(Oslo, 8 July 2022) Q-Free ASA (Q-Free, OSE: QFR) reported an 31% year-on-year
growth in recurring revenues, resulting in annualized recurring revenues of NOK
299 million. The total revenues in the second quarter of 2022 amounted to NOK
214 million, down from NOK 253 million in the same quarter in 2021 mainly due to
component shortage. EBITDA in the second quarter ended at NOK 32 million. The
order backlog continued to grow for the third consecutive quarter and ended at
NOK 1.5 billion, up 20% year-on-year. Based on favorable macro trends related to
efficient, safe, and sustainable transportation, the company reiterates its
positive outlook.

"I am pleased to observe that we are delivering on our long-term goal of
transforming the business model and showing a massive growth in recurring
revenues. Given this transformation we are able to deliver a quite strong
quarter in term of margin, despite component shortage resulting in a rater soft
quarter in terms of revenues from projects and product sales. This quarter
hopefully shows indication of what the transformed business model will do to the
robustness and stability of the underlying business in Q-Free." says Trond
Christensen, Interim President and CEO of Q-Free.

In the second quarter of 2022 Q-Free reported recurring revenues of NOK 75
million (57), up 31 percent compared to the same period last year, which gives
an ARR* of NOK 299 million (228). Total revenues in the quarter amounted to NOK
214 million (253), down 16 percent mainly due to component shortage. EBITDA
ended at NOK 32 million (35) in the quarter, while EBIT came in at NOK 19
million (20). Cash flow from operations in the second quarter of 2022 was NOK -
10 million (29).

The order intake was NOK 279 million (151) and the backlog ended at NOK 1 469
million (1 221). Q-Free had another good quarter in terms of order intake, where
several important contracts were awarded both within the Tolling segment and
within Traffic Management.

"Our order backlog is at historical high level, and it pleases us to see that we
are viewed as a preferred vendor in a majority of the cases we bid on, and that
we are able to capitalize on the restructured growth platform to improve traffic
flow, road safety, and air quality" Christensen continues.

The outlook remains positive, despite global supply constraints that negatively
impact revenues, levering on the global opportunity to provide free-flowing,
clean and safe transportation. Q-Free reiterates its 2025 ambitions of NOK 1.3
-1.5 billion in revenues and an EBITDA margin in the 15-20 percent range.

"Q-Free continues its transformation to a more robust and scalable recurring
business model and is well positioned to benefit from positive macro trends
related to efficient, safe, and sustainable transportation," Christensen
concludes.

Q-Free will host a webcast on 8 July 2022 to present its second quarter and
first half results 2022. The presentation starts at 09:00 CET and can be
followed live on: https://www.q-free.com/investor_relations/web-cast/

A recorded version will be available after the webcast has been concluded. The
report from the Board of Directors and the webcast presentation are enclosed.

* ARR, EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as a part of the APM section of the
second quarter 2022 financial report.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Rita Bøe Isaksen, Board Secretary in Q-Free ASA,
on 8 July 2022 at 07:00 CET.

For further information, please contact:

Trond Christensen, Interim President & CEO, +47 481 02 754

About Q-Free:

Q-Free ASA (OSE: QFR) is a global innovator in intelligent transportation
systems that improve traffic flow, road safety, and air quality. With an open,
collaborative approach to tolling, traffic and active transportation management,
Q-Free works with customers and partners on every continent to digitize
infrastructure and overcome modern mobility challenges for the greater good of
society.

Headquartered in Trondheim, Norway, Q-Free has annual revenues of approximately
NOK 900 million and employs approximately 350 transportation innovators,
experts, and enthusiasts. To learn more about how Q-Free is "changing the
movements of life", visit www.q-free.com or Twitter:@Q-FreeASA