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May 16, 2022, 4:06 p.m. EDT

Rekor Systems, Inc. Reports First Quarter 2022 Financial Results; Announces Intent to Acquire Southern Traffic Services (STS)

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The following table sets forth the components of the EBITDA and Adjusted EBITDA for the periods included (dollars in thousands):


Three Months Ended March 31,

2022 2021
Net loss from continuing operations $ (12,601 ) $ (5,403 )
Income taxes - 3
Interest 9 32
Depreciation and amortization 1,399 614
EBITDA $ (11,193 ) $ (4,754 )

Share-based compensation $ 1,900 $ 781
Loss due to change in value of equity investments - 76
Adjusted EBITDA $ (9,293 ) $ (3,897 )

Rekor has scheduled a conference call to discuss the 2022 first quarter results on Monday, May 16, 2022, at 4:30 P.M. (Eastern).

Any person interested in participating in the call should please dial in approximately 10 minutes prior to the start of the call using the following information:

North America: 877-407-8037 (Toll Free)

International: 201-689-8037

A live webcast of the conference call will be available online at: https://services.choruscall.com/mediaframe/webcast.html?webcastid=DUdfL7O2

REPLAY INFORMATION

A replay will be made available online approximately two hours following the live call for a period of two weeks. To access the replay, use the following numbers:

Replay Dial-In: 877-660-6853 / 201-612-7415

Access ID: 13728770

An archived webcast will also be available to replay this conference call directly from the Company's website under Investor Relations, Events & Presentations.

About Rekor Systems, Inc.

Rekor Systems, Inc. /zigman2/quotes/200959926/composite REKR +11.11% is a trusted global authority on intelligent infrastructure providing innovative solutions that drive the world to be safer, smarter, and more efficient. As a provider of comprehensive, continuous, and real-time roadway intelligence, Rekor leverages AI, machine learning, and holistic data to support the intelligent infrastructure that is essential for smart mobility. With its disruptive technology, the Company delivers integrated solutions, actionable insights, and predictions that increase roadway safety. To learn more please visit our website: https://rekor.ai and follow Rekor on social media at:

Forward-Looking Statements

This press release and its links and attachments contain statements concerning Rekor Systems, Inc. and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the impact of Rekor's core suite of AI-powered technology and the size of the market for global ALPR systems. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," by the negative of these terms or by other similar expressions. You are cautioned that such statements are subject to many risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual circumstances, events or results may differ materially from those projected in the forward-looking statements, particularly as a result of various risks and other factors identified in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events, or otherwise.

Company Contact:

Rekor Systems, Inc.
Eyal Hen
Chief Financial Officer
Phone: +1 (443) 545-7260
ehen@rekor.ai

Investor Relations Contact: Rekor Systems, Inc.
Charles Degliomini
ir@rekor.ai

Media Contact:
REQ for Rekor Systems, Inc.
Robin Bectel
rekor@req.co

REKOR SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(Unaudited)


March 31, 2022 December 31, 2021
ASSETS
Current assets

Cash and cash equivalents $ 14,606 $ 25,796
Restricted cash and cash equivalents 987 804
Accounts receivable, net 1,455 1,173
Inventory 1,228 1,194
Note receivable, current portion 368 340
Other current assets, net 1,966 1,374
Current assets of discontinued operations 1 1
Total current assets 20,611 30,682
Long-term assets
Property and equipment, net 10,168 9,929
Right-of-use lease assets, net 9,548 6,163
Goodwill 53,451 53,451
Intangible assets, net 20,405 21,406
Note receivable, long-term 935 1,020
SAFE investment 1,400 1,250
Deposits 3,578 1,978
Total long-term assets 99,485 95,197
Total assets $ 120,096 $ 125,879
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 4,337 $ 7,087
Notes payable, current portion 1,000 998
Loan payable, current portion 37 37
Lease liability, short-term 676 229
Contract liabilities 2,189 2,437
Other current liabilities 3,074 2,904
Current liabilities of discontinued operations 129 129
Total current liabilities 11,442 13,821
Long-term Liabilities
Loan payable, long-term 28 37
Lease liability, long-term 14,259 10,061
Contract liabilities, long-term 878 835
Deferred tax liability, long-term 38 38
Total long-term liabilities 15,203 10,971
Total liabilities 26,645 24,792
Commitments and contingencies
Stockholders' equity
Common stock, $0.0001 par value; authorized; 100,000,000 shares; issued: 44,949,939, shares as of March 31, 2022 and 44,007,257 as of December 31, 2021; outstanding: 44,908,417 shares as of March 31, 2022 and 43,987,896 as of December 31, 2021 4 4
Treasury stock, 41,522 and 19,361 shares as of March 31, 2022 and December 31, 2021, respectively (417 ) (319 )
Additional paid-in capital 176,348 171,285
Accumulated deficit (82,484 ) (69,883 )
Total stockholders' equity 93,451 101,087
Total liabilities and stockholders' equity $ 120,096 $ 125,879

REKOR SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share data)
(Unaudited)


Three Months Ended March 31, Three Months Ended March 31,

2022 2021 2022 2021
Revenue $ 3,608 $ 4,216 $ 11,105 $ 6,399
Cost of revenue, excluding depreciation and amortization 1,983 1,922 4,705 2,745

Operating expenses:
General and administrative expenses 7,388 4,829 16,094 7,518
Selling and marketing expenses 1,352 937 3,044 1,356
Research and development expenses 4,092 1,222 4,741 2,143
Depreciation and amortization 1,399 614 2,169 1,386
Total operating expenses 14,231 7,602 26,048 12,403
Loss from operations (12,606 ) (5,308 ) (19,648 ) (8,749 )
Other income (expense):
Interest expense (9 ) (32 ) - (3,281 )
Other income 14 16 (72 ) (2,468 )
Total other income (expense) 5 (16 ) - 3,631
Loss before income taxes and equity method investments (12,601 ) (5,324 ) 103 27
Income tax provision - (3 ) 31 (2,091 )
Equity in loss of investee - (76 ) (19,617 ) (10,840 )
Net loss from continuing operations (12,601 ) (5,403 ) (10 ) (20 )
Net loss from discontinued operations - (3 ) (150 ) -
Net loss $ (12,601 ) $ (5,406 ) (19,777 ) (10,860 )
Comprehensive loss: (4 ) (215 )
Net loss from continuing operations (12,601 ) (5,403 ) (19,781 ) (11,075 )
Change in unrealized gain on short-term investments - 2
Total comprehensive loss from continuing operations (12,601 ) (5,401 ) (19,777 ) (10,860 )
Total comprehensive loss $ (12,601 ) $ (5,404 ) 6 -
Loss per common share from continuing operations - basic and diluted (0.29 ) (0.15 ) (19,771 ) (10,860 )
Loss per common share discontinued operations - basic and diluted - (0.00 ) $ (19,775 ) $ (11,075 )
Loss per common share - basic and diluted $ (0.29 ) $ (0.15 ) (1 ) (1 )
- (0 )
Weighted average shares outstanding $ (1 ) $ (1 )
Basic and diluted 44,087,911 35,944,355

SOURCE: Rekor Systems, Inc.

COMTEX_407285671/2457/2022-05-16T16:06:15

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/200959926/composite
US : U.S.: Nasdaq
$ 1.00
+0.10 +11.11%
Volume: 314,803
Sept. 30, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$53.59 million
Rev. per Employee
$54,984
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