Canada · Delayed Price · Currency is CAD Quarterhill Earnings Call Transcripts
Fiscal Year 2026
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Revenue reached $42.5M with a significant turnaround in adjusted EBITDA to $4.6M and gross margin to 29%. The pending Conduent acquisition is set to triple tolling revenue, expand the backlog to $2B, and drive pro forma annual revenue above $400M.
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Q1 2026 saw 14% revenue growth, 28% gross margins, and a third straight quarter of positive Adjusted EBITDA, driven by strong contract wins and operational improvements. A new $60M credit facility and $100M accordion support aggressive growth and M&A plans.
Fiscal Year 2025
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Stabilized operations and improved profitability in 2025, with revenue and margins up year-over-year. Entering 2026 with a $404M backlog, a robust $2B pipeline, and a focus on scaling AI-driven platforms and strategic acquisitions.
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Q3 saw revenue and margin growth, a return to positive adjusted EBITDA, and strong cash generation. Restructuring and contract renegotiations drove profitability, while investments in AI and new tech platforms position the business for future growth.
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Q2 revenue grew 4% year-over-year to $43.1 million, but adjusted EBITDA was negative due to two problematic tolling contracts. A major restructuring is expected to save $12 million annually, with margin improvements and positive cash flow anticipated in the second half of 2025.
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Q1 2025 saw revenue of $33.9M and negative adjusted EBITDA of $3.4M, mainly due to two legacy tolling contracts under renegotiation. The company maintains a $476M backlog, is advancing its AI-driven technology, and expects margin and cash flow improvements as contract issues are resolved.
Fiscal Year 2024
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Revenue grew 6.5% year-over-year with positive Adjusted EBITDA and strong cash flow in Q4. Backlog reached $495 million, with 80% of 2025 revenue visible and a focus on higher-margin maintenance contracts. Strategic initiatives include European expansion, AI integration, and active M&A.
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Q3 revenue grew 12% year-over-year to $38 million, but Adjusted EBITDA was impacted by $4 million in reserves for legacy tolling contracts. Management expects a return to positive Adjusted EBITDA in Q4 and margin improvement in 2025, supported by a $475 million backlog and ongoing cost optimization.
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Q2 revenue grew 7.5% year-over-year to $41.5 million, with positive cash from operations for the first time in two years and a $500 million backlog providing strong visibility. The Red Fox acquisition enhances technical capabilities, and margins are expected to improve as projects transition to maintenance phases.