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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 has announced its Transportation Management Platform has been certified as "Well-Architected" by Amazon Web Services (AWS), aimed at enhancing traffic and incident management. This certification allows Rekor to offer its solutions to a global audience on-demand. The platform provides real-time situational awareness, incident detection, and analytics to improve urban mobility and public safety. Joining the AWS Partner Network enhances collaboration with AWS users and streamlines the migration of new customers to cloud solutions.
Rekor Systems, Inc. (NASDAQ:REKR) reported that its revenue for Q1 2022 is expected to exceed $3.4 million, reflecting strong growth following a business model transition. The company will release detailed financial results on May 16, 2022, after market close, accompanied by an earnings call at 4:30 p.m. ET. Rekor focuses on intelligent infrastructure and AI technology to enhance city safety and efficiency.
Rekor Systems reported a 55% increase in gross revenue to $14.3 million for 2021, up from $9.2 million in 2020. Recurring revenue rose by 28% to $4.6 million, while performance obligations grew by 35% to $22.6 million. The company raised $70.1 million in net cash from a public offering in February 2021 and acquired Waycare in August 2021, enhancing its product offerings. Operating expenses surged to $39.3 million, reflecting increased headcount and marketing efforts. Adjusted EBITDA for 2021 was a loss of $21.8 million.
Rekor Systems (NASDAQ:REKR) reported a significant revenue increase for 2021, achieving over $14 million, up from $9.2 million in 2020, representing more than 50% growth. The company plans to disclose its FY2021 financial results on March 31, 2022, followed by an earnings conference call at 4:30 PM ET. CEO Robert A. Berman expressed optimism about the company's momentum and its Rekor One™ platform, which positions them as leaders in intelligent infrastructure.
Rekor Systems, Inc. (NASDAQ:REKR) has released a shareholder letter from CEO Robert A. Berman detailing strategic advancements in AI technology aimed at enhancing intelligent infrastructure. The letter discusses the impact of traffic congestion in the U.S. and Rekor's solutions for sustainable management. Key points include the launch of projects in multiple states and the development of a privacy filter for data collection. The letter emphasizes the company's AI software's potential in traffic management and significant revenue opportunities through a unified platform.
Rekor Systems, Inc. (NASDAQ:REKR) will participate in the Sidoti Winter Small Cap Conference on January 19-20, 2022, with CEO Robert A. Berman presenting and hosting investor meetings. Berman highlighted the opportunity to discuss Rekor's business strategy and technological advancements in intelligent infrastructure aimed at enhancing road safety and efficiency. The presentation starts at 10:45 am ET on January 19 and is accessible via a live link. Interested investors can register for presentations and one-on-ones through Sidoti's website.
Rekor Systems has been selected by the City of Winchester, Virginia, to implement the Rekor One™ Traffic Management and Public Safety platform in a six-month pilot program. This platform is designed to improve traffic management and public safety via real-time data and analytics. If successful, Winchester may transition to an annual subscription costing $455,000. The platform aims to enhance city infrastructure, particularly during peak tourist seasons, by providing agencies with actionable insights and improving overall road safety.
Rekor Systems, Inc. (NASDAQ: REKR) announced a partnership with the Philadelphia Industrial Development Corporation (PIDC) to deploy its Rekor One™ platform in a pilot project at the Philadelphia Navy Yard. The project aims to analyze traffic patterns and provide analytics over a six-month period, capturing data on vehicle counts and emissions. The pilot will kick off in Q1 2022, helping PIDC achieve its development goals. Rekor One is designed to deliver actionable insights for various city departments, promoting smarter urban infrastructure.
Rekor Systems, Inc. (NASDAQ:REKR) announced the appointment of David Desharnais as President, effective January 3, 2022. With over 20 years of experience in technology-driven businesses, Desharnais previously served as EVP at IDEMIA and held key roles at Amazon. He will lead Rekor's global engineering, product management, marketing, and partnerships. CEO Robert A. Berman emphasized Desharnais’ innovative leadership as crucial for capitalizing on growth opportunities in the intelligent infrastructure market.
Rekor Systems has announced the appointment of Deb Hennessy as its first Chief People Officer. Hennessy brings over 20 years of HR experience from leading companies like Ciena and Microsoft, where she excelled in diversity, inclusion, and talent management. Her strategic leadership is expected to support Rekor's aggressive hiring plans for 2022 and foster a high-performance, inclusive culture. With her expertise, Rekor aims to enhance its workforce and contribute to its mission of creating safer, smarter cities through intelligent infrastructure.
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