The following is a summary of the Duos Technologies Group, Inc. (DUOT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Duos Technologies Group reported a total revenue decline of 60% to $1.07 million in Q1 2024, with a gross margin drop of 82% to $94,000.

• The cost of revenues fell by 54% due to the revenue decline.

• Net operating loss for the quarter was reported at $2.76 million, and the net loss per share was negative $0.38.

• As of Q1 2024, the company held cash and cash equivalents of $2.98 million.

Business Progress:

• Duos Technologies made significant progress in its business operations including a $2.7 million contract for a new Railcar Inspection Portal, thus increasing their backlog to $10 million.

• It formed a new entity, Duos Edge AI, focused on edge data centers and is negotiating contracts for the installation of four new centers.

• The company noted an increased interest in their services due to the pending Railway Safety Act and border challenges, with their pipeline value increasing to over $100 million.

More details: Duos Technologies IR

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