9 million at December 31, 2023.

1. Please refer to the Adjusted EBITDA Non-IFRS Financial Measures section for further information.

2. Please refer to Gross Margin % in the Supplementary Financial Measures section for further information.

3. Please refer to the Backlog - Non-IFRS Financial Measure section for further information.

4. Please refer to the Adjusted Working Capital - Non-IFRS Financial Measure section for further information.

Conference Call and Webcast
Quarterhill will host a conference call to discuss its financial results on Friday, November 8, 2024, at 10:00 AM Eastern Time.

Webcast Information
Live audio webcast will be available at: https://app.webinar.net/P03G1qda8o9        

• Webcast replay will be available at: https://app.webinar.net/P03G1qda8o9  

Traditional Dial-in Information

• To access the call from the U.S. and Canada, dial 1.888.699.1199 (Toll Free)
• To access the call from other locations, dial 1.416.945.7677 (International)

Rapidconnect
To instantly join the conference call by phone, please use the following URL to easily register and be connected into the conference call automatically: https://emportal.ink/4eGHMhl    

Telephone Replay
Telephone replay will be available from November 8, 2024, until November 15, 2024, at: 1.888.660.6345 (Toll Free North America) or 1.289.819.1450.

Conference ID: 17855 and Replay Passcode: 17855#

Non-IFRS Financial Measures and Non-IFRS Ratios
Quarterhill uses both IFRS and certain non-IFRS financial measures to assess performance. Non-IFRS financial measures are financial measures disclosed by a company that (a) depict historical or expected future financial performance, financial position or cash flow of a company, (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from the composition of the most directly comparable financial measure disclosed in the primary financial statements of the company, (c) are not disclosed in the financial statements of the company and (d) are not a ratio, fraction, percentage or similar representation. Non-IFRS ratios are financial measures disclosed by a company that are in the form of a ratio, fraction, percentage or similar representation that has a non-IFRS financial measure as one or more of its components, and that are not disclosed in the financial statements of the company.

These non-IFRS financial measures and non-IFRS ratios are not standardized financial measures under IFRS, and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-IFRS financial measures and non-IFRS ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition, and liquidity using the same measures as management. These non-IFRS financial measures and non-IFRS ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.

Adjusted EBITDA - Non-IFRS Financial Measures

We use the non-IFRS financial measure "Adjusted EBITDA" to mean net (loss) income adjusted for (i) income taxes, (ii) finance expense or income; (iii) amortization and impairment of intangibles; (iv) other charges and other one-time items; (v) depreciation of right-of-use assets and property, plant and equipment; (vi) stock- based compensation; (vii) foreign exchange (gain) loss; and (viii) other income which includes equity in earnings from joint ventures; (ix) dividends received from joint ventures; and * changes in fair value of derivative liability. Adjusted EBITDA is used by our management to assess our normalized cash generated on a consolidated basis. Adjusted EBITDA is also a performance measure that may be used by investors to analyze the cash generated by Quarterhill. Adjusted EBITDA should not be interpreted as an alternative to net (loss) income and cash flows from operations as determined in accordance with IFRS or as measure of liquidity. The most directly comparable IFRS financial measure is Net (loss) income.

Adjusted EBITDA per share – Non-IFRS Ratio

Adjusted EBITDA per share is calculated as Adjusted EBITDA divided by the basic weighted average of common shares. Adjusted EBITDA per share is used by our management and investors to analyze cash generated by Quarterhill on a per share basis. The most comparable IFRS measure is earnings per share.

Adjusted Working Capital – Non-IFRS Financial Measure

Adjusted Working Capital is calculated as current assets minus current liabilities, adjusted for convertible debentures and derivative liability. Adjusted Working Capital reflects our net working capital expected to be settled in cash within twelve months.

Backlog - Non-IFRS Financial Measure

We use the non-IFRS measure "backlog" to mean the total value of work that has not yet been completed but that in management's experience of similar situations has: (a) a high certainty of being performed pursuant to existing contracts or work orders specifying job scope, value and timing; (b) an expectation of expansion of existing contracts due to expected extensions; and/or (c) been awarded to one or more of our ITS operating subsidiaries as evidenced by a binding contract or where the finalization of a binding contract is reasonably assured. Activities under such contracts may cover a period of up to 15 years. We do not include in "backlog", the value of any expected but unsigned change orders that management considers may apply to such contracts.

Supplementary Financial Measures
Supplementary financial measures are financial measures disclosed by a company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of a company (b) are not disclosed in the financial statement of the company, (c) are not non-IFRS financial measures, and (d) are not non-IFRS ratios.

Key supplementary measures disclosed are as follows:

Gross margin %
Calculated as gross profit as a percentage of revenue.

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") regarding Quarterhill, its operating subsidiaries and their respective businesses. 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", and similar expressions. These 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. The Company believes the expectations reflected in ‎those 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.‎ In particular, this news release contains forward-looking statements pertaining to, but not limited to, the ‎following: operational and financial expectations for the 2024 financial year, including revenue, gross margin and Adjusted EBITDA expectations; and the Company's business plan.

‎ Although the forward-looking statements contained in this news release are based upon assumptions ‎which management of the Company believes to be reasonable, the Company cannot assure investors ‎that actual results will be consistent with these forward-looking statements. With respect to forward-‎looking statements contained in this news release, the Company has made assumptions regarding, but ‎not limited to: the Company's ability to execute on its business plan; successful integration of Red Fox; the ability to successfully complete the transaction relating to the disposition of its interest in XPCT; general economic and industry trends; operating assumptions relating to the ‎Company's operations; demand for the Company's products and services; cost estimates for fixed price contracts; and the other assumptions set forth in the ‎Company's most recent annual information form available under the Company's profile on SEDAR+ at www.sedarplus.ca.‎

The Company's actual results could differ materially from those anticipated in the forward-looking statements, as a result of numerous known and unknown risks and uncertainties and other factors including, but not limited to: changes in demand for the Company's products and services; general economic, political, market and business conditions, including fluctuations in interest rates, foreign exchange rates, stock market volatility; reliance on key management personnel; risks related to competition within the Company's industry and relating to technological advances; litigation risks; cyber-security risks; fixed price contracts may result in unexpected costs to the Company; risks of health epidemics, pandemics and similar outbreaks; and the other risks set forth in the Company's most recent annual information form and management's discussion and analysis for the three and twelve months ended December 31, 2023 available under the Company's profile on SEDAR+ at www.sedarplus.ca.‎

The Company's actual results, performance or achievement could differ materially from those ‎expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be ‎given that any of the events anticipated by the forward-looking statements will transpire or occur, or if ‎any of them do so, what benefits the Company will derive therefrom. Readers are therefore cautioned ‎that the foregoing lists of important factors are not exhaustive, and they should not unduly rely on the ‎forward-looking statements included in this news release. All forward-looking statements contained in this news release are expressly ‎qualified by this cautionary statement. 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.

This news release contains "future-oriented financial information" and "financial outlooks" within the meaning of applicable Canadian securities laws (collectively, "FOFI"), including about the financial results, revenue, gross margin and Adjusted EBITDA of Quarterhill for the year ended December 31, 2024. FOFI, as with forward-looking ‎statements ‎generally, are, without limitation, based on the assumptions and qualifications, and are subject to the risks, set out ‎above in respect of forward-looking statements. Quarterhill's actual financial position and results of operations may differ materially from ‎management's ‎current expectations and, as a result, the Company's financial results may differ ‎materially from ‎the FOFI provided in this news release. The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments and the FOFI contained in this news release was approved by management as of the date hereof, for purposes of providing further information about the Company's future business operations and results. However, because this information is subjective and subject to numerous risks and assumptions, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such FOFI. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein, and such information is ‎presented for ‎illustrative purposes only and may not be an indication of the Company's actual ‎financial position or ‎results of operations.‎

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss
(in thousands and in United States dollars, except share and per share amounts)

View original content:https://www.prnewswire.com/news-releases/quarterhill-announces-q3-2024-financial-results-302299772.html

SOURCE Quarterhill Inc.

Not that long ago, city traffic lights followed a rigid script, freight routes were planned with paper maps, and transportation systems were blind, operating without insight into the roads they managed.

Today, something extraordinary is happening.

Artificial Intelligence is stepping in, not just to guide vehicles, but to orchestrate entire transportation networks, taking on the biggest challenges in modern mobility.

Facing a System That’s Struggling to Keep Up

For decades, the $3.5 trillion global transportation industry has run on outdated models and reactive decision-making. Congestion eats away at productivity. Unexpected vehicle breakdowns cost billions. Pollution rises from cars idling in traffic. The very infrastructure meant to keep us moving has become the bottleneck of progress.

But what if the system could learn and improve?

What if roads, vehicles, and transit networks could predict problems before they happened, adapt in real time, exchange information instantly, and improve the way we move every single day?

Modern AI digests and aligns messy information into high-value signals

Fueling Intelligence with Millions of Miles of Data

AI transforms chaos into clarity. It feeds on trillions of data points from vehicle sensors, weather feeds, mobile apps, road transactions, and traffic cameras. It processes them at speeds no human team could match. And most importantly, it acts. No delay.

Decades of commutes, delivery routes, maintenance logs, toll transactions, and road sensor readings, once stored and forgotten, have become AI information gold. Add to that a constant torrent of fragmented, inconsistent, and unstructured data from today’s sensors, GPS pings, infrastructure logs, and mobile devices, and you have a source too complex for traditional analysis, but perfect for AI.

Modern AI digests and aligns this messy information into high-value signals, allowing predictive systems to detect failures before they happen, traffic software to spot congestion before it forms, and routing tools to make smarter choices using both live and historical patterns.

Consider this: humans make decisions based on experience.

AI, trained on decades of historical and real-time transportation data, has more experience than any team of humans could process in a lifetime.

Fixing What’s Not Yet Broken

Traditionally, maintenance followed the calendar, not the condition. That meant replacing parts too soon or worse, after failure.

That model is now flipped.

With sensors embedded in critical components, AI can detect wear patterns long before visible damage. Maintenance crews receive alerts before breakdowns occur, reducing costs, minimizing delays, and keeping vehicles on the road where they belong.

Using predictive maintenance, some fleets are already seeing 15–30% reductions in costs and significant gains in uptime.*

Optimizing Roadways in Real Time

Cities worldwide are turning to AI-driven traffic systems that dynamically adjust signals, predict congestion, and prioritize emergency responders. With every passing vehicle, these systems are getting smarter.

The results? Up to 25% shorter travel times, 30% fewer emissions, and faster emergency responses, all through real-time, data-driven decisions.**

And optimization is just the start.

By uncovering patterns in how, when, and where people travel, AI helps planners design transit systems that respond to reality, not outdated assumptions. Schedules shift with demand. Routes evolve with population changes. Services adapt to actual usage.

Enabling Smarter Cities through Mobility as a Service

The same data that powers operational insights can also lay the foundation for a more connected, responsive transportation future through Mobility as a Service (MaaS) , a model that unifies public transit, ride-hailing, bike share, tolling, and other transport options into a single, on-demand platform.

AI-enabled MaaS platforms go far beyond getting from point A to point B. They can weigh variables like cost, sustainability, accessibility, and even long-term urban goals. Instead of just offering the fastest route, these systems can suggest the most efficient, most affordable, or most eco-friendly option, all in real time.

That opens the door to smarter city planning.

A city focused on easing downtown congestion or revitalizing underused neighborhoods could use AI to identify opportunities. At the same time, MaaS platforms respond with targeted incentives like discounted tolls, lower fares, or loyalty rewards. Nudging behavior in the right direction.

This requires more than just good data. It needs real-time, hyper-local, highly connected information. Precisely the kind AI is built to understand and act on. As cities look to shape not just how people move, but how communities grow, the combination of AI and MaaS will be central.

AI can detect danger before it becomes a disaster by spotting the telltale signs

Improving Safety Through AI-Enhanced Operations

Safety has always been the backbone of transportation. But for decades, it was a game of catch-up. Incidents happened, reports were filed, and only then did action follow.

Today, by continuously analyzing data from sensors, cameras, connected vehicles, and infrastructure, AI can detect danger before it becomes a disaster by spotting the telltale signs: near-misses, speeding, repeat violations, adverse weather, and growing congestion.

When risks are detected, systems respond instantly. Traffic lights are retimed in high-risk zones. Emergency crews are dispatched precisely where needed. Drivers see live alerts on digital signs, in-vehicle displays, or connected apps, prompting them to slow down, reroute, or adjust on the spot.

The results are real. In pilot cities, Intelligent Traffic Management Systems (ITMS) have reduced wrong-way crashes by 20% and overall crash rates by 14%. Vehicle-to-everything (V2X) technology could go even further, potentially preventing 13% of U.S. traffic accidents — over 439,000 crashes every year.***

This is more than a reaction; it’s prevention. And with every mile traveled, AI grows sharper, refining strategies to protect everyone, from drivers to pedestrians.

Partnering to Unlock What’s Possible

However, integrating AI across transportation comes with challenges from protecting data privacy to retrofitting legacy infrastructure and establishing shared standards. But the payoff is too big to ignore.

Quarterhill is committed to helping our partners capture the benefits of AI while addressing these realities. We go beyond collecting transportation data. We interpret the story behind every journey. By analyzing massive flows of information from vehicles, infrastructure, and users, we identify inefficiencies, uncover patterns, and design solutions that scale across entire ecosystems.

From predictive maintenance to turning fragmented data into actionable insight, we work side-by-side with agencies and operators to future-proof operations, not just for what’s next, but for what’s possible. Building a smarter transportation system requires more than just AI. It takes collaboration, insight, and a commitment to solving the right problems.

Conclusion: Balancing Progress with Responsibility

There was a time when our transportation systems operated in the dark; disconnected, reactive, and limited by the boundaries of human oversight.

AI is lighting the way forward by enabling roads, vehicles, and infrastructure to work together, to adapt, and to improve with every journey. From traffic flow to fleet management to transit planning, it’s helping leaders make decisions grounded in data, not guesswork.

But with this power comes responsibility.

How do we balance innovation with equity? Safety with speed? Automation with employment?

The leaders who will define the next era of transportation won’t just build smarter systems, they’ll build them responsibly. The question is, who will be smart enough to lead the way?

‍

By Raman Jafroudi

Raman Jafroudi serves as Senior Director of Business Development at Quarterhill. As a Senior Sales and Business Development Leader, Certified Project Manager, and Technology Specialist, he brings over 20 years of international experience across North and Central America, Europe, and Asia. With deep expertise in tolling, Intelligent Transportation Systems (ITS), and smart mobility, he specializes in sales strategy, project management, and delivering innovative end-to-end technology solutions.

At Quarterhill, Raman leads sales and business development efforts in tolling and ITS, driving revenue growth, and market expansion across North America and globally.

Raman holds an M.S. in Telecommunications Engineering and a B.S. in Electrical Engineering from Vienna University of Technology.

References

* Predictive Maintenance Savings

Fleet operators commonly report 15–25% reductions in total maintenance costs — with some larger fleets achieving even greater savings.

In some cases, businesses implementing predictive maintenance have seen up to 25% reduction in maintenance costs, up to 50% decrease in downtime, and up to 20% extension in equipment lifespan.

Deloitte estimates that predictive maintenance can reduce overall maintenance costs by 5–10%, while McKinsey notes a more optimistic savings range of 18–25% over traditional approaches.

** Traffic Optimization & Emission Reduction

Pittsburgh’s SURTRAC adaptive traffic system cut travel times by 25%, reduced braking by 30%, and slashed idle time by 40%.

Google’s Project Green Light shows potential reductions of 30% in stops and 10% in emissions at intersections using AI-optimized signaling.

In China, big‑data–driven adaptive signals reduced vehicle trip times by 11% during peak hours, and avoided 31.7 million tonnes of CO₂ annually.

Smart traffic systems more broadly have been shown to reduce travel times by up to 25%, cut congestion by up to 30%, and decrease delays by 25–40%.

*** Improving Safety
The Moonshot Plan to Eliminate Deaths on America’s Roads

Urban Mobility Management

Artificial Intelligence in Traffic Safety: Revolutionizing Accident Prevention

Vehicle to Everything

‍

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Toronto, Canada – July 18, 2025 – Quarterhill Inc. (“Quarterhill” or the “Company”) (TSX: QTRH) (OTCQX: QTRHF), announces today that it has obtained a receipt for its final short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada, except Quebec.

As previously announced, the final base shelf prospectus allows the Company to qualify the distribution by way of prospectus in Canada of up to C$200 million of common shares, preferred shares, debt securities, warrants, subscription receipts, units, or any combination thereof, during the 25-month period that the base shelf prospectus is effective. The specific terms of any offering under the base shelf prospectus will be established in a prospectus supplement, which will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.

The shelf prospectus will enable the Company to access new capital or issue securities in connection with strategic acquisitions, if and when needed. The amount and timing of any future offerings or issuances will be based on the Company’s financial requirements and market conditions at that time.

A copy of the final short form base shelf prospectus can be found on SEDAR+ at www.sedarplus.ca.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Quarterhill

Quarterhill is a leading provider of tolling, safety and enforcement, and logistics solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our 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. Specifically, this news release contains forward-looking statements relating to, but not limited to: the filing and effectiveness of any potential prospectus supplement in the future; future financing opportunities; the amount and terms of any securities to be offered under one or more shelf prospectus supplement(s); and the Company’s focus on its acquisition strategy.

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; force majeure risks; 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. These foregoing lists are not exhaustive. Additional information on these and other factors which could affect the Company's operations or financial results are included in the Company’s most recent annual information form and other public documents on file with the Canadian Securities regulatory authorities on www.sedarplus.ca.

The forward-looking statements represent the Company’s views as at the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual events and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on any forward-looking statement. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

For media and investor inquiries, please contact:
Dave Mason
Investor Relations
T: 416.247.9652
E: dave.mason@loderockadvisors.com

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• Quarterhill's installation of advanced E-screening systems in North Carolina will significantly enhance road safety and streamline the inspection of commercial vehicles by the State Highway Patrol.
• The projects in Hendersonville and Halifax will bolster the productivity of commercial motor vehicles, ensuring a safer and more efficient transportation network across the state.

TORONTO, Sept. 18, 2024 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), announced today that it has been awarded two contracts valued at $5.8 million for the supply of advanced Commercial Vehicle Enforcement technology for weigh stations operated by the North Carolina Department of Public Safety ("NCDPS") State Patrol. All financial information in this press release is reported in U.S. dollars.

Quarterhill has been selected to supply upgrades and new installations for the Hendersonville and Halifax County Commercial Vehicle inspection facilities. These projects are designed to enhance vehicle screening and improve the safety and efficiency of commercial motor vehicle operations.

In both the eastbound and westbound lanes at Hendersonville, advanced weigh-in-motion ("WIM") systems integrated with electronic screening ("E-screening") will be implemented to streamline the process of weighing vehicles while they are traveling at highway speeds. Two new virtual weigh stations, utilizing two lanes each, will be installed in advance of the rest areas and weigh stations. These sites will primarily focus on selecting vehicles for further inspection. The selected vehicles may then be directed to nearby rest areas used for enforcement, supplementing the fixed weigh stations.

The Halifax County northbound and southbound weigh stations will be upgraded to include new mainline sorter systems. These systems encompass state-of-the-art WIM technology, Tire Anomaly and Classification Systems, and License Plate Recognition ("LPR").

The main goal of the Halifax project is to enhance the interoperability of Innovative Technology Deployment systems by integrating mainline WIM and LPR technologies, USDOT readers, tire monitoring systems, and digital message signs. These upgrades aim to improve commercial vehicle safety and increase the productivity of commercial drivers by facilitating quicker and more efficient inspections along the busy I-95 corridor.

Quarterhill's solutions will enable the State Highway Patrol to manage and regulate commercial vehicle operations more efficiently. Improved data collection and automation will reduce manual checks, saving time and resources while increasing road safety.

"We are excited to bring our latest enforcement technology solutions to North Carolina. These projects in Hendersonville and Halifax represent an evolution for the state's operations and emphasize our commitment to advancing road safety and efficiency," said Chuck Myers, CEO of Quarterhill. "By implementing these sophisticated systems, we are not just improving the workflow for the NCDPS State Patrol but also enhancing the overall safety and operational efficiency of the commercial transport sector across the state."

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/quarterhill-announces-contracts-totaling-5-8-million-to-deploy-new-technologies-at-north-carolina-weigh-stations-302251364.html

SOURCE Quarterhill Inc.

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