RE:RE:New Press Release - Quarterhill Announces Q3 2024 Financial ResultsThe struggle with ongoing project over-runs overshadows these Q3, 2024 results. My main take-aways include:
- Adjusted EBITDA was ($2.8) million compared to $1.4 million in Q3 2023.
- "Two tolling contracts for which we took reserves in Q3, related to cost overruns, that had a $3 million impact on revenue… and impacting margins by approximately $4 million. We believe these reserves will be sufficient for both projects to reach operations phase acceptance.”
- Cash used in continuing operations for the three and nine months ended September 30, 2024, was ($1.7) million and ($11.0) million.
- Cash and cash equivalents were $23.1 million at September 30, 2024, compared to $42.7 million at December 31, 2023.
- Received a $3.8 million dividend resulting from ownership stake in Wi-LAN Inc.
- Subsequent to quarter-end, signed a share-purchase agreement to sell its 50% interest in the Chinese joint venture, Xuzhou-PAT Control Technologies Limited ("XPCT") for gross proceeds of approximately $4.9 million.
As colleague posters here have frequently indicated, this is a "Hope" rather than a "Logical" investment,
Peace,
ElJ