The company has developed algorithms that can identify vehicle model, make, and body type, as well as anomalies such as rust, dents, and stickers from camera footages in real-time. The technology also has the capability to identify the speed and direction of the movement, helping in numerous real-world applications, including law enforcement.
Speaking on the technology, Berman said, “What makes us unique is the tech stack. And I can’t think of another company in the world that has this entire tech stack. You have companies that can do video analytics but they can’t do data management on the back end. Nor can they do the distribution or edge processing.”
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Two major deals
Over the last few months, Rekor has been going through a transitional period, jettisoning assets that did not add value to its vision of safer roadways.
Earlier this year, the states of Oklahoma and North Dakota inked deals with the firm to access its Rekor One platform, cementing the technology’s significance in data collection. While the North Dakota Parks and Recreation Department will use the technology to understand use patterns and plan for future needs, Oklahoma’s Uninsured Vehicle Enforcement Diversion Program will use it to derive information associated with uninsured motorists.
According to the management, the company is estimated to have an addressable market of $31 billion by 2025. The company currently operates in over 80 countries, with expansion to additional regions on the cards. CFO Eyal Hen added that a bulk of the company’s current contracts are multi-year ones, with durations ranging between 12 to 60 months.
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Strong revenue guidance
Last week, the company said it expects to report gross revenue of over $4.2 million in the first quarter of 2021, representing a 160% increase year-over-year, partly driven by the Oklahoma deal.
“Another major growth driver is our eCommerce platform, where we started to invest during the first quarter of 2021, and are seeing great results. The third driver is the partner program that we initiated late 2020, which is also contributing significant revenues,” Hen said.
The company is scheduled to announce quarterly results on May 10.
REKR shares have more than tripled since the beginning of this year. The stock’s 12-month average price target suggests a further 11% increase from Friday’s trading price.
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