Agreements represent over $5 million in total contract value
Company's vehicle classification AI begins proof of capability studies in New York State and South Carolina
COLUMBIA, MD / ACCESSWIRE / January 4, 2023 / Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor" or the "Company"), a global AI technology company with a mission to provide insights that build safer, smarter, and greener cities through intelligent infrastructure, announced today that the Pennsylvania Department of Transportation, Florida Department of Transportation ("FDOT"), Mississippi Department of Transportation, Alabama Department of Transportation and the Ohio Department of Transportation (have issued new or extended existing contracts and task orders with the Company that will feature the use of the Company's advanced non-intrusive technology. The collective total contract value is expected to be over $5 million.
The Company also announced that its AI vehicle recognition technology is now deployed in New York state as a part of a roadway non-intrusive proof of capability study to support the federally required vehicle classification process with the New York State Department of Transportation. A similar study is also being conducted with the South Carolina Department of Transportation.
In September 2022, the Company unveiled its new non-intrusive AI-driven traffic data collection system. The system uses state-of-the-art computer vision and machine learning to deliver the utmost safety, accuracy, performance, and simplicity for federally mandated vehicle classification data. The system has also now been deployed in New York state as a part of a roadway non-intrusive proof of capability study to support the federally required vehicle classification process with the New York State Department of Transportation. A similar study is also being conducted with the South Carolina Department of Transportation.
Under the new or extended contracts that have already been executed or renewed, more than 32,000 data collection sites are expected to be deployed across these (and other) states in the new year. The new task orders include the following:
- Alabama DOT: The Company's 2023 contract through the University of Alabama is expected to generate approximately $1 million in revenue for portable classification and volume data collection activities, with an opportunity to extend the contract to 2024, representing an additional $1 million.
- Florida DOT: FDOT District 1 has awarded the Company a five-year, $1.5 million contract. The Company will provide professional and technical services to the FDOT Transportation Statistics Staff concerning data collection and reporting for the Traffic Characteristics Inventory ("TCI") and Roadway Characteristics. Additionally, FDOT District 3 has notified the Company of its intent to award a five-year traffic count and projections contract with a total contract value of approximately $1.5 million. The Company has also entered into subconsultant agreements with three large traffic engineering firms for FDOT portable traffic studies.
- Mississippi DOT: issued work orders for turning movements, adding thousands of 48-hour vehicle classifications and vehicle volume counts. The expected contract value for these services is approximately $800,000
- Ohio DOT: A one-year 2023 task order has been awarded to the Company to install, maintain and monitor non-intrusive traffic data collection sites. This Ohio DOT task order has a potential contract value of over $400,000.
- Pennsylvania DOT: issued a 2023 contract renewal. 2022 revenue from the same contract was approximately $1 million and is expected to be slightly less in 2023.
"These sizable task orders and contract extensions validate that Rekor is already trusted by state DOTs and private traffic engineering firms looking to us for more accurate and granular roadway data that can be collected in a non-intrusive manner. We are also thrilled that our new FHWA-13 bin AI vehicle recognition is currently being evaluated in New York and South Carolina. Approximately 14 other state DOTs have expressed similar interest in our AI technology. We expect to deploy additional proof of capability studies in these 14 other states in the first half of 2023," said Michael Dunbar, Chief Revenue Officer, Rekor. "In 2023, Rekor will set the bar for using artificial intelligence to fully automate the safe capture of FHWA vehicle count data, including all FWHA vehicle classifications. The system uses high-resolution video streams to safely deliver highly accurate ground truth data, making manual traffic counts, rubber tubes, limited radar, and embedded roadway induction loops inevitably obsolete."
About Rekor Systems, Inc.
Rekor Systems, Inc. (NASDAQ:REKR) is a trusted global authority on intelligent infrastructure providing innovative solutions that drive the world to be safer, smarter, and greener. 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 on LinkedIn, Twitter, and Facebook.
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