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Jun 30, 2021
Rekor Systems Q2 2021 Earnings Report
Rekor Systems' revenue increased significantly, gross margin improved, and operating loss widened due to increased expenses.
Key Takeaways
Rekor Systems reported a strong revenue growth of 60% in Q2 2021, reaching $4.3 million compared to $2.7 million in Q2 2020. The gross margin also improved to 66% from 52% in the same period last year. However, the operating loss increased to $4.7 million due to higher operating expenses related to expansion and strategic initiatives.
Second quarter gross revenue increased 60% to $4.3 million compared to Q2 2020.
Gross margin increased to 66% in Q2 2021 from 52% in Q2 2020.
Signed a definitive agreement to acquire Waycare Technologies, Ltd.
Operating loss increased to $4.7 million compared to $2.8 million in the same period last year.
Rekor Systems
Rekor Systems
Forward Guidance
Rekor Systems aims to drive meaningful and sustainable long-term revenue growth by strengthening its product portfolio and expanding its geographic footprint.
Positive Outlook
- Continuously strengthening product portfolio
- Acquisition of Waycare to enhance traffic management solutions
- Hiring a new Chief Revenue Officer to refine go-to-market strategy
- Focusing on growing geographic footprint
- Leveraging hardware and software capabilities for growth
Challenges Ahead
- Increased operating expenses due to team expansion and service offerings
- Operating loss increased due to higher expenses
- Net loss per share increased due to the increase in net loss from continuing operations
- Uncertainties related to general economic conditions
- Potential adverse developments in the markets for the company's products and services