UTILITY SHARES Q1 2022 BUSINESS RESULTS

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May 03, 2022, 14:24 ET

Evidence management technology provider reports record-breaking performance with 40% increase in year-over-year revenue

ATLANTA, May 3, 2022 /PRNewswire/ -- Utility today shared its first-quarter 2022 results, providing insight into the technology company's continued growth. Benefitting from 17 new contract bookings with law enforcement agencies across the United States, Utility secured $35M in quarterly bookings, a record for the company. Complementing quarterly financial highlights include:

40% increase in year-over-year revenue
218% increase in year-over-year contract bookings
31% increase in recurring revenue year-over-year

In the first quarter, Utility executed new contract bookings with nine city police departments; six county agencies, including Harris County, TX, the third most populous county in the country; one school district, Northside Texas Independent School District, and one state corrections agency, South Carolina Department of Corrections. The technology provider also renewed 12 contracts in the first quarter, totaling nearly $1M. Overall, contracts this quarter committed more than 4,892 new devices to the dynamic Utility platform.

"Solution-seeking law enforcement agencies continue to affirm the need for the policy-based, high-speed data collection technology that only Utility provides," said Michael Nark, president and CEO of Utility. "Our first-quarter results demonstrate strong performance within the organization, and I'm confident in our ongoing growth as we look to introduce new technologies in 2022."

During the quarter, platform activity included:

More than 1.2 petabytes of new media uploaded.
Creation of 28,452 cases and more than 3.8 million incidents.
Utility's ALPR technology detected 2.2 million license plates.
More than 1.7 million user logins
Users accessed / played more than 733,000 videos

Additional Q1 activities:

Released a variety of software technology updates for all devices.
Support for an external mount BodyWorn camera.
Introduction of a SWAT BodyWorn helmet-mounted camera.
Fixed mount gunshot detection.

Finally, during the quarter, the company also received notification from the United States Patent and Trademark Office of the issuance of patent 11,282,536 for Systems and Methods for Detecting a Gunshot. The patent covers the detection of a gunshot event through the use ultrasonic frequency distribution across a broad range of frequencies which enables higher accuracy than traditional energy-based sensors. The technology approach also dramatically improves location detection and gunshot type.

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 bodyworn.com.

SOURCE Utility, Inc.