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Shares of Rekor Systems, Inc. (REKR) rose 9.8% in the secondary market. However, the last trading session closed at $ 9.69 with a gain of 0.21%.
What happens with the stock?
Let’s study more about REKR and analyze all the latest news released by the company.
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REKR announces the selection of Waycare Technologies
REKR selected Waycare Technologies out of 9e September 2021. The Louisiana Department of Transportation and Development (LaDOTD) selected its subsidiary Waycare Technologies for a pilot program. This will help reduce congestion and collisions in the Baton Rouge area.
In addition, it will promote the harmonization of speeds for a safer driving experience. The company will examine massive data sets from different Louisiana agency sources, as well as mobile apps, linked cars and third-party systems, to create actionable information on road safety, using its powerful AI algorithms. and its machine learning.
Second Quarter 2021 Financial Results
The 16e August 2021, REKR released its financial results for the second quarter of 2021. According to this:
Sales increased from $ 1,597,000 to $ 4,274,000 for the quarter ended June 30, 2021. In addition, gross margin reached $ 2,842,000 with a gross margin of 66% for the quarter ended June 30, 2021. June 30, 2021. Software sales contributed to the growth in gross sales. profit.
Due to the reduction in hardware and labor hours associated with licensing, our software products generally have a higher profit margin than our hardware products. The operating loss for the quarter ended June 30, 2021 increased to $ 4,685,000.
Finally, the operating loss of the Company for the six months ended June 30, 2021 and 2020 was $ 9,91,000 and $ 5,382,000, respectively. The Company continued to add employees to support its expansion plans, and professional fees increased, primarily due to merger and acquisition activity.
REKR acquires SecurePark Technologies
On July 20, 2021, REKR acquired SecurePark Technologies of Edmonton. SecurePark, which was founded in 2009, is a parking control software as a service (SaaS) platform for municipalities, parking operators, airports and more. The transaction was set up as an asset acquisition, with the seller receiving a sum of money and shares in payment.
First, REKR and SecurePark have been working together for a year and recently won projects in Midland and Thorold. They are working together to deploy a fully integrated infringement lifecycle management system and parking controls. Second, the REKR platform enables public and private sector organizations to create digital contracts for parking permits, accept payments, and track transactions.
Third, at all levels of record storage and retrieval for government purposes, REKR maintains CJIS compliance.
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