FREMONT, Calif. - SoundThinking, Inc. (NASDAQ: SSTI), a company specializing in public safety technology, and Rekor Systems, Inc. (NASDAQ: NASDAQ:REKR), known for its roadway intelligence technology, have announced their strategic partnership and the launch of a new public safety solution called PlateRanger, which is now open for demonstrations and quotations.
The collaboration leverages SoundThinking's expertise in acoustic gunshot detection with Rekor's vehicle and license plate recognition (LPR) capabilities. The PlateRanger system is expected to integrate into SoundThinking's SafetySmart platform by September 2024, targeting the global LPR market valued at $3.2 billion.
Patrol Captain Paul Grech of the Bridgeport, CT Police Department commented on the potential benefits of integrating PlateRanger with current technologies like ShotSpotter, suggesting it could enhance investigative capabilities for law enforcement.
PlateRanger offers a subscription-based model that includes solar power, warranty, integrations, and customer service, aiming to provide law enforcement agencies with an efficient tool for vehicle-related crime investigations. This system can be used alongside ShotSpotter for gun crime investigations or as a standalone solution.
Ralph Clark, CEO of SoundThinking, expressed excitement about the partnership with Rekor Systems, emphasizing the synergy between the two companies and the innovative solutions they aim to provide for public safety challenges. David Desharnais, CEO of Rekor Systems, also highlighted the potential impact of their combined technologies on community safety.
The information for this article is based on a press release statement from SoundThinking, Inc.
In other recent news, Rekor Systems, a leader in advanced roadway intelligence technology, has been granted a U.S. patent for a privacy-focused traffic sensor.
The patented technology, "Systems and Methods for Consolidated Traffic Monitoring with Privacy Protection," integrates advanced imaging and image recognition processing. This innovative sensor provides detailed per-vehicle records while ensuring data security and individual privacy through military-grade, irreversible data encryption.
In financial developments, Rekor Systems reported a significant revenue growth of 58.1% to $9.8 million in the first quarter of 2024, despite facing challenges such as delayed deployments and weather-related impacts. However, the adjusted gross margin declined to 45.9%. The company also completed the strategic acquisition of All Traffic Data for $19 million and raised $26.5 million in a follow-on offering with William Blair.
While facing some challenges, Rekor Systems remains confident in reaching its $35 million revenue target for 2024. These are among the recent developments for Rekor Systems.
InvestingPro Insights
As Rekor Systems, Inc. (NASDAQ: REKR) embarks on a strategic partnership with SoundThinking, Inc., its financial health and market performance are pivotal in ensuring the success of their new public safety solution, PlateRanger. Rekor's current market capitalization stands at $152.82 million, reflecting its position in the market. Despite a challenging period with a PRONEWS24 15.2% decline in its stock price over the last week, Rekor has demonstrated a strong rebound with a 20.98% return over the last month.
InvestingPro data indicates a significant revenue growth for Rekor, with a 66.56% increase over the last twelve months as of Q1 2024, which may signal market confidence in the company's growth trajectory. However, with a negative P/E ratio of -3.28, it's clear that profitability remains a concern. This is further substantiated by an InvestingPro Tip, which suggests that analysts do not anticipate the company will be profitable this year.
Investors and potential stakeholders considering Rekor Systems should note that the company's stock price movements have been quite volatile, an aspect that is crucial when evaluating investment risks. For those interested in a deeper analysis, there are 6 additional InvestingPro Tips available, which can provide further insights into Rekor's financial performance and market position. To access these valuable tips, visit https://www.investing.com/pro/REKR and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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