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Tuesday, August 16, 2022

Rekor Systems, Inc. (REKR) Stock Rises 9.8% in aftermarket: Here is What You Need to Know

Rekor Systems, Inc. (REKR) stock has increased to 9.8% in the aftermarket. However, the last trading session closed at $9.69 with a gain of 0.21%.

What’s happening with the stock?

Let’s study more about REKR and analyze all the recent news launched by the company.


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REKR Announced Selection of Waycare Technologies

REKR selected Waycare Technologies on 9th September 2021. The Louisiana Department of Transportation and Development (LaDOTD) has chosen its Waycare Technologies subsidiary for a pilot program. This will help reduce congestion and collisions in the Baton Rouge area.

Also, it will promote speed harmonization for a safer driving experience. The company will examine massive data sets from different Louisiana agency sources, as well as mobile applications, linked cars, and third-party systems, to create actionable traffic safety insights, using its strong AI algorithms and machine learning.

Second-quarter 2021 financial results

On 16th August 2021, REKR reported second-quarter 2021 financial results. According to that:

Revenue grew by $1,597,000 to $4,274,000 for the three months ending June 30, 2021. Moreover, gross profit grew to $2,842,000 with a gross margin of 66 percent for the three months ended June 30, 2021. The selling of software contributed to the growth in gross profit.

Due to the lower material and labor hours connected with the granting of a license, our software goods usually have a larger profit margin than our hardware products. The operating loss for the three months ended June 30, 2021, grew to $4,685,000.

Lastly, the Company’s operating loss for the six months ended June 30, 2021, and 2020 was $9,991,000 and $5,382,000, respectively. The Company continued to add employees to support its expansion plans, and professional fees increased, mostly as a result of merger and acquisition activity.

REKR Acquires SecurePark Technologies

On 20 July 2021, REKR acquired SecurePark Technologies of Edmonton. SecurePark, which was founded in 2009, is a parking enforcement software-as-a-service (SaaS) platform for municipalities, parking operators, and airports, etc. The transaction was set up as an asset acquisition, with the seller receiving an unknown sum of money and shares as payment.

Firstly, REKR and SecurePark have been working together for the past year and have recently won projects in Midland and Thorold. They work together to deploy a fully integrated parking enforcement and infraction lifecycle management system. Secondly, the REKR platform allows public and private sector organizations to create digital contracts for parking permits, take payments, and track transactions.

Thirdly, at all levels of record storage and retrieval for government purposes, REKR maintains CJIS compliance.

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