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Jun 30, 2022
Rekor Systems Q2 2022 Earnings Report
Rekor Systems reported a slight increase in revenue and a significant increase in recurring revenue due to strategic sales initiatives and acquisitions in the second quarter of 2022.
Key Takeaways
Rekor Systems reported a 1% increase in revenue for the three months ended June 30, 2022, driven by synergies from acquisitions and a land and expand strategy. Recurring revenue saw a substantial increase, reaching 48% of total revenue. The company also completed the acquisition of Southern Traffic Services (STS) and secured key contracts, including a selection by the Israel National Infrastructure Company.
Recurring revenue increased to 48% of total revenue for the quarter.
Completed the acquisition of Southern Traffic Services (STS).
Performance obligation increased to $31.9 million as of June 30, 2022.
Selected by Missouri Department Of Transportation (“MoDOT”) to improve Highway Congestion and Reduce Traffic Fatalities
Rekor Systems
Rekor Systems
Forward Guidance
No specific forward guidance was provided in the text.