Quarterhill, a company in the tolling and transportation technology sector, reported positive cash flow from operations in Q2 2024 for the first time in two years. Cash from continuing operations for the quarter and the six months ending June 30, 2024, amounted to US$0.8 million and -US$9.3 million, respectively, showing improvement compared to the previous year.
Quarterhill specializes in tolling and enforcement solutions within the intelligent transportation systems industry. The company’s stock has seen a 5.88% increase year-over-year but has experienced a 7.95% decrease since 2019.
In terms of key quarterly highlights, Quarterhill recorded revenue of US$41.5 million for the quarter, up 7.5% from the same period in 2023. Gross profit, adjusted EBITDA, total operating expenses, and net loss all showed varying figures compared to the previous year. The company also achieved a revenue backlog of US$500 million as of June 30, 2024, and expanded its software offerings through the acquisition of Red Fox.
Furthermore, Quarterhill announced the appointment of Vineet Khosla, the chief technology officer at The Washington Post, to its board of directors. This move aligns with the company’s focus on innovation in artificial intelligence, machine learning, and cloud computing.
Quarterhill’s CEO, Chuck Myers, highlighted the progress made in driving top-line growth, expanding EBITDA margin, and improving cash flow throughout Q2. The company remains optimistic about its future growth prospects and market reach.
Quarterhill, with its expertise in tolling and enforcement solutions, continues to navigate the intelligent transportation systems industry. The stock is currently trading at C$1.62 per share and has shown both year-over-year growth and a decline since 2019.
Investors interested in Quarterhill’s performance and discussions surrounding the company can explore additional information on the Quarterhill Inc. Bullboard and Stockhouse’s stock forums. It is essential to note that the provided information is for informational purposes only and should not be considered as investment advice.
