Business
Rekor Systems, Inc. Reports Record Second Quarter 2023 Financial Results
Company Continues Momentum with Consecutive Quarter-over-Quarter Revenue Growth, Solidifying Its Unique Position in the AI SectorHighlights:Q2 2023 gross
About this update from Rekor Systems, Inc.
[{"type":"text","content":"Company Continues Momentum with Consecutive Quarter-over-Quarter Revenue Growth, Solidifying Its Unique Position in the AI SectorHighlights:Q2 2023 gross revenue increased 132% to $8.6 million as compared to $3.7 million in Q2 2022Recurring revenue increased 178% to $5.8 million in Q2 2023 as compared to $2.1 million in Q2 2022Performance obligations increased 48% to $31.8 million as of June 30, 2023, as compared to $21.4 million as of December 31, 2022Total contract value signed during the second quarter was $17.6 million, an increase of 31% from $12.1 million in the first quarter of 2023 and an increase from $3.5 million or 411% over the same quarter last yearImproved Adjusted EBITDA from a loss of $12.0 million for Q2 2022 to a loss of $7.2 million for Q2 2023COLUMBIA, MD / ACCESSWIRE / August 14, 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 six and three months ended June 30, 2023.\"In the second quarter of 2023, not only did we successfully reduce our cash burn to approximately $5.5 million without one-time payments, but we also sustained our impressive revenue growth trend. We've consistently achieved over 35% increase in revenue quarter over quarter since the fourth quarter of 2022. This remarkable progress reflects our success in achieving our strategic vision,\" said Eyal Hen, Chief Financial Officer, Rekor.\"Rekor is leading the charge to be the premier provider of Roadway Intelligence and data-driven mobility insights on a global scale. Our cutting-edge, AI-driven solutions are revolutionizing public safety, urban mobility, and transportation product lines and enabling us to achieve consistent and predictable revenue-a rarity for any development-stage technology company,\" said Robert A. Berman, Chair and CEO, Rekor.Mr. Berman added: \"What sets Rekor apart is our ability not only to innovate but also to translate that innovation into sustainable growth. The revenue consistency we're achieving is a testament to the strong demand for our solutions, our effective go-to-market strategy, and the immense value we're creating for our customers and shareholders alike. We are pioneering a ne...