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Rekor Systems, Inc. Reports Second Quarter of 2020 Financial Results
Highlights: Rekor Systems, Inc. Reports Second Quarter of 2020 Financial Results Second quarter 2020 gross revenue increased 89% to $2.7 million as compared
About this update from Rekor Systems, Inc.
[{"type":"text","content":"Highlights:\n\n \n \n \n \n \n \n \n \n \n \n \n Rekor Systems, Inc. Reports Second Quarter of 2020 Financial Results\n \n \n \n \n \n \n \n \n\n Second quarter 2020 gross revenue increased 89% to $2.7 million as compared to $1.4 million in the second quarter of 2019Completion of the sale of non-core businesses, AOC Key Solutions and TeamGlobalAgreement to exchange over 77% of its 2019 notes payable to common stock and other related loan modifications COLUMBIA, Md., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Rekor Systems, Inc, (REKR) (“Rekor”), a Maryland-based company providing real-time roadway intelligence through AI-driven decisions, today reported its unaudited financial results for the second quarter of 2020. Commenting on the results, Eyal Hen, Chief Financial Officer of Rekor, stated: “The second quarter was highlighted by strength and continuing growth in our top line. The solid performance translated into a growth in revenue for the three and six months ended June 30, 2020 of 89% and 76%, respectively, compared to the same periods in 2019. We successfully continued executing on our strategic plan to grow our revenues, divest our non-core businesses and focus on our technology segment. On July 15, 2020, we completed a debt exchange transaction with holders of our 2019 Notes.” Mr. Hen continued, “During the second quarter of 2020, we completed the sale of both of our remaining non-core businesses to their respective management teams at a gain and reached an agreement to exchange over 77% of our debt for equity and extended the maturity of the remaining debt to December 2021. The debt exchange was completed on July 15 and reduced our debt by over 77%. This will allow us to use more of our increasing revenue for operations. We expect it to have a major effect on our bottom line due to lower interest expense as well.” Since January 2020, Rekor has been selected by various resellers and formed partnerships with various companies, including Fortune 50 and Fortune 500 companies, to use its AI software in retail, public safety and parking operations. In June of 2020, Rekor announced a joint venture with Cygnet-Infotech, a premier product engineering company (www.cygnet-infotech.com), to launch a smart permit and parking management startup, named Roker Inc. (www.rokerinc.com) (\"Roker\"), in which we have 50% equity interest. Roker is d...