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• Alameda CTC's fully electronic express lanes increase the efficiency of the I-580 and I-680 corridors by giving drivers the option to bypass congested traffic segments under certain conditions.
• Upgrading the I-580 system will create a single, unified platform for Alameda CTC and solidify Quarterhill as its sole Express Lane vendor through 2032.

TORONTO, Jan. 6, 2025 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), a global leader in providing intelligent transportation system solutions, announced today that has been awarded a contract valued at $40 million to upgrade the Alameda County Transportation Commission ("Alameda CTC") I-580 Express Lanes. The project will be implemented over 17 months and includes seven (7) years of operations and maintenance. The contract provides Alameda CTC with the option to procure up to four (4) additional years of operations and maintenance at an additional cost of $15 million. All financial information in this press release is reported in U.S. dollars.

The Alameda CTC I-580 express lanes are specially designated highway lanes designed to improve travel times and alleviate traffic congestion across Alameda County. These lanes enable a more reliable traveling experience for commuters and travelers in the county by providing an option to bypass congested traffic segments under certain conditions. Express lanes help in managing and mitigating traffic congestion, directly benefiting not just the users of these lanes but also potentially improving conditions in the general-purpose lanes. The I-580 Express Lanes span approximately 10 miles from Hacienda Drive in Pleasanton to Greenville Road in Livermore in the eastbound direction and approximately 12 miles from Greenville Road to just before the I-680 overpass in Dublin in the westbound direction.

Under this contract, Quarterhill will upgrade I-580 Express Lanes onto the same technology infrastructure that underlies the I-680 Express Lanes operations. The project ensures compatibility with recent system replacements at the Alameda CTC I-680 Express Lane facilities, which implemented Quarterhill's riteSuite™ to improve mobility and alleviate congestion along the corridor. riteSuite is an updated family of cloud-based, end-to-end tolling and mobility systems built on mainstream open-source platforms for flexible deployment to support transportation growth throughout the region.

The express lane consolidation focuses on streamlining operational processes and applying consistent business rules across Alameda CTC's operations. It also addresses the legacy system's increasing operational exposures and maintenance risks by updating technical equipment, including sign upgrades to accommodate changes to road segments, and decommissioning and replacing outdated roadside equipment. With this project, Quarterhill is positioned as Alameda CTC's sole Express Lane Electronic Toll Collection System provider until 2032, with potential extensions until 2036, emphasizing a long-term commitment to enhancing Alameda County's transportation infrastructure.

"We are thrilled to deepen our partnership with the Alameda CTC through this significant upgrade of the Express Lanes," said Chuck Myers, CEO of Quarterhill. "This upgrade project not only demonstrates Quarterhill's commitment to innovation but also solidifies our position as Alameda CTC's unified provider for electronic tolling solutions. This initiative will streamline operations, ensure uniformity in the application of business rules across Alameda CTC's network, and provide greater maintenance efficiency. We believe this is a pivotal step forward in enhancing customer experience and are proud to play a crucial role in modernizing Alameda County's transportation infrastructure."

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-40-million-renewal-contract-to-upgrade-alameda-county-transportation-commission-alameda-ctc-i-580-express-lanes-302342460.html

SOURCE Quarterhill Inc.

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• Company announces the formation of a Technical Advisory Committee with two initial members, Bobby Parikh and Vineet Khosla
• Vineet Khosla to join the Technical Advisory Committee instead of the Board of Directors

TORONTO, Oct. 4, 2024 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), announces the formation of a Technical Advisory Committee and the addition of two external advisors to this committee.

Quarterhill is pleased to welcome Bobby Parikh as a Special Advisor to the CEO and as a member of the Technical Advisory Committee. Bobby is an engineering executive and product and business advisor with a long track record in the areas of technology and transportation. His experience spans roles at Uber, Google, and deCarta, where he developed some of the most popular mapping platforms and applications in use today.

"We are thrilled to welcome Bobby to the Quarterhill team," said Chuck Myers, CEO at Quarterhill. "His track record highlights his strengths in execution, scalable product development, and team management. Bobby's insights into business strategy and innovation will be invaluable as we build out our artificial intelligences capabilities and advance our tolling and enforcement solutions."

In addition, Vineet Khosla, who the Company previously announced was joining its Board of Directors, will instead join the Technical Advisory Committee in a non-fiduciary role.

"We are pleased that Vineet will continue to lend his valuable technology expertise in this new role," added Mr. Myers. "Vineet has built an extensive track record as an innovator and executive in artificial intelligence and machine learning, including transportation-related applications, and we look forward to benefiting from his expertise as he continues to drive advancements in these fields."

Quarterhill's Technical Advisory Committee will be comprised of experts dedicated to guiding the Company's technology roadmap, shaping its system architecture and positioning it to capitalize on emerging artificial intelligence and machine learning applications.

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-corporate-update-302267364.html

SOURCE Quarterhill Inc.

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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)

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SOURCE Quarterhill Inc.

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TORONTO, April 24, 2024 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), announces details of its upcoming Annual and Special Meeting of shareholders ("Meeting") to be held virtually on Monday, May 13, 2024, at 10:00 a.m. (Eastern Daylight Time).

At the Meeting, shareholders will have an opportunity to participate, ask questions and vote in real time provided they comply with the applicable procedures set out in Quarterhill's Management Information Circular dated April 4, 2024 (the "Circular").

TO VOTE AHEAD OF THE VIRTUAL MEETING

Quarterhill is using "notice and access" to deliver proxy-related materials including Quarterhill's notice of meeting, Circular and related materials (collectively the "Meeting Materials") to both registered and non-registered shareholders. Shareholders will receive a notice package containing information on how to vote and access the Meeting Materials (the "Notice Package").

The Notice Package was mailed on or about April 10, 2024. If you have not received your copy of the Notice Package by April 26, 2024, please contact your broker if you are a non-registered shareholder or contact Computershare Investor Services Inc. ("Computershare") if you are a registered shareholder. These materials outline in detail how to participate at the Meeting.

The Meeting Materials are available at Quarterhill's profile on SEDAR+ at www.sedarplus.ca and under Governance Documents in the Investors Section of the Company's website at www.quarterhill.com.

As in prior years, shareholders have multiple options to cast their vote ahead of the Meeting, which include on-line, via telephone or via mail. Details on using each method are included in the Circular and the form of proxy (or voting instruction form). Shareholders who are planning to vote ahead of the Meeting must submit their proxy voting instructions to Computershare no later than 10:00 a.m. (Eastern Daylight Time) on Thursday, May 9, 2024.

ATTENDING THE VIRTUAL MEETING AS A GUEST

All shareholders will be able to attend the Meeting as guests during the live webcast. To do so, login online at: www.web.lumiagm.com/423648212 (Meeting ID: 423-648-212, Password: quarterhill2024, select "I am a guest"). Please login approximately 20 minutes prior to the start time of the Meeting on May 13, 2024, to ensure a proper connection.

TO VOTE OR ASK QUESTIONS AT THE VIRTUAL MEETING

For registered shareholders and duly appointed proxyholders to vote and/or ask questions at the Meeting, please follow the instructions set out in our Circular.

All shareholders wishing to have a question addressed at the virtual Meeting can avoid the registration requirements set out in the Circular by submitting them in advance to ir@quarterhill.com. Quarterhill is committed to addressing all appropriate questions submitted by shareholders either live during the Meeting or in advance, as timing and circumstances permit.

About Quarterhill

Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation Systems (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. In particular, this news release contains forward-looking statements pertaining to, but not limited to, the ‎following: the Company's Meeting and related matters, including voting and attending the Meeting.

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, general economic and market conditions; 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, assumptions relating to shareholder participation in the Meeting. 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.

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SOURCE Quarterhill Inc.

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