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Quarterhill (QTRH) investor relations material
Quarterhill Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 revenue reached $43.1M, up 4% year-over-year, driven by Safety and Enforcement business strength, partially offset by tolling contract timing.
Net loss widened to ($6.8)M from ($3.0)M in Q2 2024; year-to-date net loss was ($15.2)M versus ($7.2)M last year.
Adjusted EBITDA was negative $2.7M, impacted by two problem tolling contracts, but would have been positive $1.2M excluding these.
Major restructuring reduced headcount by 15% (100 positions), targeting $12M in annual savings, with benefits expected from Q3 onward.
Leadership changes include new CFO and CTO with significant industry and technology experience.
Financial highlights
Gross margin for Q2 was 15%, down from 21% last year but up from 12% in Q1, mainly due to cost overruns on two tolling projects.
Adjusted EBITDA for Q2 was ($2.7)M, down from $1.7M in Q2 2024; year-to-date Adjusted EBITDA was ($6.1)M versus $1.8M last year.
Cash at quarter end was $22.7M, down from $31.9M at year end; cash used in operations was ($4.6)M in Q2.
Backlog stands at $463M, with a large portion in higher-margin contracted maintenance revenue.
Operating expenses rose to $12.9M from $10.8M year-over-year, mainly due to investments in leadership and development teams.
Outlook and guidance
Management expects restructuring and operational improvements to drive sustainable profitability, margin expansion, and positive cash flow.
Positive cash from operations is targeted for 2025, with cash burn expected to moderate.
Double-digit EBITDA margin is seen as achievable in 2026, supported by a strong order backlog and new project focus.
Progress made on renegotiating tolling contracts, with mediation expected to begin by end of July.
Forward-looking statements caution that actual results may differ due to various risks and assumptions.
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