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Rekor Systems, Inc. (NASDAQ: REKR) is an innovative leader in the development and implementation of advanced roadway intelligence systems. The company leverages artificial intelligence (AI) and machine learning to provide real-time vehicle identification and management solutions across the United States, Canada, and globally. Operating through two key segments—Technology and Professional Services—Rekor offers a suite of products designed to enhance transportation management, urban mobility, and public safety.
Notably, Rekor's core product, OpenALPR, provides robust vehicle recognition software that supports traffic safety systems, including hardware capable of identifying red light and school zone traffic violations. The company also offers forensic-quality imaging and data analysis software, which forms the backbone of its citation management services and enterprise parking enforcement solutions.
In addition to its technological solutions, Rekor provides extensive government contracting support services. These services encompass market intelligence, opportunity identification, capture and strategic advisory, proposal strategy and development, teaming support, and specialized staffing services.
Rekor's cutting-edge technology extends to its flagship platforms—Rekor Command for transportation management, Rekor Discover for urban mobility, and Rekor Scout for public safety and commercial use. These platforms are underpinned by the Rekor One® Roadway Intelligence Engine, which aggregates and transforms vast amounts of data into actionable insights, empowering governments and businesses with a comprehensive understanding of roadways.
Recent achievements of Rekor include early redemption of $12.5 million of its outstanding Senior Secured Notes, reflecting the company's commitment to a sound financial foundation and operational freedom. Additionally, Rekor is set to announce record annual revenue for FY2023 and continues to expand its innovative solutions and strategic partnerships.
Rekor's latest developments include the appointment of Anne Townsend to its Board of Directors, bringing significant expertise in cybersecurity and smart cities. The company also continues to announce record financial results and strategic acquisitions, reinforcing its position as a market leader in AI-powered roadway intelligence.
To stay updated on Rekor’s latest news and developments, visit their website at rekor.ai and follow them on their social media channels.
Rekor Systems reported Q3 2024 financial results with gross revenue increasing 16% to $10.5 million compared to Q3 2023. Recurring revenue grew 14% to $5.5 million. The company's Rekor Discover™ was added to Florida DOT's Approved Product List with implementation beginning across all districts. Despite revenue growth, the company reported increased losses from operations of $12.9 million, up 31% from Q3 2023. To optimize costs, Rekor is implementing annual reductions of up to $15 million and has eliminated the option for additional $20 million advances under the Yorkville Advisors agreement. The company's remaining performance obligations decreased 11% to $23.6 million as of September 30, 2024.
Rekor Systems, Inc. (NASDAQ:REKR), a leader in roadway intelligence technology, has announced the release of its third quarter 2024 financial results on Thursday, November 14, 2024, after market close. The company will host an earnings conference call at 4:30 p.m. Eastern Time on the same day to discuss financial and operating results.
Interested participants can dial in approximately 10 minutes before the call start using the following information:
- North America Participant Dial-In: 877-407-8037 / +1 201-689-8037
- Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=pzPTSDpm
A replay will be available online for two weeks after the live call. Replay Dial-In: 877-660-6853 / 201-612-7415, Access ID: 13749633. An archived webcast will also be available on the Company's website under Investors, Events & Presentations.
Rekor Systems (NASDAQ:REKR), a leader in roadway intelligence technology, has released a new shareholder letter from President and CEO David Desharnais. The letter highlights:
- Significant year-over-year revenue growth
- Key customer wins
- Expanding adoption of Rekor's solutions across multiple states
- Long-term vision to lead the $93B+ intelligent infrastructure market
Desharnais outlines Rekor's strategy to digitize public safety and transportation infrastructure. The full letter, available on Rekor's website, provides deeper insights into the company's direction and future opportunities.
Rekor Systems (NASDAQ:REKR) has appointed Rish Malhotra as Executive Vice President of Global Strategic Growth. With over 20 years of experience in the Intelligent Transportation Solutions (ITS) sector, Malhotra will drive Rekor's strategic growth initiatives and expand market opportunities for its AI-powered transportation and traffic solutions.
Malhotra's expertise aligns with Rekor's vision to transition the industry from traditional traffic management methods to cutting-edge, AI-powered solutions. His role will be important in accelerating growth through strategic partnerships and channels, particularly as the ITS sector shifts towards digital infrastructure in roadway systems.
Previously, Malhotra served as President & CEO of International Road Dynamics Inc. and held board positions with ITS Canada and the International Society for Weigh-in-Motion. His appointment is expected to strengthen Rekor's leadership in roadway intelligence and drive the company's expansion in North America and global markets.
Rekor Systems, Inc. (NASDAQ:REKR) has announced that its Rekor Scout® and Rekor Discover™ platforms have successfully completed the SOC 2 Type II audit, joining the already SOC 2 compliant Rekor Command™ platform. This certification, conducted by KPMG, affirms Rekor's commitment to high standards of security and operational excellence. The SOC 2 Type II compliance covers five 'Trust Service Criteria': security, availability, processing integrity, confidentiality, and privacy.
CEO David Desharnais emphasized that this achievement reinforces clients' trust in Rekor's data management capabilities. The company's platforms provide AI-driven solutions for public safety, traffic analytics, and roadway intelligence. This certification follows Rekor's introduction of advanced cybersecurity capabilities in May 2024, aligning with emerging government AI and cybersecurity policies.
Rekor Systems, Inc. (NASDAQ:REKR) announced strong Q2 2024 financial results, highlighting a 45% increase in gross revenue to $12.4 million compared to Q2 2023. The company secured a facility for up to $35 million in financing, with a $15 million prepaid advance already received. Rekor also reported improved Adjusted EBITDA, reducing losses from $7.2 million in Q2 2023 to $5.8 million in Q2 2024.
Key achievements include a $1.5 million contract with Maryland DOT for Strategic Corridor Monitoring and multi-year contracts with TxDOT, Ohio DOT, and Pitkin County, Colorado, valued at up to $15 million. The company expanded adoption of its Rekor Command™ platform across multiple states, enhancing traffic management capabilities.
Rekor Systems (NASDAQ:REKR) has secured contracts worth up to $15 million with transportation departments in Texas, Ohio, and Colorado for comprehensive traffic studies. These multi-year agreements mark Rekor's westward expansion across the United States and highlight the growing adoption of its AI-based traffic services.
The contracts include:
- Management and AI transition of traffic data collection sites for Texas Department of Transportation
- Similar services for Ohio Department of Transportation
- Deployment of Edge Series systems and Rekor Discover™ platform for Pitkin County, Colorado
Rekor's technology provides highly accurate vehicle classifications, counts, speed data, and air quality insights, important for roadway planning, maintenance, and sustainability.
Rekor Systems, Inc. (NASDAQ:REKR) has announced the initial adoption of its Rekor Command™ platform by Departments of Transportation in Oklahoma, Kansas, and Umatilla County, Oregon. This AI-driven platform enables real-time traffic monitoring and provides insights to respond to roadway incidents up to 23 minutes faster than traditional methods. The technology democratizes access to advanced roadway intelligence, bringing urban-level capabilities to rural areas.
Rekor Command™ transforms raw roadway data into actionable insights, allowing agencies to quickly identify and respond to incidents, improve Traffic Incident Management timelines, enhance traffic flow, and boost safety. The expansion builds on Rekor's success in Texas and Oregon's Connected Vehicle Ecosystem deployment, opening new markets in rural areas and fostering regional collaboration.
Rekor Systems (NASDAQ:REKR) has launched a $1.5 million Strategic Corridor Monitoring project for Maryland highways. Funded by a federal and state grant, the initiative will deploy Rekor's AI-powered Discover™ platform along key transportation corridors from Washington, D.C. to Baltimore. The project aims to provide real-time traffic insights to the Maryland Department of Transportation (MDOT), revolutionizing roadway planning and maintenance.
The system will be installed at 50 strategic locations along I-495, I-95, and I-695, offering data on vehicle classification, volumes, speeds, emissions, air quality, and more. It will focus on electric vehicle usage patterns and promote sustainable transportation. This initiative aligns with Rekor's mission to make roadways smarter, safer, greener, and more efficient through advanced roadway intelligence technology.
Rekor Systems, Inc. (NASDAQ:REKR) has announced the availability of its Rekor Scout® Platform in AWS Marketplace and Rekor Edge Pro on Amazon Business. This move simplifies procurement for security and safety initiatives using Rekor's AI-driven vehicle recognition technology. The Rekor Scout® Platform provides real-time intelligence through AI-driven software, offering accurate vehicle and license plate recognition on various camera types. It extracts detailed vehicle information and enables instant action or in-depth investigations.
The Rekor Edge Pro, now available on Amazon Business, is a complete on-device AI solution for roadway deployments. It's designed for easy setup in neighborhoods, campuses, and business districts, providing comprehensive security, parking, and access control solutions. Built on AWS, Rekor Scout® utilizes various AWS services for global-scale operations in AI/ML, security, privacy, storage, streaming, and analytics.
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