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Sep 30, 2022
Rekor Systems Q3 2022 Earnings Report
Reported a significant increase in revenue and recurring revenue driven by strategic initiatives and the acquisition of STS.
Key Takeaways
Rekor Systems reported a 184% increase in revenue to $7.4 million for Q3 2022, driven by the STS acquisition and their land and expand strategy. Recurring revenue increased to 65% of total revenue. The company also saw a reduction in SG&A expenses due to strategic realignment.
Revenue increased 184% to $7.4 million compared to the same quarter last year.
Recurring revenue increased to 65% of total revenue.
The acquisition of STS contributed $3.5 million to revenue.
Performance obligations increased to $28.6 million.
Rekor Systems
Rekor Systems
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties. The company does not undertake any obligation to update any forward-looking statements.