Novume(US:REKR) Globenewswireยท2025-03-31 20:05Financial Performance - Rekor Systems, Inc. achieved record annual gross revenue of $46.0 million for the fiscal year ended December 31, 2024, representing a 32% increase from $34.9 million in 2023 [5] - The fourth quarter gross revenue reached an all-time high of $13.3 million, marking a 20% increase compared to Q4 2023 [5] - Adjusted EBITDA loss narrowed from $6.7 million in Q4 2023 to $4.7 million in Q4 2024, indicating improved operational efficiency [5] Operational and Strategic Achievements - The company expanded its AI-powered Rekor Command platform to enhance support for traffic and emergency operations centers, introducing features that improve real-time decision-making [2][3] - Rekor's platform, Rekor Scout, received certification for deployment in New Jersey, facilitating further market penetration [6] - A strategic partnership with Soundhound AI was established to develop advanced emergency vehicle technologies, enhancing situational awareness [6] Executive Leadership and Strategic Realignment - An Executive Committee was formed to review company operations and realign resources to accelerate revenue growth and reduce reliance on external financing [4] - Selective workforce reductions were made, and new executive leaders with experience in scaling global infrastructure businesses were appointed [4][8] Revenue Streams and Market Presence - The Urban Mobility revenue stream, which includes roadway data aggregation activities, significantly contributed to the revenue increase, with $10.1 million for the year and $2.7 million for the quarter [10] - Rekor Discover products have gained traction in multiple states, including Georgia, South Carolina, Virginia, New Mexico, Arkansas, and Florida [7]