11:41 AM EDT, 03/15/2024 (MT Newswires) -- Quarterhill Inc. ( QTRHF ) , a provider of tolling and enforcement solutions in the intelligent transportation system industry, reported Friday a net loss of $0.14 per share in the fourth quarter of 2023, trimming the year-ago loss of $0.18 per share.

Revenues increased to $58.5 million from $40.1 million while adjusted EBITDA was $3.2 million compared to and adjusted EBITDA loss of $1.5 million in the year-ago quarter.

For the full year 2023, Quarterhill ( QTRHF ) sank to a net loss of $0.57 per share from a 2022 EPS of $0.02.

Revenue rose to $194.3 million from $159.3 million in 2022. Adjusted EBITDA was $3.8 million compared to an adjusted EBITDA loss of $10.5 million in 2022.

CEO Chuck Myers said the 2023 results were driven by the "steady performance from our enforcement business, improved execution on our tolling implementations and keeping a close eye on expenses."

"We believe we have entered 2024 with a stronger foundation and strategic direction from which to drive top-line growth and margin expansion," Myers said.

Quarterhill ( QTRHF ) also entered a definitive agreement to acquire Red Fox I.D. Ltd., an England-based provider of automatic vehicle detection and classification software to the tolling industry, for for up to US$10.2 million in cash and shares. Closing is expected April 1.

"We look forward to supporting and growing Red Fox's customer base and to providing them with the high level of innovation and functionality that Quantum is known for," Myers said.

Quarterhill ( QTRHF ) also named Kyle Chriest CFO while outlining plans to begin reporting results in US dollars starting with its first-quarter results.

Quarterhill ( QTRHF ) at last look gained 4.2% in early Friday trading.

Price: 1.97, Change: +0.08, Percent Change: +4.23