Rekor Systems, Inc.
REKR Technology Software Infrastructure
Rekor Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $48.5 million, up 5.26% from fiscal 2024. In the quarter to June 2026, revenue grew 2.45%, EPS grew 94.3%, free cash flow grew 70.0% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Rekor Systems, Inc. (REKR) Beneish M-score
Rekor Systems, Inc.'s Beneish M-score for fiscal 2025 is −2.92; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.92 | 0.70 |
| FY2024 | −3.62 | (0.55) |
| FY2023 | −3.07 | 0.40 |
| FY2022 | −3.47 | (1.15) |
| FY2021 | −2.31 | (0.63) |
| FY2020 | −1.69 | 0.68 |
| FY2019 | −2.37 | 1.80 |
| FY2018 | −4.17 | (4.07) |
| FY2017 | −0.09 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.15 | — | 1.06 | |
| Gross margin index | 0.88 | — | 0.47 | |
| Asset quality index | 0.86 | — | 0.35 | |
| Sales growth index | 1.05 | — | 0.94 | |
| Depreciation index | 1.11 | — | 0.13 | |
| SG&A index | 0.77 | — | −0.13 | |
| Total accruals to total assets | (0.13) | — | −0.61 | |
| Leverage index | 0.85 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.92 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LYLTQ Loyalty Ventures Inc. compare | −3.1× |
| REKR Rekor Systems, Inc. | −2.9× |
| AIFC AI Financial Corporation compare | −2.7× |
| BNAI Brand Engagement Network Inc. compare | −0.1× |
| XBP XBP Global Holdings, Inc. compare | 10.4× |
| AVX AVAX One Technology Ltd. compare | 72.6× |
| AILEQ iLearningEngines, Inc. compare | — |
| LIDR AEye, Inc. compare | — |
| VHC VirnetX Holding Corp compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI