| Over a week ago | ||||
Raymond James analyst… Raymond James analyst Steven Li lowered the firm's price target on Quarterhill to C$1.70 and keeps an Outperform rating on the shares. | ||||
| Over a month ago | ||||
International Road… International Road Dynamics, a Quarterhill company, announced that the company has been awarded a contract for three Virtual Weigh-In-Motion, or VWIM, systems for the Indiana Department of Transportation, or INDOT, valued at $1.9M. The new systems will be used by INDOT for infrastructure protection and planning purposes. | ||||
Raymond James analyst… Raymond James analyst Steven Li lowered the firm's price target on Quarterhill to C$2 and keeps an Outperform rating on the shares. | ||||
Interim CEO JohnGillberry… Interim CEO JohnGillberry continued: "Building on its strong track record, WiLAN had another great year in 2022, staying focused and generating excellent results in a challenging year. In this regard, I want to recognize and thank the whole WiLAN team for their professionalism and perseverance in 2022, and in particular, Andrew Parolin, who stepped up into the CEO role after the sudden passing of Michael Vladescu in May of last year. The strategic review for WiLAN remains ongoing. We continue to entertain and explore options for the business, and we will update shareholders accordingly as material developments occur." | ||||
Reports Q4 revenue… Reports Q4 revenue C$50.9M vs. C$51.2M last year. "Revenue growth in 2022 was driven by both the ITS and licensing segments with Adjusted EBITDA growth driven by WiLAN, our licensing business," said John Gillberry, Interim CEO of Quarterhill. "Looking forward, we expect ITS top-line and margin results to improve in 2023. On the cost side, at the initiative of the board, we made some integration-related cost cuts in Q4 that will save approximately $4.0 million annually when fully implemented. Rolling-out an ITS shared service model to capture additional efficiencies will be a primary focus in 2023 and the hiring of a new CEO to execute this plan is one of our top priorities. Overall, the long-term prospects for the ITS business remain strong. Our ongoing tolling projects that are in the implementation phase will begin to transition to the operations phase in late 2023 and into 2024. These are long-term infrastructure projects with stable and reliable customers. These projects have the potential for significant expansion over their lifespan and we expect that they will contribute to the health of the business for many years to come." | ||||
| Over a quarter ago | ||||
Quarterhill announced… Quarterhill announced that the Alameda County Transportation Commission has signed a contract with Electronic Transaction Consultants, or ETC, a Quarterhill company, for the implementation and operation of the electronic toll system integration services for the I-680 Express Lanes. Alameda CTC is the managing agency for the I-680 Express Lanes on behalf of the I-680 Sunol Smart Carpool Lane Joint Powers Authority. The initial term of the contract is 10 years with options for up to four additional years of operations and maintenance. Excluding option years, the base contract is valued at approximately C$80M. | ||||
Wi-LAN, a Quarterhill… Wi-LAN, a Quarterhill (QTRHF) company, announced that its wholly owned subsidiaries, Innovative Memory Solutions, or IMS, North Star Innovations, or NSI, and Cetus Technologies have entered into a license and settlement agreement with Micron Technology (MU). Micron has obtained a license to patents owned by IMS, NSI and Cetus, which relate generally to semiconductor memory technologies. The agreement also includes the settlement and dismissal of all pending patent litigation with Micron in the United States and China. The license fees payable by Micron and all other terms of the license agreement are confidential. | ||||
Raymond James analyst… Raymond James analyst Steven Li lowered the firm's price target on Quarterhill to C$2.75 from C$3.25 and keeps an Outperform rating on the shares. | ||||
International Road… International Road Dynamics, or IRD, a Quarterhill company, announced that the New York State Department of Transportation, or NYSDOT, has awarded IRD a two year, $13.8M contract for installation and maintenance of permanent traffic data collection systems. IRD will be responsible for all parts, equipment, materials, labour and technical expertise to successfully repair, upgrade, install and maintain traffic data collection sites across New York State. All financial information in this press release is reported in Canadian dollars unless otherwise indicated. The scope of the contract includes the provision of repair and maintenance services for the State's existing count, classification and weigh-in-motion sites - ensuring uptime of 95% or better - and the installation of new sites to grow and enhance the NYSDOT data collection program. | ||||
