ATLANTA (November 16, 2023) – Utility today announced results for the third quarter of 2023, including more than $13 million in new contract bookings and additional notable third-quarter financial insights including:
- 35% increase in revenue, year-over-year
- 34% increase in recurring revenue, year-over-year
- 52% increase in gross margin dollars, year-over-year
- 82% increase in operating income, year-over-year
- 97% in recurring revenue for the third quarter
- $10 million in net new client contract bookings in the quarter
- $3.3 million in existing client renewals in the quarter
- Over $175 million in backlog of future contracted revenue
A highlight of the period was the full market release of TITAN by Utility™, the company’s unified video access solution for faster crime resolution and awareness. Adoption of TITAN will allow for greater community safety, incident investigation and suspect apprehension. Utility has completed the first client deployment of this solution for the Vermont State Police enabling the department to further secure their evidence rooms across the state. Utility is continuing progress towards FedRamp certification, allowing Utility products to be sold in the federal market.
Further supporting the company’s ongoing momentum, Utility completed the quarter with a new majority investor, Greater Sum Ventures, a growth equity firm that invests its own capital in middle-market software and tech-enabled services companies. The funding will provide additional capital to increase Utility’s investment in innovation, continuing to accelerate its growth.
“Our team was focused on aligning all the efforts we continue to employ to strategically position the business for unprecedented expansion. With a visionary approach to investment and innovation, Utility is on course to amplify its impact and guide the future of technology,” said Michael Nark, President and CEO of Utility. “The significant progress achieved in this quarter, marked by Greater Sum Ventures’ majority investment and deployment of TITAN by the Vermont State Police, underscores Utility’s unwavering commitment to our clients and to shaping the future of our industry.”
Responding to the growing demand for extended battery life driven by ever increasing law enforcement work shifts, the company is poised to launch a groundbreaking supplemental battery, integrated with the EOS body-worn camera device, promising to revolutionize the field and provide users with enhanced operational capabilities. Additionally, Utility achieved success in facilitating the upload of tens of thousands (45,000+) of evidence files through the Citizen Upload capability within Polaris, showcasing the widespread adoption and utility of this feature. Additional Q3 technology highlights include:
- Utility’s platform managed the addition of 5.5 million incidents throughout the quarter.
- Surpassed 686,995 total users and more than 88,276 devices on the platform.
- 190 clients on the platform are CAD-enabled.
- 94.2% of the 384 clients on the platform are media-enabled.
- 446 active ALPR units on the platform.
- 77.2k cases created on the platform.
In addition to new police and sheriff’s office clients, Q3 new contracts represent engagement with a wide range of law enforcement including hospital, university, public school and airport police and security agencies across nine states.
This robust growth was also supported by 11 notable renewals and upgrades from existing customers including Indiana University and Pileum, an IT consulting and systems integration firm for companies including Grenada MS, Yazoo MS, Wildwood FL, and Diamondhead MS.
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.