Duos Technologies Q1 revenue drops 60% to $1.07M, net loss widens to $2.75M

DUOS TECHNOLOGIES GROUP, INC.

2024-Q1 EPS reported -$0.38 revenue$1,070,680

Revenue fell 60% YoY to $1.07M; net loss $2.75M vs $2.14M in Q1 2023.
Backlog and near-term renewals exceed $10M; expects $7M recognized in rest of 2024.
Received $2.7M award for new Railcar Inspection Portal in industrial application; total RIP patents now 10.
Formed Duos Edge AI subsidiary to build Edge Data Centers; negotiating with telecom companies for AI/5G.
Cash and equivalents $2.98M plus $1.5M receivables; management expects revenue ramp in second half.

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 first quarter Q1 2024 ended March 31, 2024 results: revenue $1.07 million, net income Net loss for Q1 2024 totaled $2.75 million. Guidance reaffirmed.

Period: first quarter Q1 2024 ended March 31, 2024
Revenue: $1.07 million
Net income: Net loss for Q1 2024 totaled $2.75 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total revenues for Q1 2024 decreased 60% to $1.07 million

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Source: SEC EDGAR

accession 0001079973-24-000704

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