Technology company reports top performance with 38% increase in year-over-year revenue
ATLANTA, Feb. 21, 2024 /PRNewswire/ -- Coreforce, 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 Coreforce'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 Coreforce to provide the transparency they need to support community trust," said Coreforce 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 Coreforce 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 Coreforce ALPR technology, representing a 341% year-over year increase
- Received 6.7 petabytes in total incident and case uploads to the POLARIS by Coreforce™ platform, representing a 27% year-over-year increase
- Continued progress towards FedRamp and StateRAMP readiness certifications, allowing Coreforce to pursue new growth opportunities within the federal market
Continued Innovation
- POLARIS by Coreforce™: The latest iteration of Coreforce'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 Coreforce™: 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 Coreforce'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, Coreforce shared fourth quarter insights with the addition of 12 new agencies to the company's client roster including:
Police DepartmentsPublic 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, TXIndianapolis, IN Spring Branch, TXAlleghany 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
About Coreforce
Coreforce, 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 Coreforce providers. To learn more about Coreforce and its technology solutions, please visit Coreforce.com.
Learn about the Coreforce, Inc. Universe of Solutions
Download our Universe of Solutions Booklet to learn how agencies are using our advanced technology to improve safety, transparency, and efficiency every day!
https://youtu.be/f6JiPUehzus?si=ug7yO6fLIp79q9lQ
The Coreforce, Inc. Universe of Solutions Explained.
Coreforce, Inc., 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 Coreforce's ongoing investment in new product offerings and international expansion, contributed to the company's performance
.jpeg)
