The evidence management technology provider reports 26% increase in year-over-year revenue
ATLANTA, Aug. 23, 2022 /PRNewswire/ — Utility today shared its second-quarter 2022 results, showing the technology company’s continued growth. Expanding further across the United States, Utility earned 19 new law enforcement agencies, adding 2,153 new devices to bring the total to 9,202 new devices YTD. Utility has seen a steady growth from the first quarter. Financial highlights included:
- 26.75% increase in year-over-year revenue
- 56.2% increase in year-over-year contract bookings
- 30.19% increase in recurring revenue year-over-year
In May, Utility unveiled new names and logos for core products and introduced a new product, HELIOS by Utility™, as part of a comprehensive rebranding effort to complement the company’s accelerated expansion. At the forefront of the brand evolution was the name change of three core Utility technologies to align the company’s expanding—and growing—universe of innovative products and operating systems. Product evolutions and introductions included:
- EOS by Utility™: With a name to match its luminary qualities, Eos, formerly known as BodyWorn, is a body-worn camera for solution-seeking agencies, ushering in a new dawn for digital video surveillance.
- POLARIS by Utility™: Previously known as AVaiLWEB, Polaris is a powerful, cloud-based digital evidence platform that offers users a wide range of features and case management capabilities. As a seamless, all-in-one evidence management system, Polaris guides Utility clients with total transparency and sets a new standard for tracking and backing up the truth.
- ROCKET by Utility™: RocketIoT is now Rocket. Just as its name implies, Rocket by Utility is a state-of-the-art, in-car communication platform that takes situational awareness to a whole new level. With multi-dimensional capabilities and secure evidence-gathering automation, the Rocket delivers comprehensive, time-saving intelligence.
- HELIOS by Utility™: A central evidence management platform created for district attorneys’ offices; Helios provides the power to organize files from multiple agencies into one unified view. The SAAS-based DEMS sheds light on all aspects of case management, allowing law enforcement to collaborate quickly, securely and efficiently with the justice system to bring speed and transparency to the legal process.
Utility increased new contract bookings this quarter by 76.2 percent in the second quarter, totaling $8,311,424. That includes new contracts with 12 city police departments; four county agencies; one state police department, Vermont; one university medical center, University of Mississippi Medical Center, including over 100 officers; and one public city water supply company. This quarter, contracts committed more than 2,000 new devices supporting law enforcement personnel to the platform.
Additional Q2 insights include:
- Utility’s platform is actively managing more than 9.5 petabytes of media.
- Utility’s platform managed the addition of more than 4.3 million incidents through the quarter, more than a 12% increase from Q1 2022.
- Utility’s ALPR technology detected more than 3,4 million license plates during the quarter.
- Users played more than 780,000 videos, a 6% increase from Q1 2022.
- Total users on the platform surpassed 57,000, more than a 14% increase from Q1 2022.
In the second quarter, Utility’s team grew by 28 employees, surpassing the 100-employee mark. The leadership team expanded to include Product Management, International Business Development and Sales Leadership. Additionally, many key roles have been filled to support our continuing growth in the areas of client support and project management. This team expansion supports a broader series of Utility-funded growth initiatives, including:
- Work to expand the company’s DEMS technologies, Helios and Polaris, to be source agnostic giving clients the opportunity to actively manage data in one place.
- A focus on international market expansion with our core offering and vertical market extension into Corrections, Fire, and EMS, as well as becoming FedRamp certified to engage with federal clients.
- Further development of Active Policing technology to provide clients with real-time crime center capabilities.
“We are thrilled to welcome these teammates to Utility and look forward to the continued success their strong leadership will support,” said Michael Nark, President and CEO of Utility. “Building upon the momentum of the first half of the year, we’re keenly focused on satisfying our clients through continuous innovation, ensuring that our products are increasingly valuable for all of our clients and highly effective for partner agencies of all sizes.”
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.