Technology company reports top performance with 38% increase in year-over-year revenue
ATLANTA, Feb. 21, 2024 /PRNewswire/ — Utility, Inc., the leader in innovative, digital systems tailored for frontline professions, announced the close to its 2023 fiscal year, with annual revenues totaling $60 million, a 38 percent increase over 2022. Increased engagement with an expanded range of law enforcement including hospital, university, public school, and airport security agencies, paired with Utility’s ongoing investment in new product offerings and international expansion, contributed to the company’s performance. Notable 2023 financial insights include:
- $71 million in total contract bookings for the year
- 42% increase in recurring revenue, year-over-year
- 58% increase in gross margin, year-over-year
- 178% increase in operating income, year-over-year
- 31% staffing increase, year-over-year
“As we conclude 2023, we are honored to be the evidence management technology provider of choice for our new and existing clients who trust Utility to provide the transparency they need to support community trust,” said Utility President and CEO Michael Nark, “Our team continued to navigate the rapidly progressing technology and public safety environments, introducing new products and welcoming Greater Sum Ventures as majority investor in the company, positioning us for expanding services and continued growth. We look forward to the year ahead and continuing to innovate to meet the growing needs of law enforcement agencies around the world.”
2023 Highlights
Additional key results supporting the Utility vision, to help clients save the day – every day – in 2023:
Platform Expansion
- Surpassed 72,000 total users on the platform, across 346 active clients
- 276,048 cases created, representing a 49% year-over-year increase
- 20,826,839 incidents created within the platform, representing a 21% year-over-year increase
- 54,039,808 license plates detected with the Utility ALPR technology, representing a 341% year-over year increase
- Received 6.7 petabytes in total incident and case uploads to the POLARIS by Utility™ platform, representing a 27% year-over-year increase
- Continued progress towards FedRamp and StateRAMP readiness certifications, allowing Utility to pursue new growth opportunities within the federal market
Continued Innovation
- POLARIS by Utility™: The latest iteration of Utility’s digital evidence management platform, POLARIS 7.0 delivers enhanced capabilities for observing, collecting, analyzing and sharing digital evidence. With the technology, law enforcement gains the ability to capture evidence and enhance investigations through the integration of fixed cameras and mobile applications, along with expanded communication and alert capabilities.
- TITAN by Utility™: Introduced in the first quarter of 2023, TITAN serves as a powerful operating force-multiplying capability for real-time crime centers, integrating existing fixed cameras into a real-time map view that enables law enforcement to respond quickly to unfolding incidents and investigate and solve more crimes. In addition to combining fixed camera video with Utility’s existing police body camera, real-time mapping capabilities, and in car video, the technology integrates directly with POLARIS and offers capabilities like camera registry, crowdsourcing, transcription, translation, and enhanced map functionality.
Further complementing its strong annual financial results, Utility shared fourth quarter insights with the addition of 12 new agencies to the company’s client roster including:
Police Departments | Public School Districts | State Attorney’s Offices |
| Brookhaven, MS Harlingen, TX Lexington, IL Log Lane Village, CO Mont Belvieu, TX Port Neches, TX Bayfield, CO Vermillion, SD Galveston, TX | Indianapolis, IN Spring Branch, TX | Alleghany County, MD |
The strong quarterly performance was also supported by notable renewals with:
- Atlanta, GA Public Schools
- Aventura, FL Police Department
- Brentwood, TN Police Department
- Colorado Springs, CO Police Department
- El Segundo, CA Police Department
- Lilburn, GA Police Department
- Murfreesboro, TN Police Department
- Osmose Company, NJ