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Duos Technologies Group, Inc. (DUOT) is a prominent provider of advanced, AI-driven digital video security systems catering to a diverse range of sectors including government, transportation, commercial, and healthcare industries. The company designs and manufactures a comprehensive array of security systems that encompass intelligent video surveillance and monitoring, automatic digital video recording, intrusion detection (both indoor and outdoor), and integrated intelligent command. Their product portfolio also extends to intelligent perimeter security, browser-based video and alarm monitoring, human-machine interfaces, electronic access control, biometric readers, and identification badge systems.
In addition to security systems, Duos Technologies Group, Inc. offers robust information technology solutions. These include network design topology, program and application development, wide and local area networking, infrastructure cabling, IP telephony and video, virtual private networks (VPNs) and security, remote network administration, data services, historical data collection and reporting, production assets analysis, and disaster recovery services.
Operating under the brand name duostech, Duos Technologies Group, Inc. focuses on intelligent technology solutions specifically tailored for the rail, logistics, and intermodal industries. These solutions are designed to streamline operations, enhance safety, and reduce costs. Their flagship product, the Railcar Inspection Portal (RIP), allows for automated railcar inspections at full train speeds, serving both freight and transit railroads and select government agencies. Another significant innovation by the company is the Automated Logistics Information System (ALIS), which automates gatehouse operations at large logistics and intermodal facilities.
The company boasts a well-diversified business model, with segments spanning Rail, Commercial, Government, Banking, and AI. One of the latest milestones includes securing a new support and AI agreement, projecting an annual recurring revenue of $360,000. Despite a short-term revenue decline attributed to transitioning to a subscription revenue model, Duos Technologies has demonstrated significant operational progress and an expanding pipeline of opportunities. Their recent achievements also include obtaining another patent for their RIP technology, solidifying their position as a leader in high-speed scanning of freight and passenger rolling stock.
Overall, Duos Technologies Group, Inc. continues to make key strides in advancing their strategic initiatives and intellectual property, setting a solid foundation for anticipated improvements in their financial results and operational performance.
Duos Technologies Group reported Q4 and full-year 2020 financial results. Total Q4 revenue decreased 34% year-over-year to $3.78 million, but sequentially increased 195%. Full-year revenue fell 41% to $8.04 million due to COVID-related order delays. Gross profit for Q4 was down 48% to $1.65 million, and the net loss was $426,000. For 2021, the company projects revenue of $18 million, anticipating breakeven operations and positive cash flow, bolstered by recent capital raises. Operational improvements are aimed at enhancing customer relationships and product quality.
Duos Technologies Group, Inc. (NASDAQ:DUOT) announced a conference call on March 25, 2021, at 4:30 p.m. Eastern time to discuss its fourth quarter and full year financial results for 2020. A press release detailing the financial results will precede the call. The call will include a question-and-answer session led by Duos' management. Interested parties are encouraged to call 5-10 minutes before the start time and can access the call via U.S. dial-in at 877-407-3088 or international dial-in at 201-389-0927.
Duos Technologies Group, Inc. (NASDAQ:DUOT) has appointed rail industry expert Ed L. Harris to its Board of Directors. Harris, former COO of CSX Corporation, will lead the Nominating and Governance Committees and serve on the Audit Committee. His extensive experience in rail operations and technology is expected to enhance Duos' growth strategy and customer solutions. With a strong focus on improving rail industry technology, Harris aims to address significant market needs as the sector undergoes transformation.
Duos Technologies Group reported Q3 2020 revenues of $1.28 million, a 42% decline from $2.20 million year-over-year. Gross profit decreased 71% to $295,000, influenced by increased costs and project delays. Operating expenses rose 39% to $3.00 million, primarily due to a one-time CEO retirement charge. The net loss expanded to $2.71 million from $1.14 million last year. Despite challenges, Duos secured contracts worth $1.3 million and aims for $7.5-$8 million in 2020 revenues, anticipating improved performance in 2021.
Duos Technologies Group, Inc. (NASDAQ:DUOT) will hold a conference call on November 12, 2020, at 4:30 p.m. Eastern to discuss its third quarter financial results for the period ending September 30, 2020. The financial results will be shared via press release before the call, which will include a Q&A session with management. Dial-in details are provided for U.S. and international participants. Duos Technologies offers advanced analytical technology solutions, focusing on machine learning and AI for sectors including transportation and banking.
Duos Technologies Group, Inc. (NASDAQ: DUOT) announced a new contract with CN, a major North American railroad, effective immediately. This agreement covers full service, support, maintenance, and sourcing of spare parts for seven existing Railcar Inspection Portals (rip®) through 2022. The contract will generate recurring revenue and enhance productivity by integrating AI applications into Duos' centraco® platform for efficient railcar inspections. CEO Chuck Ferry emphasized the importance of this partnership for operational success.
Duos Technologies Group, Inc. (NASDAQ:DUOT) announced a significant contract valued at approximately $1.3 million with an existing Class 1 railroad customer. The contract aims to enhance automated mechanical inspections at a current Railcar Inspection Portal (rip®). Expected to be completed by year-end, it includes future recurring payments through 2022 for maintenance and spare parts. The upgrade focuses on integrating AI applications to improve railcar inspections and may expand to additional locations based on successful proof-of-concept.
Duos Technologies Group, Inc. (NASDAQ:DUOT) has been invited to present at the 9th Annual Gateway Conference on September 9-10, 2020. The presentation is scheduled for September 9 at 10:30 a.m. Eastern time and will be webcast live. Interested parties can schedule one-on-one meetings with the management team during the conference. The Gateway Conference connects compelling companies with institutional investors and analysts, featuring various growth industries including technology and life sciences. For more details, visit gatewayir.com/conference.
Duos Technologies Group, Inc. (NASDAQ:DUOT) has appointed Charles "Chuck" Ferry as its new Chief Executive Officer, effective September 1, 2020. Ferry, an experienced executive with a background in the energy and defense sectors and 26 years of military service, succeeds founder Gianni Arcaini, who remains on the Board. Ferry aims to leverage his leadership experience to enhance the company’s growth strategy. The transition is set to foster Duos' expansion in intelligent security solutions across various sectors, including transportation and government.
Duos Technologies Group reported strong second-quarter results for 2020, with total revenue increasing by 47% to $1.98 million compared to last year. Gross profit surged by 324% to $739,000, reflecting improved contract completions. Despite an overall revenue decrease of 48% in the first six months due to COVID-related delays, the company secured multiple contracts totaling over $4.8 million. Operating expenses rose slightly by 4%, while net loss improved from $3.61 million to $1.47 million year-over-year. Cash reserves are strong at $5.37 million.
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