Rekor Systems Inc Stock Price, News & Analysis

Rekor Systems, Inc. (NASDAQ:REKR), a leader in roadway intelligence technology, has announced that it will release its second quarter 2024 financial results on Wednesday, August 14, 2024, after market close. The company will host an earnings conference call at 4:30 p.m. Eastern Time on the same day to discuss financial and operating results.

Interested participants can dial in approximately 10 minutes before the call start using the provided numbers. A webcast of the call will also be available. For those unable to attend, a replay will be accessible online for two weeks after the live call, with specific replay dial-in numbers provided. An archived webcast will also be available on the Company's website under Investors, Events & Presentations.

Rekor Systems has launched its Rekor Discover platform on AWS Marketplace. This move simplifies the procurement process for government agencies by eliminating complex RFP procedures. Rekor Discover offers advanced traffic and vehicle data analytics through applications like Class, Count & Speed and Vehicle Insite. The platform automates traffic data collection and reporting, providing valuable insights for public safety, urban mobility, and transportation planning. Recently, Rekor Discover was deployed by the New Mexico Department of Transportation and the Philadelphia Industrial Development The platform leverages AWS services for global scalability and security.

Rekor Systems, a leading company in roadway intelligence technology, announced that its President and CEO, David Desharnais, will present at the William Blair 44th Annual Growth Stock Conference. The presentation is scheduled for June 5, 2024, at 10:40 CT (11:40 am ET). Investors can access the webcast of the presentation through the William Blair Conference portal.

Rekor Systems has unveiled new features in its AI-driven traffic analytics platform, Rekor Discover™. These advancements will be showcased at NaTMEC 2024, set for June 2-5 in Boise, ID. Rekor Discover™ uses AI and machine vision to deliver highly accurate traffic and vehicle analytics, achieving over 99.7% accuracy in vehicle classification. The platform supports emerging policies on sustainability, air quality management, data protection, and cybersecurity. Key features include non-intrusive Edge-AI systems, real-time cybersecurity monitoring, and detailed analytics on vehicle speeds, volumes, and air quality. Rekor aims to help Departments of Transportation (DOTs) and traffic agencies comply with evolving regulations while optimizing efficiency and sustainability. Company experts will present these innovations at various sessions during NaTMEC 2024.

Rekor Systems has announced advanced AI-driven cybersecurity features to protect national transportation infrastructure. This move aligns with new government AI and cybersecurity policies. The recent cyber-attack on a Midwestern DOT highlighted the urgency, disrupting traffic systems and public safety functions. Rekor's new capabilities include real-time threat detection, dynamic monitoring, and automated incident response, ensuring robust defense against cyber threats. Their Edge-based system integrates Network Detection & Response, Endpoint Detection & Response, Intrusion Prevention and Detection Systems, and advanced anomaly detection, among other features. The company leverages AWS Cloud Services for secure data handling. Rekor aims to provide state transportation departments with sophisticated tools to enhance security and compliance.

Rekor Systems (NASDAQ:REKR) has been awarded a patent by the U.S. Patent Office for its new traffic management technology, which prioritizes privacy protection. The patent is titled 'Systems and Methods for Consolidated Traffic Monitoring with Privacy Protection' and features a multi-functional sensor that captures high-resolution vehicle images while encrypting personally identifiable information (PII) using military-grade methods.

This technology allows for accurate traffic monitoring without compromising individual privacy. The sensor's unique identifier tracks vehicles over time, providing insights into traffic patterns. Rekor's CTO, Chris Kadoch, emphasizes that this innovation highlights the company's commitment to both technological advancement and privacy protection. This patent adds to Rekor's growing portfolio, reinforcing its leadership in the roadway intelligence market.

Rekor Systems has partnered with MS2, a leader in Transportation Data Management Systems (TDMS), to accelerate the transition to AI-based roadway intelligence for State Departments of Transportation (DOTs). This collaboration integrates Rekor's advanced traffic analytics platform, Rekor Discover™, with MS2's cloud-based TDMS. MS2, part of the Rekor Partner Network, manages transportation data for numerous state DOTs, metropolitan planning organizations, and other entities. The partnership aims to enhance traffic data analysis, offering real-time insights and simplifying the transition to digital infrastructure. Key features include non-intrusive traffic data collection and AI-enhanced actionable insights, designed to improve safety, efficiency, and mobility.

Rekor Systems reported a 58% increase in Q1 2024 revenue to $9.8 million compared to $6.2 million in Q1 2023. Recurring revenue also grew by 18% to $5 million. Significant achievements include the acquisition of All Traffic Data and a $26.4 million public offering.

David Desharnais was appointed CEO, and Viraj Mehta joined the Board as Executive Director, effective May 16, 2024. Operating losses increased to $12.9 million from $12.7 million due to higher operating expenses, and the overall net loss rose to $18.6 million from $12.7 million.

Adjusted Gross Profit improved to $4.5 million, though the Adjusted Gross Margin decreased to 46%. Total contract value won decreased by 35% year-over-year to $7.8 million. The company had $22.9 million in remaining performance obligations as of March 31, 2024.