Welcome to our dedicated page for Rekor Systems news (Ticker: REKR), a resource for investors and traders seeking the latest updates and insights on Rekor Systems stock.
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, Inc. (NASDAQ:REKR) unveiled a new AI-driven traffic data collection system at the ITS World Congress 2022, designed to enhance roadway safety and efficiency. This non-intrusive system employs edge-based optical sensors for real-time data analytics, classifying vehicles per FHWA standards. The innovation aims to replace outdated and dangerous traffic data collection methods, enabling safer deployments in minutes. The system enhances traffic management and supports federal funding access by providing accurate insights into vehicle classifications, speeds, and greenhouse gas emissions.
Rekor Systems, Inc. (NASDAQ:REKR) has announced that President David Desharnais will speak at the ITS World Congress on September 18, 2022, focusing on digital infrastructure and innovations in transportation. The Congress will gather experts from various sectors to develop a national vision for digital infrastructure. Desharnais emphasized Rekor's advancements in AI technology aimed at improving safety and efficiency in urban environments. Rekor will also have a presence at Booth #1803 during the event from September 19-22.
Rekor Systems, Inc. (NASDAQ:REKR) has secured a multiyear contract with Augusta University Health System to digitize parking permitting in Georgia. This partnership aims to enhance parking operations at multiple AU Health facilities, utilizing Rekor's vehicle recognition technology alongside ROKER's blockchain-based management system. The SaaS-based integrated parking platform will streamline permit management, enforcement, and mobile payments, ultimately simplifying the parking experience for users and improving operational efficiency.
Rekor Systems, Inc. (NASDAQ:REKR) has been selected by the Texas Department of Transportation (TxDOT) to implement its traffic management technology. This multi-year program aims to enhance incident response time and roadway safety through Rekor's cloud-based roadway intelligence platform. The technology integrates data from various sources, improving incident identification. With this upgrade, TxDOT will leverage real-time data to respond more effectively to incidents, thereby improving safety for Texas citizens.
Rekor Systems (REKR) announced the acquisition of Southern Traffic Services (STS), enhancing its traffic engineering capabilities. In Q2 2022, recurring revenue surged to 48% of total revenue, compared to 21% in Q2 2021. Performance obligations rose to $31.9 million, up from $22.6 million at the end of 2021. The company's revenue for the latest quarter grew by 1% to $4.3 million, while overall performance is supported by new sales initiatives. However, losses from operations increased significantly, totaling $15.6 million for the quarter.
Rekor Systems (NASDAQ:REKR), a leader in intelligent infrastructure, announced participation in the Q3 Virtual Investor Summit on August 16-17, 2022, with a presentation scheduled for August 16 at 3:30 PM ET. CEO Robert A. Berman will present innovative AI-driven solutions focused on enhancing public safety and urban mobility. The event will connect over 90 companies with more than 500 qualified investors.
For registration and details, visit: Zoom Registration.
Rekor Systems (NASDAQ:REKR) will release its second-quarter 2022 financial results on August 11, 2022, after market close. The company will host an earnings conference call at 4:30 p.m. ET that same day to discuss the financial and operating results. Interested participants can join by dialing in 10 minutes prior to the call. A replay will be available shortly after the live call for two weeks. Rekor focuses on providing intelligent infrastructure solutions using AI and machine learning to enhance roadway safety and smart mobility.
Rekor Systems, Inc. (NASDAQ:REKR) has secured a groundbreaking multimillion dollar contract with the Florida Department of Transportation (FDOT). The five-year agreement focuses on non-motorized roadway data collection, targeting improved safety for pedestrians and cyclists in Florida, which has the highest bicycle fatalities in the U.S. The contract will be executed through Rekor's subsidiary, Southern Traffic Services, which it acquired recently. The data will help inform safety studies and infrastructure planning, contributing to funding allocations at the state and federal levels.
Rekor Systems (NASDAQ:REKR) will hold a special investor conference call on July 14, 2022, at 4:00 p.m. Eastern to discuss its recent acquisition of Southern Traffic Services. Investors and analysts can join the call by dialing 877-407-8037 (North America) or 201-689-8037 (International) 10 minutes prior to the start. A live webcast will also be available at this link. A replay will be accessible for two weeks post-call using the provided toll-free and international numbers.
Rekor Systems has successfully completed its acquisition of Southern Traffic Services (STS) for up to $14.5 million, which includes performance-based earnouts. STS is expected to contribute $15 million in revenue for 2022, with 50% being recurring and an EBITDA of $3 million. This acquisition enhances Rekor's geographic reach and public sector customer base while combining 30 years of traffic engineering experience with Rekor's advanced AI technologies. The purchase aligns with anticipated demand for traffic data collection driven by recent infrastructure investments.
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