Business
Rekor Systems, Inc. Reports Second Quarter 2021 Financial Results
Highlights:Second quarter 2021 gross revenue increased 60% to $4.3 million as compared to $2.7 million in the second quarter of 2020First half 2021 gross
About this update from Rekor Systems, Inc.
[{"type":"text","content":"Highlights:Second quarter 2021 gross revenue increased 60% to $4.3 million as compared to $2.7 million in the second quarter of 2020First half 2021 gross revenue increased 99% to $8.5 million as compared to $4.3 million in the prior yearSecond quarter 2021 gross margin was 66%, up from 52% in the second quarter of 2020Signed a definitive agreement to acquire Waycare Technologies, Ltd., expanding our global footprint, capabilities, and product offeringsCOLUMBIA, MD / ACCESSWIRE / August 16, 2021 / Rekor Systems, Inc, (NASDAQ:REKR) (\"Rekor\" or the \"Company\"), a global AI technology company with a mission to provide intelligent infrastructure and insights that build safer, smarter and more efficient cities around the world, announced today its unaudited financial results for the second quarter of 2021.\"We have posted another quarter of strong revenue growth with our top line rising 60 percent year-over-year,\" said Eyal Hen, Chief Financial Officer, Rekor. \"For the first six months of the fiscal year, we generated nearly $8.5 million in revenues, just about doubling our revenues compared to the same period last year. Revenue growth was widely diversified, with the eCommerce platform, the UVED Program and partners' sales being the main drivers. We've also seen an increase in operating expenses as we continue to expand our teams and service offerings to capitalize on market opportunities we see ahead.\"\"While we are content with our second quarter 2021 results, we believe that we are in a unique position to drive meaningful and sustainable long-term revenue growth by continuously strengthening our product portfolio,\" added Robert A. Berman, President and CEO, Rekor. \"To that end, we have announced the acquisition of Waycare, a cloud-based platform for proactive traffic management. Waycare's solutions, which use artificial intelligence algorithms to produce actionable insights and predictions for traffic safety and congestion management, complement our offerings. This acquisition supplements our portfolio of solutions and expands our global footprint. It's a logical step as we pursue our strategy to become a key enabler of the emerging market of intelligent infrastructure.\"We understand that great products need to be sold,\" Mr. Berman continued. \"We recently hired Mike Dunbar as our new Chief Revenue Officer to bring in fr...