Subjects: ERN, PSF
UTILITY, INC STARTS 2023 WITH STRONG REVENUE GROWTH AND ANNOUNCEMENT OF NEW TECHNOLOGY
31.84% increase in year-over-year revenue and introduction of Titan by Utilitytm
ATLANTA, May 17, 2023 /PRNewswire/ -- Utility today announced results for the first quarter of 2023, including $31 million in contract bookings, future contracted revenue backlog level in excess of $175 million and a 16.8% operating income margin. Also driving momentum were additional notable first-quarter financial insights including:
- 9.8% increase in revenue, quarter-over-quarter
- 11.5% increase in recurring revenue, quarter-over-quarter
- 12.3% increase in gross margin, quarter-over-quarter
- 13.4% increase in staffing, quarter-over-quarter
- 55.1% increase in operating income, quarter-over-quarter
Utility announced its new Titan technology in the first quarter. A powerful operating force-multiplying capability, Titan integrates existing fixed cameras into a real-time map view enabling law enforcement to respond quickly to unfolding incidents and investigate and solve more crimes. In addition to combining fixed camera video with Utility's existing body worn camera, in car video and real-time mapping capabilities, Titan integrates directly with the company's digital evidence management platform, Polaris by Utilitytm, which saw continued acceleration and adoption throughout the quarter. Launched in late 2022, the technology is now being leveraged by more than 40% of Utility clients on a day-to-day basis. Key new capabilities of the system include camera registry, crowdsourcing, transcription, translation, and enhanced map functionality.
Additional Q1 technology insights during the period include:
- Utility's platform managed the addition of more than 4.9 million incidents.
- Utility's ALPR technology detected more than 7.1 million license plates.
- Users played more than 1 million videos.
- Total users on the platform surpassed 64,400.
- The platform was accessed more than 5.4 million times.
The company's first quarter new contract bookings showcase continued growth across the U.S. with the addition of several new agencies to the Utility client roster including:
Sheriff's Offices | Police Departments | Corrections |
? Marion County, IN ? Navarro County, TX ? Parke County, IN ? Union City, NC | ? Cumberland, MD ? Carlinville, IN ? Marlborough, NH ? Randolph, MA | ? Harris County, TX ? St. Louis Division of |
The strong quarterly performance was also supported by notable renewals with:
- Bartow County, GA Sheriff's Office
- Cobb County, GA Police Department
- Columbia, SC Police Department
- Decatur, GA Police Department
- Fulton County, GA Marshal's Office
- Harrison County, MS Sheriff's Office
- Henderson, NV Police Department
- Missouri City, TX Police Department
- Porter County, IN Sheriff's Office
"We will continue to build upon the momentum of the first quarter of the year, as we are focused on satisfying our clients through continuous innovation," said Michael Nark, President and CEO of Utility. "Our first-quarter results demonstrate strong performance, and we are confident in our ongoing growth as we look to introduce new technologies in 2023."
About Utility
Utility, the innovative technology-enabled service provider recognized for creating groundbreaking digital systems for frontline professions, provides a universe of intuitive products for effectively capturing, managing, and releasing video evidence. Technologies include a variety of cameras, sensors and devices as well as situational awareness software solutions for law enforcement, first responders, transportation agencies and utility providers. To learn more about Utility and its technology solutions, please visit utility.com.
SOURCE Utility, Inc.
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