Rekor Systems Inc Stock Price, News & Analysis

Rekor Systems, Inc. (NASDAQ:REKR) announced a term sheet to issue up to $15 million in notes, enhancing its cash position and accelerating growth in public safety and transportation management. Funds will support the development of the Rekor One platform, designed for roadway intelligence. The company has received approval from over a dozen state Departments of Transportation for its edge-based applications. Additionally, Rekor is engaging with multinational companies for strategic investments, aiming for a closing in early January with a 12% interest rate on the notes.

Rekor Systems, Inc. (NASDAQ:REKR) announced the closing of its Automated Traffic Safety Enforcement (ATSE) business sale to Altumint, aimed at refocusing on its core data services. This strategic shift is intended to enhance Rekor's position as a technology and software-driven company. CEO Robert A. Berman highlighted this move as a milestone in the company's transformation, aiming for higher margins through innovative roadway data services. The company is positioned to increase recurring revenue by leveraging its AI technology for actionable insights.

Rekor Systems reported a 184% increase in revenue to $7.4 million for Q3 2022, compared to $2.6 million in Q3 2021. Revenue for the first nine months of 2022 rose 38% to $15.4 million. Recurring revenue surged to 65% of total revenue for Q3 2022, up from 47% a year earlier. The company's acquisition of STS is driving growth, contributing $3.5 million in Q3 revenue. However, operating expenses increased significantly to $16.1 million. Net loss per share widened to $(0.90), significantly impacting financial metrics.

Rekor Systems, Inc. (NASDAQ:REKR) is set to release its third quarter 2022 financial results on November 14, 2022, after market close. A conference call will follow at 4:30 p.m. Eastern Time to discuss the results. Interested participants can dial in or access the webcast for insights into the company's financial performance and operations. Rekor, a leader in AI-driven intelligent infrastructure, focuses on enhancing roadway safety and smart mobility through innovative technology. For more details, visit rekor.ai.

Rekor Systems (NASDAQ:REKR) and the Central Ohio Transit Authority (COTA) have initiated a $2.525 million Integrated Mobility Innovation (IMI) Transit Program aimed at enhancing traffic management and transit services across 13 Ohio counties. Funded by a U.S. DOT grant and COTA, Rekor will receive $2.15 million for its services. The program focuses on reducing travel times, improving public safety response, and providing real-time traffic data through a cloud-based platform. The initiative builds on prior successful implementations and aims to create a safer and more efficient transit experience.

Rekor Systems announced the departure of Chief Operating Officer Rodney Hillman effective September 30, 2022. President David Desharnais will assume the dual role of President and Chief Operating Officer. CEO Robert Berman acknowledged Hillman's significant contributions and expressed confidence in Desharnais's leadership and operational skills. Desharnais, who joined Rekor in January 2022, previously held key roles at IDEMIA and Amazon Web Services, showcasing a strong background in technology and operational management.

Rekor Systems has achieved the Amazon Web Services (AWS) Smart City Competency in the Software: Smart Urban Transportation category, highlighting its capabilities in facilitating smart city solutions. This accomplishment positions Rekor as a key player within the AWS Partner Network, enabling it to support city governments increasingly challenged by rapid urban growth. The company's Roadway Monitoring & Response (RMR) platform has notably improved incident response time in Nevada by an average of 9 minutes. Rekor's aim is to enhance public safety, urban mobility, and traffic management.

Rekor Systems has announced the launch of its Rekor Partner Network (RPN), enhancing collaboration with technology partners like Blyncsy, HAAS Alert, Mobileye, and PredictHQ. This network aims to deliver actionable insights for road safety and efficiency by integrating various data sources. The unveiling took place at the ITS World Congress, signaling a commitment to smarter city infrastructures. This initiative is expected to streamline public agency operations and improve decision-making processes regarding roadway management.

Rekor Systems (NASDAQ:REKR) has partnered with Tomorrow.io and Waze to enhance hurricane preparedness in Florida and North Carolina. The initiative aims to provide AI-driven insights to improve emergency response and traffic management during severe weather events. Utilizing real-time data on roadway risks, the partnership focuses on delivering critical weather forecasts and alerts to motorists. This collaboration will leverage Rekor’s Transportation Management Platform and is part of broader efforts supported by the USDOT to address climate change impacts and enhance public safety.