Rekor Systems Inc Stock Price, News & Analysis

Rekor Systems has launched a significant update to its AI-driven vehicle recognition software, now called Rekor Scout. This update improves privacy and security controls, allowing commercial and government users to define data retention policies tailored to specific infractions. Key features include the Rekor Public Safety Network for data sharing among agencies, peer-to-peer sharing capabilities, and an open API for enhanced data ownership. Pricing ranges from $5 to $79 per month, with a free 14-day trial for new customers. This development positions Rekor as a leader in vehicle recognition technology.

Rekor Systems (NASDAQ: REKR) has successfully integrated its Rekor One™ platform into Oklahoma’s Uninsured Vehicle Enforcement Diversion Program in just 61 days. The program aims to identify uninsured vehicles and connect drivers to affordable insurance, addressing the issue where up to 26% of vehicles on Oklahoma roads are uninsured. By leveraging real-time vehicle recognition technology, the initiative enhances roadway safety and ensures compliance with insurance regulations.

Rekor Systems launched Rekor Go, a mobile application that allows users to recognize vehicles and license plates without needing Wi-Fi or cellular service. The app captures data in real-time, storing images and metadata for 30 days. Users can manage alerts and export data seamlessly. Pricing is set at $9.99 per month or $89.99 annually, making it accessible for various commercial applications. The app aims to enhance security for events, schools, and parking management. Rekor also plans to release another vehicle recognition app for law enforcement in 2021.

Rekor Systems, Inc. (NASDAQ:REKR) announced that President and CEO Robert A. Berman will present at the 13th Annual LD Micro Main Event on December 15, 2020. The company reported a remarkable 60% increase in revenue for its core technology compared to the prior year as of September 30. Key developments include debt retirement of approximately $4.9 million, restructuring agreements, and the successful launch of multiple products, including Rekor One and Rekor Go. Additionally, Rekor gained over 50 new public safety clients and secured a $200,000 purchase order from the US Department of Defense.

Rekor Systems (NASDAQ:REKR) reported a strong 40% increase in gross revenue for Q3 2020, reaching $2.1 million, up from $1.5 million in Q3 2019. Year-to-date revenue surged 60% to $6.4 million compared to $4.0 million in the prior year. The company retired high-interest debt and raised $29.9 million in cash this year. However, operating losses widened to $3.4 million in Q3, up from $2.5 million in 2019. Gross margins declined to 54% as infrastructure investments impacted profitability.

Rekor Systems, Inc. (REKR) announced the integration of its AI-based Rekor One™ platform in Oklahoma to combat the issue of uninsured vehicles. This initiative is part of the state’s Uninsured Vehicle Enforcement Diversion Program aimed at reducing the state's high rate of uninsured motorists, which is currently at one in four drivers. Rekor will receive a $43 fee for each enrollment, helping identify non-compliant vehicles and assist drivers in securing insurance. The program aims to enhance road safety and generate revenue lost from uninsured motorists.

Rekor Systems (REKR) announced preliminary revenues exceeding $2.1 million for Q3 2020, marking a growth of over 35% year-over-year. Revenue for the first nine months reached approximately $6.4 million, reflecting over 60% growth compared to 2019. However, there was a $0.6 million decrease in revenue from Q2 2020, attributed to project delays due to COVID-19. The company also retired $4.9 million in high-interest debt, further enhancing financial stability. Rekor is focusing on its technology business and expanding its market reach with new product launches.

Rekor Systems has secured a $525,000 contract to install 30 cameras across five law enforcement jurisdictions in Dauphin County, Pennsylvania.

The project aims to enhance vehicle recognition capabilities and will span five years. This initiative seeks to improve public safety by allowing rapid identification of vehicles involved in violent crimes. The engagement is part of Rekor's ongoing collaboration with approximately 75 police and safety agencies.