Duos Technologies Group Reports 4th Quarter and FY 2024 Results
Duos Technologies Group (DUOT) reported Q4 and FY 2024 results, marking a transformative year with significant developments. The company secured its largest-ever contract - a $42 million Asset Management Agreement with New APR Energy and Fortress Investment Group to manage 850MW of Gas-Powered Turbines.
Q4 2024 revenue decreased 4% to $1.46 million, with recurring services revenue up 9%. Full-year 2024 revenue declined 3% to $7.28 million. The company reported a Q4 net loss of $3.41 million and full-year net loss of $10.76 million.
Notable achievements include:
- Secured $5 million advance payment for future services
- Acquired six Edge Data Centers for Texas deployments
- Completed $7.5 million ATM capital raise
- Scanned nearly 10 million railcar images across North America
Looking ahead, Duos projects 2025 revenue between $28-30 million, representing 285-312% growth, with current backlog at $50.5 million.
Duos Technologies Group (DUOT) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024, segnando un anno trasformativo con sviluppi significativi. L'azienda ha ottenuto il suo contratto più grande di sempre - un Accordo di Gestione degli Asset del valore di 42 milioni di dollari con New APR Energy e Fortress Investment Group per gestire 850MW di turbine a gas.
Le entrate del Q4 2024 sono diminuite del 4% a 1,46 milioni di dollari, con le entrate da servizi ricorrenti aumentate del 9%. Le entrate dell'anno intero 2024 sono diminuite del 3% a 7,28 milioni di dollari. L'azienda ha riportato una perdita netta di 3,41 milioni di dollari nel Q4 e una perdita netta annuale di 10,76 milioni di dollari.
Tra i risultati notevoli si includono:
- Ottenuto un pagamento anticipato di 5 milioni di dollari per servizi futuri
- Acquisiti sei Edge Data Centers per implementazioni in Texas
- Completato un aumento di capitale di 7,5 milioni di dollari tramite ATM
- Scansionati quasi 10 milioni di immagini di vagoni ferroviari in tutta l'America del Nord
Guardando al futuro, Duos prevede entrate per il 2025 tra 28 e 30 milioni di dollari, rappresentando una crescita del 285-312%, con un backlog attuale di 50,5 milioni di dollari.
Duos Technologies Group (DUOT) reportó los resultados del cuarto trimestre y del año fiscal 2024, marcando un año transformador con desarrollos significativos. La empresa aseguró su contrato más grande de la historia - un Acuerdo de Gestión de Activos de 42 millones de dólares con New APR Energy y Fortress Investment Group para gestionar 850MW de turbinas a gas.
Los ingresos del Q4 2024 disminuyeron un 4% a 1,46 millones de dólares, con los ingresos por servicios recurrentes aumentando un 9%. Los ingresos del año completo 2024 cayeron un 3% a 7,28 millones de dólares. La empresa reportó una pérdida neta de 3,41 millones de dólares en el Q4 y una pérdida neta anual de 10,76 millones de dólares.
Logros notables incluyen:
- Asegurado un pago anticipado de 5 millones de dólares por servicios futuros
- Adquiridos seis Edge Data Centers para implementaciones en Texas
- Completado un aumento de capital de 7,5 millones de dólares a través de un cajero automático
- Escaneadas casi 10 millones de imágenes de vagones de ferrocarril en toda América del Norte
Mirando hacia adelante, Duos proyecta ingresos para 2025 entre 28 y 30 millones de dólares, representando un crecimiento del 285-312%, con un backlog actual de 50,5 millones de dólares.
Duos Technologies Group (DUOT)는 2024년 4분기 및 연간 결과를 보고하며, 중요한 발전을 이룬 변혁의 해를 기념했습니다. 이 회사는 New APR Energy 및 Fortress Investment Group과 함께 850MW의 가스 발전 터빈을 관리하기 위한 4,200만 달러 규모의 자산 관리 계약을 체결했습니다.
2024년 4분기 매출은 146만 달러로 4% 감소했으며, 반복 서비스 매출은 9% 증가했습니다. 2024년 전체 매출은 728만 달러로 3% 감소했습니다. 이 회사는 4분기 순손실이 341만 달러, 연간 순손실이 1,076만 달러라고 보고했습니다.
주목할 만한 성과로는:
- 미래 서비스에 대한 500만 달러의 선급금 확보
- 텍사스 배치를 위한 6개의 엣지 데이터 센터 인수
- 750만 달러 규모의 ATM 자본 조달 완료
- 북미 전역에서 거의 1,000만 개의 화물차 이미지를 스캔함
앞을 내다보며, Duos는 2025년 매출을 2,800만에서 3,000만 달러 사이로 예상하며, 이는 285-312%의 성장을 나타내며, 현재 백로그는 5,050만 달러입니다.
Duos Technologies Group (DUOT) a rapporté les résultats du quatrième trimestre et de l'année fiscale 2024, marquant une année transformative avec des développements significatifs. L'entreprise a obtenu son plus grand contrat à ce jour - un Accord de Gestion d'Actifs de 42 millions de dollars avec New APR Energy et Fortress Investment Group pour gérer 850 MW de turbines à gaz.
Les revenus du Q4 2024 ont diminué de 4% pour atteindre 1,46 million de dollars, avec des revenus de services récurrents en hausse de 9%. Les revenus de l'année entière 2024 ont diminué de 3% pour atteindre 7,28 millions de dollars. L'entreprise a déclaré une perte nette de 3,41 millions de dollars au Q4 et une perte nette annuelle de 10,76 millions de dollars.
Les réalisations notables incluent:
- Obtention d'un paiement anticipé de 5 millions de dollars pour des services futurs
- Acquisition de six Edge Data Centers pour des déploiements au Texas
- Achèvement d'une levée de fonds de 7,5 millions de dollars via un guichet automatique
- Numérisation de près de 10 millions d'images de wagons de chemin de fer à travers l'Amérique du Nord
En regardant vers l'avenir, Duos projette des revenus pour 2025 entre 28 et 30 millions de dollars, représentant une croissance de 285-312%, avec un carnet de commandes actuel de 50,5 millions de dollars.
Duos Technologies Group (DUOT) hat die Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 bekannt gegeben, was ein transformierendes Jahr mit bedeutenden Entwicklungen markiert. Das Unternehmen sicherte sich den größten Vertrag seiner Geschichte - einen Vereinbarung zur Vermögensverwaltung im Wert von 42 Millionen Dollar mit New APR Energy und Fortress Investment Group zur Verwaltung von 850 MW Gas-Turbinen.
Die Einnahmen im Q4 2024 sanken um 4% auf 1,46 Millionen Dollar, während die Einnahmen aus wiederkehrenden Dienstleistungen um 9% stiegen. Die Einnahmen für das gesamte Jahr 2024 gingen um 3% auf 7,28 Millionen Dollar zurück. Das Unternehmen berichtete von einem Nettoverlust von 3,41 Millionen Dollar im Q4 und einem Nettoverlust von 10,76 Millionen Dollar für das gesamte Jahr.
Bemerkenswerte Erfolge umfassen:
- Erhalt einer Vorauszahlung von 5 Millionen Dollar für zukünftige Dienstleistungen
- Erwerb von sechs Edge Data Centers für Einsätze in Texas
- Abschluss einer Kapitalerhöhung von 7,5 Millionen Dollar über einen Geldautomaten
- Scannen von fast 10 Millionen Eisenbahnwagenbildern in ganz Nordamerika
Für die Zukunft erwartet Duos Einnahmen für 2025 zwischen 28 und 30 Millionen Dollar, was einem Wachstum von 285-312% entspricht, mit einem aktuellen Auftragsbestand von 50,5 Millionen Dollar.
- Secured largest-ever contract worth $42M with APR Energy including 5% equity stake
- Significant backlog of $50.5M entering 2025
- Projected 285-312% revenue growth for 2025
- Strengthened balance sheet with $7.5M ATM raise and $5M advance payment
- 9% increase in recurring services revenue in Q4 2024
- Q4 2024 revenue decreased 4% to $1.46M
- Full-year 2024 revenue declined 3% to $7.28M
- Q4 2024 gross margin declined 209% to negative $330,000
- Net loss increased to $3.41M in Q4 2024 from $3.16M in Q4 2023
- Full-year gross margin decreased 64% to $469,000
Insights
Duos Technologies' Q4 and full-year 2024 results reflect a company in transition, with current financial performance taking a backseat to strategic positioning for substantial future growth. The 4% decrease in Q4 revenue to
The game-changer here is the Asset Management Agreement valued at up to
With
Looking beneath the surface numbers, Duos is effectively executing a multi-vertical strategy that leverages its core technological capabilities across complementary markets. The temporary margin compression reflects investments in future growth rather than fundamental business weakness. For a company with a
Duos Technologies' strategic expansion beyond its rail technology foundation represents a well-calculated diversification into high-growth markets where it can leverage existing expertise in AI, edge computing, and remote monitoring. The acquisition of six Edge Data Centers and initial deployment in Amarillo establishes a beachhead in the lucrative Tier 3 and Tier 4 data center markets, where demand for distributed computing power continues to surge as AI applications proliferate.
Particularly noteworthy is the Pampa, Texas data center development with 500MW power capacity targeting AI hyperscalers. This positions Duos at the intersection of two critical technology bottlenecks: computing infrastructure and power generation. The company's dual focus on edge data centers and power solutions creates natural synergies that few competitors can match.
The core RIP® technology business continues to build intellectual property value, with new patents and enforcement actions against potential infringement. With 10 million railcar images processed across 700,000 unique railcars (representing
The transition toward higher-margin AI software and support services indicates a classic technology business model evolution from hardware to recurring software revenue. While this transition temporarily impacts financial results, it sets the foundation for improved profitability. The
Duos' expansion strategy leverages computational expertise in multiple domains while maintaining focus on industrial and infrastructure applications where AI can deliver immediate value. The deliberately paced deployment plan for 15 Edge Data Center pods by year-end 2025 balances growth ambitions with operational realities, though management indicates potential acceleration based on strong demand signals.
Issues guidance following a transformative year with the Company adding two new business lines, significantly strengthening the Balance Sheet and demonstrating enhanced operational capabilities for additional services and consulting related to the fast power business.
JACKSONVILLE, Fla., March 31, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, Edge Data Centers and power solutions, reported financial results for the fourth quarter (“Q4 2024”) and full year ended December 31, 2024.
Fourth Quarter 2024 and Recent Operational Highlights
- Signed Asset Management Agreement (“AMA”) with New APR Energy and Fortress Investment Group value at up to
$42 million to manage 850MW of Gas-Powered Turbines. This agreement includes a5% equity stake in the parent of New APR Energy and is the largest contract in the Company’s history. - Secured a
$5 million advance payment for future services related to the AMA providing low-cost interim working capital as the Company grows. - Initiated marketing campaign targeted at the Tier 3 and Tier 4 data center markets for the provision of Duos Edge AI Edge Data Centers (“EDC”s).
- Acquired six EDCs for initial deployments to Texas Regional Schools as “anchor” locations for service provisions.
- Installed an initial EDC site in Amarillo, Texas with contract to include primary power for the support of installation site in addition to backup power.
- Developing a high-density Data Center Park in Pampa, Texas in cooperation with New APR Energy and the Pampa Energy Center. The project includes the deployment of two Edge Data Centers and up to 500MW of bridging and permanent power, to support growing AI hyperscalers and HPC demands.
- Added further intellectual property with patents covering the Railcar Inspection Portal (“RIP®”) and issued potential “IP Infraction” letters to a Class 1 railroad and its technology partner.
- Scanned almost 10 million railcar images on over 700,000 unique railcars for the full year. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately
44% of the total freight car population in North America. - Entering 2025, the Company estimates
$50.5 million of revenue in backlog including near-term extensions. - Completed an At-The-Market (“ATM”) capital raise for approximately
$7.5 million with an average price of greater than$5.00 per share and low issuance costs.
Fourth Quarter 2024 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation.
Total revenue for Q4 2024 decreased
Cost of revenues for Q4 2024 increased
Gross margin for Q4 2024 decreased
Operating expenses for Q4 2024 decreased
Net operating loss for Q4 2024 totaled
Net loss for Q4 2024 totaled
Cash and cash equivalents at December 31, 2024 totaled
Across January and February of 2025, the Company issued an aggregate of 633,683 shares of common stock at a weighted average price of
Full Year 2024 Financial Results
Total revenue for the full year 2024, decreased
Cost of revenues for the full year 2024, increased
Gross margin for the full year 2024, decreased
Operating expenses for the full year 2024, decreased
Net operating loss for the years ended, December 31, 2024 and 2023 were
Net loss for the years ended December 31, 2024 and 2023 was
Financial Outlook
At the end of 2024, the Company’s contracts in backlog represented approximately
Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2025, the Company is in a position to reinstate revenue expectations for the fiscal year ending December 31, 2025. The Company expects total revenue for 2025 to range between
Management Commentary
“Over the past several months, we have made significant progress across all three of our business lines—rail, edge computing, and power—while also expanding our investor base and analyst coverage,” said Duos Chief Executive Officer Chuck Ferry. “Our Railcar Inspection Portal continues to gain traction, with growing interest from both rail operators and government agencies, despite the industry's slow adoption cycle. Meanwhile, Duos Edge AI is scaling quickly, with strong demand for our Edge Data Centers, particularly in underserved rural areas. We remain on track to deploy 15 pods by the end of 2025 and are actively exploring opportunities to accelerate that growth. At the same time, Duos Energy is capitalizing on unprecedented demand for behind-the-meter power solutions, securing contracts for 390MW in just the first three months of operation, with additional deals in negotiation. The synergies between our power and edge computing businesses have exceeded expectations, opening doors to new opportunities across both sectors. With strong execution and a diversified portfolio, we are well-positioned for continued growth and profitability in 2025 and beyond.”
Conference Call
The Company’s management will host a conference call today, March 31, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Date: | Monday, March 31, 2025 |
Time: | 4:30 p.m. Eastern time (1:30 p.m. Pacific time) |
U.S. dial-in: | 877-407-3088 |
International dial-in: | 201-389-0927 |
Confirmation: | 13751912 |
Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.
If you have any difficulty connecting with the conference call, please contact DUOT@duostech.com.
The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company's website here.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.
Forward- Looking Statements
This news release includes forward-looking statements regarding the Company's financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company's expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company's organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as "believe," "expect," "anticipate," "should," "plan," "aim," "will," "may," "should," "could," "intend," "estimate," "project," "forecast," "target," "potential" and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company's ability to continue as a going concern, the Company's ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company's specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company's specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company's technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company's most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), which are available at the SEC's website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company's assumptions may prove to be incorrect. The Company's actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
For the Years Ended | |||||||
December 31, | |||||||
2024 | 2023 | ||||||
REVENUES: | |||||||
Technology systems | $ | 2,252,357 | $ | 3,618,022 | |||
Services and consulting | 5,028,528 | 3,853,176 | |||||
Total Revenues | 7,280,885 | 7,471,198 | |||||
COST OF REVENUES: | |||||||
Technology systems | 2,818,078 | 4,352,247 | |||||
Services and consulting | 3,993,592 | 1,810,070 | |||||
Total Cost of Revenues | 6,811,670 | 6,162,317 | |||||
GROSS MARGIN | 469,215 | 1,308,881 | |||||
OPERATING EXPENSES: | |||||||
Sales and marketing | 2,138,431 | 1,493,309 | |||||
Research and development | 1,531,390 | 1,812,951 | |||||
General and administration | 7,782,920 | 9,449,187 | |||||
Total Operating Expenses | 11,452,741 | 12,755,447 | |||||
LOSS FROM OPERATIONS | (10,983,526 | ) | (11,446,566 | ) | |||
OTHER INCOME (EXPENSES): | |||||||
Interest expense | (286,114 | ) | (7,159 | ) | |||
Change in fair value of warrant liabilities | 245,980 | 0 | |||||
Gain on extinguishment of warrant liabilities | 379,626 | 0 | |||||
Other income, net | (120,423 | ) | 212,007 | ||||
Total Other Income (Expenses), net | 219,069 | 204,848 | |||||
NET LOSS | $ | (10,764,457 | ) | $ | (11,241,718 | ) | |
Basic and Diluted Net Loss Per Share | $ | (1.39 | ) | $ | (1.56 | ) | |
Weighted Average Shares-Basic and Diluted | 7,736,281 | 7,204,177 | |||||
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
December 31, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash | $ | 6,266,296 | $ | 2,441,842 | ||||
Accounts receivable, net | 403,441 | 1,462,463 | ||||||
Contract assets | 635,774 | 641,947 | ||||||
Inventory | 605,356 | 1,526,165 | ||||||
Prepaid expenses and other current assets | 176,338 | 184,478 | ||||||
Note Receivable, net | - | - | ||||||
Total Current Assets | 8,087,205 | 6,256,895 | ||||||
Inventory - non current | 196,315 | - | ||||||
Property and equipment, net | 2,771,779 | 726,507 | ||||||
Operating lease right of use asset - Office Lease | 4,028,397 | 4,373,155 | ||||||
Financing lease right of use asset - Edge Data Centers | 2,019,180 | - | ||||||
Security deposit | 500,000 | 550,000 | ||||||
OTHER ASSETS: | ||||||||
Equity Investment - Sawgrass APR Holdings LLC | 7,233,000 | - | ||||||
Intangible Asset, net | 9,592,118 | - | ||||||
Note Receivable, net | - | 153,750 | ||||||
Patents and trademarks, net | 127,300 | 129,140 | ||||||
Software development costs, net | 403,383 | 652,838 | ||||||
Total Other Assets | 17,355,800 | 935,728 | ||||||
TOTAL ASSETS | $ | 34,958,677 | $ | 12,842,285 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 969,822 | $ | 595,634 | ||||
Notes payable - financing agreements | 17,072 | 41,976 | ||||||
Accrued expenses | 373,251 | 164,113 | ||||||
Operating lease obligations - Office Lease -current portion | 798,556 | 779,087 | ||||||
Financing lease obligation - Edge Data Centers - current portion | 367,451 | - | ||||||
Notes payable, net of discount - related parties | 1,758,396 | - | ||||||
Contract liabilities, current | 11,805,018 | 1,666,243 | ||||||
Total Current Liabilities | 16,089,566 | 3,247,053 | ||||||
Contract liabilities, less current portion | 11,016,134 | - | ||||||
Operating lease obligations - Office Lease, less current portion | 3,867,042 | 4,228,718 | ||||||
Financing lease obligation - Edge Data Centers, less current portion | 1,724,604 | - | ||||||
Total Liabilities | 32,697,346 | 7,475,771 | ||||||
Commitments and Contingencies (Note 12) | ||||||||
STOCKHOLDERS' EQUITY: | ||||||||
Preferred stock: | ||||||||
Series A redeemable convertible preferred stock, | - | - | ||||||
500,000 shares designated; 0 and 0 issued and outstanding at December 31, 2024 and December 31, 2023, respectively, | ||||||||
convertible into common stock at | ||||||||
Series B convertible preferred stock, | - | - | ||||||
15,000 shares designated; 0 and 0 issued and outstanding at December 31, 2024 | ||||||||
and December 31, 2023, respectively, convertible into common stock at | ||||||||
Series C convertible preferred stock, | - | - | ||||||
5,000 shares designated; 0 and 0 issued | ||||||||
and outstanding at December 31, 2024 and December 31, 2023, respectively, | ||||||||
convertible into common stock at | ||||||||
Series D convertible preferred stock, | 1 | 1 | ||||||
4,000 shares designated; 1,299 and 1,299 issued | ||||||||
and outstanding at December 31, 2024 and December 31, 2023, respectively, | ||||||||
convertible into common stock at | ||||||||
Series E convertible preferred stock, | ||||||||
30,000 shares designated; 13,500 and 11,500 issued | ||||||||
and outstanding at December 31, 2024 and December 31, 2023, respectively, | 14 | 12 | ||||||
convertible into common stock at | ||||||||
Series F convertible preferred stock, | ||||||||
5,000 shares designated; 0 and 0 issued | ||||||||
and outstanding at December 31, 2024 and December 31, 2023, respectively, | - | - | ||||||
convertible into common stock at | ||||||||
Common stock: | ||||||||
8,922,576 and 7,306,663 shares issued, 8,921,252 and 7,305,339 | 8,921 | 7,306 | ||||||
shares outstanding at December 31, 2024 and December 31, 2023, respectively | ||||||||
Additional paid-in-capital | 76,777,856 | 69,120,199 | ||||||
Accumulated deficit | (74,368,009 | ) | (63,603,552 | ) | ||||
Sub-total | 2,418,783 | 5,523,966 | ||||||
Less: Treasury stock (1,324 shares of common stock | ||||||||
at December 31, 2024 and December 31, 2023) | (157,452 | ) | (157,452 | ) | ||||
Total Stockholders' Equity | 2,261,331 | 5,366,514 | ||||||
Total Liabilities and Stockholders' Equity | $ | 34,958,677 | $ | 12,842,285 | ||||
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
For the Years Ended | |||||||
December 31, | |||||||
2024 | 2023 | ||||||
Cash from operating activities: | |||||||
Net loss | $ | (10,764,457 | ) | $ | (11,241,718 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 2,161,722 | 550,201 | |||||
Stock based compensation | 108,981 | 710,047 | |||||
Stock issued for services | 165,000 | 143,065 | |||||
Amortization of debt discount related to warrant liabilities | 184,002 | - | |||||
Fair value of warrant liabilities | (245,980 | ) | - | ||||
Gain on settlement of warrant liabilities | (379,626 | ) | - | ||||
Amortization of operating lease right of use asset - Office Lease | 344,757 | 316,776 | |||||
Amortization of lease right of use asset - Edge Data Centers | 50,820 | - | |||||
Provision for credit losses, accounts receivable | 76,037 | - | |||||
Provision for credit losses, note receivable | 161,250 | - | |||||
Write off of inventory | 126,703 | - | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 982,985 | 1,955,800 | |||||
Note receivable | (7,500 | ) | (153,750 | ) | |||
Contract assets | 6,173 | (216,225 | ) | ||||
Inventory | 52,700 | (97,804 | ) | ||||
Security deposit | 50,000 | 50,000 | |||||
Prepaid expenses and other current assets | 414,091 | 744,771 | |||||
Accounts payable | 374,188 | (1,694,756 | ) | ||||
Accrued expenses | 209,138 | (289,209 | ) | ||||
Operating lease obligation - Office Lease | (342,206 | ) | (232,007 | ) | |||
Lease obligation - Edge Data Centers | 22,055 | - | |||||
Contract liabilities | 2,760,480 | 708,245 | |||||
Net cash used in operating activities | (3,488,687 | ) | (8,746,564 | ) | |||
Cash flows from investing activities: | |||||||
Purchase of patents/trademarks | (9,535 | ) | (69,327 | ) | |||
Purchase of software development | - | (527,896 | ) | ||||
Purchase of fixed assets | (1,831,763 | ) | (496,686 | ) | |||
Net cash used in investing activities | (1,841,298 | ) | (1,093,909 | ) | |||
Cash flows from financing activities: | |||||||
Repayments on financing agreements | (430,855 | ) | (520,529 | ) | |||
Repayment of finance lease | - | (22,851 | ) | ||||
Proceeds from notes payable, related parties | 2,200,000 | - | |||||
Proceeds from warrant exercises | 899,521 | - | |||||
Proceeds from common stock issued | 3,544,689 | - | |||||
Stock issuance cost | (220,183 | ) | (25,797 | ) | |||
Proceeds from shares issued under Employee Stock Purchase Plan | 166,265 | 230,400 | |||||
Proceeds from preferred stock issued | 2,995,002 | 11,500,000 | |||||
Net cash provided by financing activities | 9,154,439 | 11,161,223 | |||||
Net increase in cash | 3,824,454 | 1,320,750 | |||||
Cash, beginning of year | 2,441,842 | 1,121,092 | |||||
Cash, end of year | $ | 6,266,296 | $ | 2,441,842 | |||
Supplemental Disclosure of Cash Flow Information: | |||||||
Interest paid | $ | 3,865 | $ | 7,159 | |||
Taxes paid | $ | 20,126 | $ | 29,085 | |||
Supplemental Non-Cash Investing and Financing Activities: | |||||||
Debt discount for warrant liability | $ | 625,606 | $ | - | |||
Notes issued for financing of insurance premiums | $ | 434,883 | $ | 487,929 | |||
Transfer of inventory to fixed assets | $ | 545,091 | $ | - | |||
Intangible asset acquired with contract liability | $ | 11,161,428 | $ | - | |||
Equity Investment - Sawgrass APR Holdings LLC | $ | 7,233,000 | $ | - | |||
Right of use asset and liability for Edge Data Centers | $ | 2,070,000 | $ | - | |||
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2f0eb27-5f9e-4015-9a56-d69465f6e1fd
This press release was published by a CLEAR® Verified individual.

Contacts Corporate Fei Kwong Director, Corporate Communications Duos Technologies Group, Inc. (Nasdaq: DUOT) 904-652-1625 fk@duostech.com