Digital Ally Announces Deferred Revenue Surpasses $10 Million Mark

Rhea-AI Summary

Digital Ally, Inc. (NASDAQ: DGLY) sees strong demand for its FirstVu Pro body-worn cameras and EVO-HD in-car video solution. The company's deferred revenue balance exceeds $10 million for the first time, following the success of its subscription program model. With nearly 300 customers utilizing the subscription plans, the company aims to continue growing its market share.

Positive

• Strong demand for body-worn cameras and in-car video solution
• Deferred revenue balance exceeds $10 million for the first time
• Success of subscription program model
• Nearly 300 customers utilizing subscription plans
• Company aims to continue growing its market share

Negative

• None.

The Company’s subscription payment plan continues to see strong demand for its FirstVu Pro body-worn cameras and EVO-HD in-car video solution.

LENEXA, KS, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Digital Ally, Inc. (NASDAQ: DGLY) (the “Company”), which develops, manufactures, and markets advanced video recording products and other critical safety products for law enforcement, emergency management, fleet safety and event security, today announced a notable milestone with its deferred revenue balance exceeding $10 million for the first time in the Company’s history.

The Company’s switch to a subscription program model in mid-2020 has proven to be a great success and widely accepted in the industry as adequate funding for many municipalities can be a rigorous and slow process. The subscription model minimizes their upfront capital expenditure and allows flexibility for the customer based on their current financial situation, without having to sacrifice their urgency for video evidence technology.

“We’re proud to announce another great milestone for the Company, as we continue to build momentum throughout the marketplace and compile a robust customer base taking advantage of our subscription model. Surpassing $10 million is a great feat for the Company, with nearly 300 customers currently utilizing our subscription plans throughout the country,” said Brody Green, President of Digital Ally, adding, “By no means does this satisfy our management team, as we fully expect these numbers to continue to grow alongside our market share within this industry and others. We are excited about the forward progress being made, and this milestone shows the potential and future growth the Company will have as it becomes disciplined and attentive moving forward.”

The milestone comes on the heels of the Company’s recent filing of the S-4/A Registration Statement Amendment with the U.S. Securities and Exchange Commission, the announcement of several notable law enforcement orders and patents, as well as the addition of its InterVu Room solution. Digital Ally continues to demonstrate its commitment to innovation and a world-class video solutions ecosystem with the FirstVu Pro body-worn camera, EVO-HD in-car system, InterVu Room system, EVO Web and QuickVu docking stations.

About Digital Ally

Digital Ally, Inc. (NASDAQ: DGLY) through its subsidiaries, is engaged in video solution technology, human & animal health protection products, healthcare revenue cycle management, ticket brokering and marketing, event production and jet chartering. Digital Ally continues to add organizations that demonstrate the common traits of positive earnings, growth potential, innovation and organizational synergies.

For additional news and information please visit www.digitalally.com or follow Digital Ally Inc. social media channels here:

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Contact Information
Brody Green, President
Stanton Ross, CEO
Tom Heckman, CFO
Digital Ally, Inc.
913-814-7774
info@digitalallyinc.com

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: whether the Company will be able to maintain or expand its share of the markets in which it competes with the Video Room solution, FirstVu Pro body cameras, EVO HD in-car camera, QuickVu docking stations and EVO Web; whether the Company will make a global impact with its technology innovations; whether the Company will be able to adapt its technology to new and different uses, including being able to introduce new products; competition from larger, more established companies with far greater economic and human resources; its ability to attract and retain customers and quality employees; the effect of changing economic conditions; whether the technology referenced in this release will work as anticipated and meet the needs of the Company’s customers; and changes in government regulations, tax rates and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", "should", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in its annual report on Form 10-K for the year ended December 31, 2022, and quarterly report on Form 10-Q for the three and nine months ended September 30, 2023, as filed with the Securities and Exchange Commission.

FAQ

What products are driving strong demand for Digital Ally, Inc. (NASDAQ: DGLY)?

The FirstVu Pro body-worn cameras and EVO-HD in-car video solution.

What is the current deferred revenue balance for Digital Ally, Inc. (NASDAQ: DGLY)?

It exceeds $10 million for the first time in the company's history.

How many customers are utilizing Digital Ally, Inc. (NASDAQ: DGLY)'s subscription plans?

Nearly 300 customers are currently utilizing the subscription plans.

What is Digital Ally, Inc. (NASDAQ: DGLY)'s strategy for the future?

The company aims to continue growing its market share within the industry and others.