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Mar 31, 2023
Rekor Systems Q1 2023 Earnings Report
Rekor Systems reported financial results for Q1 2023, demonstrating revenue growth and strategic cost reductions.
Key Takeaways
Rekor Systems reported a 108% increase in gross revenue for the three months ended March 31, 2023, reaching $6,185,000 compared to $2,975,000 for the same period last year. The company also saw a 148% increase in recurring revenue and a 692% growth in the value of contracts won.
Gross revenue increased by 108% to $6,185,000 compared to the same period last year.
Recurring revenue increased by 148% to $4,204,000 compared to the same period last year.
The company won contracts valued at $12,083,000, a 692% increase compared to the same period last year.
Remaining performance obligations increased by 14% to $24,330,000 as of March 31, 2023.
Forward Guidance
The full impact of additional reduction measures that were implemented this quarter will be realized in the second quarter of 2023 and beyond, reinforcing commitment to achieving sustainable financial performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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