Rekor Systems Inc Stock Price, News & Analysis

Rekor Systems reported a 55% increase in gross revenue to $14.3 million for 2021, up from $9.2 million in 2020. Recurring revenue rose by 28% to $4.6 million, while performance obligations grew by 35% to $22.6 million. The company raised $70.1 million in net cash from a public offering in February 2021 and acquired Waycare in August 2021, enhancing its product offerings. Operating expenses surged to $39.3 million, reflecting increased headcount and marketing efforts. Adjusted EBITDA for 2021 was a loss of $21.8 million.

Rekor Systems (NASDAQ:REKR) reported a significant revenue increase for 2021, achieving over $14 million, up from $9.2 million in 2020, representing more than 50% growth. The company plans to disclose its FY2021 financial results on March 31, 2022, followed by an earnings conference call at 4:30 PM ET. CEO Robert A. Berman expressed optimism about the company's momentum and its Rekor One™ platform, which positions them as leaders in intelligent infrastructure.

Rekor Systems, Inc. (NASDAQ:REKR) has released a shareholder letter from CEO Robert A. Berman detailing strategic advancements in AI technology aimed at enhancing intelligent infrastructure. The letter discusses the impact of traffic congestion in the U.S. and Rekor's solutions for sustainable management. Key points include the launch of projects in multiple states and the development of a privacy filter for data collection. The letter emphasizes the company's AI software's potential in traffic management and significant revenue opportunities through a unified platform.

Rekor Systems, Inc. (NASDAQ:REKR) will participate in the Sidoti Winter Small Cap Conference on January 19-20, 2022, with CEO Robert A. Berman presenting and hosting investor meetings. Berman highlighted the opportunity to discuss Rekor's business strategy and technological advancements in intelligent infrastructure aimed at enhancing road safety and efficiency. The presentation starts at 10:45 am ET on January 19 and is accessible via a live link. Interested investors can register for presentations and one-on-ones through Sidoti's website.

Rekor Systems has been selected by the City of Winchester, Virginia, to implement the Rekor One™ Traffic Management and Public Safety platform in a six-month pilot program. This platform is designed to improve traffic management and public safety via real-time data and analytics. If successful, Winchester may transition to an annual subscription costing $455,000. The platform aims to enhance city infrastructure, particularly during peak tourist seasons, by providing agencies with actionable insights and improving overall road safety.

Rekor Systems, Inc. (NASDAQ: REKR) announced a partnership with the Philadelphia Industrial Development Corporation (PIDC) to deploy its Rekor One™ platform in a pilot project at the Philadelphia Navy Yard. The project aims to analyze traffic patterns and provide analytics over a six-month period, capturing data on vehicle counts and emissions. The pilot will kick off in Q1 2022, helping PIDC achieve its development goals. Rekor One is designed to deliver actionable insights for various city departments, promoting smarter urban infrastructure.

Rekor Systems, Inc. (NASDAQ:REKR) announced the appointment of David Desharnais as President, effective January 3, 2022. With over 20 years of experience in technology-driven businesses, Desharnais previously served as EVP at IDEMIA and held key roles at Amazon. He will lead Rekor's global engineering, product management, marketing, and partnerships. CEO Robert A. Berman emphasized Desharnais’ innovative leadership as crucial for capitalizing on growth opportunities in the intelligent infrastructure market.

Rekor Systems has announced the appointment of Deb Hennessy as its first Chief People Officer. Hennessy brings over 20 years of HR experience from leading companies like Ciena and Microsoft, where she excelled in diversity, inclusion, and talent management. Her strategic leadership is expected to support Rekor's aggressive hiring plans for 2022 and foster a high-performance, inclusive culture. With her expertise, Rekor aims to enhance its workforce and contribute to its mission of creating safer, smarter cities through intelligent infrastructure.

Rekor Systems (NASDAQ: REKR) is set to host the RTC & Rekor Tech Showcase during CES 2022 in Las Vegas on January 6, 2022, from 9 a.m. to 12 p.m. PST. This exclusive event, in partnership with the Regional Transportation Commission of Southern Nevada, will feature hands-on demonstrations of Rekor's smart transportation technology that enhances public safety and traffic management. Attendees include law enforcement, government officials, and automotive industry representatives. Registration is required, adhering to Nevada's health guidelines.