March 16, 2023
Rekor Systems' E-commerce Platform Surpasses 1,200 Active Subscribers and Achieves a 280% Surge in Revenue
Rekor Systems, Inc. (NASDAQ:REKR), a global AI technology company with a mission to provide insights that build safer, smarter, and more efficient cities around the world through intelligent infrastructure, today announced that its e-commerce platform solution suite ("the platform") has crossed a major milestone, with over 1,200 active subscribers. The revenue from this software as a service business increased from $0.4 million in 2019 to approximately $1.7 million (unaudited) in 2022, representing a remarkable 280% growth in three years.
Rekor's platform provides a seamless and secure shopping experience to customers across the globe. As of the end of 2022, the platform has customers in over 90 countries, demonstrating its rapid expansion and the growing demand for its products and services worldwide.
Through the easy-to-use e-commerce website, commercial businesses and municipalities can conveniently purchase a full range of Rekor's high-value vehicle recognition solutions with just a credit card and a click. The platform enables self-service sign-up for a range of use cases for software developers, commercial and residential security, controlled access applications, and recognition of returning customers' vehicles at car washes and tire service centers, to name just a few.
Affordable entry-level plans allow small or single-location businesses and developers to become familiar with advanced vehicle recognition services. The low price point makes it easy to get started with Rekor and lets them scale as needed in the future.
"We are excited to see the growth of our e-commerce platform and the positive feedback from our customers. As businesses work to meet the challenges of one of the most disruptive periods in modern history, vehicle intelligence has emerged as a core technology to enable contactless and secure customer experiences, and Rekor, has made it available with a few simple clicks of a mouse", said Robert A. Berman, Chair, and CEO, Rekor.
"This milestone reflects our commitment to providing top-notch technology and exceptional customer service, which has allowed us to rapidly expand our reach and deliver software as a service to customers worldwide," concluded Mr. Berman.
The revenues from our e-commerce platform described herein are unaudited and provided simply as context for the expansion of our e-commerce customer base. They should not be considered a measurement of financial performance under accounting principles generally accepted in the U.S. ("U.S. GAAP") or as an alternative to net earnings or cash flow from operating activities as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. For a full discussion and analysis of our financial condition and results of operations reference is made to our unaudited and audited condensed consolidated financial statements and related notes and the "Risk Factors" sections of our reports and other filings made with the SEC.
About Rekor Systems
Rekor Systems, Inc. (NASDAQ:REKR) is a trusted global authority on intelligent infrastructure providing innovative solutions that drive the world to be safer, smarter, and greener. As a provider of comprehensive, continuous, and real-time roadway intelligence, Rekor leverages AI, machine learning, and holistic data to support the intelligent infrastructure that is essential for smart mobility. With its disruptive technology, the Company delivers integrated solutions, actionable insights, and predictions that increase roadway safety.
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