Duos Tech Q3 revenue drops 62% to $1.53M, net loss widens; withdraws 2023 guidance

DUOS TECHNOLOGIES GROUP, INC.

2023-Q3 EPS reported -$1.12 revenue$5,945,270

Revenue $1.53M (-62% YoY); net loss $2.95M vs $1.93M loss in Q3 2022.
Gross margin $227k (-79% YoY); operating loss $2.97M vs $1.87M loss.
Withdrew FY2023 guidance due to project delays and extended customer budgeting cycles.
First subscription agreement with passenger transit operator, $300k+ annually; transition to recurring model.
Backlog $6.4M; expects $1-2M recognized in 2023; cash $3.27M vs $1.12M at year-end 2022.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

DUOS TECHNOLOGIES GROUP, INC. reported the first nine months of 2023 results: revenue $5.95 million.

Period: the first nine months of 2023
Revenue: $5.95 million
Result: reported results

Exact text from the filing

Total revenue decreased 35% to $5.95 million from $9.08 million in the same period last year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

DUOS TECHNOLOGIES GROUP, INC. reported the third quarter of 2023 results: revenue $1.53 million, net income $2.95 million.

Period: the third quarter of 2023
Revenue: $1.53 million
Net income: $2.95 million
Result: reported results

Exact text from the filing

Total revenue for Q3 2023 decreased 62% to $1.53 million

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53 earnings releases filed in the last 30 days. Browse all earnings releases →

DUOS TECHNOLOGIES GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001079973-23-001615

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