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,|
|Net loss from continuing operations||$||(12,601||)||$||(5,403||)|
|Depreciation and amortization||1,399||614|
|Loss due to change in value of equity investments||-||76|
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)
A live webcast of the conference call will be available online at: https://services.choruscall.com/mediaframe/webcast.html?webcastid=DUdfL7O2
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:
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.
Rekor Systems, Inc.
Chief Financial Officer
Phone: +1 (443) 545-7260
Investor Relations Contact: Rekor Systems, Inc.
REQ for Rekor Systems, Inc.
REKOR SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
||March 31, 2022||December 31, 2021|
|Cash and cash equivalents||$||14,606||$||25,796|
|Restricted cash and cash equivalents||987||804|
|Accounts receivable, net||1,455||1,173|
|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|
|Property and equipment, net||10,168||9,929|
|Right-of-use lease assets, net||9,548||6,163|
|Intangible assets, net||20,405||21,406|
|Note receivable, long-term||935||1,020|
|Total long-term assets||99,485||95,197|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|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|
|Other current liabilities||3,074||2,904|
|Current liabilities of discontinued operations||129||129|
|Total current liabilities||11,442||13,821|
|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|
|Commitments and contingencies|
|Common stock, $0.0001 par value; authorized; 100,000,000 shares; issued: 44,949,939, shares as of March 31, 2022 and 44,007,257 as of December 31, 2021; outstanding: 44,908,417 shares as of March 31, 2022 and 43,987,896 as of December 31, 2021||4||4|
|Treasury stock, 41,522 and 19,361 shares as of March 31, 2022 and December 31, 2021, respectively||(417||)||(319||)|
|Additional paid-in capital||176,348||171,285|
|Total stockholders' equity||93,451||101,087|
|Total liabilities and stockholders' equity||$||120,096||$||125,879|
REKOR SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share data)
||Three Months Ended March 31,||Three Months Ended March 31,|
|Cost of revenue, excluding depreciation and amortization||1,983||1,922||4,705||2,745|
|General and administrative expenses||7,388||4,829||16,094||7,518|
|Selling and marketing expenses||1,352||937||3,044||1,356|
|Research and development expenses||4,092||1,222||4,741||2,143|
|Depreciation and amortization||1,399||614||2,169||1,386|
|Total operating expenses||14,231||7,602||26,048||12,403|
|Loss from operations||(12,606||)||(5,308||)||(19,648||)||(8,749||)|
|Other income (expense):|
|Total other income (expense)||5||(16||)||-||3,631|
|Loss before income taxes and equity method investments||(12,601||)||(5,324||)||103||27|
|Income tax provision||-||(3||)||31||(2,091||)|
|Equity in loss of investee||-||(76||)||(19,617||)||(10,840||)|
|Net loss from continuing operations||(12,601||)||(5,403||)||(10||)||(20||)|
|Net loss from discontinued operations||-||(3||)||(150||)||-|
|Net loss from continuing operations||(12,601||)||(5,403||)||(19,781||)||(11,075||)|
|Change in unrealized gain on short-term investments||-||2|
|Total comprehensive loss from continuing operations||(12,601||)||(5,401||)||(19,777||)||(10,860||)|
|Total comprehensive loss||$||(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||)||$||(0.15||)||(1||)||(1||)|
|Weighted average shares outstanding||$||(1||)||$||(1||)|
|Basic and diluted||44,087,911||35,944,355|
SOURCE: Rekor Systems, Inc.
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