Rekor Systems, Inc. key statistics and ratios

In fiscal 2025, Rekor Systems, Inc. had return on equity of -81.7%, an operating margin of -59.6%, debt equal to 35.4% of equity and a current ratio of 1.06. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Rekor Systems, Inc.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	42.6%	37.7%	50.2%	19.8%	61.7%	—	—	—	—	—	—
Operating margin	−0.8%	−21.0%	−25.5%	−39.0%	−128.3%	−275.0%	−430.6%	−120.6%	−118.0%	−59.6%	−39.4%
Net margin	−0.3%	−22.8%	−28.4%	−82.2%	−153.6%	−231.4%	−417.2%	−130.8%	−133.4%	−64.9%	−43.8%
Free-cash-flow margin	−1.4%	−15.6%	−15.2%	−114.5%	−174.4%	−193.6%	−213.9%	−97.4%	−74.2%	−47.3%	−26.2%
Return on equity	−2.5%	−125.1%	−114.4%	—	−175.6%	−42.4%	−110.5%	−110.5%	−181.9%	−81.7%	−56.7%
Return on assets	−0.7%	−38.7%	−29.5%	−67.5%	−40.9%	−32.2%	−79.3%	−51.9%	−70.3%	−37.5%	−27.3%
Asset turnover	2.21	1.70	1.04	0.82	0.27	0.14	0.19	0.40	0.53	0.58	0.62
Current ratio	4.22	1.33	0.99	0.99	4.08	2.22	0.60	1.47	1.09	1.06	0.78
Debt to equity	29.6%	23.0%	97.7%	—	7.9%	1.1%	9.0%	89.4%	49.4%	35.4%	44.4%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	—	—	0.7%	7.4%	34.5%	71.6%	93.5%	52.3%	40.8%	30.1%	25.9%
SG&A as % of revenue	43.4%	58.6%	93.9%	—	—	—	—	—	—	—	—
Capital spending as % of revenue	0.3%	1.3%	5.0%	4.1%	11.2%	37.8%	15.0%	4.0%	3.7%	5.2%	4.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Rekor Systems, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−121.9%	−139.2%	−110.2%	−62.6%	−28.0%	−55.5%	−85.9%	1.8%
Net margin	−119.9%	−153.3%	−118.2%	−70.1%	−29.2%	−61.3%	−91.2%	−4.4%
Free-cash-flow margin	−94.6%	−43.2%	−91.6%	−64.4%	−44.1%	−2.0%	−40.3%	−18.9%
Current ratio	0.76	1.09	1.18	1.40	1.45	1.06	0.87	0.78
Debt to equity	39.3%	46.5%	47.7%	42.2%	41.0%	35.0%	43.6%	44.1%
R&D as % of revenue	44.9%	30.4%	43.2%	29.5%	25.8%	26.0%	34.0%	19.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 7 checks passed · June 30, 2026

What it owns · $74m

Short-term assets $23mLonger-term assets $51m

What it owes, and who funded it · $74m

Short-term liabilities $30mLonger-term liabilities $11mShareholders' equity $34m

Short-term assets cover short-term liabilities $23m of assets due within a year against $30m of liabilities due within a year.
Short-term assets cover long-term liabilities $23m short-term assets against $11m of longer-dated liabilities.
More cash than debt $10m of cash against $15m of debt.
Debt below 40% of shareholders' equity Debt is 44% of equity.
Debt burden no higher than five years ago Debt to equity moved from 0% to 44% over five years.
A year's operating cash flow covers at least 20% of debt −$11m of operating cash flow against $15m of debt.
Operating profit covers interest at least five times over Operating income of −$20m against $2m of interest.

From Rekor Systems, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

16 /100

Weak moat

How hard Rekor Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -36.1% of total assets over 9 years.
Pricing power 8 / 20

Gross margin has been a median 45.4%, moving by 14.5 percentage points (standard deviation) across 5 years.
Durability 10 / 20

Operating margin has been a median -73.6%; its worst year was -514.4%.
Cash conversion 0 / 20

Free cash flow was positive in 0 of 9 years, at a median -76.2% of revenue.
Discipline 4 / 20

The diluted share count rose 310.1% over five years; stock-based pay has been a median 7.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (21 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Rekor Systems, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Rekor Systems, Inc.