Rekor Systems Reports Strong 2024 Financial Results Highlighted by Record Revenue and Significant Operational Improvements
Rekor Systems (NASDAQ: REKR) reported strong financial results for 2024, achieving record annual gross revenue of $46.0 million, a 32% increase from $34.9 million in 2023. Q4 2024 revenue reached an all-time high of $13.3 million, up 20% year-over-year, with improved Adjusted EBITDA loss narrowing to $4.7 million from $6.7 million in Q4 2023.
Key operational achievements include Rekor Scout® certification in New Jersey, deployment of Vehicle Insite across 90 sites in Phoenix for EV studies, and a strategic partnership with Soundhound AI for emergency vehicle technologies. The company expanded its AI-powered Rekor Command® platform with new features for traffic management.
In early 2025, Rekor established an Executive Committee for strategic realignment, implementing workforce reductions and appointing new executives to focus on Rekor Scout® and Rekor Discover® products, aiming to accelerate revenue growth while reducing external financing dependence.
Rekor Systems (NASDAQ: REKR) ha riportato risultati finanziari solidi per il 2024, raggiungendo un fatturato lordo annuale record di 46,0 milioni di dollari, con un aumento del 32% rispetto ai 34,9 milioni di dollari del 2023. Nel quarto trimestre del 2024, il fatturato ha raggiunto un massimo storico di 13,3 milioni di dollari, con un incremento del 20% rispetto all'anno precedente, mentre la perdita di EBITDA rettificato è diminuita a 4,7 milioni di dollari rispetto ai 6,7 milioni di dollari del quarto trimestre del 2023.
Tra i principali risultati operativi vi sono la certificazione di Rekor Scout® nel New Jersey, il dispiegamento di Vehicle Insite in 90 siti a Phoenix per studi sui veicoli elettrici, e una partnership strategica con Soundhound AI per tecnologie relative ai veicoli di emergenza. L'azienda ha ampliato la sua piattaforma Rekor Command® alimentata da intelligenza artificiale con nuove funzionalità per la gestione del traffico.
All'inizio del 2025, Rekor ha istituito un Comitato Esecutivo per il riallineamento strategico, implementando riduzioni della forza lavoro e nominando nuovi dirigenti per concentrarsi sui prodotti Rekor Scout® e Rekor Discover®, con l'obiettivo di accelerare la crescita dei ricavi riducendo la dipendenza dal finanziamento esterno.
Rekor Systems (NASDAQ: REKR) informó resultados financieros sólidos para 2024, logrando un ingreso bruto anual récord de 46,0 millones de dólares, un aumento del 32% respecto a los 34,9 millones de dólares en 2023. Los ingresos del cuarto trimestre de 2024 alcanzaron un máximo histórico de 13,3 millones de dólares, un incremento del 20% interanual, con la pérdida de EBITDA ajustado mejorando a 4,7 millones de dólares desde 6,7 millones de dólares en el cuarto trimestre de 2023.
Los logros operativos clave incluyen la certificación de Rekor Scout® en Nueva Jersey, el despliegue de Vehicle Insite en 90 sitios en Phoenix para estudios de vehículos eléctricos, y una asociación estratégica con Soundhound AI para tecnologías de vehículos de emergencia. La compañía amplió su plataforma Rekor Command® impulsada por inteligencia artificial con nuevas características para la gestión del tráfico.
A principios de 2025, Rekor estableció un Comité Ejecutivo para el realineamiento estratégico, implementando reducciones de personal y nombrando nuevos ejecutivos para centrarse en los productos Rekor Scout® y Rekor Discover®, con el objetivo de acelerar el crecimiento de ingresos mientras se reduce la dependencia del financiamiento externo.
Rekor Systems (NASDAQ: REKR)는 2024년 강력한 재무 결과를 보고하며, 연간 총 수익이 4600만 달러에 달해 2023년의 3490만 달러에서 32% 증가했다고 발표했습니다. 2024년 4분기 수익은 1330만 달러로 사상 최고치를 기록하며, 전년 대비 20% 증가했으며, 조정된 EBITDA 손실은 2023년 4분기의 670만 달러에서 470만 달러로 축소되었습니다.
주요 운영 성과로는 뉴저지에서의 Rekor Scout® 인증, 전기차 연구를 위한 피닉스의 90개 사이트에 Vehicle Insite 배포, 그리고 긴급 차량 기술을 위한 Soundhound AI와의 전략적 파트너십이 있습니다. 이 회사는 교통 관리를 위한 새로운 기능을 추가하여 AI 기반의 Rekor Command® 플랫폼을 확장했습니다.
2025년 초, Rekor는 전략적 재조정을 위해 집행 위원회를 구성하고, 인력 감축을 시행하며 Rekor Scout® 및 Rekor Discover® 제품에 집중하기 위해 새로운 임원을 임명했습니다. 이는 외부 자금 의존도를 줄이면서 수익 성장을 가속화하는 것을 목표로 하고 있습니다.
Rekor Systems (NASDAQ: REKR) a annoncé des résultats financiers solides pour 2024, atteignant un chiffre d'affaires brut annuel record de 46,0 millions de dollars, soit une augmentation de 32 % par rapport à 34,9 millions de dollars en 2023. Le chiffre d'affaires du quatrième trimestre 2024 a atteint un niveau record de 13,3 millions de dollars, en hausse de 20 % d'une année sur l'autre, avec une perte d'EBITDA ajusté réduite à 4,7 millions de dollars contre 6,7 millions de dollars au quatrième trimestre 2023.
Parmi les réalisations opérationnelles clés, on trouve la certification de Rekor Scout® dans le New Jersey, le déploiement de Vehicle Insite sur 90 sites à Phoenix pour des études sur les véhicules électriques, et un partenariat stratégique avec Soundhound AI pour les technologies de véhicules d'urgence. L'entreprise a élargi sa plateforme Rekor Command® alimentée par l'intelligence artificielle avec de nouvelles fonctionnalités pour la gestion du trafic.
Début 2025, Rekor a établi un Comité Exécutif pour un réalignement stratégique, mettant en œuvre des réductions de personnel et nommant de nouveaux dirigeants pour se concentrer sur les produits Rekor Scout® et Rekor Discover®, dans le but d'accélérer la croissance des revenus tout en réduisant la dépendance au financement externe.
Rekor Systems (NASDAQ: REKR) hat für 2024 starke finanzielle Ergebnisse gemeldet und einen Rekordjahresumsatz von 46,0 Millionen Dollar erzielt, was einem Anstieg von 32% gegenüber 34,9 Millionen Dollar im Jahr 2023 entspricht. Im vierten Quartal 2024 erreichte der Umsatz mit 13,3 Millionen Dollar einen Allzeithoch, was einem Anstieg von 20% im Vergleich zum Vorjahr entspricht, während der bereinigte EBITDA-Verlust auf 4,7 Millionen Dollar von 6,7 Millionen Dollar im vierten Quartal 2023 gesenkt wurde.
Zu den wichtigsten betrieblichen Erfolgen gehören die Zertifizierung von Rekor Scout® in New Jersey, die Bereitstellung von Vehicle Insite an 90 Standorten in Phoenix für Elektrofahrzeugstudien und eine strategische Partnerschaft mit Soundhound AI für Technologien für Einsatzfahrzeuge. Das Unternehmen hat seine KI-gestützte Plattform Rekor Command® mit neuen Funktionen zur Verkehrsmanagement erweitert.
Anfang 2025 hat Rekor ein Exekutivkomitee für die strategische Neuausrichtung eingerichtet, Personalabbau implementiert und neue Führungskräfte ernannt, um sich auf die Produkte Rekor Scout® und Rekor Discover® zu konzentrieren, mit dem Ziel, das Umsatzwachstum zu beschleunigen und gleichzeitig die Abhängigkeit von externen Finanzierungen zu reduzieren.
- Record annual revenue of $46.0M, up 32% YoY
- Q4 2024 revenue reached all-time high of $13.3M, up 20% YoY
- Improved Adjusted EBITDA loss from $6.7M to $4.7M in Q4
- Strategic partnership with Soundhound AI for emergency vehicle technologies
- Rekor Scout® certification in New Jersey opening new market opportunities
- Continued operating losses despite revenue growth
- Workforce reductions implemented in early 2025
- Dependence on external financing noted as ongoing concern
- Lower gross margins due to sales mix changes
Insights
Rekor Systems has delivered record-breaking financial performance for FY2024 with
Perhaps more importantly, Rekor has demonstrated meaningful progress in operational efficiency, narrowing its Adjusted EBITDA loss from
The strategic realignment announced in early 2025, including selective workforce reductions and appointment of executives with infrastructure scaling experience, signals management's commitment to accelerating the path to profitability. Their stated goal of reducing dependence on external financing is particularly significant for a small-cap growth company with a market capitalization of approximately
Rekor's focus on high-margin software products like Rekor Scout® and Rekor Discover® is proving effective, though the revenue mix appears to have shifted somewhat in 2024, resulting in lower adjusted gross margins. This suggests the company may be prioritizing top-line growth through hardware-inclusive deals that carry lower margins in the short term, potentially to establish market position and create recurring revenue opportunities.
Rekor's strategic product developments and partnerships reflect a sophisticated understanding of the roadway intelligence market's evolution. The certification of Rekor Scout® in New Jersey represents a significant commercial milestone, as state-level certifications typically open doors to multiple municipal contracts within that jurisdiction.
The company's Phoenix metropolitan EV usage pattern study demonstrates practical application of their technology in supporting transportation electrification planning. With 90 deployment sites, this project showcases Rekor's ability to execute large-scale data collection initiatives that provide actionable insights for smart city planning.
The Soundhound AI partnership is particularly noteworthy as it combines audio and visual AI for emergency response applications. This integration addresses a critical gap in current emergency vehicle technologies and creates differentiation in the competitive landscape. The continued enhancement of the Rekor Command® platform with new AI-powered features like Priority Ranking and Related Events functionality shows commitment to solving genuine operational challenges faced by traffic management centers.
Rekor's narrowing focus on Scout® (for public safety/commercial markets) and Discover® (for roadway data collection) products indicates a strategic concentration on proven solutions with established market traction. The company has wisely identified its core competencies and is now optimizing its go-to-market approach around these strengths, which should improve sales efficiency and customer acquisition costs over time.
2024 Financial Highlights: A Year of Significant Growth and Efficiency
- Record Gross Revenue: Achieved record annual gross revenue of
$46.0 million , representing a32% increase from$34.9 million in 2023. - Fourth Quarter Results: Gross revenue reached an all-time quarterly high of
$13.3 million in Q4 2024, marking a20% increase compared to Q4 2023. - Improved Adjusted EBITDA: Substantially narrowed Adjusted EBITDA loss from
$6.7 million in Q4 2023 to$4.7 million in Q4 2024, underscoring enhanced operational efficiency.
COLUMBIA, Md., March 31, 2025 (GLOBE NEWSWIRE) -- Rekor Systems, Inc. (NASDAQ: REKR), a global leader in roadway intelligence, today announced its financial results for the fiscal year that ended December 31, 2024. Throughout 2024, Rekor demonstrated substantial progress in efficiently scaling operations while consistently delivering increased value to customers and shareholders.
In addition to achieving significant financial milestones, the Company reported several noteworthy operational and strategic achievements:
- Rekor Scout® Certified for Deployment in New Jersey: Rekor's leading-edge platform, Rekor Scout®, earned official certification for use in New Jersey, marking a key step forward in the expansion of its innovative roadway monitoring technology and creating significant opportunities for further market penetration.
- Electric Vehicle Movement Study in Phoenix Metropolitan Region: Successfully deployed Rekor's Vehicle Insite application across 90 sites in the Phoenix metropolitan area to study electric vehicle (EV) usage patterns. This project underscores the Company's capacity for managing complex, large-scale deployments and positions Rekor as a leader in intelligent infrastructure supporting sustainable transportation solutions.
- Strategic Partnership with Soundhound AI: Rekor partnered with Soundhound AI to pioneer groundbreaking emergency vehicle technologies, integrating advanced audio-visual artificial intelligence capabilities. This first-of-its-kind collaboration will revolutionize emergency response by significantly enhancing situational awareness and responsiveness.
Additionally, the Company expanded its AI-powered Rekor Command® platform in the fourth quarter to further support traffic and emergency operations centers. Data overload and a lack of real-time insights often hinder effective decision-making in the fast-paced traffic management environment. The new Rekor Command® Priority Ranking feature took the first step in providing traffic and emergency operations center operators with AI-powered decision support, enabling them to prioritize and respond to high-impact incidents more quickly, accurately, and efficiently in real-time.
Recently, the Company unveiled the next evolution in AI-powered decision support with the launch of the Rekor Command® Related Events feature, enabling operators to treat all events in a geographic area as a single event rather than a series of isolated, individual events, supporting faster and improved communications with both responders and the public, and ensuring accurate, comprehensive, and timely information sharing. Rekor's continued investment in AI-driven traffic management center decision support highlights its ongoing commitment to improving roadway safety and efficiency.
"We are pleased with our financial and operational achievements in 2024," said Rekor CFO Eyal Hen. "Our record revenue growth, alongside consistent improvement in operational efficiency, highlights our dedication to strategic execution and innovation. With our expanding market presence and strong partnerships, Rekor is well-positioned for continued momentum throughout 2025 and beyond."
In early January, the Rekor Board of Directors established an Executive Committee to review Company operations, focusing on strategically realigning resources and evaluating the Company's go-to-market approach. This initiative aims to accelerate revenue growth and reduce dependence on external financing. As part of this strategic realignment, the Company made selective workforce reductions and appointed new executive leaders with significant experience scaling companies globally in the critical infrastructure sector.
These executives will guide sales and operational resources, focusing specifically on Rekor Scout® products and services for public safety and commercial markets and Rekor Discover® products designed for advanced roadway data collection. Rekor Scout® solutions serve diverse users, from local police departments and government agencies to commercial and residential property owners worldwide. Rekor Discover® has gained substantial domestic traction in multiple states, including Georgia, South Carolina, Virginia, New Mexico, Arkansas, and Florida.
Robert A. Berman, Interim President and CEO and Board Chairman, concluded: "Our strategic realignment underscores Rekor's commitment to disciplined growth, operational efficiency, and enhancing shareholder value. By focusing our resources on proven, high-impact products such as Rekor Scout® and Rekor Discover® and strengthening our leadership with seasoned executives who have successfully scaled global infrastructure businesses, we are well-positioned to accelerate revenue growth while reducing our reliance on external capital."
Year and Three Months Ended December 31, 2024 Financial Results
This section highlights the changes for the year and three months ended December 31, 2024, compared to the year and three months ended December 31, 2023.
Revenues
| Year ended December 31, | Three Months ended December | ||||||||||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||
| (Dollars in thousands, except percentages) | $ | % | (Dollars in thousands, except percentages) | $ | % | ||||||||||||||||
| Revenue | $ | 46,028 | $ | 34,933 | $ | 11,095 | $ | 13,277 | $ | 11,066 | $ | 2,211 | |||||||||
| Cost of revenue, excluding depreciation and amortization | 23,344 | 16,499 | 6,845 | 6,380 | 5,180 | 1,200 | |||||||||||||||
| Adjusted Gross Profit | $ | 22,684 | $ | 18,434 | $ | 4,250 | $ | 6,897 | $ | 5,886 | $ | 1,011 | |||||||||
| Adjusted Gross Margin | - | - | - | - | |||||||||||||||||
The increase in revenue for the year and three months ended December 31, 2024, compared to the for the year and three months ended December 31, 2023, was primarily attributable to our Urban Mobility revenue stream, which consists of revenue derived from roadway data aggregation activities. For the year and three months ending December 31, 2024, revenue attributable to ATD was
Cost of Revenue, excluding Depreciation and Amortization
For the year and three months ended December 31, 2024, the cost of revenue, excluding depreciation and amortization, increased compared to the corresponding prior periods primarily due to an increase in personnel and other direct costs, such as hardware, that were incurred to support our increase in revenue. Additionally, during the year and three months ended December 31, 2024,
Loss from Operations, excluding impairment of intangible assets
| Year ended December 31, | Change | Three Months ended December | Change | |||||||||||||||||||||||||
| 2024 | 2023 | $ | % | 2024 | 2023 | $ | % | |||||||||||||||||||||
| Loss from operations excluding impairment of intangible assets | $ | (44,109 | ) | $ | (42,116 | ) | $ | (1,993 | ) | -5 | % | $ | (8,264 | ) | $ | (9,346 | ) | $ | 1,082 | 12 | % | |||||||
Loss from operations, excluding impairment of intangible assets for the year and three months ended December 31, 2024, compared to the year and three months ended December 31, 2023, increased primarily due to some of the additional operating costs of ATD, including the additional depreciation and amortization of intangible assets associated with the acquisition.
EBITDA and Adjusted EBITDA
The Company calculates EBITDA as net loss before interest, taxes, depreciation, and amortization. The Company calculates Adjusted EBITDA as net loss before interest, taxes, depreciation, and amortization, adjusted for (i) impairment of intangible assets, (ii) loss on extinguishment of debt, (iii) stock-based compensation, (iv) losses or gains on sales of subsidiaries, and (v) other unusual or non-recurring items. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the U.S. ("U.S. GAAP") and should not be considered as an alternative to net earnings or cash flow from operating activities as indicators of our operating performance or as a measure of liquidity or any other measures of performance derived in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors, and other interested parties to evaluate a Company's ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.
The following table sets forth the components of the EBITDA and Adjusted EBITDA for the periods included (dollars in thousands):
| Year ended December 31, | Three Months ended December | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (61,410 | ) | $ | (45,685 | ) | $ | (20,355 | ) | $ | (11,324 | ) | |||
| Provision for income taxes | 45 | 32 | 45 | 32 | |||||||||||
| Interest expense, net | 2,645 | 3,596 | 551 | 1,020 | |||||||||||
| Depreciation and amortization | 9,493 | 7,894 | 2,418 | 1,969 | |||||||||||
| EBITDA | $ | (49,227 | ) | $ | (34,163 | ) | $ | (17,341 | ) | $ | (8,303 | ) | |||
| Share-based compensation | 4,829 | 4,352 | 1,399 | 1,115 | |||||||||||
| Loss (gain) on extinguishment of debt | 4,693 | (527 | ) | - | - | ||||||||||
| Impairment of intangible assets | 10,214 | - | 10,214 | - | |||||||||||
| Loss on offering costs - Prepaid Advance | 888 | - | - | - | |||||||||||
| Loss on extinguishment of Prepaid Advance | 900 | - | 900 | - | |||||||||||
| Gain on the sale of Global Public Safety | (1,500 | ) | - | - | - | ||||||||||
| Loss due to the remeasurement of the STS Earnout and Contingent Consideration, net | 100 | 384 | 100 | 384 | |||||||||||
| Impairment of SAFE agreement | - | 101 | - | 101 | |||||||||||
| Adjusted EBITDA | $ | (29,103 | ) | $ | (29,853 | ) | $ | (4,728 | ) | $ | (6,703 | ) | |||
Rekor has scheduled a conference call to discuss the year end 2024 results on Monday, March 31, 2025, at 4:30 P.M. (Eastern).
Any person interested in participating in the call should please dial in approximately 10 minutes prior to the start of the call using the following information:
North America: 877-407-8037 / 201-689-8037
International:
Click here for participant International Toll-Free access numbers
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=UaMhmm4p
REPLAY INFORMATION
A replay will be made available online approximately two hours following the live call for a period of two weeks. To access the replay, use the following numbers:
Replay Dial-In: 877-660-6853 / 201-612-7415
Access ID: 13751639
An archived webcast will also be available to replay this conference call directly from the Company's website under Investors, Events & Presentations.
About Rekor Systems, Inc.
Rekor Systems, Inc. (NASDAQ: REKR) is a leader in developing and implementing state-of-the-art roadway intelligence systems using AI-enabled computer vision and machine learning. As a pioneer in the implementation of digital infrastructure, Rekor is collecting, connecting, and organizing the world's mobility data – laying the foundation for a digitally-enabled operating system for the roadway. With our Rekor One® Roadway Intelligence Engine at the core of our technology, we aggregate and transform trillions of data points into intelligence through proprietary computer vision, machine learning, and big data analytics that power our platforms and applications. Our solutions provide actionable insights that give governments and businesses a comprehensive picture of roadways while providing a collaborative environment that drives the world to be safer, greener, and more efficient. To learn more, please visit our website: https://rekor.ai, and follow Rekor on social media on LinkedIn, X (formerly Twitter), Threads, and Facebook.
Forward-Looking Statements
This press release and its links and attachments contain statements concerning Rekor Systems, Inc. and its future expectations, plans, and prospects that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the impact of Rekor's core suite of AI-powered technology and the size and shape of the global market for ALPR systems. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," by the negative of these terms or by other similar expressions. You are cautioned that such statements are subject to many risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual circumstances, events or results may differ materially from those projected in the forward-looking statements, particularly as a result of various risks and other factors identified in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events, or otherwise.
Company Contact:
Rekor Systems, Inc.
Eyal Hen
Chief Financial Officer
Phone: +1 (443) 545-7260
ehen@rekor.ai
Media & Investor Relations Contact:
Rekor Systems, Inc.
Charles Degliomini
ir@rekor.ai
| REKOR SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 5,013 | $ | 15,385 | |||
| Restricted cash | 316 | 328 | |||||
| Accounts receivable, net | 7,232 | 4,955 | |||||
| Inventory | 4,297 | 3,058 | |||||
| Note receivable, current portion | 340 | 340 | |||||
| Other current assets | 2,732 | 1,270 | |||||
| Total current assets | 19,930 | 25,336 | |||||
| Long-term assets | |||||||
| Property and equipment, net | 11,048 | 13,188 | |||||
| Right-of-use operating lease assets, net | 9,348 | 9,584 | |||||
| Right-of-use financing lease assets, net | 2,317 | 1,989 | |||||
| Goodwill | 24,313 | 20,593 | |||||
| Intangible assets, net | 14,450 | 17,239 | |||||
| Note receivable, long-term | 142 | 482 | |||||
| Deposits | 927 | 3,740 | |||||
| Total long-term assets | 62,545 | 66,815 | |||||
| Total assets | $ | 82,475 | $ | 92,151 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued expenses | 4,330 | 5,139 | |||||
| Notes payable, current portion | 1,000 | 1,000 | |||||
| Loans payable, current portion | 79 | 75 | |||||
| Lease liability operating, short-term | 2,310 | 1,261 | |||||
| Lease liability financing, short-term | 900 | 547 | |||||
| Contract liabilities | 3,439 | 3,604 | |||||
| Liability for ATD Holdback Shares | 1,036 | - | |||||
| Other current liabilities | 5,129 | 5,610 | |||||
| Total current liabilities | 18,223 | 17,236 | |||||
| Long-term liabilities | |||||||
| Notes payable, long-term | - | 1,000 | |||||
| 2023 Promissory Notes, net of debt discount of | - | 2,988 | |||||
| 2023 Promissory Notes - related party, net of debt discount of | - | 6,351 | |||||
| Series A Prime Revenue Sharing Notes, net of debt discount of | 9,737 | 9,553 | |||||
| Series A Prime Revenue Sharing Notes - related party, net of debt discount of | 4,868 | 4,777 | |||||
| Loans payable, long-term | 194 | 273 | |||||
| Lease liability operating, long-term | 12,371 | 13,445 | |||||
| Lease liability financing, long-term | 977 | 1,057 | |||||
| Contract liabilities, long-term | 1,298 | 1,449 | |||||
| Deferred tax liability | 79 | 65 | |||||
| Other long-term liabilities | 587 | 587 | |||||
| Total long-term liabilities | 30,111 | 41,545 | |||||
| Total liabilities | 48,334 | 58,781 | |||||
| Commitments and contingencies (note 12) | |||||||
| Stockholders' equity | |||||||
| Preferred stock, | - | - | |||||
| Common stock, | 10 | 7 | |||||
| Treasury stock - at cost, 159,520 and 96,508 shares as of December 31, 2024 and 2023, respectively | (711 | ) | (522 | ) | |||
| Additional paid-in capital | 294,935 | 232,568 | |||||
| Accumulated deficit | (260,093 | ) | (198,683 | ) | |||
| Total stockholders' equity | 34,141 | 33,370 | |||||
| Total liabilities and stockholders' equity | $ | 82,475 | $ | 92,151 | |||
| REKOR SYSTEMS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data) | |||||||
| Year ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Revenue | $ | 46,028 | $ | 34,933 | |||
| Cost of revenue, excluding depreciation and amortization | 23,344 | 16,499 | |||||
| Operating expenses: | |||||||
| General and administrative expenses | 30,676 | 27,038 | |||||
| Selling and marketing expenses | 7,858 | 7,347 | |||||
| Research and development expenses | 18,766 | 18,271 | |||||
| Impairment of intangible assets | 10,214 | - | |||||
| Depreciation and amortization | 9,493 | 7,894 | |||||
| Total operating expenses | 77,007 | 60,550 | |||||
| Loss from operations | (54,323 | ) | (42,116 | ) | |||
| Other income (expense): | |||||||
| (Loss) gain on extinguishment of debt | (4,693 | ) | 527 | ||||
| Interest expense, net | (2,645 | ) | (3,596 | ) | |||
| Gain on remeasurement of ATD Holdback Shares | 599 | - | |||||
| Loss on offering costs - Prepaid Advance | (888 | ) | - | ||||
| Loss on extinguishment of Prepaid Advance | (900 | ) | - | ||||
| Gain on the sale of Global Public Safety | 1,500 | - | |||||
| Other expense, net | (15 | ) | (468 | ) | |||
| Total other expense, net | (7,042 | ) | (3,537 | ) | |||
| Loss before income taxes | (61,365 | ) | (45,653 | ) | |||
| Provision for income taxes | 45 | 32 | |||||
| Net loss | $ | (61,410 | ) | $ | (45,685 | ) | |
| Loss per common share - basic and diluted | $ | (0.71 | ) | $ | (0.72 | ) | |
| Weighted average shares outstanding | |||||||
| Basic and diluted | 86,717,724 | 63,168,299 | |||||
FAQ
What was Rekor Systems (REKR) revenue growth in 2024?
How did REKR perform in Q4 2024 compared to Q4 2023?
What strategic partnerships did REKR announce in 2024?
What operational changes did REKR implement in early 2025?
What new certifications did REKR receive in 2024?
