Q-Free ASA - Earnings Release 2017

Q-FREE - RESULTS FOR THE THIRD QUARTER 2017

Highlights:

* 233 MNOK in revenues, up 18% YoY

* 5% reduction in operating expenses YoY

* 33 MNOK in EBITDA excl. non-recurring items (14.2% margin), up 43 MNOK YoY

* 100 MNOK in order intake (not incl. two frame agreements received in the

quarter)

* 1.2 bn NOK in order backlog, ~190 MNOK scheduled for delivery in Q4-2017

* 129 MNOK in cash at hand, up 26 MNOK QoQ

-The third quarter of 2017 represents the fourth consecutive quarter with YoY

revenue growth, strong cost control, EBITDA growth, and EBITDA margin expansion.

We are pleased to see that the restructuring program executed in the second half

of 2016 combined with outstanding efforts by our employees this year have

restored profitability and enabled the company to convert its high order backlog

into solid financial results. We remain optimistic about Q-Free's 2017 outlook

and our ability to deliver double-digit revenue growth and solid margins,

comments President & CEO, Håkon Volldal.

Enclosures: Q3-2017 report and presentation

For further information, please contact:

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

CFO, Tor Eirik Knutsen: +47 950 50 062

About Q-Free

Q-Free is a leading global supplier of Intelligent Transportation Systems. The

company has approximately 410 employees, offices in 20 countries, and 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

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