Track Group revenue slips in quarter

NAPERVILLE - Track Group Inc., a global provider of offender tracking and monitoring services, released financial results Wednesday for its fiscal year third quarter ended June 30, including a 3% dip in revenue.

The company posted total revenue of $8.7 million, a decrease of about 3% over total revenue of $9 million in the same quarter last fiscal year.

An operating loss in the quarter of $300,000 improved nominally compared to an operating loss of $500,000 in the year-ago period.

"Among the 10 contracts awarded to Track Group this fiscal year, in (the third quarter) we began mobilization planning for a newly awarded statewide pretrial contract estimated at $1.6 million in annual revenue with a $15 million budget over a five-year term," said Derek Cassell, Track Group's CEO. "Track Group continues to be seen as a leader in high-risk offender and defendant monitoring and supporting services. As this new program and others like it begin to roll out, we anticipate that the company will continue to grow both revenue and operating income for the remainder of FY23."