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Overview of Rekor Systems, Inc.
Rekor Systems, Inc. (NASDAQ: REKR) is a pioneering technology company specializing in the development and implementation of AI-driven roadway intelligence systems. Based in the United States, Rekor leverages cutting-edge artificial intelligence, machine learning, and big data analytics to transform how governments, businesses, and communities manage roadways and mobility data. The company's solutions provide actionable insights that enhance public safety, optimize traffic management, and promote sustainable transportation infrastructure.
Core Business Segments
Rekor operates through two primary segments: Technology and Professional Services. The Technology segment focuses on AI-powered software and hardware solutions, including vehicle recognition systems, traffic analytics platforms, and traffic safety systems. The Professional Services segment offers government contracting support, market intelligence, and specialized staffing services, enabling public agencies to streamline operations and achieve strategic goals.
Key Products and Solutions
- Rekor Command™: An advanced platform for real-time traffic management, event detection, and analytics, designed to enhance roadway safety and operational efficiency.
- Rekor Discover™: A comprehensive traffic analytics solution that provides data on vehicle classification, speed, emissions, and more, empowering transportation agencies to make informed decisions.
- Rekor Scout®: A state-of-the-art vehicle and license plate recognition platform that integrates seamlessly with existing camera systems to deliver real-time actionable insights for public safety and commercial use.
- Rekor Edge Pro: An all-in-one AI-powered device for on-site vehicle recognition, ideal for security, parking, and access control applications.
Market Position and Competitive Edge
Rekor is a leader in the rapidly evolving field of digital roadway infrastructure, addressing the limitations of traditional traffic management technologies such as induction loops and radar systems. By integrating AI and machine learning, Rekor provides unparalleled accuracy and efficiency in traffic monitoring and data analysis. The company's proprietary Rekor One® Roadway Intelligence Engine aggregates and transforms trillions of data points into actionable intelligence, setting it apart from competitors.
Customer Base and Applications
Rekor's solutions are utilized by a diverse range of customers, including state and local transportation agencies, law enforcement departments, and private enterprises. Applications span traffic safety enforcement, urban mobility planning, public safety initiatives, and environmental sustainability projects. Notable deployments include partnerships with Departments of Transportation in Texas, Ohio, Maryland, and Oregon, as well as collaborations with private sector entities for parking and access control solutions.
Industry Impact
As a pioneer in AI-enabled roadway intelligence, Rekor is redefining how mobility data is collected, analyzed, and utilized. Its solutions contribute to safer, more efficient, and environmentally sustainable transportation systems. By addressing critical challenges such as traffic congestion, road safety, and infrastructure planning, Rekor plays a vital role in modernizing global transportation networks.
Rekor Systems (NASDAQ:REKR) has been awarded U.S. Patent 11,100,793 B2 for an algorithm that detects irregular traffic congestion using AI-based predictive insights. This technology compiles historical and real-time data to identify unusual traffic patterns, allowing traffic management centers to respond effectively. The algorithm has shown success in pilot programs across the U.S., Israel, and Sweden, enhancing the ability to manage congestion caused by factors like construction and weather, while also minimizing environmental impacts.
Rekor Systems, Inc. (NASDAQ:REKR) announced its participation in the Sidoti Virtual Micro Cap Conference on December 8-9, 2021. CEO Robert A. Berman will present, along with CFO Eyal Hen, starting at 9:15 am ET. The conference aims to showcase the Company's innovative AI technology for intelligent infrastructure that enhances roadway safety and efficiency. Investors can register for free to attend the presentation and one-on-one meetings through Sidoti's website.
Rekor Systems, Inc. (NASDAQ: REKR) has announced the deployment of its Rekor One™ platform in three additional cities in Connecticut, contributing to a total of 26 cities adopted in the past six months. This expansion demonstrates the company's growing customer base and successful execution of its land-and-expand strategy. CEO Robert A. Berman highlighted that this adoption includes a significant amount of new business and showcases the strength of Rekor's technology as they approach 2022.
Rekor Systems, Inc. (NASDAQ:REKR) has announced the deployment of its Rekor One™ vehicle intelligence platform in three new municipalities: Topeka, KS, Nampa, ID, and Watertown, NY. This system enhances public safety by providing law enforcement with advanced AI-driven tools for real-time vehicle data and alerts. Rekor One™ not only supports police missions but also facilitates broader government applications such as traffic planning and incident management, utilizing de-identified data while ensuring strict privacy compliance. The technology promises cost-effective, efficient infrastructure for smarter cities.
Rekor Systems, a global AI technology firm, unveiled its Rekor OneTM operating system, aimed at enhancing infrastructure with traffic analytics and safety modules. In Q3 2021, revenues rose 23% to $2.6 million year-over-year, while performance obligations increased 57% to $23.8 million. The company reported a net loss of $9.7 million, attributed to a shift towards a recurring revenue model. The acquisition of Waycare Technologies accelerates growth by integrating data analytics. Despite short-term revenue challenges, Rekor anticipates stronger revenue in H2 2022 and beyond, supported by its land-and-expand strategy.
Rekor Systems (NASDAQ:REKR) announced that the plaintiffs in the class action lawsuit Miller v. Rekor Systems, Inc., et al have filed a Stipulation and Proposed Order of Dismissal, effectively closing the case. Initially filed in June 2021, the lawsuit alleged violations of federal securities laws due to misleading information spread by anonymous short sellers. Lead Director Paul de Bary expressed satisfaction with the swift resolution, which was reached independently by the plaintiffs without compensation.
Rekor Systems, Inc. (NASDAQ:REKR) will release its third quarter 2021 financial results on November 15, 2021, after market close. An earnings conference call is scheduled for the same day at 4:30 p.m. Eastern Time to discuss the financial and operating results for the quarter and year to date. Interested participants can join via a toll-free number or through a live webcast. A playback of the call will also be available for two weeks after the live event. Rekor Systems specializes in intelligent infrastructure and aims to enhance road safety through AI technology.
Rekor Systems commended the $1.2 trillion American Jobs Plan, highlighting its focus on modernizing transportation infrastructure.
CEO Robert A. Berman emphasized the urgent need for intelligent infrastructure, stating it can significantly enhance public safety and sustainability. Rekor's solutions have improved traffic management, reduced emissions by almost 10%, and decreased incident identification times by 9 minutes. The company believes this infrastructure bill presents a major opportunity for enhancing community safety and efficiency across the nation.
Rekor Systems (NASDAQ:REKR) has been selected by Chattanooga, Tennessee, to implement its Rekor One platform for traffic analytics, supporting the city's Smart Corridor+ initiative. This pilot project, backed by a $1.37M grant from the National Science Foundation, aims to analyze vehicle traffic data to tackle congestion, improve safety, and assess emissions. The initiative is part of Chattanooga's ongoing smart city efforts, which have generated over $2.7B in community benefits.
The six-month pilot starts in December and will utilize Rekor sensors alongside the city’s traffic cameras.
Rekor Systems (NASDAQ:REKR) announced its Waycare subsidiary received the ITS World Congress Hall of Fame Industry Award for the Americas. This award honors innovative solutions in Intelligent Traffic Systems (ITS). The ITS World Congress 2021 in Hamburg focused on smart mobility and innovative transportation solutions. Waycare's AI-driven technology improves traffic management using diverse data sources. The recognition underscores the company's contributions during the pandemic, helping organizations adapt and enhance public safety.
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