Business
Rekor Systems, Inc. Reports 2022 Financial Results
Highlights:2022 gross revenue increased 72% to $19.9 million ($22.3 million with the discontinued operations) as compared to $11.6 million ($14.3 million with
About this update from Rekor Systems, Inc.
[{"type":"text","content":"Highlights:2022 gross revenue increased 72% to $19.9 million ($22.3 million with the discontinued operations) as compared to $11.6 million ($14.3 million with discontinued operations) in 2021Closed $15 million Senior Secured Notes in January 2023Sold our Automatic Traffic Safety Enforcement (\"ATSE\") business unitAcquired Southern Trafic Services (\"STS\") in June 2022, expanding our footprint, product offering, and customer baseRecurring revenue increased 182% to $13.1 million in 2022 as compared to $4.6 million in 2021Performance obligations increased 45% to $21.4 million in 2022 as compared to $14.8 million in 2021COLUMBIA, MD / ACCESSWIRE / March 27, 2023 / 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, announced its financial results for the year ended December 31, 2022.\"During the last six months of 2022, we focused on streamlining operations and finding efficiencies across our general and administrative, sales and marketing, research and development and travel expenses. Like many technology companies, we continue to make tough but important choices to help right-size our business and achieve financial and operational efficiencies,\" said Eyal Hen, Chief Financial Officer, Rekor. \"In 2022, we also integrated Rekor's two strategic acquisitions - Waycare and Southern Traffic Services. This has resulted in significant advances and in our technology and business development efforts as we enter 2023, allowing us to further develop our leading technology and achieve greater visibility in the transportation markets.\"\"Rekor stands at the forefront of innovation, leading the charge to be the premier provider of Roadway Intelligence and data-driven mobility insights on a global scale. As a technology company, we are changing the course of the public safety, urban mobility, and transportation market segments with our cutting-edge, AI-driven solutions, enabling smarter, safer, and more sustainable streets for all communities. We look forward to building on this success in 2023 and beyond.\" said Robert A. Berman, Chief Executive Officer, Rekor.Full-Year 2022 Financial ResultsRevenuesGross revenue for the year ended December 31, 2022, increased...