Q-Free reports strong second quarter results with significant year-on-year and
quarter-on-quarter profitability gains. Swift implementation of cost reduction
measures and increased sale of high margin software solutions were the main
reasons for the improvements. Another key achievement in the quarter was the
increase in available credit and cash at hand. This was fueled by strong cash
flow from operations in combination with new debt and equity financing.

-We are very pleased with the strong operational performance in the second
quarter and how the organization has responded to the challenges caused by the
Covid-19 pandemic. Our strengthened financial position, reduced cost base, and
solid order backlog for the coming quarters have resulted in a very positive
momentum. Moreover, we expect to sign several large contracts in the coming
months, comments President & CEO in Q-Free, Håkon Volldal.

Highlights for Q2-20 include:

* 223 MNOK in revenues, down 11% YoY amid reduced product sales caused by Covid
-19

* 26 MNOK in EBITDA (12% margin), up from 23 MNOK (9% margin) in Q2-19

* 21 MNOK in positive cash flow from operations, up from -45 MNOK in Q2-19

* 170 MNOK in order intake, not including the 55 MNOK Traffic Management
contract extension signed in the USA in early July

* Liquidity and operational flexibility significantly strengthened through 80
MNOK in proceeds from convertible bond issue and 82 MNOK in new bank loans

* 100% ownership of Intelight Inc. obtained



Highlights for H1-20 include:

* 424 MNOK in revenues, down 10% YoY

* 18 MNOK in EBITDA (4% margin), down from 31 (7% margin) MNOK in 2019

* 5 MNOK in positive cash flow from operations, up from -58 MNOK in H1 2019

* 390 MNOK in accumulated order intake and book-to-bill of 0.92 amid contract
delays caused by Covid-19

* 1 040 MNOK in order backlog at the end of Q2-20 (not incl. frame agreements),
down 7% YoY



The live broadcast, starting at 9 AM CET, can be followed on

https://www.q-free.com/investor_relations/web-cast/

A recorded version will be available after the webcast has been concluded.



Enclosures: Q2-20 report, Q2-20 presentation



For further information, please contact:

President & CEO, Håkon Volldal: +47 977 19 973

Interim CFO, Trond Christensen: +47 481 02 754



About Q-Free

Q-Free is a leading global provider of Tolling and Traffic Management (ATMS)
solutions for efficient, safe, and environmentally friendly transportation. The
company has approximately 1 bn NOK in revenues, 380 employees, offices in 16
countries, and a presence on all continents. Headquartered in Trondheim, Norway,
Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.

www.q-free.com
Twitter:@Q-FreeASA