AI traffic firm Rekor's Q3 revenue jumps, driven by license sales

Reuters11-14

AI traffic firm Rekor's Q3 revenue jumps, driven by license sales

Overview

Rekor Q3 revenue rises 35% yr/yr to $14.2 mln, driven by license sales
Adjusted EBITDA loss narrows to $1.5 mln, best in company history
Rekor secures $50 mln contract with Georgia DOT, potential to exceed $100 mln

Outlook

Company did not provide specific financial guidance for future quarters or full year in the press release

Result Drivers

LICENSE SALES - Higher perpetual license sales drove Q3 revenue growth
COST MANAGEMENT - Operating expenses fell 26% sequentially and 20% yr/yr, contributing to financial improvement
GDOT CONTRACT - Rekor secured its largest statewide contract to date with GDOT, valued at a minimum of $50 mln over eight years

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 EPS		-$0.03
Q3 Adjusted EBITDA		-$1.50 mln

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
Wall Street's median 12-month price target for Rekor Systems Inc is $3.25, about 32.3% above its November 12 closing price of $2.20

Press Release: ID:nGNX1Wnvly

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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