Business
Rekor Systems, Inc. Reports 2021 Financial Results
Highlights:2021 gross revenue increased 55% to $14.3 million as compared to $9.2 million in 2020Raised $70.1 million in net cash proceeds during February 2021
About this update from Rekor Systems, Inc.
[{"type":"text","content":"Highlights:2021 gross revenue increased 55% to $14.3 million as compared to $9.2 million in 2020Raised $70.1 million in net cash proceeds during February 2021 with a public offeringAcquired Waycare in August 2021, expanding global footprint, product offering and customer baseRecurring revenue increased 28% to $4.6 million in 2021 as compared to $3.6 million in 2020Performance obligations increased 35% to $22.6 million in 2021 as compared to $16.7 million in 2020Strengthened leadership team with addition of David Desharnais as PresidentCOLUMBIA, MD / ACCESSWIRE / March 31, 2022 / Rekor Systems, Inc, (NASDAQ:REKR) (\"Rekor\" or the \"Company\"), a global AI technology company with a mission to provide insights that build safer, smarter and more efficient cities around the world through intelligent infrastructure, today announced its financial results for the year-ended December 31, 2021.\"Our results for the year ended 2021 have demonstrated another year of growth on a year-over-year basis,\" said Eyal Hen, Chief Financial Officer, Rekor. \"In 2021, we heightened our focus on sales initiatives, worked to evolve our go-to-market strategy, and were successful in increasing recurring revenues.Hen added, \"2021 was a pivotal year for us with significant transactions like a secondary offering of $70.1 million in net cash proceeds and completion of the acquisition and integration of Waycare Technologies Ltd, in support of our strategy to become the leader in big data for intelligent infrastructure.\"\"We're pleased to be reporting strong annual results highlighted by an increase in new customers across our key vertical markets. The launch of our Rekor One platform in 2021, gave continuing momentum with our go-to-market strategy,\" said Robert A. Berman, Chairman and Chief Executive Officer, Rekor. \"Looking ahead to 2022, we plan to continue focusing on the opportunities we see to leverage our AI traffic solutions across our target markets. We believe we've entered the new year well-positioned and highly motivated to extend our leadership position in the rapidly growing market for AI-based intelligent infrastructure. While we're seeing strong organic growth, we remain opportunistic when it comes to exploring additional accretive M&A prospects.\"As part of its expansion strategy, Rekor strengthened its leadership team with the addition o...