Business
Rekor Systems, Inc. Reports First Quarter 2022 Financial Results; Announces Intent to Acquire Southern Traffic Services (STS)
Highlights:Company announces Intent to acquire Southern Traffic Services (STS), a traffic engineering firm specializing in traffic data collectionRecurring
About this update from Rekor Systems, Inc.
[{"type":"text","content":"Highlights:Company announces Intent to acquire Southern Traffic Services (STS), a traffic engineering firm specializing in traffic data collectionRecurring revenue increased 96% to $1.7 million for the three months ended March 31, 2022, as compared to $0.9 million for the three months ended March 31, 2021. Revenue for the first quarter of 2022 were $3.6 million, a decrease from $4.2 million in the same quarter of 2021Rekor Systems Intelligent Infrastructure Solution was selected for Amazon Web Services Partner Network and Public Sector Partner ProgramRaised $3.1 million in net cash proceeds during the first quarter 2022 with the At-The-Market 2022 Sales AgreementCOLUMBIA, MD / ACCESSWIRE / May 16, 2022 / Rekor Systems, Inc, (NASDAQ:REKR) (\"Rekor\" or the \"Company\"), a global AI technology company with a mission to make communities around the world safer, smarter and more efficient by providing actionable, data-driven insights through intelligent infrastructure, today announced its unaudited financial results for the three month period ended March 31, 2022.\"Our results for three months ended March 31, 2022, continued to show growth in recurring revenue under our new sales model compared to the fourth quarter of 2021,\" said Eyal Hen, Chief Financial Officer, Rekor. \"In 2022, we've been focusing on sales initiatives and working to evolve our go-to-market strategy. This has been rewarded by an outsize increase in recurring revenues.\"Hen added, \"2022 continues to be a pivotal time in our Company's short history. The shift in emphasis from \"point-in-time revenue\" to \"recurring revenue\", that we made in the third quarter of 2021, has had a near term impact on overall revenues, and we believe that our current emphasis on developing subscription revenues will have a positive impact on our overall growth for the long term.\"\"We're pleased to be reporting very strong growth in recurring revenues and continued increases in new customers across our key vertical markets. The Rekor One platform that we launched in the third quarter of 2021, continues to provide momentum for our go-to-market strategy,\" said Robert A. Berman, Chairman and Chief Executive Officer, Rekor. \"Looking ahead in 2022, we expect to see strong contributions from our channel partners, based on the substantial investments they've made in evaluating, testing, ...