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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, Inc. (NASDAQ:REKR) has announced the launch of its new Partner Portal, aimed at enhancing its channel partner program. This portal will facilitate better access to training, resources, and opportunity tracking for both Premier and Authorized Reseller partners. Key features include real-time insights into opportunities, a lead share system for immediate visibility, and streamlined support ticket generation for Authorized Resellers. The initiative is expected to boost partner engagement and streamline the business process, enabling Rekor to deliver enhanced vehicle recognition solutions worldwide.
Rekor Systems reported a 69% increase in gross revenue for 2020, reaching $9.2 million, compared to $5.5 million in 2019. The fourth quarter saw an 88% surge in revenue to $2.8 million from $1.5 million year-over-year. The company raised $70.1 million through a public offering in February 2021 to bolster its technology focus and pursue M&A opportunities. Despite these gains, the operating loss rose to $11.8 million for 2020, up from $7.5 million in 2019, primarily due to increasing expenses related to growth and R&D.
Rekor Systems, Inc. (NASDAQ:REKR) will announce its financial results for the fourth quarter and full year 2020 on March 10, 2021. A conference call will be held at 4:45 p.m. ET to discuss these results. Interested participants can join the call by dialing 877-407-8033 (U.S.) or 201-689-8033 (International). A live webcast will be available online, and a replay will be accessible afterward for two weeks.
Rekor specializes in real-time roadway and public safety intelligence across approximately 80 countries, leveraging AI for enhanced decision-making in various sectors.
Rekor Systems, Inc. (NASDAQ:REKR) announced its intent to acquire Iteris, Inc. on February 20, 2021, offering a mix of cash and stock. However, Iteris' board rejected the proposal on February 26, stating it was not in the best interest of their shareholders. Rekor's CEO expressed disappointment over the swift rejection and highlighted the inquiries from Rekor's shareholders regarding the merger. The announcement follows Rekor's broader strategy to explore potential merger partners, aiming to enhance its AI-driven roadway and public safety solutions in over 70 countries.
Rekor Systems (NASDAQ: REKR) has been chosen by the State of North Dakota Parks and Recreation Department to pilot its Rekor One™ solution at Icelandic, Fort Stevenson, and Fort Abraham Lincoln State Parks. This new platform will replace outdated data collection systems, enabling authorities to gather real-time usage patterns, enhance visitor safety, and support strategic planning. The goal is to eventually implement this technology across all 15 destination parks, facilitating improved traffic management and marketing efforts.
Rekor Systems (NASDAQ:REKR) announced the successful closing of its public offering, selling 6,126,936 shares at $12.25 per share, yielding approximately $75.1 million in gross proceeds. The offering included an exercise of the underwriters' option for an additional 799,166 shares. Funds will be allocated for general corporate purposes, including working capital and potential acquisitions. The offering was managed by B. Riley Securities and Lake Street Capital Markets, with an effective shelf registration statement filed with the SEC.
Rekor Systems (NASDAQ:REKR) has announced a public offering of 5,327,773 shares of common stock at $12.25 per share, aiming to generate approximately $65.3 million in gross proceeds. The offering will close around February 9, 2021. Underwriters also have a 30-day option to purchase an additional 799,166 shares. Proceeds will be allocated for general corporate purposes, including potential acquisitions or investments in related technologies. The offering is detailed in a prospectus filed with the SEC.
Rekor Systems, Inc. (NASDAQ:REKR), a Maryland-based AI-driven roadway intelligence provider, announced a proposed underwritten public offering of common stock. This offering includes a 30-day option for underwriters to purchase additional shares. The proceeds will be utilized for general corporate purposes, including capital expenditures and possible acquisitions. The offering is subject to market conditions, and no assurance is given on its completion or terms. Rekor's technology aids in various sectors like public safety and smart cities, promoting enhanced decision-making.
Rekor (NASDAQ:REKR) announced that CEO Robert A. Berman will present at NobleCon17 on January 19, 2021, at 2:15 PM EST. The conference allows Rekor to share its advancements, including the launch of the Rekor One platform in Oklahoma, their first mobile app Rekor Go, and improvements in data privacy and security through Rekor Scout. The event will run from January 19 to 20, 2021, and interested investors can register for the virtual conference.
Rekor provides AI-driven vehicle recognition solutions for public safety and smart cities across over 70 countries.
Rekor Systems has launched a significant update to its AI-driven vehicle recognition software, now called Rekor Scout. This update improves privacy and security controls, allowing commercial and government users to define data retention policies tailored to specific infractions. Key features include the Rekor Public Safety Network for data sharing among agencies, peer-to-peer sharing capabilities, and an open API for enhanced data ownership. Pricing ranges from $5 to $79 per month, with a free 14-day trial for new customers. This development positions Rekor as a leader in vehicle recognition technology.
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