Utility, Inc. Announces Nearly 50% Increase In Recurring Revenue In Third Quarter 2021

ATLANTA, Nov. 9, 2021 /PRNewswire/ -- Utility, Inc. continues a year of record growth, announcing today a 48.8% increase in recurring revenue from Q3 2020 and a 12% year-over-year increase in contract bookings. In addition, Q3 recurring revenue was up 7.4% over Q2, and overall revenue also increased 3.7% sequentially. Building on the positive momentum from the first and second quarters, contract renewals for the quarter once again surpassed 95%.

New contract bookings in the third quarter of 2021 were executed with one state police agency, New Hampshire State Police; six county agencies; one higher education agency, Purdue University – West Lafayette Police Department; and five city police departments, including Auburn, ME, East Cleveland, OH, Helena, AL, Olmos Park, TX, and Pearl, MS. In addition to new contract bookings, there were 10 renewal contracts executed in the third quarter, totaling $2.9M. Overall, contracts this quarter committed more than 1,300 new law enforcement personnel to the platform.

To further its commitment to offering industry-leading technology, in Q4 Utility will release version 5.0 of AVaiLWeb^®, the cloud-based digital evidence management platform which will include new cutting-edge redaction features and expanded case management capabilities. Building upon the best-in-class technology, Utility proactively engages with its law enforcement partner agencies to support programs that promote transparency and build strong relationships in the communities they serve. On November 10, Utility will moderate a webinar with the National Sheriffs' Association, during which three law enforcement leaders – and Utility partners – will share their perspectives and insights on elevating community policing across the country.

Additional Q3 highlights for Utility, Inc. include:

• More than 46,500 total users on the platform
• 43% of active Utility users are now Computer Aided Dispatch (CAD) – enabled for seamless, automated video classification
• More than 12,500 RocketIoT in-car video systems active on the platform
• More than 80% of agency partners are media-enabled (capturing video)

"To provide innovative solutions for the future of law enforcement and beyond, we are continuously working with our partners to improve upon our services to best fit their needs, and this is evident through our continued revenue growth in 2021," said Michael Nark, President and CEO of Utility, Inc. "We look forward to closing out a record year for Utility with a strong fourth quarter, and to the new technology announcements on the horizon."

The Utility, Inc. ecosystem includes 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, Inc. and its technology solutions, please visit bodyworn.com. 

About Utility, Inc.
Utility, Inc. provides law enforcement officers with an intuitive platform for effectively capturing, managing and releasing video evidence. Utility's BodyWorn™ camera and RocketIoT^® in-car video system incorporate real-time communications, policy-based automatic recording functionality and real-time GPS positioning for the best situational awareness possible during critical times. The BodyWorn camera utilizes unique communication capabilities and specific recording capabilities to initiate video recording automatically. Automatic recording functionalities are set by individual law enforcement departments based on their recording policies. BodyWorn cameras may operate singularly or in conjunction with RocketIoT and come equipped with built-in accelerometers, prone positioning and light bar sensors to detect doors opening, rapid motion, Geofence entry, etc. Automatic recording functionalities can be updated at any time via the video management system, AVaiLWeb^®. The AVaiLWeb cloud-based digital evidence management solution securely stores captured evidence and offers SmartRedaction™.

SOURCE Utility, Inc.