- Quarterhill released its Q4 and full-year 2023 financial results, touting resilience in the face of challenging market conditions
- In Q4 2023, revenue rose to US$58.5 million, a 46 per cent increase compared with US$40.1 million reported in the same period of the previous year
- For the full fiscal year ended Dec. 31, Quarterhill’s total revenue reached US$194.3 million, a 22 per cent increase compared with US$159.3 million in 2022
- Quarterhill stock opened at C$1.93 per share
Quarterhill (TSX:QTRH) released its Q4 and full-year 2023 financial results, touting resilience in the face of challenging market conditions.
Q4 2023 highlights
In Q4 2023, Quarterhill demonstrated growth across key financial metrics. Revenue rose to US$58.5 million, marking a 46 per cent increase compared with US$40.1 million reported in the same period of the previous year.
Moreover, Quarterhill reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of US$3.2 million for Q4 2023, representing a significant improvement from the US$1.5 million reported in Q4 2022.
Another noteworthy accomplishment in Q4 2023 was Quarterhill’s revenue backlog, which surpassed US$520 million as of Dec. 31. This robust backlog provides visibility into future revenue streams and underscores the company’s strong positioning for continued growth in the coming quarters.
Quarterhill’s working capital stood at US$104.6 million at the end of Dec. 31, 2023, showcasing the company’s solid financial foundation and liquidity position to support its strategic objectives and investment initiatives.
Fiscal year 2023 performance
For the full fiscal year ended Dec. 31, 2023, Quarterhill delivered impressive results with total revenue reaching US$194.3 million, representing a notable 22 per cent increase compared with US$159.3 million reported in 2022.
Quarterhill reported Adjusted EBITDA of US$3.8 million for fiscal 2023, marking a significant turnaround from the US$10.5 million reported in the previous fiscal year.
“2023 was a year of transition for Quarterhill with important changes made to the board and management, which set the stage for a greater focus on operational excellence throughout the company,” Chuck Myers, CEO of Quarterhill, said in a news release. “In 2023 generating strong growth in revenue and adjusted EBITDA to end the year. This was due to steady performance from our enforcement business, improved execution on our tolling implementations and keeping a close eye on expenses.”
Quarterhill Inc. is a provider of tolling and enforcement solutions in the intelligent transportation system industry, as well as through its Wi-LAN Inc. subsidiary, operates in intellectual property licensing.
Quarterhill stock opened more than 4.5 per cent higher at C$1.93 per share and has risen 8.84 per cent in the past month, up 5.88 per cent since this time last year.
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