31.8% increase in year-over-year revenue and introduction of TITAN by Coreforce™
ATLANTA (May 17, 2023) /PRNewswire – Coreforce today announced results for the first quarter of 2023, including $31 million in contract bookings, future contracted revenue backlog level in excess of $175 million and a 16.8% operating income margin. Also driving momentum were additional notable first-quarter financial insights including:
- 9.8% increase in revenue, quarter-over-quarter
- 11.5% increase in recurring revenue, quarter-over-quarter
- 12.3% increase in gross margin, quarter-over-quarter
- 13.4% increase in staffing, quarter-over-quarter
- 55.1% increase in operating income, quarter-over-quarter
Coreforce announced its new TITAN by Coreforce™ technology in the first quarter. A powerful operating force-multiplying capability, Titan integrates existing fixed cameras into a real-time map view enabling 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 body-worn camera, in-car video and real-time mapping capabilities, Titan integrates directly with the company’s digital evidence management platform, POLARIS by Coreforce™, which saw continued acceleration and adoption throughout the quarter. Launched in late 2022, the technology is now being leveraged by more than 40% of Coreforce clients on a day-to-day basis. Key new capabilities of the system include camera registry, crowdsourcing, transcription, translation, and enhanced map functionality.
Additional Q1 technology insights during the period include:
- Coreforce’s platform managed the addition of more than 4.9 million incidents.
- Coreforce’s ALPR technology detected more than 7.1 million license plates.
- Users played more than 1 million videos.
- Total users on the platform surpassed 64,400.
- The platform was accessed more than 5.4 million times.
The company’s first-quarter new contract bookings showcase continued growth across the U.S. with the addition of several new agencies to the Coreforce client roster including:
Sheriff’s OfficesPolice DepartmentsCorrections
Marion County, IN
Navarro County, TX
Parke County, IN
Union City, NC
Cumberland, MD
Carlinville, IN
Marlborough, NH
Randolph, MAHarris County, TX Sheriff’s Office Jail
St. Louis Division of Corrections
The strong quarterly performance was also supported by renewals with:
- Bartow County, GA Sheriff’s Office
- Cobb County, GA Police Department
- Columbia, SC Police Department
- Decatur, GA Police Department
- Fulton County, GA Marshal’s Office
- Harrison County, MS Sheriff’s Office
- Henderson, NV Police Department
- Missouri City, TX Police Department
- Porter County, IN Sheriff’s Office
“We will continue to build upon the momentum of the first quarter of the year, as we are focused on satisfying our clients through continuous innovation,” said Michael Nark, President and CEO of Coreforce. “Our first-quarter results demonstrate strong performance, and we are confident in our ongoing growth as we look to introduce new technologies in 2023.”
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.
Coreforce today announced results for the first quarter of 2023, including $31 million in contract bookings, future contracted revenue backlog level in excess of $175 million and a 16.8% operating income margin...
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