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Dec 31, 2021
Rekor Systems Q4 2021 Earnings Report
Rekor Systems reported strong annual results driven by increased new customers and recurring revenues.
Key Takeaways
Rekor Systems reported a 55% increase in revenue for the year ended December 31, 2021, driven by new products, direct sales, and partner program sales. The company heightened its focus on sales initiatives and go-to-market strategy, increasing recurring revenues. Rekor also completed the acquisition and integration of Waycare Technologies Ltd.
Revenue increased by 55% year-over-year.
Recurring revenue increased by 28% year-over-year.
Contracts won increased by 35% year-over-year.
Remaining performance obligations increased by 35% year-over-year.
Rekor Systems
Rekor Systems
Forward Guidance
Rekor plans to continue focusing on leveraging its AI traffic solutions across target markets and exploring accretive M&A prospects in 2022.
Positive Outlook
- Continue focusing on the opportunities to leverage AI traffic solutions.
- Well-positioned and highly motivated to extend leadership position.
- Seeing strong organic growth.
- Remain opportunistic when it comes to exploring additional accretive M&A prospects.
- Strengthened leadership team with the addition of David Desharnais as President.