Rekor has reported its unaudited financial results for the third quarter of 2020.
November 9, 2020
Rekor has reported its unaudited financial results for the third quarter of 2020. Since January 2020, Rekor has been selected by various resellers and formed partnerships with various companies, including Mastercard® and White Castle®.
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The State of Oklahoma will integrate the Rekor One™ platform across the state to provide vehicle information associated with uninsured motorists as part of the state’s Uninsured Vehicle Enforcement Diversion Program (“UVED Program”).
Rekor expects gross revenue to be above $2.1 million for Q3 of 2020, which represents more than 35% growth from the same quarter of 2019. Revenue for the nine months ended September 30, 2020, is expected to be approximately $6.4 million.
Dauphin County, PA, District Attorney’s Office has chosen Rekor to provide vehicle recognition services to support five different law enforcement jurisdictions.
Rekor One™ is a new platform that will serve as a unifying source of roadway intelligence for government agencies across cities, counties and states. It will support community safety, intelligent roadways and revenue generation.
The redesigned OpenALPR.com sales channel gives quick access to both hardware and software vehicle intelligence solutions that enhance operations, automate tasks, and increase community safety. Sign up with just a credit card and a click!
Rekor is now substantially debt-free following the retirement of approximately $4.9 million in debt. The debt retirement eliminates all remaining short and long-term liability for Notes on the Company’s balance sheet, including accreted interest.
