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    Duos Technologies Group Reports 4th Quarter and FY 2024 Results

    3/31/25 4:15:00 PM ET
    $DUOT
    Computer Software: Prepackaged Software
    Technology
    Get the next $DUOT alert in real time by email

    Issues guidance following a transformative year with the Company adding two new business lines, significantly strengthening the Balance Sheet and demonstrating enhanced operational capabilities for additional services and consulting related to the fast power business.

    JACKSONVILLE, Fla., March 31, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, Edge Data Centers and power solutions, reported financial results for the fourth quarter ("Q4 2024") and full year ended December 31, 2024.

    DUOT_PR_Q4FY2024EarningsCall_L

    Fourth Quarter 2024 and Recent Operational Highlights

    • Signed Asset Management Agreement ("AMA") with New APR Energy and Fortress Investment Group value at up to $42 million to manage 850MW of Gas-Powered Turbines. This agreement includes a 5% equity stake in the parent of New APR Energy and is the largest contract in the Company's history.
    • Secured a $5 million advance payment for future services related to the AMA providing low-cost interim working capital as the Company grows.
    • Initiated marketing campaign targeted at the Tier 3 and Tier 4 data center markets for the provision of Duos Edge AI Edge Data Centers ("EDC"s).
    • Acquired six EDCs for initial deployments to Texas Regional Schools as "anchor" locations for service provisions.
    • Installed an initial EDC site in Amarillo, Texas with contract to include primary power for the support of installation site in addition to backup power.
    • Developing a high-density Data Center Park in Pampa, Texas in cooperation with New APR Energy and the Pampa Energy Center. The project includes the deployment of two Edge Data Centers and up to 500MW of bridging and permanent power, to support growing AI hyperscalers and HPC demands.
    • Added further intellectual property with patents covering the Railcar Inspection Portal ("RIP®") and issued potential "IP Infraction" letters to a Class 1 railroad and its technology partner.
    • Scanned almost 10 million railcar images on over 700,000 unique railcars for the full year. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 44% of the total freight car population in North America.
    • Entering 2025, the Company estimates $50.5 million of revenue in backlog including near-term extensions.
    • Completed an At-The-Market ("ATM") capital raise for approximately $7.5 million with an average price of greater than $5.00 per share and low issuance costs.

    Fourth Quarter 2024 Financial Results

    It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation.

    Total revenue for Q4 2024 decreased 4% to $1.46 million compared to $1.53 million in the fourth quarter of 2023 ("Q4 2023"). Total revenue for Q4 2024 includes approximately $1.43 million in recurring services and consulting revenue, an increase of 9% over the same period. The increase in recurring services and consulting revenues was driven by new revenue from power consulting work, which was not present in the comparative period.

    Cost of revenues for Q4 2024 increased 47% to $1.79 million compared to $1.22 million for Q4 2023. The increase in costs year-over-year stems from $548,121 in amortization expenses recorded in Q4 2024 to offset site revenue related to a nonmonetary transaction for the new services and data agreement signed during the second quarter of 2024. The Company also generated $415,580 in services and consulting revenue from power consulting work, which was provided at cost, further increasing the cost of revenue for services and consulting, which was also not present in the corresponding period of Q4, 2023.

    Gross margin for Q4 2024 decreased 209% to negative $330,000 compared to $303,000 for Q4 2023. The decline in margin during the quarter was a direct result of lower business activity timing in the technology systems area of the business as well as $415,580 in services and consulting revenue from power consulting work, which was largely provided at cost, and had a onetime dilutive effect on gross margin. These same project revenues and subsequent margin impacts were absent during Q4, 2023.

    Operating expenses for Q4 2024 decreased 21% to $2.76 million compared to $3.48 million for Q4 2023. The decrease in expenses is attributed to reductions in development and administrative costs due to the completion of certain activities and the impact of previously implemented cost reductions. The decrease in operating expenses was slightly offset by additional investments in sales resources for expansion of the commercial team in preparation of the business expansions planned for Power and Data Centers. Beginning in late Q3 2024 and throughout all of Q4 2024 the Company allocated personnel costs, typically recorded under operating expenses, to costs of revenue associated with power consulting efforts, allowing the Company to recover costs that it would not have otherwise allowing the Company to maintain certain key resources required for anticipated business growth.

    Net operating loss for Q4 2024 totaled $3.09 million compared to net operating loss of $3.18 million for Q4 2023. The decrease in net operating loss was as a result of planned reductions in operating expenses offset by anticipated lower revenues which resulted in an overall decrease in operating loss compared to the same quarter in 2023.

    Net loss for Q4 2024 totaled $3.41 million compared to a net loss of $3.16 million for Q4 2023 as a result of higher interest costs related to the acquisition of 3 Edge Data Centers.

    Cash and cash equivalents at December 31, 2024 totaled $6.27 million compared to $2.44 million at December 31, 2023. As of year-end, the Company had an additional $0.40 million in receivables, bolstering its liquidity position to approximately $6.67 million. Duos also had an additional $0.80 million of inventory as of December 31, 2024, consisting primarily of long-lead items for future RIP installations.

    Across January and February of 2025, the Company issued an aggregate of 633,683 shares of common stock at a weighted average price of $6.24 per share through its ATM offering program, generating total net proceeds of approximately $3,836,032.



    Full Year 2024 Financial Results

    Total revenue for the full year 2024, decreased 3% to $7.28 million, down from $7.47 million for 2023. Much of the decrease in overall revenues was due to ongoing customer-driven delays beyond the Company's control related to the deployment of two high-speed transit-focused Railcar Inspection Portals (RIPs). Although the systems were largely ready in 2023, installation was delayed due to customer site preparation issues, which has prevented the Company from recognizing the next phase of revenue. However, in 2024, the Company secured an equitable adjustment as partial compensation for those delays and increased the total contract value by $1.4 million, a substantial portion of which was recognized during the year. The customer is now nearing completion of site preparation, and field installation is expected to progress in 2025 with anticipated completion in 2026. Meanwhile, the Company continued its transition toward a greater focus on AI software and support services. Services and consulting revenues increased by 31% compared to 2023, driven by the addition of new AI and subscription customers, higher service contract pricing, and $921,562 in new revenue from power consulting work, all which was not present in for the full year in 2023. Underlying recurring revenues also continued to grow as new maintenance contracts are being established on installations coming online during 2025. The Company anticipates continued growth in service revenue from both new and existing customers, supported by upcoming renewals, a growing backlog, and the next generation of technology systems currently in production and expected to be completed in 2025.

    Cost of revenues for the full year 2024, increased 11% to $6.81 million, up from $6.16 million in the same period of 2023. The increase in cost of revenues was driven by $1,569,311 in amortization expenses recorded in 2024 to offset site revenue related to a non-monetary transaction for the new services and data agreement signed during the second quarter of 2024. The Company also generated $921,562 in services and consulting revenue from power consulting work, which although was provided at cost, was partially performed by existing Duos staff. Part of the work was the retention of outside consultants further increasing the cost of revenue for services and consulting, which was also not present in the corresponding period of 2023, but prepared the Company for the signing of the Asset Management Agreement and expected significant revenue increases in 2025 and beyond. The Company continues to put into service additional artificial intelligence algorithms and maintenance and support services which are high margin and represent only marginal increases in the requisite costs to deliver these services. Cost of revenues on technology systems decreased during the period compared to the equivalent period in 2023 in line with the decline in project revenues. The decline in costs generally follows the same year-over-year trend as project revenues due to timing differences in major project work. This is primarily related to the procurement and manufacturing of transit-focused RIPs. As we are near the end of the manufacturing cycle and begin preparations for field installation in 2025, the cost of revenues for technology systems decreases accordingly. In contrast, during the same period in 2023, the Company was still progressing through the advanced stages of procurement and manufacturing for these RIPs.

    Gross margin for the full year 2024, decreased 64% to $469,000, down from $1.31 million in the same period of 2023. As noted above, the decline in margin was primarily driven by the timing of business activity related to the two high-speed, transit-focused Railcar Inspection Portals. In 2024, activity centered on the advanced stages of procurement and manufacturing for these systems, but customer driven delays in installation deferred the recognition of higher-margin revenue. Additionally, the Company generated $921,562 in services and consulting revenue from power consulting work that was provided at cost, which further diluted overall gross margin. These power consulting revenues, and their margin impacts were not present in 2023. The gross margin for 2024 was approximately 6%, compared to 18% in 2023. This decline also reflects the fixed nature of certain departmental costs and the evolving stage of project completion. When comparing year-over-year results, the timing of manufacturing and installation milestones should be taken into consideration, as they can significantly impact the gross margin profile in any given period.

    Operating expenses for the full year 2024, decreased 10% to $11.45 million, down from $12.76 million in the same period of 2023. There was a 43% increase in sales and marketing driven by continued investment in the commercial team, including the addition of professionals with extensive experience and leadership across the rail, Edge data center, and power industries. Research and development expenses declined by 16%, primarily due to lower personnel costs allocated to R&D and reduced testing as a result of completion of certain activities for prospective technologies. General and administration costs decreased by 18%, influenced by reductions in headcount and related personnel expenses, as well as a decline in non-cash amortization charges associated with the forfeiture of approximately 781,323 share options during 2024. Further contributing to the decrease were reductions in consulting and legal expenses compared to 2023.

    Net operating loss for the years ended, December 31, 2024 and 2023 were $10,983,526 and $11,446,566, respectively. The decrease in losses from operations during the year was the result of planned decreases in operating expenses, which offset the impact of lower revenues recorded in the period as a consequence of delays in going to field for the two high-speed RIPs for a passenger transit client, and the short term lower gross margins from the impact of the initial power industry consulting.

    Net loss for the years ended December 31, 2024 and 2023 was $10,764,457 and $11,241,718, respectively. The decrease in overall net loss was primarily attributable to a decrease in operating costs. Net loss per common share was $1.39 and $1.56 for the years ended December 31, 2024, and 2023, respectively, an improvement of $0.17 per share (basic). 

    Financial Outlook

    At the end of 2024, the Company's contracts in backlog represented approximately $50.5 million in revenue, of which approximately $22.6 million is expected to be recognized in calendar 2025 not including an estimated $8.0 - $9.0 million in expected near-term awards and renewals. The remaining contract backlog consists of multi-year service and software agreements, along with project revenues extending through fiscal 2025, related to Duos Technologies, Duos Edge AI, and Duos Energy.

    Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2025, the Company is in a position to reinstate revenue expectations for the fiscal year ending December 31, 2025. The Company expects total revenue for 2025 to range between $28 million and $30 million, representing an increase of 285% to 312% from 2024. Duos expects this improvement in operating results to be reflected over the course of the full year in 2025.

    Management Commentary

    "Over the past several months, we have made significant progress across all three of our business lines—rail, edge computing, and power—while also expanding our investor base and analyst coverage," said Duos Chief Executive Officer Chuck Ferry. "Our Railcar Inspection Portal continues to gain traction, with growing interest from both rail operators and government agencies, despite the industry's slow adoption cycle. Meanwhile, Duos Edge AI is scaling quickly, with strong demand for our Edge Data Centers, particularly in underserved rural areas. We remain on track to deploy 15 pods by the end of 2025 and are actively exploring opportunities to accelerate that growth. At the same time, Duos Energy is capitalizing on unprecedented demand for behind-the-meter power solutions, securing contracts for 390MW in just the first three months of operation, with additional deals in negotiation. The synergies between our power and edge computing businesses have exceeded expectations, opening doors to new opportunities across both sectors. With strong execution and a diversified portfolio, we are well-positioned for continued growth and profitability in 2025 and beyond."

    Conference Call

    The Company's management will host a conference call today, March 31, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.

    Date: Monday, March 31, 2025
    Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
    U.S. dial-in: 877-407-3088
    International dial-in:201-389-0927
    Confirmation: 13751912
      

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

    If you have any difficulty connecting with the conference call, please contact [email protected].

    The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company's website here.

    About Duos Technologies Group, Inc.

    Duos Technologies Group, Inc. (NASDAQ:DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence ("AI") applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.

    Forward- Looking Statements

    This news release includes forward-looking statements regarding the Company's financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company's expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company's organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as "believe," "expect," "anticipate," "should," "plan," "aim," "will," "may," "should," "could," "intend," "estimate," "project," "forecast," "target," "potential" and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company's ability to continue as a going concern, the Company's ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company's specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company's specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company's technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company's most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), which are available at the SEC's website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company's assumptions may prove to be incorrect. The Company's actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
        
        
     For the Years Ended
     December 31,
     2024 2023
        
    REVENUES:   
    Technology systems$2,252,357  $3,618,022 
    Services and consulting 5,028,528   3,853,176 
        
    Total Revenues 7,280,885   7,471,198 
        
    COST OF REVENUES:   
    Technology systems 2,818,078   4,352,247 
    Services and consulting 3,993,592   1,810,070 
        
    Total Cost of Revenues 6,811,670   6,162,317 
        
    GROSS MARGIN 469,215   1,308,881 
        
    OPERATING EXPENSES:   
    Sales and marketing 2,138,431   1,493,309 
    Research and development 1,531,390   1,812,951 
    General and administration 7,782,920   9,449,187 
        
    Total Operating Expenses 11,452,741   12,755,447 
        
    LOSS FROM OPERATIONS (10,983,526)  (11,446,566)
        
    OTHER INCOME (EXPENSES):   
    Interest expense (286,114)  (7,159)
    Change in fair value of warrant liabilities 245,980   0 
    Gain on extinguishment of warrant liabilities 379,626   0 
    Other income, net (120,423)  212,007 
        
    Total Other Income (Expenses), net 219,069   204,848 
        
    NET LOSS$(10,764,457) $(11,241,718)
        
        
    Basic and Diluted Net Loss Per Share$(1.39) $(1.56)
        
        
    Weighted Average Shares-Basic and Diluted 7,736,281   7,204,177 
        



    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
       
         
      December 31, December 31,
      2024

     2023

         
    ASSETS   
    CURRENT ASSETS:   
     Cash$6,266,296  $2,441,842 
     Accounts receivable, net 403,441   1,462,463 
     Contract assets 635,774   641,947 
     Inventory 605,356   1,526,165 
     Prepaid expenses and other current assets 176,338   184,478 
     Note Receivable, net -   - 
         
     Total Current Assets 8,087,205   6,256,895 
         
     Inventory - non current 196,315   - 
     Property and equipment, net 2,771,779   726,507 
     Operating lease right of use asset - Office Lease 4,028,397   4,373,155 
     Financing lease right of use asset - Edge Data Centers 2,019,180   - 
     Security deposit 500,000   550,000 
         
    OTHER ASSETS:   
     Equity Investment - Sawgrass APR Holdings LLC 7,233,000   - 
     Intangible Asset, net 9,592,118   - 
     Note Receivable, net -   153,750 
     Patents and trademarks, net 127,300   129,140 
     Software development costs, net 403,383   652,838 
     Total Other Assets 17,355,800   935,728 
         
    TOTAL ASSETS$34,958,677  $12,842,285 
         
    LIABILITIES AND STOCKHOLDERS' EQUITY   
         
    CURRENT LIABILITIES:   
     Accounts payable$969,822  $595,634 
     Notes payable - financing agreements 17,072   41,976 
     Accrued expenses 373,251   164,113 
     Operating lease obligations - Office Lease -current portion 798,556   779,087 
     Financing lease obligation - Edge Data Centers - current portion 367,451   - 
     Notes payable, net of discount - related parties 1,758,396   - 
     Contract liabilities, current 11,805,018   1,666,243 
         
     Total Current Liabilities 16,089,566   3,247,053 
         
     Contract liabilities, less current portion 11,016,134   - 
     Operating lease obligations - Office Lease, less current portion 3,867,042   4,228,718 
     Financing lease obligation - Edge Data Centers, less current portion 1,724,604   - 
         
     Total Liabilities 32,697,346   7,475,771 
         
    Commitments and Contingencies (Note 12)   
         
    STOCKHOLDERS' EQUITY:   
     Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000 shares available to be designated  
     Series A redeemable convertible preferred stock, $10 stated value per share, -   - 
     500,000 shares designated; 0 and 0 issued and outstanding at December 31, 2024 and December 31, 2023, respectively,
     convertible into common stock at $6.30 per share   
     Series B convertible preferred stock, $1,000 stated value per share, -   - 
     15,000 shares designated; 0 and 0 issued and outstanding at December 31, 2024  
     and December 31, 2023, respectively, convertible into common stock at $7 per share  
     Series C convertible preferred stock, $1,000 stated value per share, -   - 
     5,000 shares designated; 0 and 0 issued   
     and outstanding at December 31, 2024 and December 31, 2023, respectively,   
     convertible into common stock at $5.50 per share   
     Series D convertible preferred stock, $1,000 stated value per share, 1   1 
     4,000 shares designated; 1,299 and 1,299 issued   
     and outstanding at December 31, 2024 and December 31, 2023, respectively,   
     convertible into common stock at $3.00 per share   
     Series E convertible preferred stock, $1,000 stated value per share,   
     30,000 shares designated; 13,500 and 11,500 issued   
     and outstanding at December 31, 2024 and December 31, 2023, respectively, 14   12 
     convertible into common stock at $2.61 and $3.00 per share, respectively,   
     Series F convertible preferred stock, $1,000 stated value per share,   
     5,000 shares designated; 0 and 0 issued   
     and outstanding at December 31, 2024 and December 31, 2023, respectively, -   - 
     convertible into common stock at $6.20 per share   
         
     Common stock: $0.001 par value; 500,000,000 shares authorized,   
     8,922,576 and 7,306,663 shares issued, 8,921,252 and 7,305,339 8,921   7,306 
     shares outstanding at December 31, 2024 and December 31, 2023, respectively  
     Additional paid-in-capital 76,777,856   69,120,199 
     Accumulated deficit (74,368,009)  (63,603,552)
     Sub-total 2,418,783   5,523,966 
     Less: Treasury stock (1,324 shares of common stock   
     at December 31, 2024 and December 31, 2023) (157,452)  (157,452)
    Total Stockholders' Equity 2,261,331   5,366,514 
         
    Total Liabilities and Stockholders' Equity$34,958,677  $12,842,285 
         



    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
     CONSOLIDATED STATEMENTS OF CASH FLOWS
     
     For the Years Ended
     December 31,
      2024   2023 
        
    Cash from operating activities:   
    Net loss$(10,764,457) $(11,241,718)
    Adjustments to reconcile net loss to net cash used in operating activities:   
    Depreciation and amortization 2,161,722   550,201 
    Stock based compensation 108,981   710,047 
    Stock issued for services 165,000   143,065 
    Amortization of debt discount related to warrant liabilities 184,002   - 
    Fair value of warrant liabilities (245,980)  - 
    Gain on settlement of warrant liabilities (379,626)  - 
    Amortization of operating lease right of use asset - Office Lease 344,757   316,776 
    Amortization of lease right of use asset - Edge Data Centers 50,820   - 
    Provision for credit losses, accounts receivable 76,037   - 
    Provision for credit losses, note receivable 161,250   - 
    Write off of inventory 126,703   - 
    Changes in assets and liabilities:   
       Accounts receivable 982,985   1,955,800 
       Note receivable (7,500)  (153,750)
       Contract assets 6,173   (216,225)
       Inventory 52,700   (97,804)
       Security deposit 50,000   50,000 
       Prepaid expenses and other current assets 414,091   744,771 
       Accounts payable 374,188   (1,694,756)
       Accrued expenses 209,138   (289,209)
       Operating lease obligation - Office Lease (342,206)  (232,007)
       Lease obligation - Edge Data Centers 22,055   - 
       Contract liabilities 2,760,480   708,245 
        
    Net cash used in operating activities (3,488,687)  (8,746,564)
        
    Cash flows from investing activities:   
        Purchase of patents/trademarks (9,535)  (69,327)
        Purchase of software development -   (527,896)
        Purchase of fixed assets (1,831,763)  (496,686)
        
    Net cash used in investing activities (1,841,298)  (1,093,909)
        
    Cash flows from financing activities:   
       Repayments on financing agreements (430,855)  (520,529)
       Repayment of finance lease -   (22,851)
       Proceeds from notes payable, related parties 2,200,000   - 
       Proceeds from warrant exercises 899,521   - 
       Proceeds from common stock issued 3,544,689   - 
       Stock issuance cost (220,183)  (25,797)
       Proceeds from shares issued under Employee Stock Purchase Plan 166,265   230,400 
       Proceeds from preferred stock issued 2,995,002   11,500,000 
        
    Net cash provided by financing activities 9,154,439   11,161,223 
        
    Net increase in cash 3,824,454   1,320,750 
    Cash, beginning of year 2,441,842   1,121,092 
    Cash, end of year$6,266,296  $2,441,842 
        
    Supplemental Disclosure of Cash Flow Information:   
    Interest paid$3,865  $7,159 
    Taxes paid$20,126  $29,085 
        
    Supplemental Non-Cash Investing and Financing Activities:   
    Debt discount for warrant liability$625,606  $- 
    Notes issued for financing of insurance premiums$434,883  $487,929 
    Transfer of inventory to fixed assets$545,091  $- 
    Intangible asset acquired with contract liability$11,161,428  $- 
    Equity Investment - Sawgrass APR Holdings LLC$7,233,000  $- 
    Right of use asset and liability for Edge Data Centers$2,070,000  $- 
        

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2f0eb27-5f9e-4015-9a56-d69465f6e1fd

    This press release was published by a CLEAR® Verified individual.



    Contacts 
    Corporate
    Fei Kwong
    Director, Corporate Communications
    Duos Technologies Group, Inc. (NASDAQ:DUOT)
    904-652-1625
    [email protected]

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    $DUOT

    DatePrice TargetRatingAnalyst
    3/3/2022$10.00Outperform
    Northland Capital Markets
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    $DUOT
    Analyst Ratings

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    • Northland Capital Markets initiated coverage on Duos Technologies Group with a new price target

      Northland Capital Markets initiated coverage of Duos Technologies Group with a rating of Outperform and set a new price target of $10.00

      3/3/22 9:21:22 AM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology

    $DUOT
    Insider Purchases

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    • Ferry Charles Parker bought $10,187 worth of shares (3,773 units at $2.70) (SEC Form 4)

      4 - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Issuer)

      5/21/24 4:36:02 PM ET
      $DUOT
      Computer Software: Prepackaged Software
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    $DUOT
    Leadership Updates

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    • Duos Technologies Appoints Retired Brigadier General Craig Nixon as Chairman of the Board of Directors

      JACKSONVILLE, Fla., May 20, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT), today announced the appointment of Brigadier General (Ret.) James Craig Nixon as the new Chairman of its Board of Directors, effective immediately. Brigadier General Nixon succeeds Kenneth Ehrman, who has served as Chairman since 2020. Mr. Ehrman stepped down from the Board to focus on the continued growth of Halo Collar, a leading provider of smart pet safety solutions. Duos sincerely appreciates his leadership and contributions during a pivotal period in the Company's development. "We are honored to welcome Brigadier General Craig Nixon as our new Chairman," sai

      5/20/25 8:00:00 AM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Duos Technologies Announces Major Business Expansion

      JACKSONVILLE, Fla., June 20, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT), held a press conference on June 18th, highlighting key developments in its business strategy. The event was attended by local dignitaries, members of the Jacksonville Chamber of Commerce, and key industry stakeholders. The event was also streamed live via the Duos YouTube channel. CEO Chuck Ferry announced that the Company had signed a strategic partnership with a Class 1 railroad in preparation for rolling out its subscription based railcar inspection system. The System has been under development and is currently in both production and test environments with key

      6/20/24 8:00:00 AM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Duos Technologies Group Announces CFO Transition and Strategic Growth Focus

      JACKSONVILLE, Fla., April 30, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) through its operating subsidiary Duos Technologies, Inc. a provider of Machine Vision and Artificial Intelligence ("AI") to analyze fast moving freight, passenger and transit trains and trucks, today announced the re-appointment of Adrian Goldfarb as Chief Financial Officer, effective April 29, 2024, following the departure of Andrew Murphy who has been recruited by another company to serve as their CFO.   Mr. Murphy served as Duos' CFO since November 2022 and was instrumental in the development of the finance team to support senior management in preparation for an e

      4/30/24 8:00:00 AM ET
      $DUOT
      Computer Software: Prepackaged Software
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    $DUOT
    Financials

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    • Duos Technologies Group Reports First Quarter 2025 Results

      JACKSONVILLE, Fla., May 15, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter ("Q1 2025") ended March 31, 2025.         First Quarter 2025 and Recent Operational Highlights Recorded over $4.8 million in Services and Consulting revenue including $3.9 million for services related to the Asset Management Agreement ("AMA") with New APR Energy.Significant improvement in Gross Margin compared to the same quarter one year ago and further improvements expected in Q2.Showcased the first produ

      5/15/25 4:15:00 PM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Duos Technologies Group Sets First Quarter 2025 Earnings Call for Thursday, May 15, 2025 at 4:30 PM ET

      JACKSONVILLE, Fla., May 06, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) will hold a conference call on Thursday, May 15, 2025 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2025. Financial results will be issued via press release prior to the call. Duos management will host the conference call, followed by a question-and-answer period.  Date: Thursday, May 15, 2025 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) U.S. dial-in: 877-407-3088 International dial-in: 201-389-0927 Confirmation: 13753649     Please call the conference telephone number 5-10 minutes prior to the start time o

      5/6/25 8:00:00 AM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Duos Technologies Group Reports 4th Quarter and FY 2024 Results

      Issues guidance following a transformative year with the Company adding two new business lines, significantly strengthening the Balance Sheet and demonstrating enhanced operational capabilities for additional services and consulting related to the fast power business. JACKSONVILLE, Fla., March 31, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, Edge Data Centers and power solutions, reported financial results for the fourth quarter ("Q4 2024") and full year ended December 31, 2024. Fourth Quarter 2024 and Recent Operational Highlights Signed Asset

      3/31/25 4:15:00 PM ET
      $DUOT
      Computer Software: Prepackaged Software
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    $DUOT
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Duos Technologies Group Inc.

      SC 13G/A - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Subject)

      11/14/24 12:59:57 PM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • SEC Form SC 13G/A filed by Duos Technologies Group Inc. (Amendment)

      SC 13G/A - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Subject)

      2/14/24 3:32:43 PM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • SEC Form SC 13G/A filed by Duos Technologies Group Inc. (Amendment)

      SC 13G/A - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Subject)

      2/14/24 1:23:35 PM ET
      $DUOT
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    $DUOT
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    • Duos Technologies added to Russell Microcap® Index

      JACKSONVILLE, Fla., July 01, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT), was added as a member of the Russell Microcap® Index, effective after the US market opened on June 30 as part of the 2025 Russell indexes reconstitution, according to the FTSE Russell website. The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Wednesday, April 30th, ranking them by total market capitalization. Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership f

      7/1/25 8:00:00 AM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Duos Edge AI to Launch Edge Data Center in Victoria, TX

      JACKSONVILLE, Fla., May 21, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT), through its operating subsidiary Duos Edge AI, Inc. ("Duos Edge AI"), a provider of adaptive, versatile and streamlined Edge Data Center ("EDC") solutions tailored to meet evolving needs in any environment, today announced a strategic partnership with Region 3 Education Service Center (ESC) to deploy a new EDC in Victoria, Texas. This marks the latest execution in Duos Edge AI's national rollout strategy, reflecting continued traction in rural markets and reinforcing the Company's presence in the education sector. The Victoria-based EDC will serve as a highly s

      5/21/25 8:00:00 AM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Duos Technologies Appoints Retired Brigadier General Craig Nixon as Chairman of the Board of Directors

      JACKSONVILLE, Fla., May 20, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT), today announced the appointment of Brigadier General (Ret.) James Craig Nixon as the new Chairman of its Board of Directors, effective immediately. Brigadier General Nixon succeeds Kenneth Ehrman, who has served as Chairman since 2020. Mr. Ehrman stepped down from the Board to focus on the continued growth of Halo Collar, a leading provider of smart pet safety solutions. Duos sincerely appreciates his leadership and contributions during a pivotal period in the Company's development. "We are honored to welcome Brigadier General Craig Nixon as our new Chairman," sai

      5/20/25 8:00:00 AM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology

    $DUOT
    Insider Trading

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    • Director Mavrommatis Ned was granted 1,355 shares, increasing direct ownership by 4% to 37,802 units (SEC Form 4)

      4 - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Issuer)

      7/2/25 5:00:03 PM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Director Nixon James Craig was granted 2,032 shares, increasing direct ownership by 4% to 59,265 units (SEC Form 4)

      4 - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Issuer)

      7/2/25 4:45:15 PM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Director Lonegro Frank A was granted 2,032 shares, increasing direct ownership by 11% to 20,608 units (SEC Form 4)

      4 - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Issuer)

      7/2/25 4:43:37 PM ET
      $DUOT
      Computer Software: Prepackaged Software
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    $DUOT
    SEC Filings

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    • Duos Technologies Group Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits

      8-K - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Filer)

      5/30/25 4:30:39 PM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • Duos Technologies Group Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits

      8-K - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Filer)

      5/29/25 4:30:26 PM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology
    • SEC Form 424B5 filed by Duos Technologies Group Inc.

      424B5 - DUOS TECHNOLOGIES GROUP, INC. (0001396536) (Filer)

      5/28/25 5:06:02 PM ET
      $DUOT
      Computer Software: Prepackaged Software
      Technology