UTILITY, INC SHARES RECORD THIRD-QUARTER 2022 FINANCIAL AND GROWTH RESULTS
54% increase in year-over-year contract bookings, and international expansion
ATLANTA, Nov. 15, 2022 /PRNewswire/ -- Utility today announced record revenue for the third quarter of 2022 of more than $11.6 million, a 37% increase in year-over-year revenue. The recurring component of the revenue continues to exceed 95% at EBITDA margins of 15%. Utility has seen steady quarterly growth through the year, with other notable third-quarter financial highlights including:
- 209% increase in contract bookings from Q2
- 54% increase in year-over-year contract bookings
- 45% increase in recurring revenue year-over-year
- 58% increase in year-over-year total company future contracted revenue
The company's new contract bookings and renewals totaled more than $25.7 million, with the addition of several new agencies to the Utility client roster, including the police departments of Michigan City, IN, Cartersville, GA, Pawtucket, RI, Kerrville, TX and New Iberia, LA. The strong quarterly performance was also supported by notable renewals with the St. Louis County, MO Police Department, Walton County, FL Sheriff's Office, Arlington, TX Police Department, Baldwin County, AL Sheriff's Office, Port Arthur, TX Police Department and Colorado Springs, CO Police Department.
Additional Q3 insights include:
- Utility's platform is actively managing more than 9.5 petabytes of media.
- Utility's platform managed the addition of more than 4.7 million incidents through the quarter, more than a 9% increase from Q2 2022.
- 99% of the incidents captured on the platform in the quarter were done so automatically, consistent with Client policy, without manual intervention.
- Utility's ALPR technology detected more than 3.34 million license plates during the quarter.
- Users played more than 875,000 videos, a 12% increase from Q2 2022.
- Total users on the platform surpassed 58,500.
- The platform was accessed more than 2.8 million times during the quarter.
The third quarter introduced international expansion of Utility's footprint into Canada in partnership with Field Forensics Canada (FFI). This milestone represents the first of many global expansion announcements as the company continues to grow. This focused investment brings ease and clarity to international organizations seeking policy-based, high speed data collection.
In addition, an expanded partnership with a global technology company now provides sourcing, fulfillment, and warranty support for the Eos by Utility™ body worn camera, offers increased scale for Utility as the company continues its accelerated growth and expansion into new markets and provides the team with a view into the Eos device roadmap with the opportunity to test new devices early in the product lifecycle.
With a focus on being the go-to source for education on both the company's technologies and more broadly evidence management applications and technologies, the Utility team produced multiple continuing education opportunities for law enforcement across the U.S., including a webinar with the National Sheriff's Association in which the company convened members of the Washington County Sheriff's Office and Dr. Troy Rogers to provide insight into supporting positive morale in law enforcement. And, in partnership with the FBI National Academy Associates, members of the Utility team and the Nampa Police Department shared their thoughts on evidence management in 2022, with a focus on critical features agencies should consider when selecting an effective digital evidence management system.
"We continue to attract new, solution-seeking clients through our differentiated value proposition, technologies and services," said Michael Nark, President and CEO of Utility. "The ongoing strength of our 2022 results, further underscored by those seen in Q3, combined with new partnerships and technologies, reinforce our confidence to achieve both our annual and long-term goals, and we look forward to finishing the year strong."
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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