Feb 21, 2024   SOURCE: PR NewsWire

UTILITY, INC. ANNOUNCES 2023 YEAR-END RESULTS AND INNOVATIONS

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(TM) 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(TM): 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(TM): 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:

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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

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 utility.com.

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SOURCE Utility Associates, Inc.