COLUMBIA, MD / ACCESSWIRE / July 19, 2023 / Rekor Systems (NASDAQ:REKR), a leading company in the field of advanced technology solutions, announced that it expects to report remarkable growth in its revenue for the second quarter of 2023. With an expected revenue of over $8.0 million, Rekor Systems is surpassing its Q2 2022 performance by 110%. Additionally, the company says it is experiencing a substantial increase of more than 30% compared to its Q1 2023 revenue. Such outstanding financial results could showcase the company's strong momentum and successful execution of its business strategies.
To provide further insights into its financial performance, Rekor Systems will announce the complete financial results for the second quarter of 2023 on Tuesday, August 15, 2023. The announcement will take place after the market closes, allowing stakeholders and investors to understand the company's achievements and growth comprehensively.
Following the financial results announcement, Rekor Systems will host an earnings conference call on the same day at 4:30 p.m. Eastern Time. During the conference call, the company's management team will provide in-depth discussions on the financial and operational highlights, shedding light on the factors contributing to the impressive growth and outlining future plans and strategies.
Rekor is best known for its AI-driven digital infrastructure operating system, Rekor OneTM. This system ingests billions of data points from multiple sources to transform data into knowledge that can be used to improve transportation systems into fully functioning and safe roadways. Rekor is able to obtain data from third-party data sources like Waze, proprietary data capture, and existing infrastructure information and then processes those data points through Rekor OneTM, which customers can then use to make the best decisions for infrastructure investment.
The company reports that there are no strong current competitors for roadway intelligence, and the transportation infrastructure market is only expected to grow. The transportation infrastructure market was worth $1.7 trillion in 2021, and the market is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2031, bringing the total market size to $3.6 trillion.
With no effective competitors, Rekor is seeing success with its intelligent infrastructure data model. In February 2023, the company was selected for a national security-related application for a federal agency. In March 2023, the company was awarded a multiyear contract valued at over $1.8 million by the Florida Department of Transportation to provide data services for the agency's roadway network. On April 19, 2023, Rekor was awarded $14,145,000 in new multiyear contracts for state-wide traffic count and classification studies for South Carolina and Florida DOTs.
Rekor and its proprietary systems seem well-positioned to continue to grow revenue in a rapidly growing industry. The company's advanced artificial intelligence, machine learning technologies, and IoT Edge devices create a unique opportunity for continuous operational learning to accelerate the digitalization of America's and the world's roadways. As such, it would seem unsurprising the company expects to exceed projected financial results.
SOURCE: Rekor Systems
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