Duos Tech Q2 revenue $1.51M (-15% YoY), net loss $3.2M; backlog $19.6M, recurring revenue up 38%

DUOS TECHNOLOGIES GROUP, INC.

2024-Q2 EPS reported -$0.81 revenue$2,581,176

Total revenue $1.51M in Q2 2024, down 15% from $1.77M in Q2 2023; technology systems revenue fell to $265K.
Recurring services and consulting revenue rose 38% to $1.245M driven by new AI/subscription customers.
Net loss expanded to $3.20M from $2.99M; cash and equivalents declined to $0.51M from $2.44M at Dec 2023.
Backlog of $19.6M includes $10.9M Class 1 railroad data agreement; expects $6.9M recognized in H2 2024.
Formed Duos Edge AI and Duos Energy subsidiaries; three EDCs in production with ~$1M ARR expected Q4.

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