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Public-Private Partnership Expands Real-Time Truck Parking Information System, Enhancing Safety and Freight Efficiency Along Washington's I-5 Corridor

TORONTO , Oct. 14, 2025 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), a leading global provider of intelligent transportation system ("ITS") solutions, together with longtime partner the Washington State Department of Transportation ("WSDOT"), announces the deployment of a new Truck Parking Information Management System ("TPIMS") designed to help truck drivers quickly locate available parking at rest areas along Interstate 5 ("I-5").

The $2.3 million safety-focused initiative addresses one of the freight industry's most pressing challenges: secure and reliable truck parking. By improving visibility into available spaces, the technology helps reduce fatigue-related risks and supports safer, more efficient freight movement across Washington state. The initial deployment spans the I-5 corridor from Vancouver, Washington, to the Canadian border, with WSDOT planning future expansions along other major freight routes statewide.

Under WSDOT's statewide contract, Quarterhill has served as a full-service delivery partner, providing engineering expertise, project management, and field resources, while coordinating subcontractors and expediting equipment procurement.

The system integrates WSDOT's selected technology and data developed in partnership with university researchers to provide real-time parking availability updates. Information is shared through dynamic signage, mobile platforms, and WSDOT's traveler information systems, giving truck drivers greater visibility and helping optimize use of limited parking spaces along the critical I-5 freight corridor. Truck drivers can also access real-time parking data through WSDOT's Parker Truck app and accompanying online landing pages to track the growth of the system.

"This project is a prime example of how public agencies and private partners can work together to improve highway safety," said Matt Neeley, State Traffic Systems Development Engineer for WSDOT. "Reliable access to truck parking information not only supports safer freight movement but also strengthens the resilience of Washington's transportation network for all road users."

With this project, Quarterhill further demonstrates its versatility as a complete solutions provider, partnering with agencies from planning and procurement through to implementation and long-term operations.

"We are proud to continue our partnership with WSDOT on this important initiative," said Quarterhill CEO Chuck Myers. "By helping truck drivers plan ahead and find safe places to rest, the project directly improves roadway safety, reduces fatigue-related risks, and helps keep freight moving efficiently across Washington's most vital corridor."

To learn more about Quarterhill, please visit the Quarterhill.com.

About Quarterhill
Quarterhill is a global leader in the Intelligent Transportation System (ITS) industry, advancing mobility through smart infrastructure solutions that reduce congestion, improve roadway safety, and create more sustainable travel. Each year, Quarterhill's platforms process billions of transactions, perform compliance and safety inspections on millions of commercial vehicles, and enable transportation agencies worldwide to optimize thousands of lanes of traffic to improve travel for everyone. Leveraging advanced artificial intelligence and machine learning technologies, Quarterhill's platform delivers automation and predictive insight to help agencies manage transportation networks more efficiently. By working in close partnership with governments, communities, and industry leaders, Quarterhill is building today's connected roadways while shaping the next generation of intelligent, resilient mobility. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information, please visit: 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, certain outcomes as a result of deployment of the TPIMS.

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; risks associated with operations in foreign countries, including but not limited to changes in government policies, political or economic instability, currency fluctuations, difficulties in enforcing contracts and intellectual property rights, differing regulatory and legal requirements, and potential difficulties in repatriating funds; 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. The 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.

View original content:https://www.prnewswire.com/news-releases/quarterhill-and-washington-state-dot-launch-2-3-million-initiative-to-improve-truck-parking-safety-on-i-5--302582834.html

SOURCE Quarterhill Inc.

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TORONTO, May 2, 2024 /PRNewswire/ - Quarterhill Inc. ("Quarterhill") (TSX: QTRH) (OTCQX: QTRHF) will release its financial results for the three-month period ended March 31, 2024, on Monday, May 13, 2024. Chuck Myers, CEO, and Kyle Chriest, CFO, will host a conference call and audio webcast at 8:30 a.m. ET the same day.

Webcast Information

• Live audio webcast will be available at: https://app.webinar.net/2XgQ0qjpAOR        
• Webcast replay will be available at: https://app.webinar.net/2XgQ0qjpAOR  

Traditional Dial-in Information

• To access the call from the U.S. and Canada, dial 1.888.664.6383 (Toll Free)
• To access the call from other locations, dial 1.416.764.8650 (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/3JGS7Md  

Telephone Replay

Telephone replay will be available from May 13, 2024, until May 20, 2024, at: 1.888.390.0541 (Toll Free North America) or 1.416.764.8677.

Conference ID: 77628592 and Replay Passcode: 628592 #

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.      

View original content:https://www.prnewswire.com/news-releases/quarterhill-to-announce-q1-2024-financial-results-302134102.html

SOURCE Quarterhill Inc.

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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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• 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.

Cycling is synonymous with daily European life—especially in Amsterdam, where 400,000 cyclists ride to their destinations every day. However, where there are cities full of cyclists, there’s congestion. Our Dutch partner, Multisensors, asked Ewald Dijkstra, Senior Advisor of Mobility Research at the City of Amsterdam, what challenges they face in the field of bicycle mobility, and why they chose the Signum bicycle counter to help solve the problem.

THE TASK:

Quality bicycle data collection. Essential to solving congestion.

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Dijkstra pointed out that while motorized traffic is fairly well known, there is very little data on bicycle traffic, and what does exist—in the way of data—consists mostly of snapshots. He explained that the tech used so far, such as induction loops or pneumatic tubes, are unreliable or too fragile for permanent use. The Amsterdam municipality needs an accurate picture (as opposed to snapshots), based on reliable data, of the actual bicycle congestion across the city. The challenge is to understand the bottlenecks and make the cycle paths safer by optimizing the flow of cyclists.

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THE TEST:

Studies conducted. Radars tested. 

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Dijkstra conducted a comparative study at a test site and found that the Signum radar was more reliable than manual counting. The accuracy is well over 90%, even during peak hours and bicycle congestion. The data (volume, speed, direction) is naturally anonymous and accessible online in real time. A game, and accurate-data-collecting-changer. 

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THE TECH:

Icoms Signum Radars. Doppler and Lidar tech.

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The tech behind Icoms Signum is the TMA-3B3, designed and manufactured in Belgium by Icoms Detections, with multi sensors that integrate into a customized housing. This sensor combines a Doppler radar and a lidar. The lidar helps separate individual bicycles from groups, making the product particularly accurate in counting.

The radar communicates with a modem via an RS-232 link, and a solar panel makes it autonomous and functional 24/7/365, enabling continuous measurement. This allows the city of Amsterdam to understand the relative ridership at the various measurement points, considering external factors influencing bicycle traffic, such as periodic events or weather conditions.

‍Sources:
https://www.verkeersnet.nl/mobiliteitsbeleid/46017/signum-fietsteller-van-multisensors-geeft-inzicht-in-fietsmobiliteit/

https://www.multisensors.nl/klantcase/gemeente-amsterdam/

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TORONTO, March 17, 2025 /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 twelve months ended December 31, 2024. All financial information in this press release is reported in United States ("US") dollars, unless otherwise indicated.

Q4 & Fiscal 2024 Highlights

• Revenue for Q4 2024 and fiscal 2024 was $38.9 million and $153.3 million, compared to $43.0 million and $144.0 million in the same periods last year.
• Adjusted EBITDA¹ for Q4 2024 and fiscal 2024 was $1.2 million and $0.2 million compared to $2.3 million and $2.9 million in the same periods last year.
• Revenue backlog³ was $495 million at December 31, 2024.
• Cash generated from (used in) continuing operations for Q4 2024 and fiscal 2024 was $6.5 million and ($4.4) million compared to $32 thousand and ($14.0) million in the same periods last year.
• Cash and cash equivalents increased to $31.9 million at December 31, 2024 from $23.1 million at September 30, 2024.
• Acquired Red Fox for net proceeds of $4.9 million.
• Sold its 50% interest in the Chinese joint venture, Xuzhou-PAT Control Technologies Limited for net cash proceeds of $4.4 million.
• Appointed Pasquale T. (Pat) Deon, Sr. to its Board of Directors, and on February 19, 2025, appointed Robin Saunders to the Board of Directors.
• On January 6, 2025, announced $40 million Renewal Contract to Upgrade Alameda CTC I-580 Express Lanes, with a potential four-year expansion valued at another $15 million.

"We made progress in 2024 on our turnaround efforts, delivering top-line growth and positive Adjusted EBITDA for the year, as well as positive cash from operations and growth in our cash balance in Q4," said Chuck Myers, CEO at Quarterhill. "For the past year, our focus has been to transform the business by integrating our strong operating assets, implementing leadership changes, developing our strategic plan, advancing our technology roadmap, expanding our sales pipeline and renegotiating certain tolling contracts. While there is still work to do, we made important progress on each of these fronts in 2024, which positions us well for revenue growth and margin expansion in 2025."

"Our vision is to become the number one or two player in the markets we operate in. We aim to achieve growth while generating reliable cash flows to build a healthy balance sheet capable of supporting both organic and acquisition-driven expansion. While we still have work to do in our turnaround, with a solid financial foundation, improved operational efficiency, and enhanced technological capabilities, we are confident in our strategy and ability to execute on our growth plans."

Q4 & Fiscal 2024 Financial Review
Quarterhill's Management's Discussion and Analysis for the three and twelve months ended December 31, 2024 and 2024 Annual Consolidated Financial Statements are available at the Company's website and at its profile at SEDAR+.

Financial statements for the three and twelve months ended December 31, 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 twelve months ended December 31, 2024, were $38.9 million and $153.3 million, compared to $43.0 million and $144.0 million in the three and twelve months ended December 31, 2023. The decrease in revenue for Q4 2024 was due primarily to the timing of revenues received from certain contracts and the disposition of non-core Latin American operations in December 2023. The increase in revenues for fiscal 2024 was primarily due to continued strong performance from the enforcement operations as well as increased contribution from tolling operations.

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 and currency volatility. Gross profit for the three and twelve months ended December 31, 2024, was $7.8 million and $27.8 million, or 20% and 18%, as compared to $8.5 million and $30.1 million, or 20% and 21%, in the three and twelve months ended December 31, 2023, respectively. The decrease in fiscal 2024 compared to fiscal 2023 was primarily due to reserves taken in Q3 2024 related to cost overruns on two tolling projects which was 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 twelve months ended December 31, 2024, were $11.2 million and $43.7 million, compared to $15.8 million and $47.9 million in the three and twelve months ended December 31, 2023, respectively. The decreases are primarily due to a reduction in other charges and lower R&D, which was offset in part by an increase in SG&A.

Adjusted EBITDA¹ for the three and twelve months ended December 31, 2024, was $1.2 million and $0.2 million, compared to $2.3 million and $2.9 million for the three and twelve months ended December 31, 2023, respectively. The decrease in Adjusted EBITDA for the three and twelve months ended December 31, 2024, compared to the prior year periods, was due to the factors impacting revenue, gross margin and expenses, as previously described.

Net income (loss) from continuing operations for the three and twelve months ended December 31, 2024, was $0.3 million and ($11.0) million, or $0.00 and ($0.10) per diluted share, compared to a net loss from continuing operations of ($11.5) million and ($32.4) million, or ($0.10) and ($0.28) per diluted share, for the three and twelve months ended December 31, 2023.

Cash generated from (used in) continuing operations for the three and twelve months ended December 31, 2024, was $6.5 million and ($4.4) million, compared to $32 thousand and ($14.0) million for the three and twelve months ended December 31, 2023.

Cash and cash equivalents were $31.9 million at December 31, 2024, compared to $23.1 million at September 30, 2024 and $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 $66.2 million at December 31, 2024, compared to $78.9 million at December 31, 2023.

Conference Call and Webcast

Quarterhill will host a conference call to discuss its financial results on Monday, March 17, 2025, at 10:00 AM Eastern Time.

Webcast Information

• Live audio webcast will be available at: https://app.webinar.net/jGx29Y2K0gl
• Webcast replay will be available at: https://app.webinar.net/jGx29Y2K0gl

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/42rBzm7

Telephone Replay
Telephone replay will be available from March 17, 2025, until March 24, 2025, at: 1.888.660.6345 (Toll Free North America) or 1.646.517.4150.

Conference ID: 09879 and Replay Passcode: 09879#

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 income (loss) 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 income (loss) 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 income (loss).

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. The most comparable IFRS measure is working capital.

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 statements 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 2025 financial year, including revenue, gross margin and Adjusted EBITDA expectations; and the Company's business plan and strategy.

‎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 acquisitions; 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, 2024 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, 2025. 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.‎

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

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SOURCE Quarterhill