Business
Rekor Systems, Inc. Reports Third Quarter of 2020 Financial Results
Highlights:Third quarter 2020 gross revenue increased 40% to $2.1 million as compared to $1.5 million in the third quarter of 2019Year-to-date revenue
About this update from Rekor Systems, Inc.
[{"type":"text","content":"Highlights:Third quarter 2020 gross revenue increased 40% to $2.1 million as compared to $1.5 million in the third quarter of 2019Year-to-date revenue increased 60% to $6.4 million as compared to $4.0 million in the prior year Retired the remaining balance of the Company's high interest debt obligationsRaised $29.9 million in cash as part the Company's At-the-Market Sales Agreement year-to-dateCOLUMBIA, MD / ACCESSWIRE / November 9, 2020 / Rekor Systems, Inc, (NASDAQ:REKR) (\"Rekor\"), a Maryland-based company providing real-time roadway intelligence through AI-driven decisions, today reported its unaudited financial results for the third quarter of 2020.\"Our results in the third quarter have demonstrated a remarkably high level of growth on a year-over-year basis,\" said Eyal Hen, Chief Financial Officer, Rekor. \"We believe this is a testament to the strategic realignment of the Company as it has intensified its focus on the longer-term drivers of demand from our commercial and government segments. Our sale of non-core assets in previous quarters positions us as a 100% technology focused organization with our eCommerce platform as a key channel. Rekor's go-to-market strategy intends to reach a global customer base with frictionless transactions and gives us great confidence moving forward.\"\"We are pleased with our results for the third quarter, which demonstrate substantial ongoing year-over-year improvement across our markets, and margin expansion for each of our product and service areas,\" said Robert A. Berman, President and CEO, Rekor. \"These results are further validated by the announcement earlier today that the State of Oklahoma will integrate the Company's Rekor One™ platform across the state to provide vehicle information associated with uninsured motorists as part of the state's Uninsured Vehicle Enforcement Diversion (UVED) Program. Our unique ability to address this important concern is a direct result of years of farsighted engineering and the strength of our commitment to provide customers with cost effective solutions that make intelligent use of the most advanced technologies available.\"Since January 2020, Rekor has been selected by various resellers and formed partnerships with various companies, including Mastercard® and White Castle®, to use an array of AI based technologies in retail, public safety, a...