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Digital Ally, Inc. (DGLY) is a prominent provider of advanced mobile video systems, serving a diverse range of markets including law enforcement, commercial fleets, and security applications. The company is known for its innovative product lines such as the Digital Video Mirror (DVM Series), which integrates digital in-car video systems into a ruggedized rear-view mirror, optimizing space and functionality in police vehicles and commercial fleets.
Additionally, Digital Ally offers the FirstVu HD, a body-worn or mounted evidentiary-grade video system designed for versatile and compact use. Another notable product is the Laser Ally Lidar speed enforcement system, renowned for its advanced, user-friendly, and ergonomic design.
The company's products are extensively utilized by the U.S. military, law enforcement agencies, and various governmental entities across all 50 states and globally. Digital Ally’s technology integrates electronic, radio, computer, and multi-media technologies to provide comprehensive solutions addressing the needs of mass transit systems, school buses, taxicabs, and military operations.
Digital Ally operates in several segments, including Video Solutions, Revenue Cycle Management, and Entertainment. The company sells its products directly to end-users and through third-party distributors, ensuring a wide market reach both domestically and internationally.
Recent achievements and projects include ongoing enhancements to their core product lines and expanding their market presence through strategic partnerships. The company remains at the forefront of developing and deploying cutting-edge video imaging and storage solutions that meet the complex demands of modern security and law enforcement environments.
Digital Ally, Inc. (NASDAQ: DGLY) has expanded its partnership with MetLife Stadium, deploying 70 FirstVu PRO body cameras and three QuickVu docking stations. This enhances the security and customer experience at the stadium, home to the New York Jets and Giants. The FirstVu PRO features include live GPS tracking, remote activation, and full HD recording capabilities. The cameras are integrated with the EVO Web cloud platform for centralized evidence management. This collaboration emphasizes safety and innovation in sports venues.
Kustom Entertainment, Inc., a new subsidiary of Digital Ally (NASDAQ: DGLY), will oversee TicketSmarter and Kustom 440. A corporate spin-off is planned for H1 2023 to launch a separate publicly traded entity centered on live events and ticketing. The merger aims to enhance entertainment partnerships and event production. Digital Ally and TicketSmarter plan to announce their first concert festival on December 16. TicketSmarter has sold over 48 million tickets in the last decade, focusing on secure and trustworthy ticket transactions.
Digital Ally plans to separate into two independent companies to enhance growth and shareholder value. This spin-off, set for early 2023, will create a ticketing and entertainment business and retain Digital Ally, Inc., focusing on video solutions and medical billing. The standalone entities anticipate annual revenues of $16-$18 million and $23-$25 million respectively for 2022. The separation aims for operational focus and flexibility, capitalizing on distinct market opportunities. Brody J. Green will lead Digital Ally, while Stanton E. Ross will oversee Kustom Entertainment.
Digital Ally, Inc. (DGLY) reported a significant revenue increase of 83% for Q3 2022, totaling $8.48 million, compared to $4.64 million in Q3 2021. The rise is primarily attributed to service revenue growth from recent acquisitions, including TicketSmarter, which generated $15.9 million year-to-date. However, gross profit dropped 57% to $595,500 due to increased cost of sales. SG&A expenses rose 43% to $7.16 million, leading to a net loss of ($1.9 million) or ($0.04) per share. An investor call is scheduled for November 16, 2022.
Digital Ally has announced the launch of the EVO Fleet Vehicle Camera, the most advanced video system for fleet vehicles to date. This new system, featuring telematics technology, includes driver-assist functions, live streaming, and A.I. alerts for distracted driving. It boasts up to 512 GB of storage and records in 1080P HD. The EVO Fleet is expected to ship in Q1 2023 and will be showcased at the Transportation Alliance Expo in Las Vegas. This innovation aims to enhance safety and security for fleet organizations.
Digital Ally, Inc. (NASDAQ: DGLY) announced its Law Enforcement division surpassed 200 subscriptions since June 2020, highlighting strong demand for its flexible payment model during budget constraints. The subscription service enables police agencies to acquire body-worn cameras and video solutions, such as the FirstVu PRO and EVO HD, often without down payments. Grant assistance is also available for agencies seeking funding for new video technology. The company's innovative products aim to enhance officer safety and operational efficiency.
Digital Ally (NASDAQ: DGLY) announced a securities purchase agreement with institutional investors for 1,400,000 shares of Series A and 100,000 shares of Series B convertible redeemable preferred stock, priced at $9.50 each. The total gross proceeds from this offering are expected to be $15 million. The preferred stocks are convertible at an initial price of $1.00 per share, pending stockholder approval to increase the authorized number of common shares. The offering is anticipated to close on October 19, 2022, subject to customary conditions.
Digital Ally (NASDAQ: DGLY) reported over $1 million in new subscription orders for August 2022, driven by a flexible payment program initiated in June 2020. This program addresses funding challenges for law enforcement agencies, allowing them to acquire critical video evidence technology with minimal upfront costs. The demand coincides with the release of the FirstVu PRO body camera, designed to enhance safety and efficiency for officers. The company is also introducing grant assistance for agencies seeking funding for video technology.
Digital Ally (NASDAQ: DGLY) announced that its subsidiary, TicketSmarter, will continue as the presenting sponsor for the Enjoy Illinois 300 NASCAR Cup Series race on June 4, 2023, at World Wide Technology Raceway. This renewal reinforces the company's commitment to enhancing visibility and engagement with NASCAR's substantial fanbase. The inaugural event in 2022 achieved a sold-out success, marking WWTR as a premier motorsports venue. Since acquiring WWTR in 2011, the ownership has pledged $100 million for facility growth and improvement by 2025.
Digital Ally (NASDAQ: DGLY) announces its subsidiary, TicketSmarter, is supporting over 300 colleges and 35 conferences as fall sports resume. TicketSmarter aims to enhance community engagement by providing a secure platform for buying and reselling tickets to various events, including college sports and performing arts. New this year, they will be the primary ticketing partner for the HBCU Pigskin Showdown. TicketSmarter also collaborates with ESPN Events for collegiate sporting events, promoting access to live events and partnering with charities.
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