Rekor Systems, Inc.
For the period ended Mar 31, 2025. Filed Mar 31, 2025.
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Mar 31, 2025 · Filed Mar 31, 2025
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Contents
EX-99.1 · (Dollars in thousands, except share data)
(Dollars in thousands, except share data)
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $5,013 | $15,385 |
| Restricted cash | 316 | 328 |
| Accounts receivable, net | 7,232 | 4,955 |
| Inventory | 4,297 | 3,058 |
| Note receivable, current portion | 340 | 340 |
| Other current assets | 2,732 | 1,270 |
| Total current assets | 19,930 | 25,336 |
| Long-term assets | ||
| Property and equipment, net | 11,048 | 13,188 |
| Right-of-use operating lease assets, net | 9,348 | 9,584 |
| Right-of-use financing lease assets, net | 2,317 | 1,989 |
| Goodwill | 24,313 | 20,593 |
| Intangible assets, net | 14,450 | 17,239 |
| Note receivable, long-term | 142 | 482 |
| Deposits | 927 | 3,740 |
| Total long-term assets | 62,545 | 66,815 |
| Total assets | $82,475 | $92,151 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | ||
| Accounts payable and accrued expenses | 4,330 | 5,139 |
| Notes payable, current portion | 1,000 | 1,000 |
| Loans payable, current portion | 79 | 75 |
| Lease liability operating, short-term | 2,310 | 1,261 |
| Lease liability financing, short-term | 900 | 547 |
| Contract liabilities | 3,439 | 3,604 |
| Liability for ATD Holdback Shares | 1,036 | - |
| Other current liabilities | 5,129 | 5,610 |
| Total current liabilities | 18,223 | 17,236 |
| Long-term liabilities | ||
| Notes payable, long-term | - | 1,000 |
| 2023 Promissory Notes, net of debt discount of $0 and $1,012, respectively | - | 2,988 |
| 2023 Promissory Notes - related party, net of debt discount of $0 and $2,149, respectively | - | 6,351 |
| Series A Prime Revenue Sharing Notes, net of debt discount of $263 and $447, respectively | 9,737 | 9,553 |
| Series A Prime Revenue Sharing Notes - related party, net of debt discount of $132 and $223, respectively | 4,868 | 4,777 |
| Loans payable, long-term | 194 | 273 |
| Lease liability operating, long-term | 12,371 | 13,445 |
| Lease liability financing, long-term | 977 | 1,057 |
| Contract liabilities, long-term | 1,298 | 1,449 |
| Deferred tax liability | 79 | 65 |
| Other long-term liabilities | 587 | 587 |
| Total long-term liabilities | 30,111 | 41,545 |
| Total liabilities | 48,334 | 58,781 |
| Commitments and contingencies (note 12) | ||
| Stockholders' equity | ||
| Preferred stock, $0.0001 par value, 2,000,000 authorized, 505,000 shares designated as Series A and 240,861 shares designated as Series B as of December 31, 2024 and December 31, 2023, respectively. No preferred stock was issued or outstanding as of December 31, 2024 or 2023, respectively. | - | - |
| Common stock, $0.0001 par value; authorized; 300,000,000 shares; issued: 104,700,593, shares at December 31, 2024 and 69,273,334 at December 31, 2023; outstanding: 104,541,073 shares at December 31, 2024 and 69,176,826 at December 31, 2023 | 10 | 7 |
| Treasury stock - at cost, 159,520 and 96,508 shares as of December 31, 2024 and 2023, respectively | (711) | (522) |
| Additional paid-in capital | 294,935 | 232,568 |
| Accumulated deficit | (260,093) | (198,683) |
| Total stockholders’ equity | 34,141 | 33,370 |
| Total liabilities and stockholders’ equity | $82,475 | $92,151 |
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