Rekor Systems Reports Record $46 Million Revenue, Faces Challenges

Rekor Systems reported a strong financial performance for the fourth quarter and full year of 2024, with revenues reaching $13.3 million in Q4 and a total of $46 million for the year, marking a 32% increase from 2023. The company is focusing on building a more predictable revenue base by reducing reliance on government contracts, and has strategically partnered with major companies like Amazon Web Services and NVIDIA to enhance its market reach. Despite facing challenges, such as the unexpected CEO departure and timing issues with government contracts, Rekor achieved a 49% reduction in EBITDA loss compared to the previous quarter. New AI-driven features, including the Incident Priority Ranking in Rekor Command, have been introduced to improve operational efficiency in traffic management. Additionally, Rekor secured certification for its Rekor Scout platform in New Jersey, further solidifying its position in the roadway intelligence sector. Management remains optimistic about growth prospects as they focus on strategic realignment and resource optimization for 2025 and beyond.