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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 reported a 60% increase in gross revenue for Q2 2021, totaling $4.3 million compared to $2.7 million in Q2 2020. The first half of 2021 saw a remarkable 99% revenue growth, reaching $8.5 million. Gross margin improved to 66%, up from 52% the previous year. The company announced its acquisition of Waycare Technologies, enhancing its product offerings in traffic management. However, operating losses rose to $4.7 million for Q2 2021, up from $2.8 million year-over-year, primarily due to increased expenses associated with expansion and marketing efforts.
Rekor Systems (NASDAQ: REKR) has announced a definitive agreement to acquire Waycare Technologies for approximately $61 million in cash and stock. This acquisition will enhance Rekor’s offerings in the intelligent infrastructure sector and provide access to new markets and vendor relationships. Waycare specializes in using AI for traffic management and has an established customer base. The transaction, expected to close in Q3 2021, aims to bolster Rekor's recurring revenue and create cross-selling opportunities. An investor conference is scheduled for today at 4:30 p.m. Eastern Time.
Rekor Systems (NASDAQ:REKR) will release its second quarter 2021 financial results on August 16, 2021, after market close. The earnings call is scheduled for the same day at 4:30 p.m. Eastern Time. Interested participants can join via phone or a live webcast. Rekor, known for its AI technology focused on intelligent infrastructure, aims to enhance the safety and efficiency of cities globally. The company emphasizes its commitment to providing real-time roadway intelligence through advanced AI and machine learning solutions.
Rekor Systems (NASDAQ:REKR) has filed a petition in a New York State court to uncover the identities of anonymous short sellers who have spread false information about the company. These misleading claims have led to at least one baseless lawsuit, Miller v. Rekor Systems, Inc. et al.. Rekor asserts it will vigorously contest this lawsuit. The company offers real-time roadway and public safety intelligence solutions that use AI for improved decision-making.
Rekor Systems, Inc. (NASDAQ: REKR) announced its selection by the City of Albany, New York, for the Rekor One™ vehicle recognition system. Chosen after a competitive bidding process in June 2021, this system aims to enhance public safety by assisting Albany Police in crime deterrence and investigation. Key features include real-time vehicle identification, solar power operation, and easy third-party integration. The technology is designed to reduce response times during emergencies and improve overall community safety. Installation is expected soon.
Rekor Systems announced the implementation of its Rekor One™ vehicle recognition system at eight public parks in Waukesha County, Wisconsin, following a competitive bid process. The project aims to enhance security and streamline entrance fee compliance for the county's 9,000 acres of parkland. This solution replaces traditional parking enforcement, improving efficiency with a unified online payment method. Rekor's technology is also gaining traction in North Dakota, where the Parks and Recreation Department is adopting the system to improve data collection and usage analysis.
Rekor Systems, Inc. (NASDAQ: REKR) has appointed Michael Dunbar as Chief Revenue Officer and Bulent Ozcan as Director of Investor Relations. Dunbar, with over 30 years of IT experience, specializes in video surveillance solutions for smart environments, enhancing Rekor’s go-to-market strategy. Ozcan brings extensive experience in investor relations from firms like Voya Financial and Penn National Gaming, aimed at improving shareholder communication and value. CEO Robert A. Berman expressed confidence that their expertise aligns with Rekor’s mission of advancing smart city initiatives and public safety.
Rekor Systems, Inc. (NASDAQ:REKR) announced board member Christine Harada will resign from her positions effective July 2, 2021, to lead the Federal Permitting Improvement Steering Council. Harada's leadership was instrumental in guiding Rekor through significant growth since 2017. Her experience includes roles in federal government and the private sector, notably as the Federal Chief Sustainability Officer. Rekor will soon appoint a new Governance Chair to fill her position. The company specializes in AI-driven vehicle recognition solutions, enhancing public safety and operational efficiency across 80 countries.
Rekor Systems (NASDAQ:REKR) reported a 164% increase in first quarter 2021 gross revenue, reaching $4.2 million compared to $1.6 million in Q1 2020. The company raised $70.1 million in net cash from a public offering during February 2021. Despite the revenue growth, operating loss increased to $5.3 million due to higher headcount and R&D expenses. Gross profit rose to $2.3 million but gross margin fell to 53% due to a higher proportion of lower-margin hardware sales. The loss per share decreased to $(0.15).
Rekor Systems (NASDAQ:REKR) projects over 160% revenue growth in Q1 2021, expecting to surpass $4.2 million in gross revenue compared to $1.6 million in Q1 2020. The company successfully closed a secondary offering of 6,126,936 shares, netting $70.1 million. This capital will support operational needs and R&D. The Q1 results showcase a strategic alignment towards demand in commercial and government sectors. A conference call is scheduled for May 10, 2021, to discuss detailed financial results.
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