Duos Technologies Q1 revenue up 84% to $2.64M, net loss narrows; FY guidance reaffirmed $20M-$21M

DUOS TECHNOLOGIES GROUP, INC.

2023-Q1 EPS reported -$0.30 revenue$2,644,288

Revenue $2.64M (+84% YoY); gross margin $537K (+142%); net loss $2.14M vs $2.64M loss in Q1 2022.
Cash $4.34M, up from $1.12M at Dec 2022, after $4M Series E preferred stock raise.
Backlog $9.4M with $7.7M expected recognized in remainder 2023; FY guidance $20M-$21M reiterated.
37 AI models deployed, targeting >50 by year-end; add-on $1.9M for passenger portal boosts contract to $13.5M.
Q2 revenue expected similar to Q1; ramp in H2; subscription model installation begins H2 2023.

item 2.02 item 7.01 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

DUOS TECHNOLOGIES GROUP, INC. reported first quarter ended March 31, 2023 results: revenue $2.64 million, net income $2.14 million. Guidance reaffirmed.

Period: first quarter ended March 31, 2023
Revenue: $2.64 million
Net income: $2.14 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

2 ex991x1.htm EXHIBIT 99.1 Exhibit 99.1 Duos Technologies Group Reports First Quarter 2023 Results Strong First Quarter Performance Driven by 84% Revenue Increase to $2.64 Million Continued Progress in Artificial Intelligence Development with Over 50 Planned Use Cases by Year-end JACKSONVILLE, FL / Globe Newswire / May 15, 2023 - Duos Technologies Group,

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Source: SEC EDGAR

accession 0001079973-23-000737

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